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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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LONGPRIME LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 JUNE 2020 |
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FOR |
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LONGPRIME LIMITED |
LONGPRIME LIMITED (REGISTERED NUMBER: 09937734) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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LONGPRIME LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
LONGPRIME LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Longprime Limited for the year ended 30 June 2020 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Longprime Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Longprime Limited and state those matters that we have agreed to state to the Board of Directors of Longprime Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Longprime Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Longprime Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Longprime Limited. You consider that Longprime Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Longprime Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
505 Pinner Road |
Harrow |
Middlesex |
HA2 6EH |
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LONGPRIME LIMITED (REGISTERED NUMBER: 09937734) |
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STATEMENT OF FINANCIAL POSITION |
30 JUNE 2020 |
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30/6/20 | 30/6/19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | 10 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 11 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
LONGPRIME LIMITED (REGISTERED NUMBER: 09937734) |
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STATEMENT OF FINANCIAL POSITION - continued |
30 JUNE 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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LONGPRIME LIMITED (REGISTERED NUMBER: 09937734) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2020 |
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1. | STATUTORY INFORMATION |
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Longprime Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Buildings: 2% on Cost |
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Freehold property held is stated in the statement of financial position at the revalued amounts. The revalued amounts equate to the fair value at the date of revaluation less any depreciation or impairment losses subsequently accumulated. Revaluations are carried out regularly so that the carrying amounts do not materially differ from using the fair value at the date of the statement of financial position. Any revaluation increase or decrease on freehold property is credited to the revaluation reserve. |
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Government grants |
Grants provided by the government for the purpose of giving immediate financial support in respect of Covid-19 are recognised in the accounting period in which they are received, under accrual model. |
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Deferred tax |
Deferred tax is recognised in respect of temporary differences which are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2019 - NIL). |
LONGPRIME LIMITED (REGISTERED NUMBER: 09937734) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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4. | TANGIBLE FIXED ASSETS |
Land and |
buildings |
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COST OR VALUATION |
At 1 July 2019 |
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Additions |
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At 30 June 2020 |
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DEPRECIATION |
At 1 July 2019 |
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Charge for year |
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At 30 June 2020 |
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NET BOOK VALUE |
At 30 June 2020 |
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At 30 June 2019 |
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The valuation for the freehold land was performed on 14 March 2019 by qualified valuers Savills (UK) Limited (RICS), members of the Royal Institute of Chartered Surveyors, valuing the land at £4,600,000. The valuations were performed in accordance with the RICS Valuation - Global Standards (2017) on a open market value basis. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/20 | 30/6/19 |
£ | £ |
Amounts owed by associates |
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Other debtors |
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VAT |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30/6/20 | 30/6/19 |
£ | £ |
Bank loans and overdrafts (see note 8) |
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Trade creditors |
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Amounts owed to associates | 124,001 | 62,000 |
Shareholders Loan |
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Accrued expenses |
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LONGPRIME LIMITED (REGISTERED NUMBER: 09937734) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
30/6/20 | 30/6/19 |
£ | £ |
Bank loans (see note 8) |
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Other loans (see note 8) |
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Included within other loan is Business Bounce Back loan of £50,000. The loan is repayable in 6 years with rate of interest fixed at 2.50% per annum starting 13 months after the first drawdown. Interest due for the first 12 months is paid by the UK government as grant also known as business interruption payment. |
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8. | LOANS |
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An analysis of the maturity of loans is given below: |
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30/6/20 | 30/6/19 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
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Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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Other loans - 2-5 years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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30/6/20 | 30/6/19 |
£ | £ |
Bank loans |
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The bank loan is secured by a legal charge over the freehold land and by the personal guarantee of the director.The loan is fully repayable by 29 March 2021 with the rate of interest fixed at 8.10% per annum. |
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10. | PROVISIONS FOR LIABILITIES |
30/6/20 | 30/6/19 |
£ | £ |
Deferred tax | 661,006 | 613,301 |
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Deferred tax |
£ |
Balance at 1 July 2019 |
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Provided during year |
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Balance at 30 June 2020 |
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LONGPRIME LIMITED (REGISTERED NUMBER: 09937734) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2020 |
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11. | RESERVES |
Revaluation |
reserve |
£ |
At 1 July 2019 |
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Transfer | (47,705 | ) |
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At 30 June 2020 |
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