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REGISTERED NUMBER: 10255860 (England and Wales)















Unaudited Financial Statements for the Year Ended 5 April 2024

for

Long Folly Limited

Long Folly Limited (Registered number: 10255860)






Contents of the Financial Statements
for the Year Ended 5 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Long Folly Limited

Company Information
for the Year Ended 5 April 2024







DIRECTORS: D G W Curtis
Miss E J E Curtis
Miss L V M Curtis
Mrs S R Launders





REGISTERED OFFICE: Manor Bungalow
Main Street
Beeford
Driffield
East Yorkshire
YO25 8BD





REGISTERED NUMBER: 10255860 (England and Wales)





ACCOUNTANTS: WOODGATES
Chartered Accountants
25 Woodgates Lane
North Ferriby
East Yorkshire
HU14 3JR

Long Folly Limited (Registered number: 10255860)

Balance Sheet
5 April 2024

5.4.24 5.4.23
Notes £    £    £    £   
FIXED ASSETS
Investments 5 3,733,953 3,720,093

CURRENT ASSETS
Cash at bank 157,061 26,388

CREDITORS
Amounts falling due within one year 6 2,411,072 2,672,637
NET CURRENT LIABILITIES (2,254,011 ) (2,646,249 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,479,942

1,073,844

PROVISIONS FOR LIABILITIES 131,200 53,300
NET ASSETS 1,348,742 1,020,544

CAPITAL AND RESERVES
Called up share capital 20,000 20,000
Retained earnings 1,328,742 1,000,544
SHAREHOLDERS' FUNDS 1,348,742 1,020,544

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Long Folly Limited (Registered number: 10255860)

Balance Sheet - continued
5 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 October 2024 and were signed on its behalf by:





D G W Curtis - Director


Long Folly Limited (Registered number: 10255860)

Notes to the Financial Statements
for the Year Ended 5 April 2024

1. STATUTORY INFORMATION

Long Folly Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Listed investments
Listed investments are stated at their fair value which is the quoted market value at the balance sheet date.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investment income
Investment income from listed investments is recognised as income when it is received.

Long Folly Limited (Registered number: 10255860)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 6 April 2023 3,720,093
Additions 1,001,341
Disposals (1,299,287 )
Revaluations 311,806
At 5 April 2024 3,733,953
NET BOOK VALUE
At 5 April 2024 3,733,953
At 5 April 2023 3,720,093

Cost or valuation at 5 April 2024 is represented by:

Other
investments
£   
Valuation in 2024 3,733,953

If the listed investments had not been revalued they would have been included at the following historical cost:

5.4.24 5.4.23
£    £   
Cost 3,209,017 3,506,963

Listed investments were valued on an open market basis on 5 April 2024 by Bank Julius Baer & Co Ltd .

Other investments are listed investments held by the Company.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
5.4.24 5.4.23
£    £   
Taxation and social security 18,046 6,183
Other creditors 2,393,026 2,666,454
2,411,072 2,672,637

Long Folly Limited (Registered number: 10255860)

Notes to the Financial Statements - continued
for the Year Ended 5 April 2024

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Personal borrowings of Mr DGW Curtis, a director and the controlling shareholder of the company, from Bank Julius Baer & Co Ltd, the company's investment bankers, are secured against amounts owed by the company to Mr DGW Curtis and ultimately against the underlying assets of the company.

8. RELATED PARTY DISCLOSURES

At the balance sheet date an amount of £2,391,004 (2023 - £2,664,613) was owed to Mr DGW Curtis a director and the controlling shareholder of the company. The loan is interest free and repayable on demand.