Long Field Associates Ltd 12945979 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is commercial property rental. Digita Accounts Production Advanced 6.30.9574.0 true 12945979 2023-04-01 2024-03-31 12945979 2024-03-31 12945979 core:RetainedEarningsAccumulatedLosses 2024-03-31 12945979 core:ShareCapital 2024-03-31 12945979 core:CurrentFinancialInstruments 2024-03-31 12945979 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 12945979 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 12945979 core:OtherResidualIntangibleAssets 2024-03-31 12945979 core:MotorVehicles 2024-03-31 12945979 bus:SmallEntities 2023-04-01 2024-03-31 12945979 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 12945979 bus:FullAccounts 2023-04-01 2024-03-31 12945979 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 12945979 bus:RegisteredOffice 2023-04-01 2024-03-31 12945979 bus:Director1 2023-04-01 2024-03-31 12945979 bus:Director2 2023-04-01 2024-03-31 12945979 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 12945979 core:OtherResidualIntangibleAssets 2023-04-01 2024-03-31 12945979 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-01 2024-03-31 12945979 core:MotorVehicles 2023-04-01 2024-03-31 12945979 core:Vehicles 2023-04-01 2024-03-31 12945979 countries:EnglandWales 2023-04-01 2024-03-31 12945979 2023-03-31 12945979 core:MotorVehicles 2023-03-31 12945979 2022-04-01 2023-03-31 12945979 2023-03-31 12945979 core:RetainedEarningsAccumulatedLosses 2023-03-31 12945979 core:ShareCapital 2023-03-31 12945979 core:CurrentFinancialInstruments 2023-03-31 12945979 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 12945979 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 12945979 core:MotorVehicles 2023-03-31 iso4217:GBP xbrli:pure

Registration number: 12945979

Long Field Associates Ltd

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Long Field Associates Ltd
(Registration number: 12945979)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Long Field Associates Ltd
(Registration number: 12945979)

Company Information

Directors

Mr D H Langley

Mrs K M Langley

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Long Field Associates Ltd
(Registration number: 12945979)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

198

-

Tangible assets

5

26,952

14,400

Investment property

6

695,272

695,272

 

722,422

709,672

Current assets

 

Stocks

7

9,700

9,700

Debtors

8

355,620

339,516

Cash at bank and in hand

 

51,547

23,120

 

416,867

372,336

Creditors: Amounts falling due within one year

9

(1,043,182)

(1,046,421)

Net current liabilities

 

(626,315)

(674,085)

Total assets less current liabilities

 

96,107

35,587

Creditors: Amounts falling due after more than one year

9

(22,761)

-

Provisions for liabilities

(5,189)

-

Net assets

 

68,157

35,587

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

68,155

35,585

Total equity

 

68,157

35,587

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.

 

Long Field Associates Ltd
(Registration number: 12945979)

Balance Sheet as at 31 March 2024

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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 14 November 2024 and signed on its behalf by:
 

.........................................
Mr D H Langley
Director

 

Long Field Associates Ltd
(Registration number: 12945979)

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 and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

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.

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 Field Associates Ltd
(Registration number: 12945979)

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

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Motor Vehicles

20% Straight line

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.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

10% 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.

 

Long Field Associates Ltd
(Registration number: 12945979)

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

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.

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 balance sheet as a finance lease obligation.

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

 

Long Field Associates Ltd
(Registration number: 12945979)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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 directors) during the year, was 4 (2023 - 2).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

220

220

At 31 March 2024

220

220

Amortisation

Amortisation charge

22

22

At 31 March 2024

22

22

Carrying amount

At 31 March 2024

198

198

 

Long Field Associates Ltd
(Registration number: 12945979)

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

5

Tangible assets

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

18,000

18,000

Additions

33,190

33,190

Disposals

(17,500)

(17,500)

At 31 March 2024

33,690

33,690

Depreciation

At 1 April 2023

3,600

3,600

Charge for the year

6,638

6,638

Eliminated on disposal

(3,500)

(3,500)

At 31 March 2024

6,738

6,738

Carrying amount

At 31 March 2024

26,952

26,952

At 31 March 2023

14,400

14,400

6

Investment properties

2024
£

At 1 April 2023

695,272

At 31 March 2024

695,272

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

7

Stocks

2024
£

2023
£

Finished goods and goods for resale

9,700

9,700

 

Long Field Associates Ltd
(Registration number: 12945979)

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

8

Debtors

2024
£

2023
£

Trade debtors

10,271

7,799

Other debtors

335,000

320,594

Prepayments and accrued income

10,349

11,123

Total current trade and other debtors

355,620

339,516

9

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

2,961

-

Trade creditors

 

122

-

Taxation and social security

 

3,344

7,542

Other creditors

 

1,021,116

1,024,502

Accrued expenses

 

1,500

1,500

Deferred income

 

14,139

12,877

 

1,043,182

1,046,421


 

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £2,961 (2023 - £nil).

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

22,761

-

Creditors include net obligations under finance lease and hire purchase contracts which are secured of £22,761 (2023 - £nil).