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REGISTERED NUMBER: 02083734 (England and Wales)











Longvale Limited

Financial Statements

for the Year Ended 30 June 2023






Longvale Limited (Registered number: 02083734)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


Longvale Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: N R Dear





SECRETARY: N R Dear





REGISTERED OFFICE: 7b Lancaster Park
Newborough Road
Needwood
Burton on Trent
Staffordshire
DE13 9PD





REGISTERED NUMBER: 02083734 (England and Wales)





AUDITORS: Haines Watts Tamworth Limited
Chartered Accountants and Statutory Auditors
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Longvale Limited (Registered number: 02083734)

Statement of Financial Position
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 2,276,568 1,533,865

CURRENT ASSETS
Stocks 1,104,750 830,050
Debtors 6 3,763,212 3,333,483
Cash at bank 1,918,728 610,222
6,786,690 4,773,755
CREDITORS
Amounts falling due within one year 7 1,026,778 563,088
NET CURRENT ASSETS 5,759,912 4,210,667
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,036,480

5,744,532

CREDITORS
Amounts falling due after more than one year 8 (1,589,065 ) (1,352,256 )

PROVISIONS FOR LIABILITIES 11 (215,870 ) -
NET ASSETS 6,231,545 4,392,276

CAPITAL AND RESERVES
Called up share capital 12 4 4
Retained earnings 6,231,541 4,392,272
SHAREHOLDERS' FUNDS 6,231,545 4,392,276

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 January 2024 and were signed by:





N R Dear - Director


Longvale Limited (Registered number: 02083734)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Longvale 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" including the provisions of Section 1A "Small Entities" 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 financial statements have been prepared on a going concern basis which assumes that the company will continue to operate for the foreseeable future.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Longvale Limited (Registered number: 02083734)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The company makes estimates and assumptions concerning the future. Management are also required to exercise judgement in the process of applying the company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

In preparing these financial statements, the directors have made the following judgements:

- Determine whether leases entered into by the company either as a lessor or a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis based on an evaluation of the terms and conditions of the arrangements, and accordingly whether the lease requires an asset and liability to be recognised in the statement of financial position.

- A provision is recognised when the company has a present legal or constructive obligation as a result of a past event for which it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. If the effect is material, provisions are determined by discounting the expected future cash flow at a rate that reflects the time value of money and the risks specific to the liability.

- Whether a present obligation is probable or not requires judgement. The nature and type of risks for these provisions differ and management's judgement is applied regarding the nature and extent of obligations in deciding if an outflow of resources is probable or not.

- Sales ledger debt provisions. Management review debts on a case by case basis to highlight deviation from terms and therefore possible provision requirement.

- Stock provisions. This is based on any bought in stock items that show inactivity for 2 years or more and a provision is made in full against such items.

- Depreciation and residual values. Management have reviewed the asset lives and associated residual values of all fixed asset classes and concluded that they are appropriate.

The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projects disposal values.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings Freehold2% straight line
Plant and machinery15% straight line
Computer equipment33% straight line
Fixtures, fittings and equipment15% straight line
Motor vehicles25% straight line

Longvale Limited (Registered number: 02083734)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

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 debtors and creditors, loans from banks and other third parties and
investments in non-puttable ordinary shares.

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 at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 or loss in the period to which they relate.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 estimates 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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Longvale Limited (Registered number: 02083734)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 27 ) .

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 July 2022 1,456,450 678,650 2,135,100
Additions - 998,714 998,714
Disposals - (102,943 ) (102,943 )
At 30 June 2023 1,456,450 1,574,421 3,030,871
DEPRECIATION
At 1 July 2022 164,058 437,177 601,235
Charge for year 29,129 205,579 234,708
Eliminated on disposal - (81,640 ) (81,640 )
At 30 June 2023 193,187 561,116 754,303
NET BOOK VALUE
At 30 June 2023 1,263,263 1,013,305 2,276,568
At 30 June 2022 1,292,392 241,473 1,533,865

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,335,273 1,308,640
Amounts owed by group undertakings 310,995 -
Other debtors 146,495 61,844
1,792,763 1,370,484

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,970,449 1,962,999

Aggregate amounts 3,763,212 3,333,483

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 110,333 109,360
Hire purchase contracts (see note 9) 90,853 11,877
Trade creditors 627,331 324,674
Taxation and social security 28,060 20,432
Other creditors 170,201 96,745
1,026,778 563,088

Longvale Limited (Registered number: 02083734)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 1,150,041 1,259,911
Hire purchase contracts (see note 9) 439,024 92,345
1,589,065 1,352,256

9. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 90,853 11,877
Between one and five years 439,024 92,345
529,877 104,222

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,260,374 1,369,271
Hire purchase contracts 529,877 104,222
1,790,251 1,473,493

The bank loans are secured by way of a fixed and floating charge over the assets of the company.

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

A personal guarantee limited to £500,000 has been provided by N Dear as at the balance sheet date.

11. PROVISIONS FOR LIABILITIES
2023
£   
Deferred tax 215,870

Deferred
tax
£   
Balance at 1 July 2022 (18,137 )
Provided during year 234,007
Balance at 30 June 2023 215,870

Longvale Limited (Registered number: 02083734)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary shares £1 4 4

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stephen Butler BA FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Tamworth Limited

14. CONTINGENT LIABILITIES

The company has given cross guarantees to Handelsbanken plc in respect of amounts outstanding with fellow group and connected companies. At the balance sheet date these amounted to £nil (2022 - £nil).

15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 June 2023 and 30 June 2022:

2023 2022
£    £   
N R Dear
Balance outstanding at start of year 7,450 -
Amounts advanced - 7,450
Amounts repaid (7,450 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 7,450

The loan has been fully repaid in the year.

16. ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Dear (Holdings) Limited, a company incorporated in England & Wales.