Longfield Lands Limited - Accounts to registrar (filleted) - small 18.2
Longfield Lands Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 March 2020 |
| for |
| Longfield Lands Limited |
| Longfield Lands Limited (Registered number: 03604458) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2020 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Longfield Lands Limited |
| Company Information |
| for the Year Ended 31 March 2020 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Cedar Cottage |
| Denham Lane |
| Chalfont St Peter |
| Buckinghamshire |
| SL9 0QQ |
| Longfield Lands Limited (Registered number: 03604458) |
| Balance Sheet |
| 31 March 2020 |
| 31.3.20 | 31.3.19 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Revaluation reserve | 7 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| Longfield Lands Limited (Registered number: 03604458) |
| Balance Sheet - continued |
| 31 March 2020 |
| 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 |
| Longfield Lands Limited (Registered number: 03604458) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2020 |
| 1. | STATUTORY INFORMATION |
| Longfield Lands Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Related party exemption |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Turnover |
| Turnover represents the gross sums received for property rentals. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life: |
| Land and buildings - not provided |
| Plant and machinery etc - 25% on cost |
| In accordance with the provisions of Financial Reporting Standard 102, investment properties are revalued annually and the aggregate surplus or deficit is transferred to the revaluation reserve. No depreciation is provided in respect of investment properties. |
| The Companies Act 2006 requires all properties to be depreciated however this requirement conflicts with the provisions of FRS102 with regard to investment properties. The directors consider that it is the current value which is of prime importance and to depreciate the investment properties would not give a true and fair view of the company's results. |
| If this departure from the Act had not been made, the profit for the financial year would have been reduced by depreciation, the amount of which cannot be reasonably quantified because depreciation is one of many factors reflected in the annual valuation and the amount of which might otherwise have been shown cannot be separately identified or quantified. |
| Longfield Lands Limited (Registered number: 03604458) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST OR VALUATION |
| At 1 April 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 March 2020 |
| DEPRECIATION |
| At 1 April 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31 March 2020 |
| NET BOOK VALUE |
| At 31 March 2020 |
| At 31 March 2019 |
| Longfield Lands Limited (Registered number: 03604458) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 March 2020 is represented by: |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| Valuation in 2002 | 835,164 | - | 835,164 |
| Valuation in 2005 | 25,000 | - | 25,000 |
| Valuation in 2007 | 755,000 | - | 755,000 |
| Valuation in 2009 | (243,839 | ) | - | (243,839 | ) |
| Valuation in 2012 | (150,000 | ) | - | (150,000 | ) |
| Valuation in 2013 | 735,000 | - | 735,000 |
| Valuation in 2014 | 615,000 | - | 615,000 |
| Valuation in 2015 | 475,000 | - | 475,000 |
| Valuation in 2018 | 50,000 | - | 50,000 |
| Valuation in 2020 | 375,000 | - | 375,000 |
| Cost | 953,675 | 2,419 | 956,094 |
| 4,425,000 | 2,419 | 4,427,419 |
| If freehold land & buildings had not been revalued they would have been included at the following historical cost: |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Cost | 953,675 | 953,675 |
| The freehold land & buildings were valued on an open market basis on 31 March 2020 by the directors . |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.20 | 31.3.19 |
| £ | £ |
| Taxation and social security |
| Other creditors |
| Longfield Lands Limited (Registered number: 03604458) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2020 |
| 7. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 April 2019 |
| Property revaluation | 375,000 |
| At 31 March 2020 |
| 8. | TRANSACTIONS WITH DIRECTORS |
| The directors have made loans to the company which are interest free and repayable on demand. At the balance sheet date these loans amounted to £115,508 (2019: £37,915) and are disclosed in the balance sheet under creditors falling due within one year. |
| 9. | RELATED PARTY DISCLOSURES |
| Creditors falling due within one year includes loans from members of the immediate family of the directors amounting to £5,890 (2019: £155,715). These loans are repayable on demand and carry interest at commercial rates. |
| 10. | ULTIMATE CONTROLLING PARTY |
| Day to day control over the company's activities is exercised by the directors who are also the principal shareholders. |