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Registered number: 07326551
Longford Convenience Ltd
Financial Statements
For The Year Ended 31 March 2024
Kensington Mills & Clark Darby
Chartered Certified Accountants
520-522 Moseley Road
Birmingham
West Midlands
B12 9AE
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07326551
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 30,000 36,000
Tangible Assets 5 103,739 114,274
133,739 150,274
CURRENT ASSETS
Stocks 6 60,620 71,350
Debtors 7 305,594 226,860
Cash at bank and in hand 51,614 28,823
417,828 327,033
Creditors: Amounts Falling Due Within One Year 8 (150,946 ) (133,779 )
NET CURRENT ASSETS (LIABILITIES) 266,882 193,254
TOTAL ASSETS LESS CURRENT LIABILITIES 400,621 343,528
Creditors: Amounts Falling Due After More Than One Year 9 (45,723 ) (56,355 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (15,718 ) (12,462 )
NET ASSETS 339,180 274,711
CAPITAL AND RESERVES
Called up share capital 11 2 2
Profit and Loss Account 339,178 274,709
SHAREHOLDERS' FUNDS 339,180 274,711
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Parmjit Tiwana
Director
Mr Sukhwinder Tiwana
Director
28th October 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Longford Convenience Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07326551 . The registered office is 520-522 Moseley Road, Birmingham, West Midlands, B12 9AE.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss over its estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% reducing balance method
Fixtures & Fittings 20% reducing balance method
Computer Equipment 20% reducing balance method
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
2.8. Pensions
The company operates a third party pension contribution scheme. Contributions are charged to the profit and loss as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 10)
12 10
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 60,000
As at 31 March 2024 60,000
Amortisation
As at 1 April 2023 24,000
Provided during the period 6,000
As at 31 March 2024 30,000
Net Book Value
As at 31 March 2024 30,000
As at 1 April 2023 36,000
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5. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 60,645 190,033 250,678
Additions 15,400 - 15,400
As at 31 March 2024 76,045 190,033 266,078
Depreciation
As at 1 April 2023 33,106 103,298 136,404
Provided during the period 8,588 17,347 25,935
As at 31 March 2024 41,694 120,645 162,339
Net Book Value
As at 31 March 2024 34,351 69,388 103,739
As at 1 April 2023 27,539 86,735 114,274
6. Stocks
2024 2023
£ £
Materials 60,620 71,350
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 1,507 -
Other debtors 3,549 1,860
Other taxes and social security 538 -
5,594 1,860
Due after more than one year
Other debtors 300,000 225,000
305,594 226,860
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,612 3,564
Bank loans and overdrafts 51,231 43,560
Corporation tax 24,669 14,769
Other taxes and social security - 648
VAT 8,907 8,026
Net wages 13,542 9,921
Other creditors (2,927 ) 3,678
Accruals and deferred income 12,500 -
Directors' loan accounts 39,412 49,613
150,946 133,779
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 45,723 56,355
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 15,718 12,462
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
12. Directors Advances, Credits and Guarantees
Dividends paid to directors for the year was of £0 (2022:£40,000).
13. Related Party Transactions
The directors own the freehold permises and charge annual rent (£18,000) and service charges (£0) to the company for the year ended 31st March 2024.
The director loan account balance in credit at the year ended 31 March 2024 was of £39,412 (2023:£49,613).
The company has given the loan to Molium Property Ventures Ltd of £300K without any interest charge and payable on demand. The directors owns the majority of the shareholding.
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