Longfleet Engineering Limited - Filleted accounts

Longfleet Engineering Limited - Filleted accounts

LONGFLEET ENGINEERING LIMITED - Company Information

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Registered number
00855056
Longfleet Engineering Limited
Filleted accounts
28 February 2017
Longfleet Engineering Limited
Registered number: 00855056
Balance Sheet
as at 28 February 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 3 1,102,000 1,075,777
Current assets
Debtors 4 769 11,478
Cash at bank and in hand 12,667 4,181
13,436 15,659
Creditors: amounts falling due within one year 5 (33,361) (44,165)
Net current liabilities (19,925) (28,506)
Total assets less current liabilities 1,082,075 1,047,271
Provisions for liabilities (24,143) (27,175)
Net assets 1,057,932 1,020,096
Capital and reserves
Called up share capital 11,000 11,000
Share premium 30,250 30,250
Fair value reserve 7 686,110 656,855
Other reserves 38,326 38,326
Profit and loss account 292,246 283,665
Shareholders' funds 1,057,932 1,020,096
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 24 November 2017
Longfleet Engineering Limited
Notes to the Accounts
for the year ended 28 February 2017
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 year presented unless otherwise stated.

These financial statements for the year ended 28 February 2017 are the first financial statements that comply with FRS 102 Section 1A small entities. The date of transition is 1 March 2015.

The transition to FRS 102 Section 1Asmall entities has resulted in a small number of changes in accounting policies to those used previously.

The nature of those changes and their impact on the opening equity and profit for the comparative period are explained in note 8 below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment properties
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 £1,102,000 and fair value movement of £26,223 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), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. 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. 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 2017 2016
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 March 2016 1,075,777
Surplus on revaluation 26,223
At 28 February 2017 1,102,000
Depreciation
At 28 February 2017 -
Net book value
At 28 February 2017 1,102,000
At 29 February 2016 1,075,777
Freehold land and buildings: 2017 2016
£ £
Historical cost 391,747 391,747
Cumulative depreciation based on historical cost - -
391,747 391,747
4 Debtors 2017 2016
£ £
Other debtors 769 11,478
5 Creditors: amounts falling due within one year 2017 2016
£ £
Corporation tax 13,145 12,989
Other taxes and social security costs 2,009 2,294
Other creditors 18,207 28,882
33,361 44,165
6 Share capital Nominal 2017 2017 2016
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 Fair value reserve 2017 2016
£ £
At 1 March 2016 684,030 684,030
Prior year adjustment (27,175) (28,700)
At 1 March 2016 as restated 656,855 655,330
Deferred taxation arising on the revaluation of land and buildings 3,032 1,525
Transfer from profit and loss account 26,223 -
At 28 February 2017 686,110 656,855
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
D R Fernbach
Interest free loan 10,769 10,000 (20,769) -
10,769 10,000 (20,769) -
9 Explanation of Transition - Prior year adjustments
1-Mar-2016 1-Mar-2015
£ £
Capital and reserves as previously reported under FRSSE 1,047,271 1,051,402
Deferred tax charge on investment property (27,175) (28,700)
Capital and reserves under FRS 102 Section 1A 1,020,096 1,022,702
Deferred tax on investment property
FRS102 requires that deferred tax be recognised on revaluations of investment property. This was not required under previous UK GAAP unless there was a binding agreement to sell the revalued asset and the gains or losses expected to arise on sale had been recognised. This change has been retrospectively applied, leading to the recognition of additional deferred tax liabilities of £28,700 at the date of transition (1 March 2015) and £27,175 as at 1 March 2016.
10 Explanation of Transition - Balance Sheet Reclassifications
In addition to the prior year adjustments described in note 11, the company has been required by FRS 102 to reclassify the revaluation reserve as part of its profit and loss reserves. The restated amount reclassified as at 1 March 2015 was £655,330 and the amount as at 29 February 2016 was £656,855.

A separate non distributable reserve, named the Fair value reserve, has been set up to assist with the identification of profits available for that purpose as allowed by FRS 102 Section A4.28.
11 Other information
Longfleet Engineering Limited is a private company limited by shares and incorporated in England. Its registered office is:
The History Room at Farm Pottery
Pottery Lane, Wrecclesham
Farnham
Surrey
GU10 4QJ
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