Registered number
12376898
Longton House Limited
Filleted Accounts
31 March 2024
Ref: L043
Longton House Limited
Registered number: 12376898
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 203,688 204,360
Current assets
Stocks 1,440 650
Cash at bank and in hand 905 863
2,345 1,513
Creditors: amounts falling due within one year 4 (33,171) (20,226)
Net current liabilities (30,826) (18,713)
Total assets less current liabilities 172,862 185,647
Creditors: amounts falling due after more than one year 5 (185,758) (190,187)
Net liabilities (12,896) (4,540)
Capital and reserves
Called up share capital 10 10
Profit and loss account (12,906) (4,550)
Shareholders' funds (12,896) (4,540)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Cho On Lok
Director
Approved by the board on 11 November 2024
Longton House Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 201,000 4,200 205,200
At 31 March 2024 201,000 4,200 205,200
Depreciation
At 1 April 2023 - 840 840
Charge for the year - 672 672
At 31 March 2024 - 1,512 1,512
Net book value
At 31 March 2024 201,000 2,688 203,688
At 31 March 2023 201,000 3,360 204,360
4 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 405 492
Other creditors 32,766 19,734
33,171 20,226
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 185,758 190,187
6 Other information
Longton House Limited is a private company limited by shares and incorporated in England. Its registered office is:
53 Chapel Lane
Longton
Preston
PR4 5WA
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