IRIS Accounts Production v23.3.0.418 00570773 Board of Directors 1.4.22 31.3.23 31.3.23 vehicle hire. true false true true false false false true false Ordinary 1.00000 Ordinary A 1.00000 Ordinary B 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure005707732022-03-31005707732023-03-31005707732022-04-012023-03-31005707732021-03-31005707732021-04-012022-03-31005707732022-03-3100570773ns16:EnglandWales2022-04-012023-03-3100570773ns15:PoundSterling2022-04-012023-03-3100570773ns11:Director12022-04-012023-03-3100570773ns11:PrivateLimitedCompanyLtd2022-04-012023-03-3100570773ns11:FRS1022022-04-012023-03-3100570773ns11:Audited2022-04-012023-03-3100570773ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-04-012023-03-3100570773ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-04-012023-03-3100570773ns11:FullAccounts2022-04-012023-03-310057077312022-04-012023-03-3100570773ns11:OrdinaryShareClass12022-04-012023-03-3100570773ns11:OrdinaryShareClass22022-04-012023-03-3100570773ns11:OrdinaryShareClass32022-04-012023-03-3100570773ns11:Director22022-04-012023-03-3100570773ns11:CompanySecretary12022-04-012023-03-3100570773ns11:RegisteredOffice2022-04-012023-03-3100570773ns6:RetainedEarningsAccumulatedLosses2022-03-3100570773ns6:RetainedEarningsAccumulatedLosses2021-03-3100570773ns6:RetainedEarningsAccumulatedLosses2022-04-012023-03-3100570773ns6:RetainedEarningsAccumulatedLosses2021-04-012022-03-3100570773ns6:RetainedEarningsAccumulatedLosses2023-03-3100570773ns6:RetainedEarningsAccumulatedLosses2022-03-3100570773ns6:CurrentFinancialInstruments2023-03-3100570773ns6:CurrentFinancialInstruments2022-03-3100570773ns6:Non-currentFinancialInstruments2023-03-3100570773ns6:Non-currentFinancialInstruments2022-03-3100570773ns6:ShareCapital2023-03-3100570773ns6:ShareCapital2022-03-3100570773ns6:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3100570773ns6:ComputerSoftware2022-04-012023-03-3100570773ns6:ReportableOperatingSegment12022-04-012023-03-3100570773ns6:ReportableOperatingSegment12021-04-012022-03-3100570773ns6:ReportableOperatingSegment22022-04-012023-03-3100570773ns6:ReportableOperatingSegment22021-04-012022-03-3100570773ns6:ReportableOperatingSegment32022-04-012023-03-3100570773ns6:ReportableOperatingSegment32021-04-012022-03-3100570773ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2022-04-012023-03-3100570773ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2021-04-012022-03-3100570773ns6:OwnedAssets2022-04-012023-03-3100570773ns6:OwnedAssets2021-04-012022-03-3100570773ns6:LeasedAssets2022-04-012023-03-3100570773ns6:LeasedAssets2021-04-012022-03-3100570773ns6:ComputerSoftware2021-04-012022-03-3100570773ns6:HirePurchaseContracts2022-04-012023-03-3100570773ns6:HirePurchaseContracts2021-04-012022-03-3100570773ns11:OrdinaryShareClass22021-04-012022-03-3100570773ns11:OrdinaryShareClass32021-04-012022-03-3100570773ns6:ComputerSoftware2022-03-3100570773ns6:ComputerSoftware2023-03-3100570773ns6:ComputerSoftware2022-03-3100570773ns6:LandBuildings2022-03-3100570773ns6:PlantMachinery2022-03-3100570773ns6:MotorVehicles2022-03-3100570773ns6:LandBuildings2022-04-012023-03-3100570773ns6:PlantMachinery2022-04-012023-03-3100570773ns6:MotorVehicles2022-04-012023-03-3100570773ns6:LandBuildings2023-03-3100570773ns6:PlantMachinery2023-03-3100570773ns6:MotorVehicles2023-03-3100570773ns6:LandBuildings2022-03-3100570773ns6:PlantMachinery2022-03-3100570773ns6:MotorVehicles2022-03-3100570773ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3100570773ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-04-012023-03-3100570773ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2023-03-3100570773ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3100570773ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3100570773ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3100570773ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2023-03-3100570773ns6:WithinOneYearns6:CurrentFinancialInstrumentsns6:HirePurchaseContracts2022-03-3100570773ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2023-03-3100570773ns6:BetweenOneFiveYearsns6:HirePurchaseContracts2022-03-3100570773ns6:HirePurchaseContracts2023-03-3100570773ns6:HirePurchaseContracts2022-03-3100570773ns6:WithinOneYear2023-03-3100570773ns6:WithinOneYear2022-03-3100570773ns6:BetweenOneFiveYears2023-03-3100570773ns6:BetweenOneFiveYears2022-03-3100570773ns6:AllPeriods2023-03-3100570773ns6:AllPeriods2022-03-3100570773ns6:DeferredTaxation2022-03-3100570773ns6:DeferredTaxation2023-03-3100570773ns11:OrdinaryShareClass12023-03-3100570773ns11:OrdinaryShareClass22023-03-3100570773ns11:OrdinaryShareClass32023-03-31
REGISTERED NUMBER: 00570773 (England and Wales)




















