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REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 31 March 2019 |
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Long Marsh Limited |
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REGISTERED NUMBER:
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Audited Financial Statements for the Year Ended 31 March 2019 |
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for |
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Long Marsh Limited |
Long Marsh Limited (Registered number: 00570773) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Long Marsh Limited |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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63 Broad Green |
Wellingborough |
Northamptonshire |
NN8 4LQ |
Long Marsh Limited (Registered number: 00570773) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
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Tangible assets | 6 |
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CURRENT ASSETS |
Stocks | 7 |
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Debtors | 8 |
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Rental fleet | 9 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 10 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
11 |
( |
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( |
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PROVISIONS FOR LIABILITIES | 14 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 15 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
behalf by: |
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Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Long Marsh Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The significant accounting policies applied in the preparation of these financial statements are set out |
below. These policies have been consistently applied to all years presented unless otherwise stated. |
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Significant judgements and estimates |
In the application of the Company's accounting policies, which are described below, the directors are |
required to make judgements, estimates and assumptions about the carrying amounts of assets and |
liabilities that are not readily apparent from other sources. The estimates and associated assumptions |
are based on the historical experience and other factors that are considered to be relevant. Actual |
results may differ from these estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting |
estimates are recognised in the period in which the estimate is revised if the revision affects only that |
period, or in the period of the revision and future periods if the revision affects both current and future |
periods. |
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Critical judgements in applying the Company's accounting policies |
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The following is the only critical judgement, apart from those involving estimations (which are dealt with |
separately below), that the directors have made in the process of applying the company's accounting |
policies and that have the most significant effect on the amounts recognised in the financial |
statements. |
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The residual value of the rental fleet has been measured based on estimated useful economic life and |
estimated future sales value. Residual values are based on the latest market data for second hand |
fleet sales and economic lives are based on historical experience of how long the company holds |
vehicles. |
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Key source of estimation and uncertainly |
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Determining the vehicles which have been earmarked for sale based on the age and condition of the |
vehicle, which have been transfered from fixed assets to current assets. |
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The estimates and associated assumptions are based on historical experience and various other |
factors that are believed to be reasonable under the circumstances, the results of which form the basis |
of making the judgements about carrying values of assets and liabilities that are not readily apparent |
from other sources. The estimates and underlying assumptions are reviewed on an ongoing basis. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Revenue |
Turnover represents net invoiced sales excluding value added tax. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured |
at cost less any accumulated amortisation and any accumulated impairment losses. |
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Tangible fixed assets and rental fleet |
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Freehold property | - |
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Plant and machinery | - |
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Rental fleet | - |
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Rental fleet assets are reclassified from fixed assets to current assets, at the point at which there is an |
intention to dispose of them within the following 12 months reflecting the predominant remaining period |
of ownership. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised as the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
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Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
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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. |
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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. |
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Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. |
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those |
held under finance leases are depreciated over their estimated useful lives or the lease term, |
whichever is the shorter. |
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The interest element of these obligations is charged to profit or loss over the relevant period. The |
capital element of the future payments is treated as a liability. |
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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 and loss in the period to which they relate. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Debtors and creditors |
Short term debtors are measured at transaction price, less any impairment. |
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Short term trade 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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Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other accounts receivable and payable, loans from banks |
and other third parties. |
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Debt instruments (other than those wholly repayable or receivable within one year), including loans and |
other accounts receivable and payable, are initially measured at present value of the future cash flows |
and subsequently at amortised cost using the effective interest method. Debt instruments that are |
payable or receivable within one year, typically trade payables or receivables, are measured, initially |
and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid |
or received. However, if the arrangements of a short-term instrument constitute a financing |
transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a |
rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the |
