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Registration number: 04666374

Longman Jones Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Longman Jones Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Longman Jones Limited

Company Information

Directors

S R Longman

Mrs J M Longman

P L D Gough

Registered office

235 Newland Avenue
Hull
East Yorkshire
HU5 2EJ

 

Longman Jones Limited

(Registration number: 04666374)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

10,804

4,244

Current assets

 

Debtors

6

9,498

9,537

Cash at bank and in hand

 

63,800

82,521

 

73,298

92,058

Creditors: Amounts falling due within one year

7

(22,405)

(29,714)

Net current assets

 

50,893

62,344

Total assets less current liabilities

 

61,697

66,588

Provisions for liabilities

(428)

(806)

Net assets

 

61,269

65,782

Capital and reserves

 

Called up share capital

100

100

Retained earnings

61,169

65,682

Shareholders' funds

 

61,269

65,782

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 September 2023 and signed on its behalf by:
 

.........................................
S R Longman
Director

 

Longman Jones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 04666374.

The address of its registered office is:
235 Newland Avenue
Hull
East Yorkshire
HU5 2EJ

These financial statements were authorised for issue by the Board on 12 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in sterling and are rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Longman Jones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal ofdeferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% on written down balance

Motor vehicles

20% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Longman Jones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 5 (2022 - 6).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,849

718

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

30,606

-

30,606

Additions

-

9,099

9,099

Disposals

(2,328)

-

(2,328)

At 31 March 2023

28,278

9,099

37,377

Depreciation

At 1 April 2022

26,362

-

26,362

Charge for the year

636

1,213

1,849

Eliminated on disposal

(1,638)

-

(1,638)

At 31 March 2023

25,360

1,213

26,573

Carrying amount

At 31 March 2023

2,918

7,886

10,804

At 31 March 2022

4,244

-

4,244

 

Longman Jones Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Debtors

2023
£

2022
£

Other debtors

6,212

7,860

Prepayments

3,286

1,677

9,498

9,537

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

15,129

16,851

Trade creditors

 

738

1,666

Taxation and social security

 

4,250

9,550

Other creditors

 

212

103

Accruals and deferred income

 

2,076

1,544

 

22,405

29,714

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Other borrowings

15,129

16,851

Other borrowings

Other borrowings relate to unsecured directors loans.

9

Related party transactions

2023

At 1 April 2022
£

Advances to Director
£

Repayments by Director
£

At 31 March 2023
£

P L D Gough

Interest free, unsecured and repayable on demand

4,453

2,500

(4,453)

2,500

         
       

 

Other transactions with directors

S R Longman
At the year end date, the company owed the director £15,129 (2022: £16.851). This amount is interest free, unsecured and repayable on demand.

P L D Gough
At the year end date, the director owed the company £2,500 (2022: £4,453). This amount is interest free. unsecured and repayable on demand.