Long Island Limited 30/09/2020 iXBRL

Long Island Limited 30/09/2020 iXBRL

LONG ISLAND LIMITED - Company Information

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Company registration number: 03486935
Long Island Limited
Filleted financial statements
30 September 2020
Long Island Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Long Island Limited
Directors and other information
Directors Mr M Hill
Mr M W Seaman-Hill
Mr J J Hill (Appointed 30 January 2020)
Secretary Mr M W Seaman-Hill
Company number 03486935
Registered office First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Auditor Hicks and Company
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers HSBC
1 Market Place
Hitchin
Hertfordshire
SG5 1DR
Long Island Limited
Directors responsibilities statement
Year ended 30 September 2020
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Long Island Limited
Statement of financial position
30 September 2020
2020 2019
Note £ £ £ £
Fixed assets
Investments 4 1,306,667 1,306,667
_______ _______
1,306,667 1,306,667
Current assets
Cash at bank and in hand 9,018 15,290
_______ _______
9,018 15,290
Creditors: amounts falling due
within one year 5 ( 239,405) ( 254,262)
_______ _______
Net current liabilities ( 230,387) ( 238,972)
_______ _______
Total assets less current liabilities 1,076,280 1,067,695
_______ _______
Net assets 1,076,280 1,067,695
_______ _______
Capital and reserves
Called up share capital 100 100
Share premium account 1,012,567 1,012,567
Profit and loss account 63,613 55,028
_______ _______
Shareholders funds 1,076,280 1,067,695
_______ _______
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 Section 1A of 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.
These financial statements were approved by the board of directors and authorised for issue on 25 June 2021 , and are signed on behalf of the board by:
Mr M W Seaman-Hill
Director
Company registration number: 03486935
Long Island Limited
Notes to the financial statements
Year ended 30 September 2020
1. General information
The company is a private company limited by shares, registered in England & Wales. 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 the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The Triennial review 2017 amendments to the standard have been early adopted.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
Turnover
Turnover represents the income from investments.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Investments
Shares in group undertaking Total
£ £
Cost
At 1 October 2019 and 30 September 2020 1,306,667 1,306,667
_______ _______
Impairment
At 1 October 2019 and 30 September 2020 - -
_______ _______
Carrying amount
At 30 September 2020 1,306,667 1,306,667
_______ _______
At 30 September 2019 1,306,667 1,306,667
_______ _______
5. Creditors: amounts falling due within one year
2020 2019
£ £
Amounts owed to group undertaking 231,909 231,909
Social security and other taxes - 163
Other creditors 7,496 22,190
_______ _______
239,405 254,262
_______ _______
6. Summary audit opinion
The auditor's report for the year dated 25 June 2021 was unqualified.
The senior statutory auditor was Philip Dean FCA for and on behalf of Hicks and Company
7. Directors advances, credits and guarantees
Balance brought forward and o/standing Balance brought forward and o/standing
2020 2019
£ £
Mr M Hill 6,740 6,740
_______ _______