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Registration number: 14006365

Longterm Flavell Investments Ltd

Annual Report and Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 October 2023

 

Longterm Flavell Investments Ltd

Contents

Abridged Balance Sheet

1

Notes to the Unaudited Abridged Financial Statements

2 to 4

 

Longterm Flavell Investments Ltd

(Registration number: 14006365)
Abridged Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

30,000

30,000

Investment property

478,128

-

Other financial assets

5

10,000

10,000

 

518,128

40,000

Current assets

 

Debtors

407,771

-

Cash at bank and in hand

 

7,193

296,586

 

414,964

296,586

Creditors: Amounts falling due within one year

(30,469)

(27,642)

Net current assets

 

384,495

268,944

Total assets less current liabilities

 

902,623

308,944

Creditors: Amounts falling due after more than one year

(137,756)

-

Net assets

 

764,867

308,944

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

764,667

308,744

Total equity

 

764,867

308,944

For the financial year ending 31 October 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 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 and the option not to file the Profit and Loss Account has been taken.

All of the Company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 31 July 2024 and signed on its behalf by:
 

Mr M Flavell

Director

 

Longterm Flavell Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
89 Polwell Lane
Barton Seagrave
Kettering
NN15 6TD

These financial statements were authorised for issue by the Board on 31 July 2024.

2

Accounting policies

Statement of compliance

These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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 the future economic benefits will flow into the entity, and specific criteria have been met for each of the company 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 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 tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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 profit or loss.

Intangible assets

Included within intangible assets is investments in Cryptocurrencies. These investments are included at cost less impairment.

 

Longterm Flavell Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Cryptocurrency investment

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Longterm Flavell Investments Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 October 2023

4

Intangible assets

Total
£

Cost or valuation

At 1 November 2022

30,000

At 31 October 2023

30,000

Amortisation

Carrying amount

At 31 October 2023

30,000

At 31 October 2022

30,000

5

Other financial assets (current and non-current)

Total
£

Non-current financial assets

Cost or valuation

At 1 November 2022

10,000

At 31 October 2023

10,000

Carrying amount

At 31 October 2023

10,000

6

Related party transactions

Advances to directors


Mr M Flavell

During the period Mr M Flavell went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £221,287. At the year end the amount outstanding from Mr M Flavell was £221,287. Interest has been charged at the commercial rate.


Miss L Kaye

During the period Miss L Kaye went overdrawn on their director's loan account. The maximum overdrawn balance during the year was £9,182. At the year end the amount outstanding from Miss L Kaye was £Nil. Interest has been charged at the commercial rate.