Company Registration No. NI014135 (Northern Ireland)
LONGS SUPERMARKETS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 4 FEBRUARY 2024
LONGS SUPERMARKETS LIMITED
CONTENTS
Page
Company Information
1
Strategic report
2 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 28
LONGS SUPERMARKETS LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr Allaister Long
Mr Frank Long
Mrs Jodie Doherty
(Appointed 22 October 2024)
Miss Holly Long
(Appointed 22 October 2024)
Mr Blake Long
(Appointed 22 October 2024)
Company number
NI014135
Registered office
295  Clooney Road
Ballykelly
Co Londonderry
BT49 9JE
Auditor
Moore NI LLP
21-23 Clarendon Street
Derry~Londonderry
BT48 7EP
Bankers
Bank of Ireland
27 Culmore Road
Londonderry
BT48 8JB
Solicitors
Dickson & McNulty
PO Box 106
Spencer Road
Londonderry
BT47 6AA
LONGS SUPERMARKETS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 2 -

The directors present the strategic report for the period ended 4 February 2024.

Review of the business

The results for the period are set out on Page 9. The profit for the period, after providing for taxation was £5,914,655 (2023: Loss £69,491).

 

The reporting period of the company ends on the Sunday before or after 31 January each year. These financial statements are prepared for the 52 week period ended 4 February 2024 and comparatives were for the 53 week period ended 05 February 2023. The balance sheets are drawn up to 4 February 2024 and 05 February 2023 respectively.

 

On 09 October 2023 the company transferred its trade and certain assets and liabilities to its subsidiary undertaking, Longs Trading Company Limited. The turnover of this trade has fallen by £7.2m (32.9%) in comparison to the prior year figures. However, given that this only represents turnover for the period from 6 February 2023 to 8 October 2023 the figures are not directly comparable. The results of the supermarket trade have been shown as discontinued operations on the face of the profit and loss account. From that date the company continued to operate as a property rental company. On 04 December 2023 the company sold its subsidiary undertaking.

 

 

Principal risks and uncertainties

Prior to the transfer of the company's trade in the operation of supermarkets to its subsidiary and the subsequent sale of the subsidiary the principal risks and uncertainties facing the company were increased competition from the continued expansion of discount retailers and the movement of the major supermarket chains into the convenience market with the opening of smaller local stores. Also, during that period the company would have been affected by the relative position of sterling and the Euro as the geographical position of some of its stores attracted a significant number of customers from the Republic of Ireland.

 

Since the cessation of the supermarket trade the company operates as a property rental company. The principal risks and uncertainties facing the company now relate to the ability to ensure continued occupancy of their premises. The company has a long term lease with its main tenant and therefore the directors are confident that the properties will continue to generate the required level of income for the foreseeable future. To mitigate against this risk the directors have taken out insurance for loss of rent in the event of tenants not being able to meet their obligations or damage leading to a property not being fit for occupation.

 

One of the company's properties has sustained flood damage in the past and there is a risk of this occurring again in the future. The company plans to mitigate against this risk by installing flood mechanisms at the property in the near future.

 

Since the cessation of the supermarket trade the company's operations are straightforward. However, the company is still dependent upon a number of business critical IT systems which, if interrupted for any length of time, could have a material effect on the running of the company's business.

Development and performance

During the year the trade of the supermarkets was transferred to its subsidiary, Longs Trading Company Limited, which was subsequently sold. The directors are now developing the company's property portfolio and focussing on occupancy of the properties.

Key performance indicators

The main KPIs used by the business while supermarket operations were continuing were turnover, gross margin percentage and profit before tax. Given the change in operations during the year the directors do not consider that an analysis of these is necessary for an understanding of the present position of the business. Going forward the directors will focus on rental income generated and profit before tax.

LONGS SUPERMARKETS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 3 -

On behalf of the board

Mr Allaister Long
Director
31 January 2025
LONGS SUPERMARKETS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 4 -
Company Registration No. NI 14135 (Northern Ireland)

The directors present their report and financial statements for the period ended 4 February 2024.
Principal activities

The principal activity of the company until 9 October 2023 was the operation of supermarkets. Thereafter the principal activity of the company was the rental of property.

Results and dividends

The results for the period are set out on Page 8.

Ordinary dividends were paid during the year amounting to £3,450,510. The directors do not recommend payment of a further dividend in respect of the year.

