Silverfin false false 29/02/2024 01/03/2023 29/02/2024 Miss L J Richards 13/11/2009 Mr W J Richards 23/05/2024 22/05/1998 28 November 2024 The principal activity of the Company during the financial year was that of the letting and management of investment properties. 03569398 2024-02-29 03569398 bus:Director1 2024-02-29 03569398 bus:Director2 2024-02-29 03569398 2023-02-28 03569398 core:CurrentFinancialInstruments 2024-02-29 03569398 core:CurrentFinancialInstruments 2023-02-28 03569398 core:Non-currentFinancialInstruments 2024-02-29 03569398 core:Non-currentFinancialInstruments 2023-02-28 03569398 core:ShareCapital 2024-02-29 03569398 core:ShareCapital 2023-02-28 03569398 core:RetainedEarningsAccumulatedLosses 2024-02-29 03569398 core:RetainedEarningsAccumulatedLosses 2023-02-28 03569398 core:OtherPropertyPlantEquipment 2023-02-28 03569398 core:OtherPropertyPlantEquipment 2024-02-29 03569398 bus:OrdinaryShareClass1 2024-02-29 03569398 2023-03-01 2024-02-29 03569398 bus:FilletedAccounts 2023-03-01 2024-02-29 03569398 bus:SmallEntities 2023-03-01 2024-02-29 03569398 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-29 03569398 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 03569398 bus:Director1 2023-03-01 2024-02-29 03569398 bus:Director2 2023-03-01 2024-02-29 03569398 core:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 03569398 2022-03-01 2023-02-28 03569398 core:CurrentFinancialInstruments 2023-03-01 2024-02-29 03569398 core:Non-currentFinancialInstruments 2023-03-01 2024-02-29 03569398 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 03569398 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03569398 (England and Wales)

LONGMEADOW PROPERTIES LIMITED

Unaudited Financial Statements
For the financial year ended 29 February 2024
Pages for filing with the registrar

LONGMEADOW PROPERTIES LIMITED

Unaudited Financial Statements

For the financial year ended 29 February 2024

Contents

LONGMEADOW PROPERTIES LIMITED

BALANCE SHEET

As at 29 February 2024
LONGMEADOW PROPERTIES LIMITED

BALANCE SHEET (continued)

As at 29 February 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 1,475 1,735
Investment property 4 3,940,796 3,767,971
3,942,271 3,769,706
Current assets
Debtors 5 850,611 878,355
Cash at bank and in hand 1,000 61,489
851,611 939,844
Creditors: amounts falling due within one year 6 ( 2,047,938) ( 1,774,391)
Net current liabilities (1,196,327) (834,547)
Total assets less current liabilities 2,745,944 2,935,159
Creditors: amounts falling due after more than one year 7 ( 1,203,275) ( 1,264,920)
Provision for liabilities ( 280,549) ( 270,840)
Net assets 1,262,120 1,399,399
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 1,262,020 1,399,299
Total shareholders' funds 1,262,120 1,399,399

For the financial year ending 29 February 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Longmeadow Properties Limited (registered number: 03569398) were approved and authorised for issue by the Director on 28 November 2024. They were signed on its behalf by:

Miss L J Richards
Director
LONGMEADOW PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
LONGMEADOW PROPERTIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 29 February 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Longmeadow Properties Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Tregeseal, 6 Lower Port View, Saltash, PL12 4BY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery etc. 0 - 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 March 2023 4,240 4,240
At 29 February 2024 4,240 4,240
Accumulated depreciation
At 01 March 2023 2,505 2,505
Charge for the financial year 260 260
At 29 February 2024 2,765 2,765
Net book value
At 29 February 2024 1,475 1,475
At 28 February 2023 1,735 1,735

4. Investment property

Investment property
£
Valuation
As at 01 March 2023 3,767,971
Additions 133,785
Fair value movement 39,040
As at 29 February 2024 3,940,796

Valuation

The directors have assessed the value of the properties and they are held at fair market value at 28 February 2024.

5. Debtors

2024 2023
£ £
Other debtors 850,611 878,355

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 74,144 73,077
Trade creditors 53,001 9,478
Taxation and social security 16,214 14,189
Other creditors 1,904,579 1,677,647
2,047,938 1,774,391

Bank loans are secured through a floating charge and with a cross-guarantee with associated companies with similar control

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 1,203,275 1,264,920

Bank loans are secured through a floating charge and with a cross-guarantee with associated companies with similar control

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with owners holding a participating interest in the entity

2024 2023
£ £
Transactions within the year 203,780 160,178

Transactions loaned to the companies shareholders in the year totalled £43,602 leaving a balance of £203,780 at the 29th February 2024, the balance is payable on demand and carries interest rates acceptable by HMRC.

Transactions with the entity's director

2024 2023
£ £
Director 1 (1,602) 50,206
Director 2 (27,553) 62,415

During the year £112,621 was repaid by the company's directors, and an additional amount of £29,155 was advanced to the company which is still outstanding as of the 29th February 2024.