Registration number:
Longstaff Investments Limited
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Longstaff Investments Limited
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Longstaff Investments Limited
Company Information
Director |
S G Theakston |
Registered office |
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Accountants |
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Longstaff Investments Limited
Statement of Financial Position as at 30 April 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
1,214,695 |
925,331 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
12,000 |
12,000 |
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Capital redemption reserve |
13,000 |
13,000 |
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Retained earnings |
300,160 |
280,218 |
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Shareholders' funds |
325,160 |
305,218 |
For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.
Longstaff Investments Limited
Statement of Financial Position as at 30 April 2024
Approved and authorised by the
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S G Theakston
Director
Company registration number: 06331765
Longstaff Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of an investment company.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Going concern
The company made a profit for the year ended 30 April 2024 and had net assets at that date of £325,160 but with net current liabilities amounting to £967,010.
The company's investment portfolio continues to generate dividend income and the company has few fixed overheads. At this date an amount of £768,930 was due to the investment broker which, whilst payable on demand, would not be called up for repayment other than from the realisation of the fixed asset investments. Additionally an amount of £210,000 was due to the director who has agreed to not call for repayment until such time as the company has sufficient working capital.
After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable in respect of investment income receivable in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Dividends receivable are recognised when the company becomes legally entitled to the amounts declared and rental income is recognised evenly over the period of the lease or license.
Longstaff Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Tax
The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
3 year straight line |
Investment property
Investments
The company's portfolio of investments is included in the financial statements at fair value. Changes in fair value are recognised in profit or loss but are not distributable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Longstaff Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company during the year, was
Tangible assets |
Investment property |
Furniture, fittings and equipment |
Total |
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Cost or fair value |
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At 1 May 2023 |
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Fair value adjustment |
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- |
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At 30 April 2024 |
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Depreciation |
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At 1 May 2023 |
- |
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At 30 April 2024 |
- |
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Carrying amount |
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At 30 April 2024 |
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- |
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At 30 April 2023 |
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The investment property is included at fair value at 30 April 2024 based upon the net proceeds realised subsequent to 30 April 2024.
Longstaff Investments Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024
Investments |
2024 |
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Investment in quoted shares |
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Fair value |
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At 1 May 2023 |
925,331 |
Additions |
1,394,714 |
Disposals |
(1,084,541) |
Fair value adjustment |
(20,809) |
At 30 April 2024 |
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Debtors |
2024 |
2023 |
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Other debtors |
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Creditors |
2024 |
2023 |
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Accruals and deferred income |
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Other creditors |
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Other creditors includes an amount of £768,930 (2023: £640,123) which is secured by a fixed charge over the investments in quoted shares shown in note 5.
Reserves |
Profit and loss account
This reserve records retained earnings and accumulated losses. At 30 April 2024 the profit and loss account includes an amount of £Nil (2023: £4,344) that is not distributable.
Non adjusting events after the financial period |
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