Directors

The directors who held office during the period and up to the date of signature of the financial statements were as follows:

Mr Allaister Long
Mr Frank Long
Mrs Jodie Doherty
(Appointed 22 October 2024)
Miss Holly Long
(Appointed 22 October 2024)
Mr Blake Long
(Appointed 22 October 2024)
Financial instruments
Liquidity risk

The company manages its cash requirements in order to minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business and maintaining sufficient headroom for unforeseen expenditure.

Auditor

The auditor, Moore NI LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
LONGS SUPERMARKETS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 5 -
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr Allaister Long
Director
31 January 2025
LONGS SUPERMARKETS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONGS SUPERMARKETS LIMITED
- 6 -
Opinion

We have audited the financial statements of Longs Supermarkets Limited (the 'company') for the period ended 4 February 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

LONGS SUPERMARKETS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONGS SUPERMARKETS LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was considered capable of detecting irregularites, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

 

Based on our understanding of the company and its operating environment, we determined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework (FRS 102 and the Companies Act 2006) and the relevant tax compliance regulations. Compliance with these laws and regulations was assessed as part of our procedures.

 

Other laws and regulations of which non-compliance may have a material effect on the financial statements, eg through fines or litigation were identified as employment law, health and safety and food hygiene regulations. Our required procedures in this area are limited to inquiry of Directors and other management and inspection of any regulatory or legal correspondence. These limited procedures did not identify any actual or suspected non-compliance.

We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manage earnings or influence the reported results. From the results of our assessment, we determined that the principal risk of fraud related to posting inappropriate journal entries. In common with all audits under ISAs (UK), we are required to perform specific procedures to respond to the risk of management override.

LONGS SUPERMARKETS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LONGS SUPERMARKETS LIMITED (CONTINUED)
- 8 -
Audit response to risks identified

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. Audit procedures performed by the engagement team included:

We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment through collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John Bradley
Senior Statutory Auditor
For and on behalf of Moore NI LLP
31 January 2025
Chartered Accountants
Statutory Auditor
21-23 Clarendon Street
Derry~Londonderry
BT48 7EP
LONGS SUPERMARKETS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 9 -
period
period
ended
ended
Continuing
Discontinued
4 February
Continuing
Discontinued
5 February
operations
operations
2024
operations
operations
2023
Notes
£
£
£
£
£
£
Turnover
3
-
14,689,866
14,689,866
-
21,890,661
21,890,661
Cost of sales
-
0
(13,371,706)
(13,371,706)
-
(20,047,255)
(20,047,255)
Gross profit
-
1,318,160
1,318,160
-
1,843,406
1,843,406
Distribution costs
(2,451)
(32,437)
(34,888)
-
(47,971)
(47,971)
Administrative expenses
(591,721)
(1,804,390)
(2,396,111)
(39,063)
(2,184,146)
(2,223,209)
Other operating income
336,978
85,831
422,809
194,850
147,583
342,433
Operating loss
4
(257,194)
(432,836)
(690,030)
155,787
(241,128)
(85,341)
Interest payable and similar expenses
7
(1,505)
-
0
(1,505)
-
(3,987)
(3,987)
Other gains and losses on investments
8
-
6,215,921
6,215,921
-
-
-
Fair value gains and losses on investment properties
15
284,065
-
284,065
-
0
-
-
Profit/(loss) before taxation
25,366
5,783,085
5,808,451
155,787
(245,115)
(89,328)
Tax on profit/(loss)
9
106,204
-
0
106,204
-
19,837
19,837
Profit/(loss) for the financial period
131,570
5,783,085
5,914,655
155,787
(225,278)
(69,491)
LONGS SUPERMARKETS LIMITED
BALANCE SHEET
AS AT
4 FEBRUARY 2024
04 February 2024
- 10 -
4 February 2024
5 February 2023
Notes
£
£
£
£
Fixed assets
Goodwill
13
-
0
4,000
Tangible assets
14
1,034,818
6,533,468
Investment property
15
5,777,000
700,000
Investments
16
-
0
1
6,811,818
7,237,469
Current assets
Stocks
17
-
862,819
Debtors falling due after more than one year
18
-
0
7,544
Debtors falling due within one year
18
2,487,523
2,187,891
Cash at bank and in hand
2,901,289
381,944
5,388,812
3,440,198
Creditors: amounts falling due within one year
19
(1,198,917)
(2,017,096)
Net current assets
4,189,895
1,423,102
Total assets less current liabilities
11,001,713
8,660,571
Creditors: amounts falling due after more than one year
20
(59,691)
(61,717)
Provisions for liabilities
Deferred tax liability
21
232,774
353,751
(232,774)
(353,751)
Net assets
10,709,248
8,245,103
Capital and reserves
Called up share capital
24
100,000
100,000
Revaluation reserve
476,748
2,825,080
Other reserves
1,304,993
-
0
Profit and loss reserves
8,827,507
5,320,023
Total equity
10,709,248
8,245,103

