Longwell Europe Limited 04425911 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is the generation of sales enquiries for Longwell International in Europe and parts of the United States. Digita Accounts Production Advanced 6.30.9574.0 true true true true 04425911 2023-04-01 2024-03-31 04425911 2024-03-31 04425911 bus:Director2 2024-03-31 04425911 bus:Director3 2024-03-31 04425911 bus:OrdinaryShareClass1 2024-03-31 04425911 bus:OrdinaryShareClass2 2024-03-31 04425911 core:CurrentFinancialInstruments 2024-03-31 04425911 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04425911 core:WithinOneYear 2024-03-31 04425911 bus:SmallEntities 2023-04-01 2024-03-31 04425911 bus:Audited 2023-04-01 2024-03-31 04425911 bus:FilletedAccounts 2023-04-01 2024-03-31 04425911 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04425911 bus:RegisteredOffice 2023-04-01 2024-03-31 04425911 bus:Director1 2023-04-01 2024-03-31 04425911 bus:Director2 2023-04-01 2024-03-31 04425911 bus:Director3 2023-04-01 2024-03-31 04425911 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04425911 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 04425911 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04425911 1 2023-04-01 2024-03-31 04425911 countries:AllCountries 2023-04-01 2024-03-31 04425911 2022-04-01 2023-03-31 04425911 2023-03-31 04425911 bus:OrdinaryShareClass1 2023-03-31 04425911 bus:OrdinaryShareClass2 2023-03-31 04425911 core:CurrentFinancialInstruments 2023-03-31 04425911 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04425911 core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04425911

Longwell Europe Limited

Filleted Financial Statements

for the Year Ended 31 March 2024

 

Longwell Europe Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 7

Balance Sheet

8

Notes to the Financial Statements

9 to 12

 

Longwell Europe Limited

Company Information

Directors

W Lin

R Purcell

Registered office

Suite 13 B
Stonecross Place
Stonecross Lane North
Warrington
Cheshire
WA3 2SH

Auditors

Davidson Stant Limited
Chartered Accountant and Statutory Auditor
The Glen
Knutsford Old Road
Stockton Heath
Warrington
WA4 2LD

 

Longwell Europe Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

W Lin

DJ Kozer (ceased 29 September 2023)

R Purcell (appointed 29 September 2023)

Principal activity

The principal activity of the company is the generation of sales enquiries for Longwell International in Europe and parts of the United States.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
R Purcell
Director

 

Longwell Europe Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Longwell Europe Limited

Independent Auditor's Report to the Members of Longwell Europe Limited

Opinion

We have audited the financial statements of Longwell Europe Limited (the 'company') for the year ended 31 March 2024, which comprise the Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

 

Longwell Europe Limited

Independent Auditor's Report to the Members of Longwell Europe Limited

the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 3], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

In designing the scope and depth of our work to assess the likely impact on the financial staements of fraud and other irregularities, we calculate a materiality level which is a percentage based upon turnover, profitability and gross balance sheert assets. This calculation produces a figure against which financial statement errors and irregularities are compared and indicates a level at which, in our opinion and judgement, this would cause transactions and balances within the financial statements to be misleading or materially incorrect.

 

Longwell Europe Limited

Independent Auditor's Report to the Members of Longwell Europe Limited

We also assessed the susceptibility of the Financial Statements of the Company to material mis-statement using qualitive as well as quantitive factors, including how fraud might occur, and designed our audit testing and enquiries in such a way so to enable us to identify the fraud risks across various parts of the business. In addition, we utilised internal and external information to performa fraud risk assessment as part of our audit planning and testing procedures.

We considered the risk of fraud through management over-ride of controls and systems and, in response, we incorporated testing of large and unusual bank entries into our audit approach. We also considered the possibility of fraudulent or corrupt payments made through third parties and conducted detailed analytical review and substantive transaction testing on third party customers. Where instances of unusual behaviour patterns were identified through our testing, we performed additional audit procedures to address each identified risk. These procedures included testing of transactions back to source information and were designed to provide reasonable assurance that the financial statements were free from fraud or error. We also conducted specific audit procedures in relation to the risk of bribery and corruption by means of review of any marketing, promotion or discount activity determined by a risk-based process;

Based on the results of our risk assessessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above. Our procedures involved bank entry testing, with a focus on entries meeting our defined risk criteria based on our understanding of the business and enquiries of Company management; and

If any instances of non-compliance with laws and regulations were identified, the audit team performed sufficient and appropriate audit procedures.

Having due regard to ISA 240 (Redrafted), The Auditor's Responsibilities Relating to Fraud in an Audit of FinancialStatements, we planned and designed our audit procedures to undertake such enquiry and testing which we deemed necessary to understand how the Company is complying with those frameworks. We made enquiries of the director, and those responsible for legal and compliance procedures within the Company and we corroborated our enquiries by reference to other documentary evidence, where available, or other complimentary or compensating evidence and with other correspondence received and noted that there was no contradictory evidence;

 

We obtained an understanding of the legal and regulatory frameworks that are applicable to Longwell Europe Limited, ("the Company") and determined that the most significant are those that relate to the UK reporting framework under which the Company prepares its accounts and reports its results and the relevant UK tax compliance regulations. In addition, we concluded that there are certain significant laws and regulations that may have an effect on the determination of the amounts and disclosures in the financial statements and those laws and regulations include those relating to health and safety, employee matters, environmental, and bribery and corruption practices;

 

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

 

Longwell Europe Limited

Independent Auditor's Report to the Members of Longwell Europe Limited

......................................
Mark Stant (Senior Statutory Auditor)
For and on behalf of Davidson Stant Limited, Statutory Auditor

The Glen
Knutsford Old Road
Stockton Heath
Warrington
WA4 2LD

6 September 2024

 

Longwell Europe Limited

(Registration number: 04425911)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Current assets

 

Debtors

3

56,810

50,123

Cash at bank and in hand

 

9,853

3,878

 

66,663

54,001

Creditors: Amounts falling due within one year

4

(7,708)

(4,943)

Net assets

 

58,955

49,058

Capital and reserves

 

Called up share capital

5

150,000

150,000

Retained earnings

(91,045)

(100,942)

Shareholders' funds

 

58,955

49,058

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................

R Purcell

Director

 

Longwell Europe Limited

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

1

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.

Going concern

The financial statements have been prepared on a going concern basis. The parent company will continue to provide support to the company and if required meet it's financial obligation.

This support shall continue to be provided by the parent company for the period up to and including 31 October 2024.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of agent's commission on the sale of goods and services to customers 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

 

Longwell Europe Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2023 - 6).

3

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

7

55,802

47,999

Other debtors

 

1,008

2,124

   

56,810

50,123

 

Longwell Europe Limited

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

4

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

4,040

2,701

Accruals and deferred income

3,668

2,243

Other creditors

-

(1)

7,708

4,943

5

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

149,995

149,995

149,995

149,995

Ordinary B Shares of £1 each

5

5

5

5

150,000

150,000

150,000

150,000

6

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

10,088

8,220

The amount of non-cancellable operating lease payments recognised as an expense during the year was £10,088 (2023 - £8,220).

7

Related party transactions

 

Longwell Europe Limited

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

83,291

56,329

Contributions paid to money purchase schemes

36,321

40,000

119,612

96,329

8

Parent and ultimate parent undertaking

The company's immediate parent is Longwell International BVI, incorporated in British Virgin Isles.

 The ultimate controlling party is Longwell Company, Taiwan.