REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LONGFORD INVESTMENT (NO 1) LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
FOR |
LONGFORD INVESTMENT (NO 1) LIMITED |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
LONGFORD INVESTMENT (NO 1) LIMITED |
COMPANY INFORMATION |
for the year ended 31 March 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
BALANCE SHEET |
31 March 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 10 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
BALANCE SHEET - continued |
31 March 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2024 |
1. | STATUTORY INFORMATION |
Longford Investment (No 1) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102). |
Turnover |
Turnover represents the total amount receivable, net of value added tax, for services provided in the ordinary course of business. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement and transferred to Investment property revaluation reserve in the statement of changes in equity. |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
a) Basic financial assets |
Trade and other debtors, loans to fellow group companies, loans to related companies and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to seel the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments 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. |
Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received pr receivable, net of direct costs of issuing the equity instruments. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2023 |
and 31 March 2024 |
DEPRECIATION |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2023 |
and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
The carrying value of investment properties has been reviewed by CBRE and Savills along with J.Gwillim-David, a director. In her opinion the carrying value represents the fair value of the investment properties at the balance sheet date. |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 March 2024 is represented by: |
£ |
Valuation in 2012 | (681,517 | ) |
Valuation in 2016 | 883,520 |
Valuation in 2017 | 713,001 |
Valuation in 2018 | 523,307 |
Valuation in 2022 | 5,713,425 |
Cost | 11,998,264 |
19,150,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2024 | 2023 |
£ | £ |
Cost | 11,998,264 | 11,998,264 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
Other creditors |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Other loans - 2-5 years |
Other creditors |
Accruals and deferred income |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2024 | 2023 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 609,449 | 623,271 |
The amounts due to the bank are secured by way of a legal charge over the freehold property. |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The aggregate amount of creditors for which security has been given was £6,810,988 (2023: £6,878,086) |
The bank loans are secured by way of a first legal mortgage over the freehold properties held by the company. |
During the year the company paid back loan 6. |
Loan 1 £698,721 is being repaid over 10 years. Interest is charged at 2.85% above the BoE base rate. Loan 2 £2,013,372 is being repaid over 5 years. Interest is charged at 2.85% above the BoE base rate. Loan 3 £1,086,250 is provided on an interest only basis on a 4 year term, Interest is charged at 2.85% above the BoE base rate. Loan 4 £1,512,636 is being repaid over 5 years. Interest is charged at 3.00% above BoE base rate. Loan 5 £1,500,000 is being provided on an interest only basis on a 4 year term, Interest is charged at 3.00% above BoE base rate. |
The other loans are secured by way of legal mortgage over the freehold properties held by the company. |
Other loans of £1,969,436 and £48,723 were provided on an interest only basis for a 5 year term. |
10. | PROVISIONS FOR LIABILITIES |
2024 | 2023 |
£ | £ |
Deferred tax | 1,787,934 | 1,358,830 |
Deferred |
tax |
£ |
Balance at 1 April 2023 |
Provided during year |
Balance at 31 March 2024 |
11. | RESERVES |
Within retained earnings, there is an amount of £5,363,802 in relation to the revaluation surplus on the company's investment properties net of deferred tax provision. This amount does not form part of the company's distributable reserves. |
LONGFORD INVESTMENT (NO 1) LIMITED (REGISTERED NUMBER: 05790886) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2024 |
12. | CHARGES |
The lender Principality Building Society, the director Jane Gwillim-David as well as Michael Wheat hold debentures over the company's Investment properties. |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
During the year the company made loan repayments of £135,981 (2023: £102,351) to the director J.Gwillim-David. Also during the year a loan made by a close family member in previous years was assigned to the director. The balance due to the director at the year end was £1,969,436 (2023: £2,105,418). The transactions were conducted at arms length and interest is charged on the loan at open market rates. |
14. | RELATED PARTY DISCLOSURES |
During the year the company was charged expenses of £327,091 (2023: £306,067) by Longford Investment Ltd, a company under common control of the directors. The amount due at the balance sheet date was £30,406 (2023: £37,557). |
In previous years the company issued a loan of £117,414 to Longford Investment No2 Ltd, a company under common control. The amount due at the balance sheet date was £117,414 (2023: £117,414). |
In previous years the company received a loan of £240,000 from M Wheat, a shareholder of the company. The transaction was conducted at arms length and interest is charged on the loan at open market rates. . Included in creditors at the year end is an amount of £48,273 (2023: £92,443) owed to M Wheat. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J. Gwillim- David |