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Registration number: 07663130

Longlea Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 March 2024

 

Longlea Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Longlea Limited

(Registration number: 07663130)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,540

13,433

Current assets

 

Debtors

5

440,774

302,404

Cash at bank and in hand

 

112

-

 

440,886

302,404

Creditors: Amounts falling due within one year

6

(234,678)

(192,825)

Net current assets

 

206,208

109,579

Total assets less current liabilities

 

217,748

123,012

Creditors: Amounts falling due after more than one year

6

(13,073)

(23,259)

Provisions for liabilities

(2,248)

(1,947)

Net assets

 

202,427

97,806

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

202,426

97,805

Shareholders' funds

 

202,427

97,806

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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 director acknowledges his 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 provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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 Income Statement has been taken.

Approved and authorised by the director on 13 August 2024
 

 

Longlea Limited

(Registration number: 07663130)
Statement of Financial Position as at 31 March 2024

.........................................
R E M Atkinson
Director

 

Longlea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is: Knoll House, Knoll Road, Camberley, Surrey, GU15 3SY, United Kingdom.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These 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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates 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 entity and specific criteria have been met for each of the company's 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 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 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.

 

Longlea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Trade debtors

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

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

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 income statement 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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

 

Longlea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 34 (2023 - 29).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

16,518

7,711

10,968

35,197

Additions

-

-

1,000

1,000

At 31 March 2024

16,518

7,711

11,968

36,197

Depreciation

At 1 April 2023

7,195

7,071

7,498

21,764

Charge for the year

1,865

160

868

2,893

At 31 March 2024

9,060

7,231

8,366

24,657

Carrying amount

At 31 March 2024

7,458

480

3,602

11,540

At 31 March 2023

9,323

640

3,470

13,433

5

Debtors

2024
£

2023
£

Trade debtors

58,995

54,394

Other debtors

380,312

246,652

Prepayments

1,467

1,358

440,774

302,404

 

Longlea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Bank loans and overdrafts

7

45,725

27,736

Trade creditors

 

116,371

118,962

Taxation and social security

 

56,054

26,575

Accruals and deferred income

 

11,337

10,489

Other creditors

 

5,191

9,063

 

234,678

192,825


Creditors include a bank overdraft, which is secured by way of a debenture placing fixed and floating charges on all of the company's assets.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

7

13,073

23,259

7

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

13,073

23,259

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,186

9,936

Bank overdrafts

35,539

17,800

45,725

27,736

8

Related party transactions

During the year the company paid rent of £90,688 (2023 - £56,472) to the director in respect of its business premises. In addition, he had outstanding loans owed to the company as set out below. The loan is repayable on demand and interest is charged at the HMRC beneficial loan rate prevailing throughout the year.

 

Longlea Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Transactions with the director

2024

At 1 April 2023
£

Advances to director
£

At 31 March 2024
£

R E M Atkinson

Loans to director

76,932

27,853

104,785

 

76,932

27,853

104,785

     

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

R E M Atkinson

Loans to director

64,862

61,070

(49,000)

76,932

 

64,862

61,070

(49,000)

76,932