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

LONGS SUPERMARKETS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
4 FEBRUARY 2024
04 February 2024
- 11 -
The financial statements were approved by the board of directors and authorised for issue on 31 January 2025 and are signed on its behalf by:
Mr Allaister Long
Director
Company registration number NI014135 (Northern Ireland)
LONGS SUPERMARKETS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 12 -
Share capital
Revaluation reserve
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
£
Balance at 1 February 2022
100,000
2,867,799
-
5,346,795
8,314,594
Period ended 5 February 2023:
Loss and total comprehensive income
-
-
-
(69,491)
(69,491)
Transfers
-
(42,719)
-
42,719
-
Balance at 5 February 2023
100,000
2,825,080
-
5,320,023
8,245,103
Period ended 4 February 2024:
Profit and total comprehensive income
-
-
-
5,914,655
5,914,655
Dividends
11
-
-
-
(3,450,510)
(3,450,510)
Transfers as a result of revaluations in the year
-
(527,600)
(515,739)
1,043,339
-
Effect of transfer of properties from PPE to investment property
-
(1,820,732)
1,820,732
-
-
Balance at 4 February 2024
100,000
476,748
1,304,993
8,827,507
10,709,248
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 13 -
1
Accounting policies
Company information

Longs Supermarkets Limited is a company limited by shares incorporated in Northern Ireland. The registered office is 295 Clooney Road, Ballykelly, BT49 9JE.

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.

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 freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption, under FRS 102 paragraph 1.12 (b), from preparing a statement of cash flows, on the basis that it is a qualifying entity and its ultimate parent company Longs Group Ltd, includes the company's cash flows in its own consolidated accounts. The company has also taken the available exemptions, under FRS 102 paragraph 1.12 from disclosing key management personnel compensation in total and from making certain financial instrument disclosures on the basis that these are included in the consolidated accounts of Longs Group Ltd.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Longs Supermarkets Limited is a wholly owned subsidiary of Longs Group Limited and the results of Longs Supermarkets Limited are included in the consolidated financial statements of Longs Group Limited which are available from Companies House.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has 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.

1.3
Turnover
Turnover represents amounts receivable for goods net of VAT and trade discounts.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
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.

All fixed assets are initially recorded at historical cost. Freehold land and buildings are stated at cost (or deemed cost for land and buildings held at valuation at the date of transition to FRS 102) less accumulated depreciation and accumulated impairment losses.

 

The company previously adopted a policy of revaluing freehold land and buildings and they were stated at their revalued amount less any subsequent depreciation and accumulated impairment losses. The company has adopted the transition exemption under FRS 102 paragraph 35.10(d) and has elected to use the previous revaluation as deemed cost.

 

The difference between depreciation based on the deemed cost charged in the profit and loss account and the asset's original cost is transferred from revaluation reserve to retained earnings.

 

Depreciation is provided on all tangible assets, other than freehold land at rates calculated to write off the cost/valuation or valuation less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings Freehold
2% Straight Line
Fixtures, fittings & equipment
25% Straight Line
Motor vehicles
25% Straight Line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Investment properties

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.

1.7
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
1
Accounting policies
(Continued)
- 15 -
1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
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.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
1
Accounting policies
(Continued)
- 16 -
Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
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.

1.13
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.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.14
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.

1.15
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.16
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

1.18
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.

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.

3
Turnover and other revenue

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
14,689,866
21,890,661
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
3
Turnover and other revenue
(Continued)
- 19 -
2024
2023
£
£
Other revenue
Commissions received
54,384
68,211
Grants received
2,026
2,026
Rental income arising from investment properties
316,376
190,331
4
Operating loss
2024
2023
Operating loss for the period is stated after charging/(crediting):
£
£
Exchange gains
-
0
(3,216)
Government grants
(2,026)
(2,026)
Fees payable to the company's auditor for the audit of the company's financial statements
21,780
22,651
Depreciation of owned tangible fixed assets
196,258
227,805
Impairment of owned tangible fixed assets
392,620
-
0
Loss on disposal of tangible fixed assets
97,509
-
Amortisation of intangible assets
4,000
2,000
5
Employees

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

2024
2023
Number
Number
Directors
2
1
Sales
160
229
Lorry drivers
1
1
Office and management
12
13
Total
175
244

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,584,847
3,439,171
Social security costs
175,525
148,617
Pension costs
39,710
51,609
2,800,082
3,639,397
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 20 -
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
126,662
119,054

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

7
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
1,505
3,987
8
Other gains and losses on investments
2024
2023
£
£
Gain on sale of shares in subsidiary
6,215,921
-
6,215,921
-

The gain relates to the sale of the company's shares in its subsidiary company, Longs Trading Company Limited, on 4 December 2023.

