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Registration number: 07110544

Longshot Ventures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Longshot Ventures Ltd

(Registration number: 07110544)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

5,286

5,995

Current assets

 

Stocks

5

2,089

2,089

Debtors

6

860

360

Cash at bank and in hand

 

9,415

9,219

 

12,364

11,668

Creditors: Amounts falling due within one year

7

(143,106)

(142,665)

Net current liabilities

 

(130,742)

(130,997)

Net liabilities

 

(125,456)

(125,002)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(125,556)

(125,102)

Shareholders' deficit

 

(125,456)

(125,002)

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 19 September 2024
 

.........................................
T Ramoutar
Director

 

Longshot Ventures Ltd

Notes to the Unaudited 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:
Second Floor
1 Church Terrace
Richmond
Surrey
TW10 6SE
United Kingdom

These financial statements were authorised for issue by the director on 19 September 2024.

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. The director considers this appropriate, despite the deficit of shareholders' funds, as the company's operations are funded by a director's loan which he does not intend to withdraw in the foreseeable future.

Revenue recognition

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 sales/value added tax, returns, rebates and discounts.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Office equipment

25% straight line

Land and buildings

4% straight line

 

Longshot Ventures Ltd

Notes to the Unaudited 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 is determined using the first-in, first-out (FIFO) method.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 0 (2022 - 0).

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

7,627

1,614

9,241

At 31 December 2023

7,627

1,614

9,241

Depreciation

At 1 January 2023

2,440

806

3,246

Charge for the year

305

404

709

At 31 December 2023

2,745

1,210

3,955

Carrying amount

At 31 December 2023

4,882

404

5,286

At 31 December 2022

5,187

808

5,995

Included within the net book value of land and buildings above is £4,882 (2022 - £5,187) in respect of freehold land and buildings.
 

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

2,089

2,089

 

Longshot Ventures Ltd

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

6

Debtors

Current

2023
£

2022
£

Trade debtors

860

360

 

860

360

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

563

563

Other creditors

142,543

142,102

143,106

142,665

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100