Registration number:
Longland Resources Limited
for the Year Ended 30 June 2024
Longland Resources Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Longland Resources Limited
Company Information
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Directors |
G H Solomon G T L Le Page |
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Company secretary |
B Tucker |
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Registered office |
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Accountants |
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Longland Resources Limited
(Registration number: 10480001)
Balance Sheet as at 30 June 2024
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Note |
2024 |
(As restated) |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
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( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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( |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
1,020,000 |
1,020,000 |
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Share premium reserve |
97,582 |
97,582 |
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Retained earnings |
(1,197,657) |
(1,135,009) |
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Shareholders' deficit |
(80,075) |
(17,427) |
For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Longland Resources Limited
(Registration number: 10480001)
Balance Sheet as at 30 June 2024
Approved and authorised by the
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Longland Resources Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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General information |
Longland Resources Limited is a private company, limited by shares, domiciled in England and Wales. The company’s registration number is 10480001. The registered office is Unit 12 Old Mills Industrial Estate, Paulton, Bristol, BS39 7SU. The principal place of business is the registered office.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis, notwithstanding losses of £62,648 (2023 - £74,831) and net liabilities of £80,075 (2023 - £17,427) which indicate a material uncertainty related to going concern. The company is wholly reliant on its parent undertaking, Conico Ltd, to provide the necessary funding for the company to continue as a going concern. The directors have received assurances from Conico Ltd that the required funding will be provided, for a period of at least 12 months.
Prior period adjustments
The comparative financial statements have been adjusted in respect of an allotment of shares in 2020 that was not accounted for correctly.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Longland Resources Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Plant and machinery |
10-50% reducing balance |
Intangible assets
All costs directly attributable to and associated with mineral exploration are capitalised within intangible assets pending determination of the project’s feasibility. If an exploration project is deemed to be economically viable based on feasibility studies, the related expenditures are transferred to property, plant and equipment and amortised over the life of the mine on a unit production basis. Where a project is abandoned or is considered to be no longer economically viable, the related costs are written off. The cost of ancillary services supporting the exploration activities are expensed when incurred.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Longland Resources Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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Intangible assets |
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Exploration and evaluation costs |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions acquired separately |
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At 30 June 2024 |
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Amortisation |
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At 30 June 2024 |
- |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Tangible assets |
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Plant and machinery |
Total |
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Cost or valuation |
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At 1 July 2023 |
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At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Longland Resources Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
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2024 |
(As restated) |
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Due after one year |
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Amounts owed to group undertakings |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,020,000 |
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1,020,000 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The Company withheld payment for drilling services in Greenland in the 2022 drilling season claimed by the drilling contractor, Cartwright Drilling, for the reason that the amount claimed was not payable because of failure to provide those services with due care, skill and diligence. The drilling contractor subsequently commenced an arbitration in Canada claiming the withheld fees. This dispute was settled in full by the parent company, Conino Ltd, in June 2025.
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Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
The most senior parent entity producing publicly available financial statements is