Longclose Ltd 04568343 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of property development. Digita Accounts Production Advanced 6.30.9574.0 true true 04568343 2023-02-01 2024-01-31 04568343 2024-01-31 04568343 2 2024-01-31 04568343 core:CurrentFinancialInstruments 2024-01-31 04568343 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 04568343 core:Non-currentFinancialInstruments core:AfterOneYear 2024-01-31 04568343 core:FurnitureFittings 2024-01-31 04568343 core:MotorVehicles 2024-01-31 04568343 core:PlantMachinery 2024-01-31 04568343 1 2024-01-31 04568343 bus:SmallEntities 2023-02-01 2024-01-31 04568343 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04568343 bus:FilletedAccounts 2023-02-01 2024-01-31 04568343 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 04568343 bus:RegisteredOffice 2023-02-01 2024-01-31 04568343 bus:Director1 2023-02-01 2024-01-31 04568343 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04568343 core:FurnitureFittings 2023-02-01 2024-01-31 04568343 core:LandBuildings 2023-02-01 2024-01-31 04568343 core:MotorVehicles 2023-02-01 2024-01-31 04568343 core:PlantMachinery 2023-02-01 2024-01-31 04568343 countries:AllCountries 2023-02-01 2024-01-31 04568343 1 2023-02-01 2024-01-31 04568343 2023-01-31 04568343 core:FurnitureFittings 2023-01-31 04568343 core:MotorVehicles 2023-01-31 04568343 core:PlantMachinery 2023-01-31 04568343 1 2023-01-31 04568343 2022-02-01 2023-01-31 04568343 2023-01-31 04568343 2 2023-01-31 04568343 core:CurrentFinancialInstruments 2023-01-31 04568343 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 04568343 core:Non-currentFinancialInstruments core:AfterOneYear 2023-01-31 04568343 core:FurnitureFittings 2023-01-31 04568343 core:MotorVehicles 2023-01-31 04568343 core:PlantMachinery 2023-01-31 04568343 1 2023-01-31 04568343 1 2022-02-01 2023-01-31 04568343 1 2022-01-31 iso4217:GBP xbrli:pure

Registration number: 04568343

Longclose Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Longclose Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Longclose Ltd

(Registration number: 04568343)
Statement of Financial Position as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

50,040

7,583

Current assets

 

Stocks

5

15,000

-

Debtors

6

257,250

308,689

Investments

7

10

10

Cash at bank and in hand

 

209,116

436,128

 

481,376

744,827

Creditors: Amounts falling due within one year

8

(52,549)

(239,340)

Net current assets

 

428,827

505,487

Total assets less current liabilities

 

478,867

513,070

Creditors: Amounts falling due after more than one year

8

(9,956)

-

Provisions for liabilities

(12,510)

(1,896)

Net assets

 

456,401

511,174

Capital and reserves

 

Called up share capital

2,499

2,499

Capital redemption reserve

7,501

7,501

Profit and loss account

446,401

501,174

Shareholders' funds

 

456,401

511,174

 

Longclose Ltd

(Registration number: 04568343)
Statement of Financial Position as at 31 January 2024 (continued)

For the financial year ending 31 January 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 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 Statement of Comprehensive Income.

Approved and authorised by the director on 25 October 2024
 


Mr T J Maskell
Director

 

Longclose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
47 Boutport Street
Barnstaple
Devon
EX31 1SQ

Principal activity

The principal activity of the company is that of property development.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

Longclose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Long leasehold property

Straight line over the life of the lease

Plant and machinery

20% reducing balance

 

Longclose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Fixtures, fittings and equipment

25% straight line

Motor vehicles

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

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.

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 statement of comprehensive income 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.

 

Longclose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2023 - 5).

 

Longclose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

1,723

347

22,180

24,250

Additions

-

-

54,970

54,970

At 31 January 2024

1,723

347

77,150

79,220

Depreciation

At 1 February 2023

1,686

69

14,912

16,667

Charge for the year

9

56

12,448

12,513

At 31 January 2024

1,695

125

27,360

29,180

Carrying amount

At 31 January 2024

28

222

49,790

50,040

At 31 January 2023

37

278

7,268

7,583

5

Stocks

2024
£

2023
£

Work in progress

15,000

-

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

11,118

13,261

Other debtors

 

109,699

171,705

Prepayments

 

2,203

1,210

Amounts owed by customers on construction contract

 

100,000

100,000

Corporation tax recoverable

34,230

22,513

 

257,250

308,689

7

Current asset investments

2024
£

2023
£

Shares in group undertakings

10

10

 

Longclose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

13,274

-

Trade creditors

 

23,633

1,573

Taxation and social security

 

4,721

232,539

Accruals and deferred income

 

3,870

4,510

Other creditors

 

7,051

718

 

52,549

239,340

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9,956

-

 

Longclose Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Related party transactions

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Director

71,705

1,445

(15,000)

58,150

         
       

 

2023

At 1 February 2022
£

Advances to director
£

Repayments by director
£

At 31 January 2023
£

Director

20,000

66,705

(15,000)

71,705

 

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.