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Company No: 01305861 (England and Wales)

LONGCROFT & OLD LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

LONGCROFT & OLD LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

LONGCROFT & OLD LIMITED

BALANCE SHEET

As at 31 March 2024
LONGCROFT & OLD LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 112,732 34,651
112,732 34,651
Current assets
Stocks 4 167,994 180,956
Debtors 5 1,133,315 1,485,959
Cash at bank and in hand 609,394 452,437
1,910,703 2,119,352
Creditors: amounts falling due within one year 6 ( 1,177,574) ( 1,245,893)
Net current assets 733,129 873,459
Total assets less current liabilities 845,861 908,110
Creditors: amounts falling due after more than one year 7 ( 51,380) ( 80,703)
Provision for liabilities ( 28,183) ( 7,335)
Net assets 766,298 820,072
Capital and reserves
Called-up share capital 76 76
Capital redemption reserve 24 24
Profit and loss account 766,198 819,972
Total shareholder's funds 766,298 820,072

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 financial statements of Longcroft & Old Limited (registered number: 01305861) were approved and authorised for issue by the Director on 20 August 2024. They were signed on its behalf by:

S P Cuthbertson
Director
LONGCROFT & OLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
LONGCROFT & OLD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Longcroft & Old Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 30 Central Markets, West Market Buildings Smithfield, London, EC1A 9PS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised on despatch of goods to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

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. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 4 years straight line
Vehicles 4 years straight line
Fixtures and fittings 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 10 10

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 April 2023 71,599 109,933 78,780 96,745 357,057
Additions 0 90,463 0 5,252 95,715
Disposals 0 0 ( 22,610) 0 ( 22,610)
At 31 March 2024 71,599 200,396 56,170 101,997 430,162
Accumulated depreciation
At 01 April 2023 71,599 108,615 49,441 92,751 322,406
Charge for the financial year 0 330 11,234 1,548 13,112
Disposals 0 0 ( 18,088) 0 ( 18,088)
At 31 March 2024 71,599 108,945 42,587 94,299 317,430
Net book value
At 31 March 2024 0 91,451 13,583 7,698 112,732
At 31 March 2023 0 1,318 29,339 3,994 34,651

4. Stocks

2024 2023
£ £
Stocks 167,994 180,956

5. Debtors

2024 2023
£ £
Trade debtors 947,539 694,846
Amounts owed by Parent undertakings 155,400 0
Other debtors 30,376 791,113
1,133,315 1,485,959

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,082 10,000
Trade creditors 1,104,466 725,959
Amounts owed to Group undertakings 0 236,100
Taxation and social security 17,893 221,688
Obligations under finance leases and hire purchase contracts 8,975 12,646
Other creditors 36,158 39,500
1,177,574 1,245,893

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 17,415 27,498
Obligations under finance leases and hire purchase contracts 3,178 12,156
Other creditors 30,787 41,049
51,380 80,703

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

The total future minimum lease payments under non-cancellable operating leases are £424,171 (2023 - £427,926).

9. Contingencies

Contingent liabilities

The company is a guarantor for a lease entered into by The Meat Hook of Marlow Limited. The total contingent liability at the year end is £50,000 (2023 - £75,000)

10. Related party transactions

Transactions with the entity's director

2024 2023
£ £
S Cuthbertson, Director, has provided a personal guarantee to the company's bankers. 25,000 25,000

11. Ultimate controlling party

Parent Company:

Longcroft and Old Smithfield Limited
30 Central Markets, West Market Buildings Smithfield, London, United Kingdowm, EC1A 9PS