| Longfleet Engineering Limited |
| Registered number: |
00855056 |
| Balance Sheet |
| as at 29 February 2020 |
|
| Notes |
|
|
2020 |
|
|
2019 |
| £ |
£ |
| Fixed assets |
| Tangible assets |
3 |
|
|
1,115,000 |
|
|
1,115,000 |
|
| Current assets |
| Debtors |
4 |
|
2,279 |
|
|
780 |
| Cash at bank and in hand |
|
|
27,818 |
|
|
25,972 |
|
|
|
30,097 |
|
|
26,752 |
|
| Creditors: amounts falling due within one year |
5 |
|
(30,981) |
|
|
(32,432) |
|
| Net current liabilities |
|
|
|
(884) |
|
|
(5,680) |
|
| Total assets less current liabilities |
|
|
|
1,114,116 |
|
|
1,109,320 |
|
|
| Provisions for liabilities |
|
|
|
(20,253) |
|
|
(20,253) |
|
|
| Net assets |
|
|
|
1,093,863 |
|
|
1,089,067 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
6 |
|
|
11,000 |
|
|
11,000 |
| Share premium |
|
|
|
30,250 |
|
|
30,250 |
| Revaluation reserve |
7 |
|
|
703,000 |
|
|
703,000 |
| Other reserves |
|
|
|
38,326 |
|
|
38,326 |
| Profit and loss account |
|
|
|
311,287 |
|
|
306,491 |
|
| Shareholders' funds |
|
|
|
1,093,863 |
|
|
1,089,067 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
| D R Fernbach |
| Director |
| Approved by the board on 16 February 2021 |
|
| Longfleet Engineering Limited |
| Notes to the Accounts |
| for the year ended 29 February 2020 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared in accordance with Financial Reporting Standard 102 (FRS102) and the Companies Act 2006 (as applicable to companies subject to the small company regime).
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes rents earned from the rental of investment properties, and is recognised in the period to which the right to receive the rent under the tenancy agreement relates. |
|
|
Investments |
|
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at each reporting date with changes in fair value recognised in profit or loss.
The investment properties fair values of £1,115,000 and fair value movement of £nil included in the profit for the year were determined by the directors based on informal discussions with property professionals together with research from specialist websites and market data, adjusted for any differences in nature, location and condition. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
| 2 |
Employees |
2020 |
|
2019 |
| Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
| £ |
|
Cost |
|
At 1 March 2019 |
1,115,000 |
|
At 29 February 2020 |
1,115,000 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 29 February 2020 |
- |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 29 February 2020 |
1,115,000 |
|
At 28 February 2019 |
1,115,000 |
|
|
|
|
|
|
|
|
|
|
|
Freehold land and buildings: |
2020 |
|
2019 |
| £ |
£ |
|
Historical cost |
391,747 |
|
391,747 |
|
Cumulative depreciation based on historical cost |
- |
|
- |
|
|
|
|
|
|
391,747 |
|
391,747 |
|
|
| 4 |
Debtors |
2020 |
|
2019 |
| £ |
£ |
|
|
Other debtors |
2,279 |
|
780 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2020 |
|
2019 |
| £ |
£ |
|
|
Taxation and social security costs |
12,992 |
|
14,573 |
|
Other creditors |
17,989 |
|
17,859 |
|
|
|
|
|
|
30,981 |
|
32,432 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Share capital |
Nominal |
|
2020 |
|
2020 |
|
2019 |
| value |
Number |
£ |
£ |
|
Allotted, called up and fully paid: |
|
Ordinary shares |
£1 each |
|
10,000 |
|
10,000 |
|
10,000 |
|
B Ordinary shares |
£1 each |
|
1,000 |
|
1,000 |
|
1,000 |
|
|
|
|
|
|
11,000 |
|
11,000 |
|
|
|
|
|
|
|
|
|
|
|
| 7 |
Revaluation reserve |
2020 |
|
2019 |
| £ |
£ |
|
|
At 1 March 2019 |
703,000 |
|
703,000 |
|
|
At 29 February 2020 |
703,000 |
|
703,000 |
|
|
|
|
|
|
|
|
|
|
| 8 |
Events after the reporting date |
|
|
Following the year-end, the directors have reviewed the impact of COVID-19 on the company's ability to continue in business and consider that operations have not been materially impacted by the virus. The directors are aware that COVID-19 is likely to impact on the company's tenants, the industry in which it operates and the national economy. The directors understand that the biggest threats facing the business are the receipt of rents from its tenants and these have continued to be received as anticipated by the directors. The directors consider that the current financial position of the company will enable the company to further manage the effects and maintain financial stability. |
|
|
| 9 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
D R Fernbach |
|
Interest free loan |
- |
|
933 |
|
(933) |
|
- |
|
Interest free loan |
- |
|
468 |
|
(468) |
|
- |
|
Interest free loan |
- |
|
2,223 |
|
(1,295) |
|
928 |
|
|
|
- |
|
3,624 |
|
(2,696) |
|
928 |
|
|
|
|
|
|
|
|
|
|
| 10 |
Other information |
|
|
Longfleet Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
The History Room at Farnham Pottery |
|
Pottery Lane, Wrecclesham |
|
Farnham |
|
Surrey |
|
GU10 4QJ |
