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COMPANY REGISTRATION NUMBER: 05870540
Longstone Geo Consultants Limited
Filleted Unaudited Financial Statements
31 July 2024
Longstone Geo Consultants Limited
Financial Statements
Year ended 31 July 2024
Contents
Pages
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2 to 3
Notes to the financial statements
4 to 6
Longstone Geo Consultants Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Longstone Geo Consultants Limited
Year ended 31 July 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Longstone Geo Consultants Limited for the year ended 31 July 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Longstone Geo Consultants Limited, as a body, in accordance with the terms of our engagement letter dated 15 February 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Longstone Geo Consultants Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Longstone Geo Consultants Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Longstone Geo Consultants Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Longstone Geo Consultants Limited. You consider that Longstone Geo Consultants Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Longstone Geo Consultants Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HEBBLETHWAITES Chartered Accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
28 November 2024
Longstone Geo Consultants Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
347,227
349,955
Current assets
Debtors
6
13,420
9,000
Cash at bank and in hand
141,620
147,259
---------
---------
155,040
156,259
Creditors: amounts falling due within one year
7
6,218
10,393
---------
---------
Net current assets
148,822
145,866
---------
---------
Total assets less current liabilities
496,049
495,821
Provisions
Taxation including deferred tax
7,267
7,665
---------
---------
Net assets
488,782
488,156
---------
---------
Longstone Geo Consultants Limited
Statement of Financial Position (continued)
31 July 2024
2024
2023
Note
£
£
Capital and reserves
Called up share capital
3
3
Fair value reserve
37,679
37,679
Profit and loss account
451,100
450,474
---------
---------
Shareholders funds
488,782
488,156
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 27 November 2024 , and are signed on behalf of the board by:
Mr T Ashby
Director
Company registration number: 05870540
Longstone Geo Consultants Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Green Farm, Stocksbridge, Sheffield, S36 4GH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rentals received.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
25% straight line
Investment property
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost including any associated costs of acquisition. Property is included at fair value at the reporting date and any surplus or revaluation is recognised in the profit and loss account.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
There were no employees during the year.
5. Tangible assets
Investment Property
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 August 2023
334,633
23,940
7,125
365,698
Additions
450
450
---------
--------
-------
---------
At 31 July 2024
334,633
23,940
7,575
366,148
---------
--------
-------
---------
Depreciation
At 1 August 2023
8,618
7,125
15,743
Charge for the year
3,065
113
3,178
---------
--------
-------
---------
At 31 July 2024
11,683
7,238
18,921
---------
--------
-------
---------
Carrying amount
At 31 July 2024
334,633
12,257
337
347,227
---------
--------
-------
---------
At 31 July 2023
334,633
15,322
349,955
---------
--------
-------
---------
Investment property is included at its fair value as determined by the directors based on their knowledge of current local property prices.
6. Debtors
2024
2023
£
£
Other debtors
13,420
9,000
--------
-------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,247
Other creditors
3,971
10,393
-------
--------
6,218
10,393
-------
--------