Company Registration No. 14174775 (England and Wales)
LONGBOW MANAGEMENT SERVICES UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
LONGBOW MANAGEMENT SERVICES UK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LONGBOW MANAGEMENT SERVICES UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
67,188
787,257
Current assets
Debtors
5
97,428
316,166
Cash at bank and in hand
128,440
455,938
225,868
772,104
Creditors: amounts falling due within one year
6
(10,009,179)
(7,753,057)
Net current liabilities
(9,783,311)
(6,980,953)
Total assets less current liabilities
(9,716,123)
(6,193,696)
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
(9,726,123)
(6,203,696)
Total equity
(9,716,123)
(6,193,696)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 May 2025 and are signed on its behalf by:
C D Payne
Director
Company Registration No. 14174775
LONGBOW MANAGEMENT SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Longbow Management Services UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4-7 Great Pulteney Street, London, United Kingdom, W1F 9NA.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
A connected beneficiary has offered financial support to the company, for a period of at least 12 months from the date of approval of these financial statements, should it be required to meet liabilities as they fall due. Therefore, at 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. Accordingly, the financial statements have been prepared on a going concern basis.true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Perfume
Straight line over 10 years
Website
Straight line over 10 years
Typography
Straight line over 10 years
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its intangible fixed 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).
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 considered.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
LONGBOW MANAGEMENT SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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. 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, and amounts from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
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.
1.8
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.
1.9
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
Employees
There were no employees during either the current or comparative year.
LONGBOW MANAGEMENT SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
3
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:
Intangible assets
4
797,313
Recognised in:
Administrative expenses
797,313
-
4
Intangible fixed assets
Perfume
Website
Typography
Total
£
£
£
£
Cost
At 1 January 2024
34,425
672,351
80,481
787,257
Additions
5,804
71,440
-
77,244
At 31 December 2024
40,229
743,791
80,481
864,501
Amortisation and impairment
At 1 January 2024
-
Impairment losses
40,229
676,603
80,481
797,313
At 31 December 2024
40,229
676,603
80,481
797,313
Carrying amount
At 31 December 2024
67,188
-
67,188
At 31 December 2023
34,425
672,351
80,481
787,257
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
10,000
10,000
Other debtors
57,800
306,166
Prepayments and accrued income
29,628
97,428
316,166
LONGBOW MANAGEMENT SERVICES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to parent undertakings
9,030,000
200,000
Trade creditors
128,021
496,363
Other creditors
398,522
6,539,229
Accruals and deferred income
452,636
517,465
10,009,179
7,753,057
The entity has drawn down £9,030,000 (2023: £200,000) from a loan facility made available. The drawdown is repayable on demand and has an applicable rate of interest of 2%.
7
Parent company
The immediate parent company is Rivenmoor Limited, a company registered in the United Kingdom. The ultimate parent entity is Claymore Investment Trust, an entity registered in Liechtenstein.
The parent entity does not prepare accounts or consolidated accounts that are available in the public domain.
8
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.
The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher Audit.