REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
JAMES LONGLEY PROPERTY LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
FOR |
JAMES LONGLEY PROPERTY LIMITED |
JAMES LONGLEY PROPERTY LIMITED (REGISTERED NUMBER: 11483793) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
JAMES LONGLEY PROPERTY LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2024 |
Director: |
Registered office: |
Registered number: |
Accountants: |
20 Allandale Road |
Stoneygate |
Leicester |
LE2 2DA |
JAMES LONGLEY PROPERTY LIMITED (REGISTERED NUMBER: 11483793) |
BALANCE SHEET |
31 JULY 2024 |
2024 | 2023 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Retained earnings |
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. |
The financial statements were approved by the director and authorised for issue on |
JAMES LONGLEY PROPERTY LIMITED (REGISTERED NUMBER: 11483793) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2024 |
1. | STATUTORY INFORMATION |
James Longley Property Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The financial statements have been prepared on a going concern basis as the director has no intention of withdrawing his financial support. The company will therefore have sufficient funds to enable it to continue trading for at least one year from the date of signing the balance sheet. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
JAMES LONGLEY PROPERTY LIMITED (REGISTERED NUMBER: 11483793) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
Cost |
At 1 August 2023 |
and 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Unlisted |
undertakings | investments | Totals |
£ | £ | £ |
Cost |
At 1 August 2023 | 775,206 |
Additions | 411,107 |
Disposals | ( |
) | (214,187 | ) |
At 31 July 2024 | 972,126 |
Net book value |
At 31 July 2024 | 972,126 |
At 31 July 2023 | 775,206 |
James Longley Property Ltd holds shares in The Lakes Distillery Company plc, a public but unlisted company registered in England and Wales. The holding totals less than 1% of the issued ordinary share capital and the cost related to this investment is £775,156. |
During the year, James Longley Property Ltd invested in various unlisted investments totalling £118,531. The directors consider that the current fair value being shown is a true valuation of the portfolio. |
6. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 August 2023 |
Additions |
Disposals | ( |
) |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
JAMES LONGLEY PROPERTY LIMITED (REGISTERED NUMBER: 11483793) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2024 |
6. | INVESTMENT PROPERTY - continued |
At the year end the investment properties were valued by the director based on knowledge of local market conditions and the condition of the properties involved. In his opinion, the value included within the financial statements is the fair value. |
The historical cost of investment properties held at the year end was £5,569,871 (2023: £4,548,101). |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Trade creditors |
Tax |
Other creditors |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Mortgages | 2,317,635 | 2,317,635 |
Directors' loan accounts | 2,529,212 | 1,291,378 |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Mortgages | 2,317,635 | 2,317,635 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Mortgages | 2,317,635 | 2,317,635 |
Mortgages are secured against the properties to which they relate. |
11. | RELATED PARTY DISCLOSURES |
Included within other creditors are amounts loaned to the company by its director amounting to £2,529,212 (2023 : £1,291,378). These amounts are loaned interest free. |