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Company No: 04986968 (England and Wales)

HIGHER LONGFORD LIMITED

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

HIGHER LONGFORD LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

HIGHER LONGFORD LIMITED

BALANCE SHEET

As at 31 March 2024
HIGHER LONGFORD LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 31.03.2024 31.03.2023
£ £
Fixed assets
Intangible assets 3 825 4,180
Tangible assets 4 87,816 85,860
88,641 90,040
Current assets
Stocks 1,200 1,000
Debtors 5 3,560 8,195
Cash at bank and in hand 36,859 18,673
41,619 27,868
Creditors: amounts falling due within one year 6 ( 67,959) ( 50,474)
Net current liabilities (26,340) (22,606)
Total assets less current liabilities 62,301 67,434
Provision for liabilities ( 4,751) ( 4,364)
Net assets 57,550 63,070
Capital and reserves
Called-up share capital 7 360 360
Profit and loss account 57,190 62,710
Total shareholders' funds 57,550 63,070

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 Higher Longford Limited (registered number: 04986968) were approved and authorised for issue by the Director on 11 September 2024. They were signed on its behalf by:

Miss M Deane
Director
HIGHER LONGFORD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
HIGHER LONGFORD 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 period, unless otherwise stated.

General information and basis of accounting

Higher Longford 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 The Farmhouse Higher Longford, Moorshop, Tavistock, PL19 9LQ, England, 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 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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Website costs 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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 5 - 20 years straight line
Plant and machinery 10 % reducing balance
Fixtures and fittings 10 % reducing balance
Computer equipment 4 years straight line
Other property, plant and equipment 5 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.

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.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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.

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. Employees

Year ended
31.03.2024
Period from
01.01.2022 to
31.03.2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 5 4

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 April 2023 83,600 2,200 85,800
At 31 March 2024 83,600 2,200 85,800
Accumulated amortisation
At 01 April 2023 80,465 1,155 81,620
Charge for the financial year 3,135 220 3,355
At 31 March 2024 83,600 1,375 84,975
Net book value
At 31 March 2024 0 825 825
At 31 March 2023 3,135 1,045 4,180

4. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £ £
Cost
At 01 April 2023 150,691 60,023 28,516 6,483 15,106 260,819
Additions 3,790 6,349 2,822 0 0 12,961
Disposals 0 ( 31,082) ( 2,234) ( 5,035) 0 ( 38,351)
At 31 March 2024 154,481 35,290 29,104 1,448 15,106 235,429
Accumulated depreciation
At 01 April 2023 89,170 39,491 24,709 6,483 15,106 174,959
Charge for the financial year 2,513 2,285 448 0 0 5,246
Disposals 0 ( 25,587) ( 1,970) ( 5,035) 0 ( 32,592)
At 31 March 2024 91,683 16,189 23,187 1,448 15,106 147,613
Net book value
At 31 March 2024 62,798 19,101 5,917 0 0 87,816
At 31 March 2023 61,521 20,532 3,807 0 0 85,860

5. Debtors

31.03.2024 31.03.2023
£ £
Trade debtors 151 0
Amounts owed by related parties 0 6,000
Other debtors 3,409 2,195
3,560 8,195

6. Creditors: amounts falling due within one year

31.03.2024 31.03.2023
£ £
Taxation and social security 968 3,020
Other creditors 66,991 47,454
67,959 50,474

7. Called-up share capital

31.03.2024 31.03.2023
£ £
Allotted, called-up and fully-paid
120 Ordinary A shares of £ 1.00 each 120 120
120 Ordinary B shares of £ 1.00 each 120 120
120 Ordinary C shares of £ 1.00 each 120 120
360 360