Company registration number 00368358 (England and Wales)
LONGWOOD QUARRIES LIMITED
Unaudited Financial Statements
For The Year Ended 30 April 2024
Pages For Filing With Registrar
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Company Information
Directors
Mr R W Parker
Mr J P M Parker
Mr T S Banks
Mrs J C Vincent
Secretary
Mr J P M Parker
Company number
00368358
Registered office
The Estate Office
Temple Grange
Navenby
Lincolnshire
England
LN5 0AX
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Contents
Page
Accountants' report
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 13
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Accountants' Report To The Board Of Directors On The Preparation Of The Unaudited Statutory Financial Statements Of Longwood Quarries Limited For The Year Ended 30 April 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Longwood Quarries Limited for the year ended 30 April 2024 which comprise, the balance sheet, the statement of changes in equity 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 https://www.icaew.com/regulation.
This report is made solely to the board of directors of Longwood Quarries Limited, as a body, in accordance with the terms of our engagement letter dated 5 November 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Longwood Quarries Limited and state those matters that we have agreed to state to the board of directors of Longwood Quarries Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Longwood Quarries Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Longwood Quarries 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 Longwood Quarries Limited. You consider that Longwood Quarries 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 Longwood Quarries 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.
Chavereys Limited
28 January 2025
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Balance Sheet
As At 30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
833,635
1,081,299
Investments
6
23,294
23,294
856,929
1,104,593
Current assets
Stocks
110,255
87,405
Debtors
8
748,890
385,013
Cash at bank and in hand
607,366
566,061
1,466,511
1,038,479
Creditors: amounts falling due within one year
9
(889,905)
(401,615)
Net current assets
576,606
636,864
Total assets less current liabilities
1,433,535
1,741,457
Provisions for liabilities
10
(289,825)
(342,669)
Net assets
1,143,710
1,398,788
Capital and reserves
Called up share capital
13
30,226
30,226
Capital redemption reserve
1,314
1,314
Profit and loss reserves
1,112,170
1,367,248
Total equity
1,143,710
1,398,788
The notes on pages 5 to 13 form part of these financial statements.
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 30 April 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.
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Balance Sheet (Continued)
As At 30 April 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 January 2025 and are signed on its behalf by:
Mr R W Parker
Mr J P M Parker
Director
Director
Company registration number 00368358 (England and Wales)
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Statement Of Changes In Equity
For The Year Ended 30 April 2024
- 4 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 May 2022
30,226
1,314
1,244,923
1,276,463
Year ended 30 April 2023:
Profit and total comprehensive income
-
-
237,442
237,442
Dividends
4
-
-
(115,117)
(115,117)
Balance at 30 April 2023
30,226
1,314
1,367,248
1,398,788
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
45,039
45,039
Dividends
4
-
-
(300,117)
(300,117)
Balance at 30 April 2024
30,226
1,314
1,112,170
1,143,710
The notes on pages 5 to 13 form part of these financial statements.
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements
For The Year Ended 30 April 2024
- 5 -
1
Accounting policies
Company information
Longwood Quarries Limited is a private company limited by shares incorporated in England and Wales.
The registered office is The Estate Office, Temple Grange, Navenby, Lincolnshire, England, LN5 0AX. The registered number is 0036358.
1.1
Basis of preparation of financial statements
These financial statements have been prepared in accordance with 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 disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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
Revenue recognition
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company
and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, Value Added Tax and other sales taxes.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Roads and Buildings
10% straight line
Short-term leashold property
20% straight line
Plant and machinery
5% to 20% straight line
Fixtures and fittings
10% to 33% straight line
Motor vehicles
20% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
1.4
Fixed asset investments
Investments in unlisted company shares are measured at cost less accumulated impairment.
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit and loss account.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.7
Provisions for liabilities
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the profit and loss account in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Restoration provision
The provision is with reference to the anticipated costs of land restoration, to reinstate aggregate-bearing land for agricultural purposes, as well as estimated dilapidation costs to restore the buildings back to the original condition. The provision is calculated in accordance with FRS102 Section 21 'Provisions and Contingencies'.
