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Registration number: 04089196

Longham Garden Machinery Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Longham Garden Machinery Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 8

 

Longham Garden Machinery Limited

Company Information

Directors

Mrs C D Hayes

Mr CW Hayes

Registered office

443 Ashley Road
Parkstone
Poole
Dorset
BH14 0AX

Accountants

Ward Bosence Ltd
Accountants
443 Ashley Road
Parkstone
Poole
Dorset
BH14 0AX

 

Longham Garden Machinery Limited

(Registration number: 04089196)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

120,466

101,854

Current assets

 

Stocks

5

225,152

219,531

Debtors

6

64,302

114,863

Cash at bank and in hand

 

327,480

328,909

 

616,934

663,303

Creditors: Amounts falling due within one year

7

(448,065)

(441,701)

Net current assets

 

168,869

221,602

Net assets

 

289,335

323,456

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

289,235

323,356

Shareholders' funds

 

289,335

323,456

 

Longham Garden Machinery Limited

(Registration number: 04089196)
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.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr CW Hayes
Director

 

Longham Garden Machinery Limited

Notes to the 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 and Wales.

The address of its registered office is:
443 Ashley Road
Parkstone
Poole
Dorset
BH14 0AX

The principal place of business is:
1202 Ringwood Road
Bournemouth
Dorset
BH11 9LQ

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

 

Longham Garden Machinery Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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% on reducing balance

Motor vehicles

25% on reducing balance

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. 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. Trade creditors are recognised initially at the transaction price.

 

Longham Garden Machinery Limited

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

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 7 (2022 - 7).

 

Longham Garden Machinery Limited

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

4

Tangible assets

Short leasehold
£

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

73,973

46,180

76,467

196,620

Additions

-

29,173

4,942

34,115

At 31 December 2023

73,973

75,353

81,409

230,735

Depreciation

At 1 January 2023

-

23,462

71,304

94,766

Charge for the year

-

12,972

2,531

15,503

At 31 December 2023

-

36,434

73,835

110,269

Carrying amount

At 31 December 2023

73,973

38,919

7,574

120,466

At 31 December 2022

73,973

22,718

5,163

101,854

5

Stocks

2023
£

2022
£

Other inventories

225,152

219,531

6

Debtors

Current

2023
£

2022
£

Trade debtors

47,783

91,830

Prepayments

14,974

13,804

Other debtors

1,545

9,229

 

64,302

114,863

 

Longham Garden Machinery Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

314,241

285,655

Trade creditors

 

117,997

129,053

Taxation and social security

 

9,987

22,541

Accruals and deferred income

 

4,898

3,626

Other creditors

 

942

826

 

448,065

441,701

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Other borrowings

314,241

285,655