Long Mill Property Ltd 11817759 false 2023-03-01 2024-02-29 2024-02-29 The principal activity of the company is Letting and operating of real estate Digita Accounts Production Advanced 6.30.9574.0 true true 11817759 2023-03-01 2024-02-29 11817759 2024-02-29 11817759 core:CurrentFinancialInstruments 2024-02-29 11817759 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-29 11817759 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-29 11817759 bus:SmallEntities 2023-03-01 2024-02-29 11817759 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 11817759 bus:FilletedAccounts 2023-03-01 2024-02-29 11817759 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11817759 bus:RegisteredOffice 2023-03-01 2024-02-29 11817759 bus:Director1 2023-03-01 2024-02-29 11817759 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11817759 countries:EnglandWales 2023-03-01 2024-02-29 11817759 2023-02-28 11817759 2022-03-01 2023-02-28 11817759 2023-02-28 11817759 core:CurrentFinancialInstruments 2023-02-28 11817759 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 11817759 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 iso4217:GBP xbrli:pure

Registration number: 11817759

Long Mill Property Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

Long Mill Property Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Long Mill Property Ltd

Company Information

Director

I R Shenton

Registered office

14 Bell Barn Road
Stoke Bishop
Bristol
BS9 2DA

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Long Mill Property Ltd

(Registration number: 11817759)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

         

Fixed assets

   

Investment property

4

 

470,000

470,000

Current assets

   

Debtors

5

2,076

 

2,076

Cash at bank and in hand

 

33,188

 

26,966

 

35,264

 

29,042

Creditors: Amounts falling due within one year

6

(14,818)

 

(14,587)

Net current assets

   

20,446

14,455

Total assets less current liabilities

   

490,446

484,455

Creditors: Amounts falling due after more than one year

6

 

(410,906)

(410,594)

Provisions for liabilities

 

(10,783)

(10,783)

Net assets

   

68,757

63,078

Capital and reserves

   

Called up share capital

1

 

1

Retained earnings

68,756

 

63,077

Shareholders' funds

   

68,757

63,078

For the financial year ending 29 February 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 Profit and Loss Account.

Approved and authorised by the director on 30 October 2024
 

.........................................

I R Shenton
Director

 

Long Mill Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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:
14 Bell Barn Road
Stoke Bishop
Bristol
BS9 2DA

These financial statements were authorised for issue by the director 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.

Going concern

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

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.

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.

 

Long Mill Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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.

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 profit and loss account 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.

 

Long Mill Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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 1 (2023 - 1).

4

Investment properties

2024
£

At 1 March

470,000

At 29 February

470,000

The investment properties were revalued by the director at open market value.

There has been no valuation of investment property by an independent valuer.

5

Debtors

Current

2024
£

2023
£

Other debtors

2,076

2,076

 

2,076

2,076

 

Long Mill Property Ltd

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,332

1,704

Accruals and deferred income

11,410

10,806

Other creditors

2,076

2,077

14,818

14,587

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

410,906

410,594

7

Related party transactions

At the period end the director had loaned the company £110,565 (2023: £110,253) and this is included in creditors falling due after more than one year. Loans to the company are made interest free and have no set repayment date.