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Registration number: 06331765

Longstaff Investments Limited

Unaudited Financial Statements

for the Year Ended 30 April 2024

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Longstaff Investments Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Longstaff Investments Limited

Company Information

Director

S G Theakston

Registered office

13 Chaucer Road
Bedford
MK40 2AJ

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Longstaff Investments Limited

Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

77,475

66,000

Other financial assets

5

1,214,695

925,331

 

1,292,170

991,331

Current assets

 

Debtors

6

16,304

10,151

Cash at bank and in hand

 

2,144

5,036

 

18,448

15,187

Creditors: Amounts falling due within one year

7

(985,458)

(701,300)

Net current liabilities

 

(967,010)

(686,113)

Net assets

 

325,160

305,218

Capital and reserves

 

Called up share capital

12,000

12,000

Capital redemption reserve

13,000

13,000

Retained earnings

300,160

280,218

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 15 January 2025
 

.........................................

S G Theakston

Director

Company registration number: 06331765

 

Longstaff Investments Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
13 Chaucer Road
Bedford
MK40 2AJ

The principal activity of the company is that of an investment company.

2

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

Investment property is carried at fair value, derived from the current market prices for comparable real estate. Changes in fair value are recognised in profit or loss.

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.

3

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

4

Tangible assets

Investment property
£

Furniture, fittings and equipment
 £

Total
£

Cost or fair value

At 1 May 2023

66,000

1,549

67,549

Fair value adjustment

11,475

-

11,475

At 30 April 2024

77,475

1,549

79,024

Depreciation

At 1 May 2023

-

1,549

1,549

At 30 April 2024

-

1,549

1,549

Carrying amount

At 30 April 2024

77,475

-

77,475

At 30 April 2023

66,000

-

66,000

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

5

Investments

2024
£

Investment in quoted shares

Fair value

At 1 May 2023

925,331

Additions

1,394,714

Disposals

(1,084,541)

Fair value adjustment

(20,809)

At 30 April 2024

1,214,695

6

Debtors

2024
£

2023
£

Other debtors

16,304

10,151

7

Creditors

2024
£

2023
£

Accruals and deferred income

6,528

6,177

Other creditors

978,930

695,123

985,458

701,300

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.

8

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.

9

Non adjusting events after the financial period

Subsequent to 30 April 2024, the company sold its investment property at the current carrying value.