Strategic Report, Report of the Directors and

Audited Financial Statements

for the Year Ended 31 March 2023

for

Long Marsh Limited

Long Marsh Limited (Registered number: 00570773)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 5

Statement of Income and Retained Earnings 9

Balance Sheet 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


Long Marsh Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr S I Groome
Mrs S Groome





SECRETARY: F D G Cattley





REGISTERED OFFICE: Heron House
The Embankment
Wellingborough
Northamptonshire
NN8 1LD





REGISTERED NUMBER: 00570773 (England and Wales)





AUDITORS: Clifford Roberts - Statutory Auditor
63 Broad Green
Wellingborough
Northamptonshire
NN8 4LQ

Long Marsh Limited (Registered number: 00570773)

Strategic Report
for the Year Ended 31 March 2023

The directors present their strategic report for the year ended 31 March 2023.

Review of business results and performance

The company operates a vehicle hire fleet with sales and servicing.

The period under review was another good year for the company, continuing the success of 2022, the buoyant second-hand car market along with growth in underlying rental numbers both helped.

The main driver for the increased turnover was demand for rental vehicles as the economy continued its recovery from the pandemic.

The shortage of vehicle supply continued to impact the business throughout the year as manufacturers did not have vehicles available to sell into the sector. As a result, we have had to hold back some vehicles. This has led to slightly increased fleet costs and we saw interest rates start to rise, and as result vehicle sales fall.

The strong reputation we have for providing good quality, low mileage second hand vehicles combined with our team's ability to put the cars in the market at the correct time, means we were able to maximise vehicle returns in the year.

The company, having acquired the rights to a new site in Corby, will look to develop the site in 2023 and 2024.

Both the pandemic and the outbreak of war in Ukraine had a significant impact in the years on UK businesses but the strong market position that Long Marsh has put itself in over the past years, both operationally and financially, has meant it is in a very strong financial position for 2024 and beyond.

Key performance indicators

The directors use a number of key performance indicators to determine effective management, which are as follows:

2023 2022
£ £
Turnover 11,236,595 11,131,464
Profit before taxation 2,043,251 5,056,001
Shareholders' fund 11,698,322 10,227,391


Principal risks and uncertainties

Due to the nature of the business, the company is exposed to the following risks which are mitigated through regular review of management information and day to day involvement of the directors.

Interest rate risk

The company finances its operations by long-term relationships with national financiers. The directors constantly monitor interest rates and pursue advantageous rates wherever possible.

Credit risk

Credit risk is primarily attributed to trade receivables, notably rental arrears or customers defaulting. In order to manage the risks, there is a robust credit checking process in place prior to customer approval and regular review of management reports with specific emphasis on credit limits, payment history and aged debtors. Historic trends suggest the incidence of bad debts is low in relation to turnover.

Liquidity risk

Rolling cashflow projections are prepared regularly for review by the directors and the company maintains a positive cash balance at all times to ensure liabilities can be settled as they fall due..


Long Marsh Limited (Registered number: 00570773)

Strategic Report
for the Year Ended 31 March 2023

Supply chain

The new vehicle market has experienced issues within the supply chain and the lead time on new vehicles has increased. The directors continue to monitor the fleet on a daily basis so that vehicles can be sold to benefit from resale prices but also maintain the required stock of vehicles to generate rental revenue growth. Rental rate increases allow the business to maintain the required fleet levels, and cover increased repair costs on older vehicles until such time as new vehicles can be acquired.

