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Registered number: 10177513
LONGDOWN CAPITAL LIMITED
UNAUDITED
DIRECTORS' REPORT AND
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MAY 2017
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LONGDOWN CAPITAL LIMITED
REGISTERED NUMBER:10177513
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BALANCE SHEET
AS AT 31 MAY 2017
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Debtors: amounts falling due within one year
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Current asset investments
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 2 to 7 form part of these financial statements.
Page 1
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
Longdown Capital Limited is a private company, limited by shares, incorporated in England and Wales, registration number 10177513. The address of the registered office is Munro House, Portsmouth Road, Cobham, KT11 1PP.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are are presented in steling which is the functional currency of the company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Compliance with accounting standards
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The accounts have been prepared in accordance with the provisions of FRS102 Section 1A small entities. There were no material departures from that standard.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
The company's turnover consists of income from dividends and gains from sales of securities. The revenue is recognised on the date of the transaction.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
Page 2
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
2.Accounting policies (continued)
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Page 3
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
·The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
·Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including directors, during the period was 2.
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Charge for the period on owned assets
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Page 4
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
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Called up share capital not paid
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Prepayments and accrued income
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Current asset investments
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Current asset investments are made up of listed securities and are measured at mid-market values at
the year-end date. Gains of £76,304 have been recognised in profit and loss during the year.
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 5
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Gains on potential sale of investments
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Allotted, called up and partly paid
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2,130 A Ordinary Shares shares of £1 each
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3,935 B Ordinary Shares shares of £1 each
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3,935 C Ordinary Shares shares of £1 each
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On incorporation, the company issued 1 Ordinary £1 share at par.
On 1 July 2016, an additional 2 Ordinary £1 shares, 2,129 A Ordinary £1 shares, 3,934 B Ordinary £1 shares and 3,934 C Ordinary were issued for a total consideration of £2,305,226. Additionally, all of the three Ordinary £1 shares were re-designated as one of each A Ordinary, B Ordinary and C Ordinary shares.
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Share premium account
The share premium account included any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from the share premium account.
Profit and loss account
The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.
Page 6
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MAY 2017
12.Financial commitments
The company is commited to make a total investment of £150,000 in IFM FinTech Opportunities LP. £46,742 has been invested to date.
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Related party transactions
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At the period end, the director, Mrs S Benkert, owed the company £10,000. This loan is held in debtors, is interest free and repayable on demand.
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Page 7
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