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Company No: 12851324 (England and Wales)

LONGWOOD MBC LTD

Unaudited Financial Statements
For the financial year ended 28 February 2025
Pages for filing with the registrar

LONGWOOD MBC LTD

Unaudited Financial Statements

For the financial year ended 28 February 2025

Contents

LONGWOOD MBC LTD

STATEMENT OF FINANCIAL POSITION

As at 28 February 2025
LONGWOOD MBC LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 28 February 2025
Note 28.02.2025 29.02.2024
£ £
Current assets
Stocks 3 7,000,000 11,095,655
Debtors 4 1,300,100 1,300,100
8,300,100 12,395,755
Creditors: amounts falling due within one year 5 ( 13,107,436) ( 12,441,907)
Net current liabilities (4,807,336) (46,152)
Total assets less current liabilities (4,807,336) (46,152)
Net liabilities ( 4,807,336) ( 46,152)
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account ( 4,807,436 ) ( 46,252 )
Total shareholder's deficit ( 4,807,336) ( 46,152)

For the financial year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Longwood MBC Ltd (registered number: 12851324) were approved and authorised for issue by the Director. They were signed on its behalf by:

A K Varma
Director

29 August 2025

LONGWOOD MBC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
LONGWOOD MBC LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 28 February 2025
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Longwood MBC Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.

At each year end date, the properties are assessed for impairment. If there is an impairment, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the income and expenditure statement.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

2. Employees

Year ended
28.02.2025
Period from
01.07.2023 to
29.02.2024
Number Number
Monthly average number of persons employed by the company during the year, including the director 1 1

3. Stocks

28.02.2025 29.02.2024
£ £
Work in progress 7,000,000 11,095,655

No impairment losses were recognised in the profit and loss.

4. Debtors

28.02.2025 29.02.2024
£ £
Amounts owed by group undertakings 1,300,000 1,300,000
Other debtors 100 100
1,300,100 1,300,100

5. Creditors: amounts falling due within one year

28.02.2025 29.02.2024
£ £
Bank loans (secured) 4,200,000 4,200,000
Trade creditors 40 3,480
Amounts owed to group undertakings 8,902,766 7,995,091
Taxation and social security 0 100
Other creditors 4,630 243,236
13,107,436 12,441,907

The bank loan is secured by way of a fixed and floating charge over the development property, any other assets held by the company and any future rents arising from the property.

6. Called-up share capital

28.02.2025 29.02.2024
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Related party transactions

Other related party transactions

28.02.2025 29.02.2024
£ £
Amounts owed from entities with control, joint control, or significant influence over the company 1,300,000 1,300,000
Amounts owed to entities with control, joint control, or significant influence over the company (8,902,766) (7,995,091)

8. Ultimate controlling party

Parent Company:

Harrison Varma Projects Limited
35 Ballards Lane, London, United Kingdom, N3 1XW