ON BEHALF OF THE BOARD:





Mr S I Groome - Director


23 November 2023

Long Marsh Limited (Registered number: 00570773)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31 March 2023 was £176,000 (2022 £173,780).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr S I Groome
Mrs S Groome

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware and each director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Clifford Roberts - Statutory Auditor, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mr S I Groome - Director


23 November 2023

Report of the Independent Auditors to the Members of
Long Marsh Limited

Opinion
We have audited the financial statements of Long Marsh Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Long Marsh Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Long Marsh Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- We obtained an understanding of the legal and regulatory framework applicable to the company and the sector in which they operate. We determined that the following laws and regulations were most significant: the Companies Act 2006, UK Generally Accepted Accounting Practice and UK corporate taxation laws.

- We obtained an understanding of how the company is complying with those legal and regulatory frameworks by making inquiries to the management and by observing the oversight of management, the culture of honesty and ethical behaviour and whether strong emphasis is placed on fraud prevention, which may reduce the opportunities for fraud to take place, and fraud deterrence, which could persuade individuals not to commit fraud in the first instance.

- We corroborated our inquiries through our review of all relevant available audit information.

> identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;

> understanding of how senior management considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
> challenging assumptions and judgements made by management in its significant accounting estimates;

> performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias; and,

> assessing the extent of compliance with relevant laws and regulations.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Long Marsh Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Andrew Greenhalgh BFP FCA (Senior Statutory Auditor)
for and on behalf of Clifford Roberts - Statutory Auditor
63 Broad Green
Wellingborough
Northamptonshire
NN8 4LQ

23 November 2023

Long Marsh Limited (Registered number: 00570773)

Statement of Income and Retained Earnings
for the Year Ended 31 March 2023

2023 2022
as restated
Notes £ £

TURNOVER 4 11,236,595 11,131,464

Cost of sales 7,878,251 4,936,979
GROSS PROFIT 3,358,344 6,194,485

Administrative expenses 1,055,087 990,133
OPERATING PROFIT 6 2,303,257 5,204,352

Interest receivable 6,922 99
2,310,179 5,204,451

Interest payable and similar expenses 7 266,928 148,450
PROFIT BEFORE TAXATION 2,043,251 5,056,001

Tax on profit 8 446,320 1,186,245
PROFIT FOR THE FINANCIAL YEAR 1,596,931 3,869,756

Retained earnings at beginning of year 10,027,141 6,331,165

Dividends 9 (176,000 ) (173,780 )

RETAINED EARNINGS AT END OF
YEAR

11,448,072

10,027,141

Long Marsh Limited (Registered number: 00570773)

Balance Sheet
31 March 2023

2023 2022
as restated
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 5,489 -
Tangible assets 12 16,805,703 15,845,461
16,811,192 15,845,461

CURRENT ASSETS
Stocks 13 941,977 453,410
Debtors 14 1,496,604 1,376,972
Cash at bank and in hand 2,032,163 2,511,582
4,470,744 4,341,964
CREDITORS
Amounts falling due within one year 15 4,833,419 5,221,779
NET CURRENT LIABILITIES (362,675 ) (879,815 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,448,517

14,965,646

CREDITORS
Amounts falling due after more than one
year

16

(3,131,698

)

(3,297,477

)

PROVISIONS FOR LIABILITIES 19 (1,618,497 ) (1,390,778 )
NET ASSETS 11,698,322 10,277,391

CAPITAL AND RESERVES
Called up share capital 20 250,250 250,250
Retained earnings 11,448,072 10,027,141
SHAREHOLDERS' FUNDS 11,698,322 10,277,391

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:





Mr S I Groome - Director


Long Marsh Limited (Registered number: 00570773)

Cash Flow Statement
for the Year Ended 31 March 2023

2023 2022
as restated
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 3,709,053 3,770,196
Interest element of hire purchase
payments paid

(266,928

)

(148,450

)
Tax paid (261,225 ) (121,682 )
Net cash from operating activities 3,180,900 3,500,064

Cash flows from investing activities
Purchase of intangible fixed assets (8,233 ) -
Purchase of tangible fixed assets (1,362,989 ) (1,255,906 )
Sale of tangible fixed assets 2,817,730 2,975,264
Interest received 6,922 99
Net cash from investing activities 1,453,430 1,719,457

Cash flows from financing activities
Capital repayments in year (4,937,749 ) (5,157,611 )
Equity dividends (176,000 ) (173,780 )
Net cash from financing activities (5,113,749 ) (5,331,391 )

