Company registration number 11440033 (England and Wales)
LONGDAN CAPITAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
LONGDAN CAPITAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
LONGDAN CAPITAL LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
11,500,821
9,350,000
Current assets
Debtors
5
1,108,435
686,883
Cash at bank and in hand
-
0
906
1,108,435
687,789
Creditors: amounts falling due within one year
6
(816,220)
(560,315)
Net current assets
292,215
127,474
Total assets less current liabilities
11,793,036
9,477,474
Creditors: amounts falling due after more than one year
7
(8,326,135)
(6,032,768)
Provisions for liabilities
(737,443)
(737,066)
Net assets
2,729,458
2,707,640
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
8
2,206,762
2,206,762
Profit and loss reserves
521,696
499,878
Total equity
2,729,458
2,707,640
LONGDAN CAPITAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 2 -

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
L Huynh
Director
Company registration number 11440033 (England and Wales)
LONGDAN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
1
Accounting policies
Company information

Longdan Capital Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4 Estate Way, Leyton, London, E10 7JN.

1.1
Accounting convention

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 (modified to include the revaluation of investment properties). The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have carefully considered the trading outlook for the coming year and expected cashflows and have a reasonable expectation that the company has access to adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

The financial statements have been prepared on a going concern basis on the assumption that the group companies do not seek repayments of the amounts owed to them.

1.3
Turnover

Turnover represents gross rents receivable.

1.4
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 at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

LONGDAN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 4 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
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.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

LONGDAN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -
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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

LONGDAN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Investment properties

Investment properties are valued annually using available external market data. This uses market rental values capitalised at a market capitalisation rate and considers actual prices achieved from the disposal of similar properties within the area, including those previously owned.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Investment property
2024
£
Fair value
At 1 May 2023
9,350,000
Additions
2,150,821
At 30 April 2024
11,500,821
LONGDAN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Investment property
(Continued)
- 7 -

Investment property comprises of a portfolio of rental properties. A valuation was undertaken by Glenny LLP, a firm of professional valuers, on an open market basis on 30 December 2022.

 

The directors consider the market value of the properties to be that of the professional report as there were no material changes to the value of the properties between the valuation date and the company year end.

On a historical basis, these would have been included at an original cost of £8,556,993 (2023: £6,406,173).

5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
602,892
335,013
Other debtors
470,636
348,389
Prepayments and accrued income
34,907
3,481
1,108,435
686,883
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
455,058
256,107
Trade creditors
46,022
-
0
Amounts owed to group undertakings
120,000
102,810
Corporation tax
-
0
60,456
Other taxation and social security
15,159
12,777
Other creditors
130,531
102,245
Accruals and deferred income
49,450
25,920
816,220
560,315
LONGDAN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
5,643,135
3,349,768
Amounts owed to group undertakings
2,683,000
2,683,000
8,326,135
6,032,768

Bank loans and overdrafts are secured by a fixed and floating charge over the assets of the company.

8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
2,206,762
-
0
Revaluation surplus
-
2,943,828
Deferred taxation
-
(737,066)
At the end of the year
2,206,762
2,206,762
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Vinodkumar Vadgama
Statutory Auditor:
UHY Hacker Young
Date of audit report:
31 January 2025
10
Financial commitments, guarantees and contingent liabilities

The company is party to a unlimited multilateral guarantee dated 28 March 2019 given to HSBC together with Kim Son Limited, Vien Dong Holdings Limited, Longdan Limited and Aobaba Limited.

 

LONGDAN CAPITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
11
Related party transactions

During the year, the company had rent receivable of £158,060 (2023: £158,060) from Kim Son Limited. At the year end, the company was owed £467,694 (2023: £348,391) by Kim Son Limited.

 

During the year, the company had rent receivable of £356,973 (2023: £286,140) from Longdan Limited. At the year end, the company was owed £602,891 (2023: £335,012) by Longdan Limited.

 

During the year, the company paid dividends of £50,000 (2023: £50,000) to Vien Dong Holdings Limited, the parent company. At the year end, the company owed £2,803,000 (2023: £2,783,000) to Vien Dong Holdings Limited.

 

At the year end, the company owed £nil (2023: £2,810) to Aobaba Limited.

 

L Huynh, the director of this company, is also a director of Kim Son Limited, Longdan Limited, Vien Dong Holdings Limited and Aobaba Limited.

 

12
Parent company

The parent company is Vien Dong Holdings Limited, the ultimate controlling party is L Huynh.

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