financial asset or liability is measured, initially, at the present value of the future cash flow discounted |
at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each |
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an |
impairment loss is recognised in the Profit and Loss Account. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference |
between an asset's carrying amount and the present value of estimated cash flows discounted at the |
asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate |
for measuring any impairment loss is the current effective interest rate determined under the contract |
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Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there |
is an enforceable right to set off the recognised amounts and there is an intention to settle on a net |
basis or to realise the asset and settle the liability simultaneously. |
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Provisions for liabilities |
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. |
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Provisions are charged as an expense to the Income statement in the year that the company becomes |
aware of the obligation, and are measured as the best estimate at the balance sheet date of the |
amount required to settle the obligation, taking into account relevant risks and uncertainties. |
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When payments are eventually made, they are charged to the provision carried in the balance sheet. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
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AMORTISATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | TANGIBLE FIXED ASSETS |
Freehold | Plant and | Rental |
property | machinery | fleet | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2018 |
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Additions |
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Disposals |
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Reclassification/transfer |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Eliminated on disposal |
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Reclassification/transfer |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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Included in cost of land and buildings is freehold land of £ 567,154 (2018 - £ 567,154 ) which is not |
depreciated. |
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Certain freehold land and buildings of the company are pledged as security for the company's bank |
loan. |
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Certain rental fleet vehicles are pledged as security for some of the company's hire purchase |
agreements. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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6. | TANGIBLE FIXED ASSETS - continued |
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Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Rental |
fleet |
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COST |
At 1 April 2018 |
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Additions |
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Transfer to ownership | (534,099 | ) |
Reclassification/transfer | ( |
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At 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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Transfer to ownership | (195,618 | ) |
Reclassification/transfer | ( |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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7. | STOCKS |
2019 | 2018 |
£ | £ |
Stocks |
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8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade |
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Other |
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Prepayments |
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9. | RENTAL FLEET |
2019 | 2018 |
£ | £ |
Rental fleet held for disposal |
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Current rental fleet vehicles with a value of £1,417,860 (2018 - £1,697,631) have been pledged to |
secure borrowings of the company in the form of hire purchase agreements. |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loan |
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Hire purchase contracts (see note 12) |
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Trade |
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Taxation and social security |
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Other |
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11. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Bank loan |
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Hire purchase contracts (see note 12) |
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12. | HIRE PURCHASE AND LEASING |
AGREEMENTS |
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Minimum lease payments fall due as follows: |
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Hire purchase |
contracts |
2019 | 2018 |
£ | £ |
Net obligations repayable: |
Within one year |
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Between one and five years |
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Non-cancellable |
operating leases |
2019 | 2018 |
£ | £ |
Within one year |
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Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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13. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loan |
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Hire purchase | 6,180,475 | 5,245,503 |
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HSBC Bank PLC hold a first legal charge over land and buildings lying to the East of The |
Embankment, Wellingborough dated 22 November 2011. The company also entered into a negative |
pledge agreement, which prevents it from pledging assets to other lenders |
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14. | PROVISIONS FOR LIABILITIES |
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2019 | 2018 |
£ | £ |
Deferred Tax |
Capital allowances in excess of depreciation | 167,740 | 146,551 |
Other provisions | 31,898 | 63,584 |
199,638 | 210,135 |
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Deferred Tax |
£ | £ |
Balance at 1 April 2018 | 146,551 | 174,654 |
Accelerated capital allowances | 21,189 | (28,094 | ) |
Balance at 31 March 2019 | 167,740 | 146,551 |
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Other provisions |
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£ | £ |
Balance at 1 April 2018 | 63,584 | 76,937 |
Movement | (31,686 | ) | (13,353 | ) |
Balance at 31 March 2019 | 31,898 | 63,584 |
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15. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | £1 | 250,000 | 250,000 |
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Ordinary A | £1 | 185 | 185 |
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Ordinary B | £1 | 65 | 65 |
250,250 | 250,250 |
Long Marsh Limited (Registered number: 00570773) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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16. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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17. | CAPITAL COMMITMENTS |
2019 | 2018 |
£ | £ |
Contracted but not provided for in the |
financial statements |
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