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
1
Accounting policies
(Continued)
- 7 -
1.8
Pensions
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
1.9
Leases
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
11
11
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 8 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
73,326
Adjustments in respect of prior periods
1,342
(33,142)
Total current tax
74,668
(33,142)
Deferred tax
Origination and reversal of timing differences
(52,844)
104,977
Total tax charge
21,824
71,835
4
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
£
£
£
£
Ordinary shares
Final paid
9.93
3.81
195,464
74,975
Participating preference shares
Final paid
9.93
3.81
104,653
40,142
Total dividends
Final paid
300,117
115,117
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 9 -
5
Tangible fixed assets
Freehold land and buildings
Roads and Buildings
Short-term leashold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
£
Cost
At 1 May 2023
364,867
17,101
174,225
1,643,349
21,981
39,398
2,260,921
Additions
3,000
3,000
Disposals
(13,407)
(13,407)
At 30 April 2024
364,867
17,101
174,225
1,643,349
21,981
28,991
2,250,514
Depreciation and impairment
At 1 May 2023
16,218
107,439
999,947
18,742
37,276
1,179,622
Depreciation charged in the year
883
34,845
213,425
862
649
250,664
Eliminated in respect of disposals
(13,407)
(13,407)
At 30 April 2024
17,101
142,284
1,213,372
19,604
24,518
1,416,879
Carrying amount
At 30 April 2024
364,867
31,941
429,977
2,377
4,473
833,635
At 30 April 2023
364,867
883
66,786
643,402
3,239
2,122
1,081,299
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 10 -
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
23,294
23,294
7
Subsidiaries
Details of the company's subsidiaries at 30 April 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Scopwick Estates Limited
United Kingdom
Dormant company
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Scopwick Estates Limited
26,508
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
507,491
305,822
Corporation tax recoverable
31,800
33,142
Other debtors
149,208
Prepayments and accrued income
60,391
46,049
748,890
385,013
9
Creditors: amounts falling due within one year
2024
2023
£
£
Obligations under finance leases
32,458
Trade creditors
311,018
272,007
Amounts owed to group undertakings
26,508
26,508
Corporation tax
73,326
Other taxation and social security
77,262
53,159
Other creditors
148,099
2,174
Accruals and deferred income
253,692
15,309
889,905
401,615
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 11 -
10
Provisions for liabilities
2024
2023
£
£
Restoration provision
177,000
177,000
Deferred tax liabilities
11
112,825
165,669
289,825
342,669
Movements on provisions apart from deferred tax liabilities:
Restoration provision
£
At 1 May 2023 and 30 April 2024
177,000
A restoration provision has been established to cover the company's obligation to reinstate aggregate-bearing land for agricultural purposes.
11
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
109,207
162,191
Other timing differences
3,618
3,478
112,825
165,669
2024
Movements in the year:
£
Liability at 1 May 2023
165,669
Credit to profit or loss
(52,844)
Liability at 30 April 2024
112,825
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 12 -
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
13,471
12,699
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
13
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
19,686
19,686
19,686
19,686
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Participating preference shares of £1 each
10,540
10,540
10,540
10,540
Preference shares classified as equity
10,540
10,540
Total equity share capital
30,226
30,226
The rights of the participating preference shares are as follows:
a) They are entitled to participate in the profits which the company may determine to distribute in respect of any financial year; and
b) They are not entitled to receive notice of or to attend or vote either in person or by proxy at any Annual General Meeting of the company; and
c) On a return of capital on liquidation the surplus assets of the company after payment of its liabilities shall be applied first by repaying the holders of the participating preference shares the amount paid up on such shares and the balance of such surplus distributed to the holders of the ordinary shares in proportion to the amounts paid on the ordinary shares held by them.
Longwood Quarries Limited
LONGWOOD QUARRIES LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 April 2024
- 13 -
14
Operating lease commitments
Lessee
The commitments under operating leases are in respect of rent.
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
10,596
10,596
15
Related party transactions
Transactions with related parties
During the year, a director withdrew £145,925 from the company. Interest of 2.25% is charged on the overdrawn balance. At the year end £149,208 was owed to the company by the director and is included in other debtors. The loan was repaid in full in August 2024.
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