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Registered number: 00508824
LONGWATER (GRAVEL) COMPANY LIMITED
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
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LONGWATER (GRAVEL) COMPANY LIMITED
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 7) have been prepared.
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 2016
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 2016 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a 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/membership/
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
8 March 2017
Page 1
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LONGWATER (GRAVEL) COMPANY LIMITED
REGISTERED NUMBER: 00508824
ABBREVIATED BALANCE SHEET
AS AT 31 AUGUST 2016
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CREDITORS: amounts falling due within one year
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NET CURRENT ASSETS/(LIABILITIES)
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TOTAL ASSETS LESS CURRENT LIABILITIES
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CREDITORS: amounts falling due after more than one year
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PROVISIONS FOR LIABILITIES
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Capital redemption reserve
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The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question 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 for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 August 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 2
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LONGWATER (GRAVEL) COMPANY LIMITED
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 AUGUST 2016
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 8 March 2017.
The notes on pages 4 to 7 form part of these financial statements.
Page 3
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LONGWATER (GRAVEL) COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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The financial statements do not include a Cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under the Financial Reporting Standard for Smaller Entities (effective January 2015).
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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.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation on other tangible fixed assets is provided at rates calculated to write off the cost of those assets, less their estimated residual value, over their expected useful lives on the following bases:
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10-25% reducing balance/straight line
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15-33% reducing balance/straight line
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Freehold and leashold land used for the extraction of aggregates is depreciated based on the rate of extraction.
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Leasing and hire purchase
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Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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Rentals under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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Page 4
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LONGWATER (GRAVEL) COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
1.ACCOUNTING POLICIES (continued)
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Stocks are valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling costs less costs to sell.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
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Page 5
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LONGWATER (GRAVEL) COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
2.TANGIBLE FIXED ASSETS
The following assets are included within freehold property and are not depreciated:
Land with a carrying value at cost of £1,459,875 (2015 - £1,483,670)
Buildings with a carrying value at cost of £nil (2015 - £965,997)
3.CREDITORS:
Amounts falling due within one year
Creditors amounting to £380,651 (2014 - £221,425) are secured.
4.CREDITORS:
Amounts falling due after more than one year
Creditors include amounts not wholly repayable within 5 years as follows:
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Repayable other than by instalments
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Creditors amounting to £1,550,096 (2014 - £1,228,155) are secured.
Page 6
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LONGWATER (GRAVEL) COMPANY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2016
5.SHARE CAPITAL
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Allotted, called up and fully paid
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4,650 Ordinary shares of £1 each
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1,200 A Ordinary shares of £1 each
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250 B Ordinary shares of £1 each
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1,000 C Ordinary shares of £1 each
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900 D Ordinary shares of £1 each
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1,200 E Ordinary shares of £1 each
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100 F Ordinary shares of £1 each
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300,000 (2015 - 200,000) Preference shares shares of £1 each
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During the year ended 31 August 2016 100,000 preference shares were issued for cash. The total nominal value of the shares was £100,000 and the consideration received was £100,000.
6.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES
At 1 September 2015, W Littleboy owed the company £1,447. During the year the company reimbursed mileage claims of £630 and paid expenses of £1,392 and W Littleboy made repayments of £20,000.
At 31 August 2016, W Littleboy, a director, was owed £17,791 by the company.
 
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