Longcroft & Old Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Longcroft & Old Limited is a private company, limited by shares, incorporated in England & Wales, registered number 01305861 . The registered office is 30 Central Markets, West Market Buildings Smithfield, London, EC1A 9PS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	10 years straight line
Plant & Machinery	25% Reducing balance
Motor Vehicles	20% Straight line
Fixtures & Fittings	25% Reducing balance

2.4. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

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Longcroft & Old Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

2.6. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.7. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.8. 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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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Longcroft & Old Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

3. Average Number of Employees

Average number of employees, including directors, during the year was: 17 (2024: 10)

4. Tangible Assets

	Land & Property
	Freehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings	Total
	£	£	£	£	£
Cost
As at 1 April 2024	71,599	200,396	56,170	101,997	430,162
Additions	-	23,425	78,198	1,115	102,738

As at 31 March 2025	71,599	223,821	134,368	103,112	532,900

Depreciation
As at 1 April 2024	71,599	108,944	42,587	94,298	317,428
Provided during the period	-	26,908	18,676	2,204	47,788

As at 31 March 2025	71,599	135,852	61,263	96,502	365,216

Net Book Value
As at 31 March 2025	-	87,969	73,105	6,610	167,684

As at 1 April 2024	-	91,452	13,583	7,699	112,734

5. Stocks

	2025	2024
	£	£
Stock	236,715	167,994

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,098,953	947,539
Other debtors	233,148	185,776

	1,332,101	1,133,315

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	3,178	8,975
Trade creditors	1,026,999	1,104,465
Bank loans and overdrafts	10,337	10,082
Other creditors	43,078	36,161
Taxation and social security	232,082	17,893

	1,315,674	1,177,576

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Longcroft & Old Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2025

8. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Net obligations under finance lease and hire purchase contracts	-	3,178
Bank loans	7,078	17,415
Other creditors	30,786	30,787

	37,864	51,380

There are no amounts included above in respect of which any security has been given by the small entity.

9. Obligations Under Finance Leases and Hire Purchase

	2025	2024
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	3,178	8,975
Later than one year and not later than five years	-	3,178

	3,178	12,153

	3,178	12,153

10. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	76	76

11. Ultimate Controlling Party

Parent Company:

Longcroft and Old Smithfield Limited

30 Central Markets, West Market Buildings Smithfield, London, United Kingdowm, EC1A 9PS.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		167,684		112,734

			167,684		112,734
CURRENT ASSETS
Stocks	5	236,715		167,994
Debtors	6	1,332,101		1,133,315
Cash at bank and in hand		992,893		609,394

		2,561,709		1,910,703
Creditors: Amounts Falling Due Within One Year	7	(1,315,674 )		(1,177,576 )

NET CURRENT ASSETS (LIABILITIES)			1,246,035		733,127

TOTAL ASSETS LESS CURRENT LIABILITIES			1,413,719		845,861

Creditors: Amounts Falling Due After More Than One Year	8		(37,864 )		(51,380 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(41,921 )		(28,183 )

NET ASSETS			1,333,934		766,298

CAPITAL AND RESERVES
Called up share capital	10		76		76
Capital redemption reserve			24		24
Profit and Loss Account			1,333,834		766,198

SHAREHOLDERS' FUNDS			1,333,934		766,298