Company registration number NI689861 (Northern Ireland)
LONGS TRADING COMPANY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
LONGS TRADING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
LONGS TRADING COMPANY LIMITED
BALANCE SHEET
AS AT 31 JULY 2024
31 July 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
1
Cash at bank and in hand
274,279
274,279
1
Creditors: amounts falling due within one year
6
(385,096)
-
Net current (liabilities)/assets
(110,817)
1
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(110,818)
Total equity
(110,817)
1
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 24 July 2025 and are signed on its behalf by:
Ms M Mitchell
Director
Company registration number NI689861 (Northern Ireland)
LONGS TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
- 2 -
1
Accounting policies
Company information
Longs Trading Company Limited is a private company limited by shares incorporated in Northern Ireland. The registered office is Belfast Harbour Estate, 1-19 Dargan Drive, Belfast, BT3 9JG.
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.
These financial statements are prepared for the 52-week period ended 31 July 2024. Comparatives are from the date of incorporation 22 July 2022 until 31 July 2023. The company was dormant during this period. The balance sheets for 2024 and 2023 are drawn up as at 31 July 2024 and 31 July 2023 respectively.
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.
These financial statements for the year ended 31 July 2024 are the first financial statements of Longs Trading Company Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2022. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Going concern
On 4th December 2023 the entire share capital of the company was purchased by Musgrave Retail Partners NI Limited, whose ultimate parent company is Musgrave Group plc, incorporated in the Republic of Ireland. The existing company directors resigned and were replaced by new directors. Also on the same date, the company sold its assets, liabilities and trade (which related to the trade of the company's five stores headquartered at Carrakeel Drive, Maydown, Londonderry BT47 6UQ) to Musgrave Retail Stores NI Limited, a fellow group company. The company ceased to trade from that point onwards.true The directors consider the book values of assets and liabilities at the date of transfer to be a fair representation of recoverable amounts and obligations, therefore no adjustments have been made to the accounts as a result of adopting this approach.
1.3
Turnover
Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.
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 TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 3 -
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
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.
Depreciation 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:
Fixtures and fittings
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.
1.5
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.
1.6
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.
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.
LONGS TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial 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.
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
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.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
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.
LONGS TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
240
0
The above disclosure represents the average number of employees for the trading period 9th October 2023 to 4th December 2023. On 4th December 2023, the company sold its trade, assets and liabilities to Musgrave Retail Stores NI Limited and all employees were transferred on completion of the sale.
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2023
Additions
50,764
Disposals
(50,764)
At 31 July 2024
Depreciation and impairment
At 1 August 2023
Depreciation charged in the year
5,537
Eliminated in respect of disposals
(5,537)
At 31 July 2024
Carrying amount
At 31 July 2024
At 31 July 2023
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1
6
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
385,096
LONGS TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
- 6 -
7
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 is unqualified and includes the following:
Opinion
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 July 2024 and of its loss for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
Emphasis of matter - financial statements prepared on a basis other than going concern
We refer to note 1.2 to the financial statements which explains that on 4th December 2023, the trade, assets and liabilities of the company were sold to Musgrave Retail Stores NI Limited and the directors have commenced the orderly wind up of the company's affairs. Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in note 1.2. Our opinion is not modified in respect of this matter.
Senior Statutory Auditor:
John Bradley
Statutory Auditor:
Moore (NI) LLP
Date of audit report:
24 July 2025
8
Disposal of a business
On 4th December 2023 the entire share capital of the company was purchased by Musgrave Retail Partners NI Limited, whose ultimate parent company is Musgrave Group plc, incorporated in the Republic of Ireland. The existing company directors resigned and were replaced by new directors.
Also on the same date, the company sold its assets, liabilities and trade (which related to the trade of the Company's five stores headquartered at Carrakeel Dr, Maydown, Londonderry BT47 6UQ) to Musgrave Retail Stores NI Limited, a fellow group company. The company ceased to trade from that point onwards. The directors have commenced the orderly wind up of the company's affairs.
The bank balance on the balance sheet represents the balance in the company's bank account at the reporting date. The bank account balance will be transferred to Mugrave Retail Stores NI Limited prior to the winding up of the company.
9
Parent company
The parent company of Longs Trading Company Limited is Musgrave Retail Partners NI Limited and its registered office is Belfast Harbour Estate, 1/19 Dargan Drive, Belfast, BT3 9JG.
The ultimate controlling parent company is Musgrave Group plc, incorporated in the Republic of Ireland.