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Sage Accounts Production 23.0 - FRS102_2023
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03486935
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Company registration number:
03486935
Long Island Limited
Unaudited filleted financial statements
30 September 2024
Long Island Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Long Island Limited
Directors and other information
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Directors |
Mr J J Hill |
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Mr M W Seaman-Hill |
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Secretary |
Mr M W Seaman-Hill |
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Company number |
03486935 |
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Registered office |
First Floor Offices |
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99 Bancroft |
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Hitchin |
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Hertfordshire |
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SG5 1NQ |
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Accountants |
Hicks and Company |
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Chartered accountants |
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First Floor |
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99 Bancroft |
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Hitchin |
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Herfordshire |
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SG5 1NQ |
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Bankers |
HSBC |
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1 Market Place |
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Hitchin |
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Hertfordshire |
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SG5 1DR |
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Long Island Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Long Island Limited
Year ended 30 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Long Island Limited for the year ended 30 September 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Long Island Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Long Island Limited and state those matters that we have agreed to state to the board of directors of Long Island Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Long Island Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Long Island Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Long Island Limited. You consider that Long Island Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Long Island Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Herfordshire
SG5 1NQ
24 June 2025
Long Island Limited
Statement of financial position
30 September 2024
|
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2024 |
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2023 |
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Note |
£ |
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£ |
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£ |
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£ |
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Fixed assets |
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Investments |
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4 |
1,306,667 |
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|
1,306,667 |
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|
________ |
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|
________ |
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|
|
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1,306,667 |
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1,306,667 |
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Current assets |
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|
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Debtors |
|
5 |
10 |
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- |
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Cash at bank and in hand |
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|
16,517 |
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16,898 |
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|
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________ |
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________ |
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16,527 |
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16,898 |
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Creditors: amounts falling due |
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within one year |
|
6 |
(
1,920) |
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|
(
960) |
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|
________ |
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________ |
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Net current assets |
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14,607 |
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15,938 |
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________ |
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________ |
Total assets less current liabilities |
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1,321,274 |
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1,322,605 |
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________ |
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________ |
Net assets |
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1,321,274 |
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1,322,605 |
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________ |
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________ |
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Capital and reserves |
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Called up share capital |
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100 |
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100 |
Share premium account |
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1,012,567 |
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1,012,567 |
Profit and loss account |
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308,607 |
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309,938 |
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________ |
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________ |
Shareholders funds |
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1,321,274 |
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1,322,605 |
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________ |
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________ |
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
24 June 2025
, and are signed on behalf of the board by:
Mr J J Hill
Director
Company registration number:
03486935
Long Island Limited
Notes to the financial statements
Year ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover represents the income from investments.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4.
Investments
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Shares in group undertakings |
Total |
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£ |
£ |
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Cost |
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At 1 October 2023 and 30 September 2024 |
1,306,667 |
1,306,667 |
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________ |
________ |
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Impairment |
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At 1 October 2023 and 30 September 2024 |
- |
- |
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________ |
________ |
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Carrying amount |
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At 30 September 2024 |
1,306,667 |
1,306,667 |
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________ |
________ |
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|
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At 30 September 2023 |
1,306,667 |
1,306,667 |
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________ |
________ |
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Investments in group undertakings |
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Registered office |
Class of share |
Percentage of shares held |
|
Subsidiary undertakings |
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|
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|
Curtis Trust Limited |
|
First Floor Offices 99 Bancroft Hitchin Hertfordshire SG5 1NQ |
Ordinary Shares |
100 |
|
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|
|
|
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The results and capital and reserves for the period of the trading companies are as follows:
|
|
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Capital and |
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Profit/(loss) |
|
|
|
reserves |
|
for the |
|
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|
period |
|
|
2024 |
2023 |
2024 |
2023 |
|
|
£ |
£ |
£ |
£ |
|
Subsidiary undertakings |
|
|
|
|
|
Curtis Trust Limited |
5,377,596 |
5,276,879 |
200,720 |
(
197,377) |
|
|
|
|
|
|
5.
Debtors
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other debtors |
|
10 |
- |
|
|
|
________ |
________ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2024 |
2023 |
|
|
|
£ |
£ |
|
Other creditors |
|
1,920 |
960 |
|
|
|
________ |
________ |
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7.
Controlling party
The parent company is Quito 2003 Limited. The company is incorporated in England and Wales and the registered office address is First Floor, 99 Bancroft, Hitchin, Hertfordshire SG5 1NQ. Quito 2003 Limited registered number is 15543642.