Registered number
05439996
LONGLEY LANE INVESTMENTS LIMITED
Filleted Accounts
30 April 2024
LONGLEY LANE INVESTMENTS LIMITED
Registered number: 05439996
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 2,714,522 2,494,155
Current assets
Debtors 4 33,501 9,225
Cash at bank and in hand 21,027 34,781
54,528 44,006
Creditors: amounts falling due within one year 5 (86,377) (85,981)
Net current liabilities (31,849) (41,975)
Total assets less current liabilities 2,682,673 2,452,180
Creditors: amounts falling due after more than one year 6 (1,961,091) (1,768,033)
Provisions for liabilities (111,281) (111,281)
Net assets 610,301 572,866
Capital and reserves
Called up share capital 1 1
Revaluation reserve 8 333,845 333,845
Profit and loss account 276,455 239,020
Shareholder's funds 610,301 572,866
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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 D B McKenna
Director
Approved by the board on 23 January 2025
LONGLEY LANE INVESTMENTS LIMITED
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention, as modified for the revaluation of fixed assets, 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 represents the value of rents receivable, net of management agents 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 over its expected useful life, as follows:
Land and buildings not depreciated
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
The company did not operate a pension scheme during the year.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Investments
Other
investments
£
Cost
At 1 May 2023 2,494,155
Additions 220,367
At 30 April 2024 2,714,522
Historical cost
At 1 May 2023 2,049,029
At 30 April 2024 2,269,396
4 Debtors 2024 2023
£ £
Trade debtors and prepayments 33,501 -
Other debtors - 9,225
33,501 9,225
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors and accruals 69,068 73,741
Corporation tax 17,309 12,240
86,377 85,981
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,224,642 1,216,882
Other creditors - director's loan account 736,449 551,151
1,961,091 1,768,033
7 Loans 2024 2023
£ £
Creditors include:
Instalments falling due for payment after more than five years 1,224,642 -
Secured mortgage loans 1,224,642 1,216,882
The loans are secured on the company's property portfolio.
8 Profit and loss acount non-distributable 2024 2023
£ £
At 1 May 2023 333,845 360,552
Deferred taxation arising on the revaluation adjustment - (26,707)
At 30 April 2024 333,845 333,845
9 Events after the reporting date
There were no events after the reporting date which would affect the user's understanding of these accounts.
10 Contingent liabilities
There were no contingent liabilities in existence at the year end.
11 Controlling party
The controlling party is the director, Mr D B McKenna, by virtue of his holding 100% of the issued ordinary share capital of the company.
12 Other information
LONGLEY LANE INVESTMENTS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
24 Oswald Road
Chorlton Cum Hardy
Manchester
M21 9LP
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