Decrease in cash and cash equivalents (479,419 ) (111,870 )
Cash and cash equivalents at
beginning of year

2

2,511,582

2,623,452

Cash and cash equivalents at end of
year

2

2,032,163

2,511,582

Long Marsh Limited (Registered number: 00570773)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
as restated
£ £
Profit before taxation 2,043,251 5,056,001
Depreciation charges 2,845,069 37,468
Profit on disposal of fixed assets (869,275 ) (960,041 )
Finance costs 266,928 148,450
Finance income (6,922 ) (99 )
4,279,051 4,281,779
Increase in stocks (488,567 ) (418,057 )
Increase in trade and other debtors (119,632 ) (362,318 )
Increase in trade and other creditors 38,201 268,792
Cash generated from operations 3,709,053 3,770,196

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£ £
Cash and cash equivalents 2,032,163 2,511,582
Year ended 31 March 2022
31.3.22 1.4.21
as restated
£ £
Cash and cash equivalents 2,511,582 2,623,452


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.22 Cash flow changes At 31.3.23
£ £ £ £
Net cash
Cash at bank
and in hand 2,511,582 (479,419 ) 2,032,163
2,511,582 (479,419 ) 2,032,163
Debt
Finance leases (7,576,289 ) 4,937,749 - (7,026,573 )
(7,576,289 ) 4,937,749 - (7,026,573 )
Total (5,064,707 ) 4,458,330 - (4,994,410 )

Long Marsh Limited (Registered number: 00570773)

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

1. STATUTORY INFORMATION

Long Marsh Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

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

Significant judgements and estimates
In the application of the Company's accounting policies, which are described below, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on the historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Critical judgements in applying the Company's accounting policies

The following is the only critical judgement, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.


The residual value of the rental fleet has been measured based on estimated useful economic life and estimated future sales value. Residual values are based on the latest market data for second hand fleet sales and economic lives are based on historical experience of how long the company holds vehicles.

Key source of estimation and uncertainly

Determining the vehicles which have been earmarked for sale based on the age and condition of the vehicle, which have been transfered from fixed assets to current assets.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis.

Revenue
Turnover represents net invoiced sales excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Licence is being amortised evenly over its estimated useful life of three years.

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Tangible fixed assets and rental fleet
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives, or if held under a finance lease, over the lease term, whichever is shorter.on the following bases;

Freehold property- 2% on cost
Plant and Machinery - 33% and 20% straight line
Rental fleet- 33%-25% straight line

The company has reviewed previous estimates of residual values, due to indicators in current market values it has revised those estimates of the rental fleets residual values and as such charged no depreciation in the year.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised as the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit and loss in the period to which they relate.

Debtors and creditors
Short term debtors are measured at transaction price, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

3. ACCOUNTING POLICIES - continued

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income statement in the year that the company becomes aware of the obligation, and are measured as the best estimate at the balance sheet date of the amount required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

4. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2023 2022
as restated
£ £
Sales 2,784,451 3,212,412
Hire 8,389,614 7,841,099
Servicing 62,530 77,953
11,236,595 11,131,464

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

5. EMPLOYEES AND DIRECTORS
2023 2022
as restated
£ £
Wages and salaries 1,207,167 1,097,352
Social security costs 107,915 90,881
Other pension costs 140,516 138,331
1,455,598 1,326,564

The average number of employees during the year was as follows:
2023 2022
as restated

Office and management 48 45

2023 2022
as restated
£ £
Directors' remuneration 188,320 182,555
Directors' pension contributions to money purchase schemes 110,000 110,750

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

6. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
as restated
£ £
Depreciation - owned assets 476,516 33,609
Depreciation - assets on hire purchase contracts 2,365,809 (1 )
Profit on disposal of fixed assets (869,275 ) (960,041 )
Licence amortisation 2,744 3,860
Auditors' remuneration 20,800 13,220
Non audit remuneration 8,145 7,470

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
as restated
£ £
Hire purchase 266,928 148,450

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
as restated
£ £
Current tax:
UK corporation tax 218,601 261,225

Deferred tax 227,719 925,020
Tax on profit 446,320 1,186,245

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
as restated
£ £
Profit before tax 2,043,251 5,056,001
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

388,218

960,640

Effects of:
Expenses not deductible for tax purposes 919 -
Depreciation in excess of capital allowances 1,997 3,600
Tax rate difference 54,484 222,005
Other differences 702 -
Total tax charge 446,320 1,186,245

Increases in the UK corporation tax rate to 25% (effective from 1 April 2023) were substantively enacted on 24 May 2021. This will increase the company's future tax charge accordingly.

