Company registration number 14685671 (England and Wales)
LONGSPRING BUILDING AND MAINTENANCE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
LONGSPRING BUILDING AND MAINTENANCE LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
LONGSPRING BUILDING AND MAINTENANCE LTD
STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2024
28 February 2024
- 1 -
2024
Notes
£
£
Non-current assets
Property, plant and equipment
3
9,070
Current assets
Trade and other receivables
4
238
Cash and cash equivalents
364
602
Current liabilities
(3,856)
Net current liabilities
(3,254)
Total assets less current liabilities
5,816
Provisions for liabilities
(1,105)
Net assets
4,711
Equity
Called up share capital
1
Retained earnings
4,710
Total equity
4,711
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial Period ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 29 August 2024
Mr S Ali
Director
Company registration number 14685671 (England and Wales)
LONGSPRING BUILDING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information
Longspring Building And Maintenance Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 89 Longspring, Watford, WD24 6PX.
1.1
Reporting period
The financial statements are for the 12 months 6 days period from 23 February 2023 (date of incorporation) to 30 February 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The director has given his assurance that he will continue to support the company for a period of 12 months following the approval of these financial statement. Thus, the director will continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.4
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for construction services provided in the normal course of business. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.5
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% Reducing Balance
Motor vehicles
20% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
LONGSPRING BUILDING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
LONGSPRING BUILDING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
During the current period, there were no employees, the director did not receive any remuneration or pension benefits, and only one director served:
2024
Number
Total
1
3
Property, plant and equipment
Plant and equipment
Motor vehicles
Total
£
£
£
Cost
At 23 February 2023
Additions
750
8,900
9,650
At 28 February 2024
750
8,900
9,650
Depreciation and impairment
At 23 February 2023
Depreciation charged in the Period
63
517
580
At 28 February 2024
63
517
580
Carrying amount
At 28 February 2024
687
8,383
9,070
LONGSPRING BUILDING AND MAINTENANCE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 FEBRUARY 2024
- 5 -
4
Trade and other receivables
2024
Amounts falling due within one year:
£
Other receivables
238