0 0 Longland Resources Limited 10480001 false 2023-07-01 2024-06-30 2024-06-30 The principal activity of the company is that of mineral exploration in Greenland. Digita Accounts Production Advanced 6.30.9574.0 true true true 10480001 2023-07-01 2024-06-30 10480001 2024-06-30 10480001 bus:OrdinaryShareClass1 2024-06-30 10480001 core:CurrentFinancialInstruments 2024-06-30 10480001 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 10480001 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 10480001 core:OtherResidualIntangibleAssets 2024-06-30 10480001 core:PlantMachinery 2024-06-30 10480001 bus:SmallEntities 2023-07-01 2024-06-30 10480001 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10480001 bus:FilletedAccounts 2023-07-01 2024-06-30 10480001 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10480001 bus:RegisteredOffice 2023-07-01 2024-06-30 10480001 bus:CompanySecretary1 2023-07-01 2024-06-30 10480001 bus:Director3 2023-07-01 2024-06-30 10480001 bus:Director6 2023-07-01 2024-06-30 10480001 bus:OrdinaryShareClass1 2023-07-01 2024-06-30 10480001 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10480001 bus:Agent1 2023-07-01 2024-06-30 10480001 core:OtherResidualIntangibleAssets 2023-07-01 2024-06-30 10480001 core:PlantMachinery 2023-07-01 2024-06-30 10480001 1 2023-07-01 2024-06-30 10480001 countries:AllCountries 2023-07-01 2024-06-30 10480001 2023-06-30 10480001 core:OtherResidualIntangibleAssets 2023-06-30 10480001 core:PlantMachinery 2023-06-30 10480001 2022-07-01 2023-06-30 10480001 2023-06-30 10480001 bus:OrdinaryShareClass1 2023-06-30 10480001 core:CurrentFinancialInstruments 2023-06-30 10480001 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10480001 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 10480001 core:OtherResidualIntangibleAssets 2023-06-30 10480001 core:PlantMachinery 2023-06-30 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 10480001

Longland Resources Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Longland Resources Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Longland Resources Limited

Company Information

Directors

G H Solomon

G T L Le Page

Company secretary

B Tucker

Registered office

Unit 12
Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

Accountants

Fuller & Roper Limited Unit 12 Old Mills Industrial Estate
Paulton
Bristol
BS39 7SU

 

Longland Resources Limited

(Registration number: 10480001)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

9,037,753

9,019,048

Tangible assets

5

219,316

270,251

 

9,257,069

9,289,299

Current assets

 

Debtors

6,046

6,047

Cash at bank and in hand

 

2,232

17,122

 

8,278

23,169

Creditors: Amounts falling due within one year

6

(19,301)

(86,695)

Net current liabilities

 

(11,023)

(63,526)

Total assets less current liabilities

 

9,246,046

9,225,773

Creditors: Amounts falling due after more than one year

6

(9,326,121)

(9,243,200)

Net liabilities

 

(80,075)

(17,427)

Capital and reserves

 

Called up share capital

7

1,020,000

1,020,000

Share premium reserve

97,582

97,582

Retained earnings

(1,197,657)

(1,135,009)

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Longland Resources Limited

(Registration number: 10480001)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 6 August 2025 and signed on its behalf by:
 

.........................................
G T L Le Page
Director

 

Longland Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

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.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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:

Asset class

Depreciation method and rate

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

 

Longland Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Exploration and evaluation costs
 £

Total
£

Cost or valuation

At 1 July 2023

9,019,048

9,019,048

Additions acquired separately

18,705

18,705

At 30 June 2024

9,037,753

9,037,753

Amortisation

At 30 June 2024

-

-

Carrying amount

At 30 June 2024

9,037,753

9,037,753

At 30 June 2023

9,019,048

9,019,048

5

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2023

347,821

347,821

At 30 June 2024

347,821

347,821

Depreciation

At 1 July 2023

77,570

77,570

Charge for the year

50,935

50,935

At 30 June 2024

128,505

128,505

Carrying amount

At 30 June 2024

219,316

219,316

At 30 June 2023

270,251

270,251

 

Longland Resources Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

19,301

86,695

Creditors: amounts falling due after more than one year

2024
£

(As restated)

2023
£

Due after one year

Amounts owed to group undertakings

9,326,121

9,243,200

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £0.01 each

102,000,000

1,020,000

102,000,000

1,020,000

       

8

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.

9

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Conico Ltd, incorporated in Australia.

 The most senior parent entity producing publicly available financial statements is Conico Ltd. These financial statements are available upon request from Level 15, 197 St Georges Terrace, Perth, Western Australia 6000