ACCOUNTS - Final Accounts

LONGWATER (GRAVEL) COMPANY LIMITED(THE) - Company Information

Caseware UK (AP4) 2018.0.111 2018.0.111 2018-08-312019-05-212018-08-312019-05-21truetruefalse2017-09-01producers of aggregatesThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00508824 2017-09-01 2018-08-31 00508824 2016-09-01 2017-08-31 00508824 2018-08-31 00508824 2017-08-31 00508824 c:CompanySecretary1 2017-09-01 2018-08-31 00508824 c:Director1 2017-09-01 2018-08-31 00508824 c:Director2 2017-09-01 2018-08-31 00508824 c:Director3 2017-09-01 2018-08-31 00508824 c:Director4 2017-09-01 2018-08-31 00508824 c:Director5 2017-09-01 2018-08-31 00508824 c:Director6 2017-09-01 2018-08-31 00508824 c:RegisteredOffice 2017-09-01 2018-08-31 00508824 d:Buildings 2017-09-01 2018-08-31 00508824 d:Buildings 2018-08-31 00508824 d:Buildings 2017-08-31 00508824 d:Buildings d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 00508824 d:Buildings d:LongLeaseholdAssets 2017-09-01 2018-08-31 00508824 d:Buildings d:LongLeaseholdAssets 2018-08-31 00508824 d:Buildings d:LongLeaseholdAssets 2017-08-31 00508824 d:Buildings d:ShortLeaseholdAssets 2017-09-01 2018-08-31 00508824 d:PlantMachinery 2017-09-01 2018-08-31 00508824 d:PlantMachinery 2018-08-31 00508824 d:PlantMachinery 2017-08-31 00508824 d:PlantMachinery d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 00508824 d:MotorVehicles 2017-09-01 2018-08-31 00508824 d:MotorVehicles 2018-08-31 00508824 d:MotorVehicles 2017-08-31 00508824 d:MotorVehicles d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 00508824 d:FurnitureFittings 2017-09-01 2018-08-31 00508824 d:FurnitureFittings 2018-08-31 00508824 d:FurnitureFittings 2017-08-31 00508824 d:FurnitureFittings d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 00508824 d:OwnedOrFreeholdAssets 2017-09-01 2018-08-31 00508824 d:CurrentFinancialInstruments 2018-08-31 00508824 d:CurrentFinancialInstruments 2017-08-31 00508824 d:Non-currentFinancialInstruments 2018-08-31 00508824 d:Non-currentFinancialInstruments 2017-08-31 00508824 d:CurrentFinancialInstruments d:WithinOneYear 2018-08-31 00508824 d:CurrentFinancialInstruments d:WithinOneYear 2017-08-31 00508824 d:Non-currentFinancialInstruments d:AfterOneYear 2018-08-31 00508824 d:Non-currentFinancialInstruments d:AfterOneYear 2017-08-31 00508824 d:ShareCapital 2018-08-31 00508824 d:ShareCapital 2017-08-31 00508824 d:SharePremium 2018-08-31 00508824 d:SharePremium 2017-08-31 00508824 d:CapitalRedemptionReserve 2018-08-31 00508824 d:CapitalRedemptionReserve 2017-08-31 00508824 d:RetainedEarningsAccumulatedLosses 2018-08-31 00508824 d:RetainedEarningsAccumulatedLosses 2017-08-31 00508824 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2017-09-01 2018-08-31 00508824 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2018-08-31 00508824 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2017-08-31 00508824 c:FRS102 2017-09-01 2018-08-31 00508824 c:AuditExemptWithAccountantsReport 2017-09-01 2018-08-31 00508824 c:FullAccounts 2017-09-01 2018-08-31 00508824 c:PrivateLimitedCompanyLtd 2017-09-01 2018-08-31 00508824 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-09-01 2018-08-31 00508824 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2018-08-31 00508824 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2017-08-31 iso4217:GBP xbrli:pure

Registered number: 00508824

LONGWATER (GRAVEL) COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

LONGWATER (GRAVEL) COMPANY LIMITED

COMPANY INFORMATION

Directors	W Littleboy
	Mrs E Littleboy
	Mrs B Campbell
	W Littleboy
	Mrs F Littleboy
	S Smith


Company secretary	W Littleboy


Registered number	00508824


Registered office	Winnington House
	2 Woodberry Grove
	London
	N12 0DR


Auditors	MA Partners LLP
	Chartered Accountants
	7 The Close
	Norwich
	Norfolk
	NR1 4DJ

LONGWATER (GRAVEL) COMPANY LIMITED

CONTENTS

	Page
Accountant's report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 11

LONGWATER (GRAVEL) COMPANY LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LONGWATER (GRAVEL) COMPANY LIMITED
FOR THE YEAR ENDED 31 AUGUST 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Longwater (Gravel) Company Limited for the year ended 31 August 2018 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

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 at http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of Longwater (Gravel) Company Limited, as a body, in accordance with the terms of our engagement letter dated 26 November 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Longwater (Gravel) Company Limited and state those matters that we have agreed to state to the Board of directors of Longwater (Gravel) Company Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Longwater (Gravel) Company Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that Longwater (Gravel) Company 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 profit of Longwater (Gravel) Company Limited. You consider that Longwater (Gravel) Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Longwater (Gravel) Company 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.

