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Registration number: 1074633

Longtayen Properties Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

 

Longtayen Properties Limited

Contents

Abridged Balance Sheet

1 to 2

Notes to the Abridged Financial Statements

3 to 7

 

Longtayen Properties Limited

(Registration number: 1074633)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

2

2

Tangible assets

5

1,821,585

1,812,924

 

1,821,587

1,812,926

Current assets

 

Stocks

140,927

117,766

Debtors

17,290

11,593

Cash at bank and in hand

 

299,166

309,252

 

457,383

438,611

Prepayments and accrued income

 

11,732

11,017

Creditors: Amounts falling due within one year

6

(97,902)

(82,242)

Net current assets

 

371,213

367,386

Total assets less current liabilities

 

2,192,800

2,180,312

Creditors: Amounts falling due after more than one year

6

(1,359,000)

(1,279,000)

Provisions for liabilities

(82,501)

(82,327)

Accruals and deferred income

 

(89,039)

(71,520)

Net assets

 

662,260

747,465

Capital and reserves

 

Allotted, called up and fully paid share capital

100

100

Revaluation reserve

423,081

424,581

Profit and loss account

239,079

322,784

Total equity

 

662,260

747,465

 

Longtayen Properties Limited

(Registration number: 1074633)
Abridged Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 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. 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.

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

Approved and authorised for issue by the Board on 9 September 2024 and signed on its behalf by:
 

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

Mr M J Price
Director

 

Longtayen Properties Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

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

The address of its registered office is:
45 Lemon Street
Truro
Cornwall
TR1 2NS

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 abridged 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 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.

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

Going concern

The Directors continually review the business operations and are confident, given the strong core business, available cash reserves, and continued support of the Directors and their close family, that viability can be maintained, and the accounts are prepared on a going concern basis accordingly.

However, as future conditions or events, such as Covid-19, coupled with the cost of living crisis, inflation and the future economic repercussions, cannot be predicted, this is not a guarantee as to the company’s ability to continue as a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 

Longtayen Properties Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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 balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost/deemed 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.

Land and Buildings were adjusted to fair value at 1 January 2018 which has been used as the deemed cost in accordance with the transition provisions of FRS102 1A. The fair value at 1 January 2018 was determined by the Directors based on observable market conditions.

Depreciation

Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% straight line

Land and buildings

Land is not depreciated. Depreciation on buildings is provided on cost less residual value on a 2% straight line basis

Intangible assets

Intangible assets acquired separately from a business are capitalised at cost.

Amortisation

Intangible assets are amortised on a straight line basis over their useful lives. The useful lives of intangible assets are as follows:

Asset class

Amortisation method and rate

Designs

3 years straight line

Website

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for goods sold in the ordinary course of business.

Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in administrative expenses.

 

Longtayen Properties Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers.

Creditors with no stated interest rate and payable within one year are recorded at 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 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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 12).

 

Longtayen Properties Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Total
£

Cost

At 1 January 2023

17,255

At 31 December 2023

17,255

Amortisation

At 1 January 2023

17,253

At 31 December 2023

17,253

Carrying amount

At 31 December 2023

2

At 31 December 2022

2

5

Tangible assets

Total
£

Cost or deemed cost

At 1 January 2023

2,048,002

Additions

33,704

At 31 December 2023

2,081,706

Depreciation

At 1 January 2023

235,078

Charge for the year

25,043

At 31 December 2023

260,121

Carrying amount

At 31 December 2023

1,821,585

At 31 December 2022

1,812,924

Tangible fixed assets include assets that were valued at fair value at 1 January 2018, being the date of transition to FRS102 1A. The fair value at transition has been used as the deemed cost in accordance with the transition exemptions of FRS102 1A. Had the assets been accounted for at historical cost, tangible fixed assets would be carried at a cost of £1,586,196 (2022 - £1,552,491), accumulated deprecation of £248,122 (2022 - £225,079) and a carrying value of £1,338,074 (2022 - £1,327,412).

 

Longtayen Properties Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due after more than one year

Creditors include allotted, called up, and fully paid redeemable preference shares of £1,359,000 (2022 - £1,279,000). Dividends are payable at 4%. The redeemable preference shares are redeemable at the option of the company at £1 per share and, if not redeemed before, shall be redeemed in full on 31 December 2030 unless otherwise agreed.

7

Related party transactions

Transactions with directors

Included in creditors falling due after more than one year are redeemable preference shares, as referred to above, issued to directors.

The company advanced a loan to a Director during the year of £12,000 (2022 - £9,800). The loan was unsecured and repaid after the year end. Interest was charged at 2.25% (2022 - 0%) and totalled £21. The balance due to the company at the year end was £12,021 (2022 - £9,800).