9
Taxation
2024
2023
£
£
Current tax
Adjustments in respect of prior periods
-
0
692
Deferred tax
Origination and reversal of timing differences
(106,204)
(20,529)
Total tax credit
(106,204)
(19,837)

An increase in the UK Corporation Tax main rate to 25% from 1 April 2023 was substantively enacted as part of the Finance Bill 2021. The deferred assets and liabilities reflect this rate.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
9
Taxation
(Continued)
- 21 -

The actual credit for the period can be reconciled to the expected charge/(credit) for the period based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
5,808,451
(89,328)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 24.10% (2023: 19.00%)
1,399,837
(16,972)
Tax effect of expenses that are not deductible in determining taxable profit
422
1,615
Tax effect of income not taxable in determining taxable profit
(488)
(385)
Gains not taxable
(1,498,037)
-
0
Unutilised tax losses carried forward
19,580
-
0
Adjustments in respect of prior years
-
0
692
Group relief
-
0
(4,413)
Permanent capital allowances in excess of depreciation
(216)
(1,585)
Depreciation on assets not qualifying for tax allowances
149,792
28,893
Effect of revaluations of investment properties
(68,460)
-
0
Other permanent differences
16,847
-
0
Other timing differences
(125,905)
(29,941)
Effect of change of tax rate on deferred tax
424
2,259
Taxation credit for the period
(106,204)
(19,837)
10
Discontinued operations
Operation of supermarkets

On 9 October 2023 the company transferred its trade of the operation of supermarkets and certain related assets and liabilities to its subsidiary undertaking, Longs Trading Company Limited. On 4 December 2023 the company sold its interest in its subsidiary undertaking Longs Trading Company Limited. All amounts relating to the trade of the operation of supermarkets have been classed as discontinued in the financial statements.

11
Dividends
2024
2023
£
£
Final paid
3,450,510
-
0
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 22 -
12
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2024
2023
Notes
£
£
In respect of:
Property, plant and equipment
14
392,620
-
0
Recognised in:
Administrative expenses
392,620
-
13
Intangible fixed assets
Goodwill
£
Cost
At 6 February 2023
40,000
Disposals
(40,000)
At 4 February 2024
-
0
Amortisation and impairment
At 6 February 2023
36,000
Amortisation charged for the period
4,000
Disposals
(40,000)
At 4 February 2024
-
0
Carrying amount
At 4 February 2024
-
0
At 5 February 2023
4,000
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 23 -
14
Tangible fixed assets
Land and buildings Freehold
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 6 February 2023
8,065,323
2,805,779
114,877
10,985,979
Additions
-
0
12,936
18,500
31,436
Disposals
(134,816)
(2,121,223)
(63,023)
(2,319,062)
Transfer to investment property
(6,169,801)
-
0
-
0
(6,169,801)
At 4 February 2024
1,760,706
697,492
70,354
2,528,552
Depreciation and impairment
At 6 February 2023
1,674,169
2,704,914
73,428
4,452,511
Depreciation charged in the period
133,090
38,325
24,843
196,258
Impairment losses
392,620
-
0
-
0
392,620
Eliminated in respect of disposals
(37,306)
(2,081,633)
(51,849)
(2,170,788)
Transfer to investment property
(1,376,867)
-
0
-
0
(1,376,867)
At 4 February 2024
785,706
661,606
46,422
1,493,734
Carrying amount
At 4 February 2024
975,000
35,886
23,932
1,034,818
At 5 February 2023
6,391,154
100,865
41,449
6,533,468

The carrying value of land, which has not been depreciated, included within land and buildings comprises:

2024
2023
£
£
Freehold
275,000
275,000

More information on impairment movements in the period is given in note 12.

A number of properties were transferred to investment property during the year. These had been used in the supermarket trade. When this trade ceased they were retained to generate rental income.