9. DIVIDENDS
2023 2022
as restated
£ £
Ordinary A shares of £1 each
Paid 143,000 147,000
Ordinary B shares of £1 each
Paid 33,000 26,780
176,000 173,780

10. PRIOR YEAR ADJUSTMENT

The company previously met the requirements of a small entity and choose to apply paragraph 1B(1) of the Small Companies Regulation and adapt the balance sheet format. Following adoption of FRS102 these provisions are no longer available to the company and as such it has been necessary to restate certain fleet vehicles to fixed from current assets.

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

11. INTANGIBLE FIXED ASSETS
Licence
£
COST
At 1 April 2022 8,272
Additions 8,233
At 31 March 2023 16,505
AMORTISATION
At 1 April 2022 8,272
Amortisation for year 2,744
At 31 March 2023 11,016
NET BOOK VALUE
At 31 March 2023 5,489
At 31 March 2022 -

12. TANGIBLE FIXED ASSETS
Freehold Plant and Rental
property machinery fleet Totals
£ £ £ £
COST
At 1 April 2022 1,768,166 307,274 17,145,992 19,221,432
Additions 28,340 16,692 5,705,990 5,751,022
Disposals - - (3,534,215 ) (3,534,215 )
At 31 March 2023 1,796,506 323,966 19,317,767 21,438,239
DEPRECIATION
At 1 April 2022 317,689 252,676 2,805,606 3,375,971
Charge for year 24,587 11,432 2,806,306 2,842,325
Eliminated on disposal - - (1,585,760 ) (1,585,760 )
At 31 March 2023 342,276 264,108 4,026,152 4,632,536
NET BOOK VALUE
At 31 March 2023 1,454,230 59,858 15,291,615 16,805,703
At 31 March 2022 1,450,477 54,598 14,340,386 15,845,461

Included in cost of land and buildings is freehold land of £ 567,154 (2022 - £ 567,154 ) which is not depreciated.

Certain rental fleet vehicles are pledged as security for some of the company's hire purchase agreements.

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

12. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Rental
fleet
£
COST
At 1 April 2022 13,744,395
Additions 4,388,033
Disposals (431,557 )
Transfer to ownership (3,605,253 )
At 31 March 2023 14,095,618
DEPRECIATION
At 1 April 2022 1,559,020
Charge for year 2,365,809
Eliminated on disposal (114,525 )
Transfer to ownership (1,427,175 )
At 31 March 2023 2,383,129
NET BOOK VALUE
At 31 March 2023 11,712,489
At 31 March 2022 12,185,375

13. STOCKS
2023 2022
as restated
£ £
Stocks 941,977 453,410

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Trade 811,938 827,824
Other 477,868 365,482
Prepayments 206,798 183,666
1,496,604 1,376,972

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£ £
Hire purchase contracts (see note 17) 3,894,875 4,278,812
Trade 454,029 425,600
Tax 218,601 261,225
Social security and other taxes 28,207 27,313
VAT 209,810 189,836
Accruals and deferred income 27,897 38,993
4,833,419 5,221,779

16. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
as restated
£ £
Hire purchase contracts (see note 17) 3,131,698 3,297,477

17. HIRE PURCHASE AND LEASING
AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
as restated
£ £
Net obligations repayable:
Within one year 3,894,875 4,278,812
Between one and five years 3,131,698 3,297,477
7,026,573 7,576,289

Non-cancellable
operating leases
2023 2022
as restated
£ £
Within one year 145,576 114,750
Between one and five years 31,694 39,305
177,270 154,055

18. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
as restated
£ £
Hire purchase 7,026,573 7,576,289

Long Marsh Limited (Registered number: 00570773)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

19. PROVISIONS FOR LIABILITIES
2023 2022
as restated
£ £
Deferred tax
Capital allowances in excess of
depreciation

1,618,497

1,390,778

Deferred tax
£
Balance at 1 April 2022 1,390,778
Accelerated capital allowances 173,235
change in tax rates 54,484
Balance at 31 March 2023 1,618,497

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: as restated
£ £
250,000 Ordinary £1 250,000 250,000
185 Ordinary A £1 185 185
65 Ordinary B £1 65 65
250,250 250,250