Longmead Property Company Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 02128320 (England and Wales)

Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Longmead Property Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I M Crabtree

C M Crabtree

E J Crabtree

M P Crabtree

SECRETARY:

C M Crabtree

REGISTERED OFFICE:

Woodlands

34 Towers Road

Poynton

Cheshire

SK12 1DD

REGISTERED NUMBER:

02128320 (England and Wales)

ACCOUNTANTS:

Boardman Conway

23A High Street

Weaverham

Northwich

Cheshire

CW8 3HA

FIXED ASSETS

Investments

4

1

1

Investment property

5

1,694,168

1,860,829

1,694,169

1,860,830

CURRENT ASSETS

Debtors

6

3,569

5,021

Cash at bank

14,451

-

18,020

5,021

CREDITORS

Amounts falling due within one year

7

91,550

117,118

NET CURRENT LIABILITIES

(73,530

)

(112,097

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,620,639

1,748,733

CREDITORS

Amounts falling due after more than one year

8

636,046

790,523

NET ASSETS

984,593

958,210

CAPITAL AND RESERVES

Called up share capital

1,200

1,200

Fair value reserve

10

42,088

42,088

Retained earnings

941,305

914,922

SHAREHOLDERS' FUNDS

984,593

958,210

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

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.

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 Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:

I M Crabtree - Director

1.	STATUTORY INFORMATION

Longmead Property Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Income is recognised on rental income on an accruals basis in relation to the rental period.

Tangible fixed assets

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

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. At each balance sheet date, the company reviews the carrying amount of its tangible 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 losses, 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 assets belongs.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs.

Subsequently investment properties are measured at fair value. Investment property valuations are based on an open market value. Deferred tax is provided on these movements, where appropriate, after allowing for indexation allowance and losses brought forward. Gains and losses arising from changes in the fair value of investment properties are included in the Statement of Income and Retained Earnings in the period in which they arise.

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.

Joint venture

The company owns some of the investment properties jointly and the financial statements reflect 50% of the transactions in the joint venture.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 December 2022

and 30 November 2023

1

NET BOOK VALUE

At 30 November 2023

1

At 30 November 2022

1

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2022

1,860,829

Disposals

(166,661

)

At 30 November 2023

1,694,168

NET BOOK VALUE

At 30 November 2023

1,694,168

At 30 November 2022

1,860,829

Fair value at 30 November 2023 is represented by:

£

Valuation in 2013

(12,933

)

Cost

1,707,101

1,694,168

If investment properties had not been revalued they would have been included at the following historical cost:

30.11.23

30.11.22

£

£

Cost

1,873,762

1,873,762

Investment properties were valued on an open market basis basis on 31 December 2013 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.23

30.11.22

£

£

Trade debtors

3,569

5,021

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.23

30.11.22

£

£

Bank loans and overdrafts

49,219

54,341

Trade creditors

4,720

2,930

Tax

5,692

18,119

Social security and other taxes

6,143

5,477

VAT

5,118

4,477

Accrued expenses

20,658

31,774

91,550

117,118

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.23

30.11.22

£

£

Bank loans - 1-2 years

51,844

46,111

Bank loans - 2-5 years

172,983

225,951

Bank loans more than 5 years

89,883

163,089

Other creditors

321,336

355,372

636,046

790,523

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

89,883

163,089

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.11.23

30.11.22

£

£

Bank overdraft

-

8,730

Bank loans

334,369

447,892

334,369

456,622

10.

RESERVES

Fair

value

reserve

£

At 1 December 2022

and 30 November 2023

42,088