Longford Investment Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05684399 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2022

for

LONGFORD INVESTMENT LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Director's Responsibilities Statement

7

Independent Chartered Accountants' Review Report

8

DIRECTOR:

J Gwillim-David

SECRETARY:

M R Wheat

REGISTERED OFFICE:

Merlin House

Charnham Lane

Hungerford

Berkshire

RG17 0EY

REGISTERED NUMBER:

05684399 (England and Wales)

ACCOUNTANTS:

Thorne Lancaster Parker

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

FIXED ASSETS

Property, plant and equipment

4

47,067

52,481

CURRENT ASSETS

Inventories

35,600

30,418

Debtors

5

29,929

45,944

Cash at bank

25,365

31,573

90,894

107,935

CREDITORS

Amounts falling due within one year

6

21,816

35,076

NET CURRENT ASSETS

69,078

72,859

TOTAL ASSETS LESS CURRENT LIABILITIES

116,145

125,340

CAPITAL AND RESERVES

Called up share capital

2,225

2,225

Retained earnings

113,920

123,115

SHAREHOLDERS' FUNDS

116,145

125,340

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 28 October 2022 and were signed by:

J Gwillim-David - Director

1.	STATUTORY INFORMATION

Longford Investment 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

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

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

Turnover

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

Tangible fixed assets

Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings 25% on cost

Motor vehicles 15% on cost

Plant & machinery 15% on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Stocks

Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

When stocks are sold, the carrying amount is recognised as an expense in the period in which the related revenue is recognised.

The amount of any write down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write down or loss occurs.

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 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 9 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 April 2021

95,813

Additions

8,201

At 31 March 2022

104,014

DEPRECIATION

At 1 April 2021

43,332

Charge for year

13,615

At 31 March 2022

56,947

NET BOOK VALUE

At 31 March 2022

47,067

At 31 March 2021

52,481

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

12,056

34,821

Other debtors

5,064

-

Prepayments and accrued income

12,809

11,123

29,929

45,944

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade creditors

5,521

4,870

Social security and other taxes

11,500

27,298

Other creditors

75

927

Accruals and deferred income

4,720

1,981

21,816

35,076

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director charged office rent to the company of £4,704 (2021: £4,704).

8.	RELATED PARTY DISCLOSURES

During the year the company recharged expenses of £286,640 (2021: £256,713) to Longford Investment (No1) Ltd. The balance due from Longford Investment (No1) Ltd at the year end was £9,939 (2021: £26,959).

During the year the company recharged expenses of £69,156 (2021: £62,791) to Longford Investment (No2) Ltd .The balance due from Longford Investment (No2) Ltd at the year end was £1,800 (2021: £6,726).

During the year the company charged £Nil (2021: £16) to MLT Property Limited, a company with certain common directors, for services rendered in the ordinary course of business. The balance due at the year end was £Nil (2021: £Nil).

9.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Gwillim-David.

The following reproduces the text of the report prepared for the director and members in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

I confirm that as a director I have met my duty in accordance with the Companies Act 2006 to:

-	ensure that the company has kept proper accounting records;

-

prepare financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2022 and of its loss for that period in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	follow the applicable accounting policies, subject to any material departures disclosed and explained in the notes to the financial statements.

J Gwillim-David - Director

28 October 2022

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

We have reviewed the financial statements of Longford Investment Limited for the year ended 31 March 2022, which comprise the Income Statement, Statement of Financial Position and the related notes 1 to 9. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

This report is made solely to the company's director in accordance with our terms of engagement. Our review has been undertaken so that we might state to the director those matters that we have agreed with her in our engagement letter and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's director for our work, for this report or the conclusions we have formed.

Director's responsibility for the financial statements

As explained more fully in the Director's Responsibilities Statement set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.

Accountants' responsibility

Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2400 (Revised), 'Engagements to review historical financial statements' and ICAEW Technical Release TECH 09/13AAF 'Assurance review engagements on historical financial statements'. ISRE 2400 also requires us to comply with the ICAEW Code of Ethics.

Scope of the assurance review

A review of financial statements in accordance with ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:

-	so as to give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its loss for the year then ended;

-	in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and

-	in accordance with the requirements of the Companies Act 2006.

Thorne Lancaster Parker

4th Floor

Venture House

27-29 Glasshouse Street

London

W1B 5DF

Date: .............................................