Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr Mark David Goodhead 13/01/2016 Mr David Cooper Prime 13/01/2016 23 October 2023 The Principal Activity of the Company during the year was Information technology consultancy activities. 09948363 2023-01-31 09948363 bus:Director1 2023-01-31 09948363 bus:Director2 2023-01-31 09948363 2022-01-31 09948363 core:CurrentFinancialInstruments 2023-01-31 09948363 core:CurrentFinancialInstruments 2022-01-31 09948363 core:ShareCapital 2023-01-31 09948363 core:ShareCapital 2022-01-31 09948363 core:SharePremium 2023-01-31 09948363 core:SharePremium 2022-01-31 09948363 core:RetainedEarningsAccumulatedLosses 2023-01-31 09948363 core:RetainedEarningsAccumulatedLosses 2022-01-31 09948363 core:ShareCapital 2021-01-31 09948363 core:SharePremium 2021-01-31 09948363 core:RetainedEarningsAccumulatedLosses 2021-01-31 09948363 2021-01-31 09948363 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-01-31 09948363 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-31 09948363 core:OfficeEquipment 2022-01-31 09948363 core:ComputerEquipment 2022-01-31 09948363 core:OfficeEquipment 2023-01-31 09948363 core:ComputerEquipment 2023-01-31 09948363 bus:OrdinaryShareClass1 2023-01-31 09948363 2022-02-01 2023-01-31 09948363 bus:AbridgedAccounts 2022-02-01 2023-01-31 09948363 bus:SmallEntities 2022-02-01 2023-01-31 09948363 bus:AuditExempt-NoAccountantsReport 2022-02-01 2023-01-31 09948363 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 09948363 bus:Director1 2022-02-01 2023-01-31 09948363 bus:Director2 2022-02-01 2023-01-31 09948363 core:ShareCapital 2021-02-01 2022-01-31 09948363 core:SharePremium 2021-02-01 2022-01-31 09948363 core:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 09948363 2021-02-01 2022-01-31 09948363 core:ShareCapital 2022-02-01 2023-01-31 09948363 core:SharePremium 2022-02-01 2023-01-31 09948363 core:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 09948363 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2022-02-01 2023-01-31 09948363 core:OfficeEquipment core:TopRangeValue 2022-02-01 2023-01-31 09948363 core:ComputerEquipment core:TopRangeValue 2022-02-01 2023-01-31 09948363 core:OfficeEquipment 2022-02-01 2023-01-31 09948363 core:ComputerEquipment 2022-02-01 2023-01-31 09948363 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 09948363 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 09948363 (England and Wales)

LONGSHOT SYSTEMS LTD

Abridged Unaudited Financial Statements
For the financial year ended 31 January 2023

LONGSHOT SYSTEMS LTD

Abridged Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

LONGSHOT SYSTEMS LTD

COMPANY INFORMATION

For the financial year ended 31 January 2023
LONGSHOT SYSTEMS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 January 2023
DIRECTORS Mr Mark David Goodhead
Mr David Cooper Prime
REGISTERED OFFICE 199 Chiltern Court 188 Baker Street
London
NW1 5SD
England
United Kingdom
COMPANY NUMBER 09948363 (England and Wales)
ACCOUNTANT OnTheGo Accountants Limited
330 Holborn Gate
High Holborn
London
WC1V 7QH
LONGSHOT SYSTEMS LTD

BALANCE SHEET

As at 31 January 2023
LONGSHOT SYSTEMS LTD

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 5,230 6,156
5,230 6,156
Current assets
Stocks 6 0 289,660
Debtors 742,884 476,974
Cash at bank and in hand 337,181 120,164
1,080,065 886,798
Creditors: amounts falling due within one year ( 59,398) ( 48,046)
Net current assets 1,020,667 838,752
Total assets less current liabilities 1,025,897 844,908
Net assets 1,025,897 844,908
Capital and reserves
Called-up share capital 8 2 2
Share premium account 0 63,158
Profit and loss account 1,025,895 781,748
Total shareholder's funds 1,025,897 844,908

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

Directors' responsibilities:

The financial statements of Longshot Systems Ltd (registered number: 09948363) were approved and authorised for issue by the Board of Directors on 23 October 2023. They were signed on its behalf by:

Mr Mark David Goodhead
Director
LONGSHOT SYSTEMS LTD

STATEMENT OF CHANGES IN EQUITY

For the financial year ended 31 January 2023
LONGSHOT SYSTEMS LTD

STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 31 January 2023
Called-up share capital Share premium account Profit and loss account Total
£ £ £ £
At 01 February 2021 2 63,158 543,520 606,680
Profit for the financial year 0 0 238,228 238,228
Total comprehensive income 0 0 238,228 238,228
At 31 January 2022 2 63,158 781,748 844,908
At 01 February 2022 2 63,158 781,748 844,908
Profit for the financial year 0 0 244,147 244,147
Total comprehensive income 0 0 244,147 244,147
Issue of share capital 0 ( 63,158) 0 ( 63,158)
At 31 January 2023 2 0 1,025,895 1,025,897
LONGSHOT SYSTEMS LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
LONGSHOT SYSTEMS LTD

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Longshot Systems Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 199 Chiltern Court 188 Baker Street, London, NW1 5SD, England, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Development costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 4 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 14 14

3. Tax on profit

2023 2022
£ £
Current tax on profit
UK corporation tax 0 0
Total current tax 0 0
Deferred tax
Origination and reversal of timing differences ( 185) ( 856)
Total deferred tax ( 185) ( 856)
Total tax on profit ( 185) ( 856)

4. Intangible assets

Development costs Total
£ £
Cost
At 01 February 2022 10,000 10,000
At 31 January 2023 10,000 10,000
Accumulated amortisation
At 01 February 2022 10,000 10,000
At 31 January 2023 10,000 10,000
Net book value
At 31 January 2023 0 0
At 31 January 2022 0 0

5. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 February 2022 17,639 39,093 56,732
Additions 802 2,166 2,968
At 31 January 2023 18,441 41,259 59,700
Accumulated depreciation
At 01 February 2022 14,382 36,194 50,576
Charge for the financial year 1,638 2,256 3,894
At 31 January 2023 16,020 38,450 54,470
Net book value
At 31 January 2023 2,421 2,809 5,230
At 31 January 2022 3,257 2,899 6,156

6. Stocks

2023 2022
£ £
Work in progress 0 289,660

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 1,179) ( 2,035)
Credited to the Profit and Loss Account 185 856
At the end of financial year ( 994) ( 1,179)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
2 Ordinary Shares shares of £ 1.00 each 2 2

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Amount owed to the company from Thornbury Sports Trading Services Ltd 715,194 255,972
Amount owed from the company to Longshot Systems Holding Ltd (70,189) 0

During the period there were sales to fellow subsidiary Thornbury Sports Trading Services Ltd to the value of £1,575,195 (2022 - £1,497,492).

10. Ultimate controlling party

Parent Company:

Longshot Systems Holdings Limited
199 Chiltern Court, 188 Baker Street, London, England, NW1 5SD