Longar Industries Limited 00997996 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is importing, manufacturing and distributing industrial filters Digita Accounts Production Advanced 6.30.9574.0 true 00997996 2023-04-01 2024-03-31 00997996 2024-03-31 00997996 core:RetainedEarningsAccumulatedLosses 2024-03-31 00997996 core:ShareCapital 2024-03-31 00997996 core:SharePremium 2024-03-31 00997996 core:CurrentFinancialInstruments 2024-03-31 00997996 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00997996 core:FurnitureFittingsToolsEquipment 2024-03-31 00997996 core:MotorVehicles 2024-03-31 00997996 core:OtherPropertyPlantEquipment 2024-03-31 00997996 bus:SmallEntities 2023-04-01 2024-03-31 00997996 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 00997996 bus:FilletedAccounts 2023-04-01 2024-03-31 00997996 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 00997996 bus:RegisteredOffice 2023-04-01 2024-03-31 00997996 bus:Director2 2023-04-01 2024-03-31 00997996 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 00997996 core:IntangibleAssetsOtherThanGoodwill 2023-04-01 2024-03-31 00997996 core:FurnitureFittings 2023-04-01 2024-03-31 00997996 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 00997996 core:MotorVehicles 2023-04-01 2024-03-31 00997996 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 00997996 core:PlantMachinery 2023-04-01 2024-03-31 00997996 countries:England 2023-04-01 2024-03-31 00997996 2023-03-31 00997996 core:FurnitureFittingsToolsEquipment 2023-03-31 00997996 core:MotorVehicles 2023-03-31 00997996 core:OtherPropertyPlantEquipment 2023-03-31 00997996 2022-04-01 2023-03-31 00997996 2023-03-31 00997996 core:RetainedEarningsAccumulatedLosses 2023-03-31 00997996 core:ShareCapital 2023-03-31 00997996 core:SharePremium 2023-03-31 00997996 core:CurrentFinancialInstruments 2023-03-31 00997996 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 00997996 core:FurnitureFittingsToolsEquipment 2023-03-31 00997996 core:MotorVehicles 2023-03-31 00997996 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 00997996

Longar Industries Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Longar Industries Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Longar Industries Limited

(Registration number: 00997996)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

202,568

174,716

Current assets

 

Stocks

5

322,380

337,246

Debtors

6

451,143

541,972

Cash at bank and in hand

 

680,974

697,921

 

1,454,497

1,577,139

Creditors: Amounts falling due within one year

7

(341,306)

(347,839)

Net current assets

 

1,113,191

1,229,300

Total assets less current liabilities

 

1,315,759

1,404,016

Provisions for liabilities

(50,642)

(43,679)

Net assets

 

1,265,117

1,360,337

Capital and reserves

 

Called up share capital

5,002

5,002

Share premium reserve

59

59

Retained earnings

1,260,056

1,355,276

Shareholders' funds

 

1,265,117

1,360,337

For the financial year ending 31 March 2024 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.

 

Longar Industries Limited

(Registration number: 00997996)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
C Arrigoni
Director

 

Longar Industries Limited

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

1

General information

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

The address of its registered office is:
Unit 25
Glenmore Business Park
Colebrook Way, Weyhill Road
Andover
Hampshire
SP10 3GZ

These financial statements were authorised for issue by the Board on 30 October 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.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Longar Industries Limited

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

Tax

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 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

15% & 20% straight line

Fixtures and fittings

15% reducing balance & 33% straight line

Motor vehicles

20% straight line

Intangible assets

Intangible fixed assets are included at cost less amortisation and impairment.

Amortisation

Asset class

Amortisation method and rate

Website

33% straight line

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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.

 

Longar Industries Limited

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

Stocks

Stocks have been valued at the lower of cost and estimated selling price less costs to sell. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

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 and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2023 - 20).

 

Longar Industries Limited

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

4

Tangible assets

Fixtures and fittings
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

105,071

-

1,185,486

1,290,557

Additions

213

51,496

12,975

64,684

Disposals

(24,132)

-

-

(24,132)

At 31 March 2024

81,152

51,496

1,198,461

1,331,109

Depreciation

At 1 April 2023

96,096

-

1,019,745

1,115,841

Charge for the year

1,996

858

33,975

36,829

Eliminated on disposal

(24,129)

-

-

(24,129)

At 31 March 2024

73,963

858

1,053,720

1,128,541

Carrying amount

At 31 March 2024

7,189

50,638

144,741

202,568

At 31 March 2023

8,975

-

165,741

174,716

5

Stocks

2024
£

2023
£

Other inventories

322,380

337,246

6

Debtors

Current

2024
£

2023
£

Trade debtors

357,134

450,972

Prepayments

94,009

83,000

Other debtors

-

8,000

 

451,143

541,972

 

Longar Industries Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

128,537

209,386

Taxation and social security

184,915

68,924

Accruals and deferred income

15,041

59,616

Other creditors

12,813

9,913

341,306

347,839

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £86,000 (2023 - £43,000). This balance is made up of non-cancellable operating leases in relation to land, buildings and equipment £43,000 (2023 - £43,000) of the total balance expires not later than one year. £43,000 (2023 - £43,000) of the total balance expires later than one year, but not later than five years.