Long Island Limited Filleted accounts for Companies House (small and micro)

LONG ISLAND LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03486935

Long Island Limited

Filleted Financial Statements

For the year ended

30 September 2019

Long Island Limited

Financial Statements

Year ended 30th September 2019

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	3 to 7

Long Island Limited

Officers and Professional Advisers

The board of directors	Mr M Hill
	Mr M W Seaman-Hill
	Mr J J Hill

Company secretary	Mr M W Seaman-Hill

Registered office	First Floor Offices
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Auditor	Hicks and Company
	Chartered accountants & statutory auditor
	First Floor
	99 Bancroft
	Hitchin
	Hertfordshire
	SG5 1NQ

Bankers	HSBC
	1 Market Place
	Hitchin
	Hertfordshire
	SG5 1DR

Long Island Limited

Statement of Financial Position

30 September 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	4		1,306,667	1,306,667

Current assets

Cash at bank	15,290		15,389

Creditors: amounts falling due within one year	5	254,262		252,943
		---------		---------
Net current liabilities			238,972	237,554
			------------	------------
Total assets less current liabilities			1,067,695	1,069,113
			------------	------------
Net assets			1,067,695	1,069,113
			------------	------------

Capital and reserves

Called up share capital	100	100
Share premium account	1,012,567	1,012,567
Profit and loss account	55,028	56,446
	------------	------------
Shareholders funds	1,067,695	1,069,113
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements were approved by the board of directors and authorised for issue on 12 June 2020 , and are signed on behalf of the board by:

Mr M Hill

Director

Company registration number: 03486935

Long Island Limited

Notes to the Financial Statements

Year ended 30th September 2019

1. General information

The company is a private company limited by shares, registered in England and Wales, registered number 03486935 . The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in pounds sterling, which is also the functional currency of the company. Monetary amounts are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis as the directors are of the opinion that the company has recourse to resources should they be required over the next twelve months.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover represents the income from investments.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

At each reporting date, the company reviews the carrying amount of its fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Investments

	Shares in group undertakings
	£
Cost
At 1st October 2018 and 30th September 2019	1,306,667
	------------
Impairment
At 1st October 2018 and 30th September 2019	–
	------------

Carrying amount
At 30th September 2019	1,306,667
	------------
At 30th September 2018	1,306,667
	------------

The company's fixed asset investments and shareholdings therein are as follows:

Name of Country of Proportion Nature of

company incorporation Holding held business

a) Shares held by company:-

Curtis Trust England &

Limited Wales Ordinary Shares 100% Property Investor

b) Shares held by Curtis Trust Limited:-

Curtis Trust Inc USA Common Stock 100% Property Investor

Preferred Stock 81.03%

McJade Properties England & Ordinary Shares 100% Property Investor

Limited Wales

Shares in associated companies:-

Curtis Trust Canada Common Stock 50% Property Investor

International Inc

Hitchin Beach USA Capital Stock 20% Property Investor

Development Inc

Ecoterms Limited England & Ordinary Shares 43% Property Investor

Wales

Curtis Land England & Ordinary Shares 25% Property Investor

Limited Wales

Farmfield England & Ordinary Shares 34% Bloodstock

Bloodstock Limited Wales Investor

In addition Curtis Trust International Inc has a 50% interest in the common stock of Churchill Steel and Timber Limited a company incorporated in Canada.

Extracts from the last finalised financial statements of the subsidiary undertakings and associated companies are detailed below in the currency of the country in which the company is registered together with the sterling equivalent at the appropriate year end:

Capital Profit/(Loss) for

and the year after

Name of company Year end reserves taxation

(a) Shares held by company - Subsidiary undertakings:-

Curtis Trust 30th September 2019 £5,380,518 £263,167

(b) Shares held by Curtis Trust Limited - associated companies:-

Curtis Trust Inc 31st December 2018 US$33,023 US$6,247

£25,906 £4,901

McJade Properties

Limited 30th September 2018 £747,721 £62,178

Curtis Trust 31st December 2018 CAN$(166,889) CAN$(1,560)

International Inc £(96,145) £(899)

Hitchin Beach Development

Inc 31st December 2017 US$348,260 US$38,940

£273,209 £30,548

Ecoterms Limited 31st March 2019 £732,490 £57,520

Curtis Land Limited 30th September 2019 £475,203 £29,712

Farmfield Bloodstock 30th September 2019 £(1,054,581)

£(12,379) Limited

Churchill Steel & 31st December 2018 CAN$2,886,305 CAN$6,300

Timber Limited £1,662,810 £3,629

5. Creditors: amounts falling due within one year

	2019	2018
	£	£
Amounts owed to subsidiary undertaking	231,908	231,909
Social security and other taxes	163	43
Other creditors	22,191	20,991
	---------	---------
	254,262	252,943
	---------	---------

6. Summary audit opinion

The auditor's report for the year dated 12 June 2020 was unqualified.

The senior statutory auditor was PHILIP DEAN FCA , for and on behalf of Hicks and Company .

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M Hill	( 6,740)	–	( 6,740)
	-------	----	-------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M Hill	( 6,660)	( 80)	( 6,740)
	-------	----	-------

The above exist loan is unsecured, interest free and repayable on demand.