15
Investment property
2024
£
Fair value
At 6 February 2023
700,000
Transfers from owner-occupied property
4,792,935
Net gains or losses through fair value adjustments
284,065
At 4 February 2024
5,777,000
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
15
Investment property
(Continued)
- 24 -

The existing investment property was included at a valuation carried out in a prior year by a qualified valuer and surveyor who was not connected to the company on the basis of open market value by reference to market evidence of transaction prices for similar properties. This property was sold post year end for an amount not materially different to the valuation.

 

A number of properties were transferred from property, plant and equipment during the year. These had been used in the supermarket trade. When this trade ceased they were retained to generate rental income. These properties have subsequently been revalued on the basis of fair value by a qualified valuer on behalf of a reputable local real estate services company, independent of Longs Supermarkets Limited and have been included in the financial statements at this value.

 

16
Fixed asset investments
2024
2023
Notes
£
£
Investments in subsidiaries
-
0
1
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 6 February 2023
1
Disposals
(1)
At 4 February 2024
-
Carrying amount
At 4 February 2024
-
At 5 February 2023
1

On 4 December 2023 the company sold its interest in its subsidiary undertaking Longs Trading Company Limited. Details of the gain on disposal are included at Note 8.

17
Stocks
2024
2023
£
£
Finished goods and goods for resale
-
0
862,819

There is no material difference between the replacement cost of stock and the balance sheet amounts.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 25 -
18
Debtors
2024
2023
Amounts falling due within one year:
£
£
Corporation tax recoverable
101,753
101,264
Amounts owed by group undertakings
1,507,107
1,297,414
Amounts owed by related undertakings
1,663
126,083
Other debtors
845,535
515,881
Prepayments and accrued income
30,467
139,022
2,486,525
2,179,664
Deferred tax asset (note 21)
998
8,227
2,487,523
2,187,891
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset (note 21)
-
0
7,544
Total debtors
2,487,523
2,195,435
19
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
9,508
1,697,639
Amounts owed to group undertakings
1,029,172
-
0
Corporation tax
489
-
0
Other taxation and social security
15,275
107,591
Other creditors
31,841
40,664
Accruals and deferred income
112,632
171,202
1,198,917
2,017,096

Security

 

Security held by Bank of Ireland and Musgrave was released during the period.

20
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Government grants
22
59,691
61,717
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 26 -
21
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
ACAs
4,928
-
-
8,227
Revaluations
227,846
353,751
-
-
Other timing differences
-
-
998
7,544
232,774
353,751
998
15,771
2024
Movements in the period:
£
Liability at 6 February 2023
337,980
Credit to profit or loss
(106,204)
Liability at 4 February 2024
231,776
22
Government grants
2024
2023
£
£
Arising from government grants
59,691
61,717
23
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
39,710
51,609

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.

24
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100,000
100,000
100,000
100,000
LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
- 27 -
25
Other reserves
2024
2023
£
£
At the beginning of the period
-
-
Other movements
1,304,993
-
At the end of the period
1,304,993
-

The other reserve relates to non distributable profits arising from the revaluation of the company's investment properties. The gains and losses on these properties are accounted for through the profit and loss account but the directors have elected to show these amounts separately to the distributable profit and loss reserve. The amounts included in this reserve are net of deferred tax arising.

26
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
-
0
4,079
Between two and five years
-
0
2,380
-
0
6,459
27
Events after the reporting date

After the year end the company sold two of its investment properties and one property classed as property, plant and equipment. The sales values for these properties were equivalent to the carrying value at 4 February 2024.

28
Related party transactions
Transactions with related parties
Other information

At 4 February 2024 the company was owed £1,663 (2023: £126,083) by a company with two directors in common. The decrease in the balance relates to payments made in the year.

29
Directors' transactions

At 4 February 2024 a director owed an amount of £313,029 (2023: £311,605) to the company. No interest is charged on this amount.

30
Ultimate controlling party

The company's immediate parent undertaking is Longs Supermarkets Holdco Limited.

The ultimate holding company is Longs Group Ltd whose registered office is 295 Clooney Road, Ballykelly BT49 9JE.

LONGS SUPERMARKETS LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 4 FEBRUARY 2024
30
Ultimate controlling party
(Continued)
- 28 -

The smallest and largest group into which the results of Longs Supermarkets Limited are consolidated is Longs Group Ltd. Accounts for Longs Group Ltd are available from Companies House.

The company has taken advantage of the exemption in FRS 102 (section 33) "Related party disclosure" not to disclose transactions with other group entities.

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