REGISTERED NUMBER: 05790886 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

LONGFORD INVESTMENT (NO 1) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Gwillim-David

C Sokolowski

SECRETARY:

J Gwillim-David

REGISTERED OFFICE:

Merlin House

Charnham Lane

Hungerford

Berkshire

RG17 0EY

REGISTERED NUMBER:

05790886 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

5th Floor

Palladium House

1-4 Argyll Street

London

W1F 7TA

FIXED ASSETS

Property, plant and equipment

4

-

-

Investment property

5

17,775,000

19,150,000

17,775,000

19,150,000

CURRENT ASSETS

Debtors

6

338,476

356,948

Cash at bank

465,421

616,664

803,897

973,612

CREDITORS

Amounts falling due within one year

7

(594,870

)

(713,908

)

NET CURRENT ASSETS

209,027

259,704

TOTAL ASSETS LESS CURRENT LIABILITIES

17,984,027

19,409,704

CREDITORS

Amounts falling due after more than one year

8

(9,325,322

)

(9,342,349

)

PROVISIONS FOR LIABILITIES

10

(1,444,184

)

(1,787,934

)

NET ASSETS

7,214,521

8,279,421

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

11

7,213,521

8,278,421

SHAREHOLDERS' FUNDS

7,214,521

8,279,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

J Gwillim-David - Director

1.	STATUTORY INFORMATION

Longford Investment (No 1) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

These financial statements are prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (FRS 102).

Turnover

Turnover represents the total amount receivable, net of value added tax, for services provided in the ordinary course of business.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income statement and transferred to Investment property revaluation reserve in the statement of changes in equity.

Financial instruments

The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments.

a) Basic financial assets

Trade and other debtors, loans to fellow group companies, loans to related companies and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses.

At the end of each reporting period basic 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 profit or loss.

If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to seel the asset in its entirety to an unrelated third party.

b) Basic financial liabilities and equity

Financial liabilities are classified as liabilities and equity instruments 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.

Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled.

Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges.

Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired.

c) Equity instruments

The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received pr receivable, net of direct costs of issuing the equity instruments.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2024 - 1 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2024

1,383

Disposals

(1,383

)

At 31 March 2025

-

DEPRECIATION

At 1 April 2024

1,383

Eliminated on disposal

(1,383

)

At 31 March 2025

-

NET BOOK VALUE

At 31 March 2025

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

19,150,000

Revaluations

(1,375,000

)

At 31 March 2025

17,775,000

NET BOOK VALUE

At 31 March 2025

17,775,000

At 31 March 2024

19,150,000

The property was valued by Savills during the year.

Fair value at 31 March 2025 is represented by:

£

Valuation in 2012

(681,517

)

Valuation in 2016

883,520

Valuation in 2017

713,001

Valuation in 2018

523,307

Valuation in 2022

5,713,425

Valuation in 2025

(1,375,000

)

Cost

11,998,264

17,775,000

If investment properties had not been revalued they would have been included at the following historical cost:

2025

2024

£

£

Cost

11,998,264

11,998,264

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

129,068

191,730

Amounts owed by group undertakings

117,414

117,414

Other debtors

44,608

19,465

Prepayments and accrued income

47,386

28,339

338,476

356,948

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

-

117,187

Trade creditors

102,977

34,598

Tax

-

58,947

Social security and other taxes

62,775

95,280

Other creditors

60,740

73,502

Accruals and deferred income

368,378

334,394

594,870

713,908

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans - 1-2 years

-

2,703,437

Bank loans - 2-5 years

6,773,361

3,380,915

Bank loans more 5 yr by instal

-

609,449

Other loans - 2-5 years

1,849,258

2,017,709

Other creditors

194,263

170,465

Accruals and deferred income

508,440

460,374

9,325,322

9,342,349

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

609,449

The amounts due to the bank are secured by way of a legal charge over the freehold property.

9.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

6,773,361

6,810,988

The aggregate amount of creditors for which security has been given was £6,773,361 (2024: £6,810,988)

The bank loans are secured by way of a first legal mortgage over the freehold properties held by the company.

During the year the bank loans were amalgamated into a single loan.

Loan 1 £6,773,361 is provided on an interest only basis over a 5 year term. Interest is charged at 2.85% over the Bank of England base rate.

The other loans are secured by way of legal mortgage over the freehold properties held by the company.

Other loans of £1,800,985 and £48,723 were provided on an interest only basis for a 5 year term.

10.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

1,444,184

1,787,934

Deferred

tax

£

Balance at 1 April 2024

1,787,934

Credit to Income Statement during year

(343,750

)

Balance at 31 March 2025

1,444,184

11.

RESERVES

Within retained earnings, there is an amount of £4,332,552 in relation to the revaluation surplus on the company's investment properties net of deferred tax provision. This amount does not form part of the company's distributable reserves.

12.

CHARGES

The lender Principality Building Society, the director Jane Gwillim-David as well as Michael Wheat hold debentures over the company's Investment properties.

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company made loan repayments of £168,451 (2024: £135,981) to the director J.Gwillim-David. The balance due to the director at the year end was £1,800,985 (2024: £1,969,436). The transactions were conducted at arms length and interest is charged on the loan at open market rates.

14.	RELATED PARTY DISCLOSURES

During the year the company was charged expenses of £321,577 (2024: £327,091) by Longford Investment Ltd, a company under common control of the directors. The amount due at the balance sheet date was £47,039 (2024: £30,406).

In previous years the company issued a loan of £117,414 to Longford Investment No2 Ltd, a company under common control. The amount due at the balance sheet date was £117,414 (2024: £117,414).

In previous years the company received a loan of £240,000 from M Wheat, a shareholder of the company. The transaction was conducted at arms length and interest is charged on the loan at open market rates. . Included in creditors at the year end is an amount of £48,273 (2024: £48,273) owed to M Wheat.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J. Gwillim- David