MA Partners LLP

Chartered Accountants

7 The Close

Norwich

Norfolk

NR1 4DJ

21 May 2019

Page 1

LONGWATER (GRAVEL) COMPANY LIMITED

REGISTERED NUMBER: 00508824

BALANCE SHEET

AS AT 31 AUGUST 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		5,829,109		5,716,926
			5,829,109		5,716,926
Current assets
Stocks		44,335		47,600
Debtors: amounts falling due within one year	5	1,060,826		1,404,241
Cash at bank and in hand		737,496		781,090
		1,842,657		2,232,931
Creditors: amounts falling due within one year	6	(2,060,731)		(2,127,315)
Net current (liabilities)/assets			(218,074)		105,616
Total assets less current liabilities			5,611,035		5,822,542
Creditors: amounts falling due after more than one year	7		(437,287)		(1,053,140)
Provisions for liabilities
Deferred tax		(446,226)		(496,307)
Other provisions	8	(131,759)		(97,453)
			(577,985)		(593,760)
Net assets			4,595,763		4,175,642

Capital and reserves
Called up share capital	409,500	409,500
Share premium account	24,800	24,800
Capital redemption reserve	4,000	4,000
Profit and loss account	4,157,463	3,737,342
	4,595,763	4,175,642

Page 2

LONGWATER (GRAVEL) COMPANY LIMITED

REGISTERED NUMBER: 00508824

BALANCE SHEET (CONTINUED)

AS AT 31 AUGUST 2018

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 year 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 on 21 May 2019.

W Littleboy

Director

The notes on pages 4 to 11 form part of these financial statements.

Page 3

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

1.	General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Winnington House, 2 Woodberry Grove, London, N12 0DR.
The company's principal activity continues to be that of producers of aggregates.

2.Accounting policies

2.1

Basis of preparation of financial statements

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 for the year ended 31 August 2017 were the company’s first financial statements that complied with FRS 102. The company’s date of transition to FRS 102 is 1 July 2015. The company’s last financial statements prepared in accordance with previous UK GAAP were for the year ended 31 August 2016.
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

The following principal accounting policies have been applied:

2.2

Revenue

Turnover comprises revenue recognised by the company in respect of aggregates supplied, exclusive of Value Added Tax and trade discounts. Turnover is recognised when goods are physically delivered to or collected by the customer.

2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.

2.4

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.5

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

Page 4

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Current and deferred taxation

The tax expense for the year 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.

2.8

Tangible fixed assets

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.

Page 5

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.8

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance or straight line basis.

Depreciation is provided on the following basis:

Freehold land	-	not depreciated
Freehold buildings	-	2-5% straight line
Leasehold property	-	10-25% straight line
Plant & machinery	-	10-25% reducing balance/straight line
Motor vehicles	-	25% reducing balance
Fixtures & fittings	-	15-33% reducing balance/straight line

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.

2.9

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.10

Debtors

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.

2.11

Cash and cash equivalents

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.

2.12

Creditors

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.

Page 6

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

2.Accounting policies (continued)

2.13

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.
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.

2.14

Financial instruments

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 and loans to related parties.

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 debtors and creditors, 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 the 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.

2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 25 (2017 - 24).

Page 7

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

4.	Tangible fixed assets

	Freehold property	Leasehold Property	Plant & machinery	Motor vehicles	Fixtures & fittings
	£	£	£	£	£
Cost or valuation
At 1 September 2017	4,332,061	927,781	4,224,621	272,383	59,192
Additions	-	-	879,835	8,993	-
Disposals	-	-	(216,000)	(39,380)	-
At 31 August 2018	4,332,061	927,781	4,888,456	241,996	59,192
Depreciation
At 1 September 2017	1,052,557	380,851	2,504,335	115,647	45,724
Charge for the year on owned assets	82,512	88,762	502,564	41,432	6,303
Disposals	-	-	(168,921)	(31,388)	-
At 31 August 2018	1,135,069	469,613	2,837,978	125,691	52,027
Net book value
At 31 August 2018	3,196,992	458,168	2,050,478	116,305	7,165
At 31 August 2017	3,279,504	546,930	1,720,286	156,737	13,469

Page 8

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

4.Tangible fixed assets (continued)

		Total
		£
	Cost or valuation
	At 1 September 2017	9,816,038
	Additions	888,828
	Disposals	(255,380)
	At 31 August 2018	10,449,486
	Depreciation
	At 1 September 2017	4,099,114
	Charge for the year on owned assets	721,573
	Disposals	(200,309)
	At 31 August 2018	4,620,378
	Net book value
	At 31 August 2018	5,829,108
	At 31 August 2017	5,716,926

Page 9

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

Debtors

					2018	2017
					£	£


Trade debtors	797,225	1,172,635
Other debtors	34,764	34,289
Prepayments and accrued income	228,837	197,317
	1,060,826	1,404,241

6.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Bank loans	55,601	72,220
Trade creditors	640,199	695,846
Corporation tax	182,967	162,463
Other taxation and social security	184,740	174,504
Obligations under finance lease and hire purchase contracts	-	10,575
Other creditors	825,453	826,668
Accruals and deferred income	171,771	185,039
	2,060,731	2,127,315

Page 10

LONGWATER (GRAVEL) COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2018

7.	Creditors: Amounts falling due after more than one year
		2018	2017
		£	£

Bank loans	437,287	1,053,140
	437,287	1,053,140

The following liabilities were secured:
	2018	2017
	£	£


Bank loans	492,888	1,125,360
	492,888	1,125,360

Details of security provided:

The company has provided security for bank loans in the form of a debenture and legal charge over the assets of the company.

8.	Provisions

		2018
		£

	At 1 September 2017	97,453
	Charged to profit or loss	34,306
	At 31 August 2018	131,759

Reinstatement provision
The reinstatement provision represents the present value of the future obligation imposed by the Mineral Planning Authority under the planning consent to put the land back to its previous condition.

9.	Related party transactions
	As at 31 August 2018, the company owed £5,817 (2017: £1,402) to its directors.

Page 11