REGISTERED NUMBER: |
Longstone Investment Management Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
REGISTERED NUMBER: |
Longstone Investment Management Limited |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
Longstone Investment Management Limited (Registered number: 08491538) |
Contents of the Financial Statements |
for the year ended 30 April 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Longstone Investment Management Limited |
Company Information |
for the year ended 30 April 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
New Derwent House |
69-73 Theobalds Road |
London |
WC1X 8TA |
Longstone Investment Management Limited (Registered number: 08491538) |
Statement of Financial Position |
30 April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Provisions for liabilities |
Net assets |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | 8 |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Longstone Investment Management Limited (Registered number: 08491538) |
Statement of Financial Position - continued |
30 April 2024 |
The financial statements were approved by the director and authorised for issue on |
Longstone Investment Management Limited (Registered number: 08491538) |
Notes to the Financial Statements |
for the year ended 30 April 2024 |
1. | Statutory information |
Longstone Investment Management Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Investment property |
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure . Subsequently it is measured at fair value a t the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account. |
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors, creditors, loans from the bank and other third parties, loans to related parties, and investment in ordinary shares. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Going concern |
The financial statements have been prepared on a going concern basis. The director has reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. |
3. | Employees and directors |
The average number of employees during the year was |
Longstone Investment Management Limited (Registered number: 08491538) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 May 2023 |
Revaluations | (1,343,317 | ) |
At 30 April 2024 |
Net book value |
At 30 April 2024 |
At 30 April 2023 |
Investment property is stated at fair value as determined by the Director. This was on the basis of open |
market value for current use. |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Other debtors |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Taxation and social security |
Other creditors |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
8. | Reserves |
Retained |
earnings |
£ |
At 1 May 2023 |
Deficit for the year | ( |
) |
At 30 April 2024 |
Longstone Investment Management Limited (Registered number: 08491538) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2024 |
9. | Director's advances, credits and guarantees |
At the balance sheet date the director was owed a sum of £1,495,551 (2023: £2,037,051). |