REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 5 April 2024 |
for |
Long Folly Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
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 |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 6 April 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 5 April 2024 |
NET BOOK VALUE |
At 5 April 2024 |
At 5 April 2023 |
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 |
Other creditors |
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. |