2022-04-01 01854494 2023-03-31 01854494 2022-04-01 2023-03-31 01854494 2022-03-31 01854494 2021-04-01 2022-03-31 01854494 uk-core:WithinOneYear uk-bus:Original 2022-03-31 01854494 uk-core:WithinOneYear uk-bus:Original 2023-03-31 01854494 uk-core:ShareCapital uk-bus:Original 2023-03-31 01854494 uk-core:ShareCapital uk-bus:Original 2022-03-31 01854494 uk-core:RetainedEarningsAccumulatedLosses uk-bus:Original 2023-03-31 01854494 uk-core:RetainedEarningsAccumulatedLosses uk-bus:Original 2022-03-31 01854494 uk-core:OtherMiscellaneousReserve uk-bus:Original 2023-03-31 01854494 uk-bus:Director1 uk-bus:Original 2022-04-01 2023-03-31 01854494 uk-bus:Director2 uk-bus:Original 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure 01854494 uk-bus:AuditExempt-NoAccountantsReport uk-bus:Original 2022-04-01 2023-03-31 01854494 uk-bus:FRS102 uk-bus:Original 2022-04-01 2023-03-31 01854494 uk-bus:FilletedAccounts uk-bus:Original 2022-04-01 2023-03-31 01854494 uk-bus:PrivateLimitedCompanyLtd uk-bus:Original 2022-04-01 2023-03-31
Longdeal Limited
Registered Number:01854494
For the year ended 31 March 2023
England and Wales
Unaudited Financial Statements
2
Registered Number :
01854494
As at 31 March 2023
Longdeal Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
2
525,000
450,000
Investment property
525,000
450,000
Current assets
Trade and other receivables
672,396
995,724
3
77,960
Cash and cash equivalents
112,802
1,108,526
750,356
Trade and other payables: amounts falling due within one
year
(703,308)
(988,692)
4
47,048
119,834
Net current assets
Total assets less current liabilities
644,834
497,048
(29,247)
(13,583)
Provisions for liabilities
615,587
Net assets
483,465
Capital and reserves
Called up share capital
102
102
Retained earnings
603,361
469,588
Other reserves
12,124
13,775
615,587
483,465
Shareholders' funds
For the year ended 31 March 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the
end of each financial year and of its profit or loss for each financial year in accordance with the requirements
of Section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006
relating to financial statements, so far as applicable to the company.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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Registered Number :
01854494
For the year ended 31 March 2023
Longdeal Limited
Statement of Financial Position Continued
Mrs E A Jefferson Director
R J Jefferson Director
These financial statements were approved and authorised for issue by the Board on 14 December 2023 and were signed by:
The notes form part of these financial statements
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For the year ended 31 March 2023
Longdeal Limited
Notes to the Financial Statements
Statutory Information
Longdeal Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 01854494.
Registered address:
c/o Summit Bookkeeping Ltd
Bryn Awel, Brithdir
Dolgellau
Gwynedd
LL40 2RR
The presentation currency is £ sterling.
The principal activity of the company is that of property development and commercial letting.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial
Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and
the Companies Act 2006. The financial statements have been prepared under the historical costs convention
as modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the fair value of properties sold by the company during the year exclusive of value added tax. Turnover is recognised on exchange of contracts. Turnover is shown net of value of added tax, credits and discounts. Turnover also includes rents receivabe. Rents receivable comprise the fair value of rents received or receivable in the ordinary course of the company's activities. Rents receivable is shown net of value of added tax, credits 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 company and specific criteria have been met for each of the company's activities.
Investment property
Investment property is valued at fair value, derived from the current market prices for comparable real estate determined annually by valuers with the appropriate experience of the relevant property market. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the Statement of Income and Retained Earnings.
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For the year ended 31 March 2023
Longdeal Limited
Notes to the Financial Statements Continued
Deferred tax
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. Current TaxationThe 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. Deferred TaxationDeferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred 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 reporting date and that are expected to apply to the reversal of the timing difference.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transactions 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 Statement of
Income and Retained Earnings 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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the
assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar
debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are
presented as such in the Statement of Financial Position. Finance costs and gains or losses relating to financial
liabilities are included in the Statement of Income and Retained Earnings. Finance costs are calculated so as to
produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial
liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments
are debited direct to equity.
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For the year ended 31 March 2023
Longdeal Limited
Notes to the Financial Statements Continued
Related parties
For the purposes of these financial statements, a party is considered to be related to the company if:
i. the party has the ability, directly or indirectly, through one or more intermediaries, to control the
company or exercise significant influence over the company in making financial and operating policy
decisions, or has joint control over the company;
ii. the company and the party are subject to common control;
iii. the party is an associate of the company or a joint venture in which the company is a venture;
iv. the party is a member of key management personnel of the company or the company's parent, or a close
family member of such an individual, or is an entity under the control, joint control or significant influence of
such individuals;
v. the party is a close family member of a party referred to in (i) or is an entity under the control, joint
control or significant influence of such individuals;
vi. the party is a post-employment benefit plan which is for the benefit of employees of the company or of
any entity that is a related party of the company; or
vii. the party, or any member of a group of which it is part, provides key management personnel services to
the company or its parent.
Close family members of an individual are those family members who may be expected to influence, or be
influenced by, that individual in their dealings with the entity.
2. Investment property
Total
£
Fair value
At 01 April 2022
450,000
Fair value adjustments
75,000
At 31 March 2023
525,000
Net book value
At 31 March 2023
525,000
At 31 March 2022
450,000
The directors have assessed the value of the investment properties at 31 March 2023 and considers their fairvalue to be reasonably stated in the sum of £525,000 (2022: £450,000).
3. Trade and other receivables
2022
2023
£
£
Trade debtors
30,608
10,125
Amounts owed by group undertakings and participating interest
s
962,376
661,236
Other debtors
2,740
1,035
672,396
995,724
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For the year ended 31 March 2023
Longdeal Limited
Notes to the Financial Statements Continued
4. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Trade creditors
2,055
611
Taxation and social security
24,510
14,839
Other creditors
962,127
687,858
988,692
703,308
5. Related party transactions
In accordance with paragraph 1AC.35 of Financial Reporting Standard 102, exemption has been taken not to
disclose transactions or amounts falling due with companies that are wholly owned within the group.
Included in note 5 to the financial statements, trade and other payables: amounts falling due within one year,
are the following amounts owed by the company at 31 March 2023:
Amount owed to the directors £899,978 (2022: £0).
The amount owed to the directors are unsecured, interest-free with no fixed date for repayment.
6. Average number of persons employed
During the year the average number of employees was 0 (2022: 0)
7. Parent-subsidiary relationship
The company is a wholly-owned subsidiary of RELG Properties Limited, a company registered in England andWales. The parent company's Registered Office address and principal place of business is at: c/o Summit Bookkeeping LtdBryn AwelBrithdirDolgellauGwyneddLL40 2RR
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