Longbarrow Limited
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 03454355 (England and Wales)
Longbarrow Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Longbarrow Limited
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
570,932
565,438
Current assets
Debtors
4
8,514
Cash at bank and in hand
455,216
455,967
455,216
464,481
Creditors: amounts falling due within one year
5
(617,045)
(588,921)
Net current liabilities
(161,829)
(124,440)
Net assets
409,103
440,998
Capital and reserves
Called up share capital
6
150,200
150,200
Profit and loss reserves
258,903
290,798
Total equity
409,103
440,998
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 January 2025 and are signed on its behalf by:
A Jenks
Director
Company Registration No. 03454355
Longbarrow Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 2
1
Accounting policies
Company information
Longbarrow Limited is a private company limited by shares domiciled and incorporated in England and Wales. The registered office is 6th Floor, 9 Appold Street, London, EC2A 2AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements are prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future for at least twelve months from the date of approval of the financial statements and accordingly the financial statements continue to be prepared on the going concern basis.true
1.3
Turnover
Turnover represents the company's share of profits in its investments in Limited Liability Partnerships and Limited Companies for the year. The amounts included in the financial statements are reported in line with the financial statements of the entities.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Basic financial assets
Basic financial assets are measured at cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Longbarrow Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 3
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Fixed asset investments
2024
2023
£
£
Investments
570,932
565,438
Unlisted investments represent the company's share in AHH Secure Lending Limited, East Cliff Project LLP and AHH Group shares. These entities' primary activity is developing residential and commercial property for resale.
Longbarrow Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
3
Fixed asset investments
(Continued)
Page 4
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2023
565,438
Additions
5,494
At 31 March 2024
570,932
Carrying amount
At 31 March 2024
570,932
At 31 March 2023
565,438
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
8,514
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
113,995
89,067
Corporation tax
3,168
Other creditors
503,050
496,686
617,045
588,921
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
150,200
150,200
150,200
150,200
Longbarrow Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 5
7
Related party transactions
At 31 March 2024 the company owed £487,556 (2023: £487,556) to the Estate of David Jenks (previous shareholder and Director of the company). Post year end most of the amount has been paid to the Estate and it is pending payment to the beneficiaries. Both of the current Directors of the company are representatives of the Estate.
A further amount of £5,494 (2023: £nil) is also due to one of the Directors. This was repaid post year end.