Registered number
07514721
Longitude Research Limited
Abbreviated Accounts
28 February 2014
Longitude Research Limited
Registered number: 07514721
Abbreviated Balance Sheet
as at 28 February 2014
Notes 2014 2013
£ £
Fixed assets
Tangible assets 2 15,321 11,974
Investments 3 75,000 -
90,321 11,974
Current assets
Debtors 258,481 113,842
Cash at bank and in hand 375,831 370,563
634,312 484,405
Creditors: amounts falling due within one year (609,978) (275,131)
Net current assets 24,334 209,274
Net assets 114,655 221,248
Capital and reserves
Called up share capital 4 200 200
Share premium 11,968 5,984
Profit and loss account 102,487 215,064
Shareholders' funds 114,655 221,248
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 in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
Mr J Watson
Director
Approved by the board on 18 August 2014
Longitude Research Limited
Notes to the Abbreviated Accounts
for the year ended 28 February 2014
1 Accounting policies
Basis of preparation
The unaudited financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.
Furniture and fixtures 10% straight line
Computer equipment 25% straight line
Stocks
Stock is valued at the lower of cost and net realisable value.
Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Tangible fixed assets £
Cost
At 1 March 2013 17,791
Additions 6,935
At 28 February 2014 24,726
Depreciation
At 1 March 2013 5,817
Charge for the year 3,588
At 28 February 2014 9,405
Net book value
At 28 February 2014 15,321
At 28 February 2013 11,974
3 Investments £
Cost
Additions 75,000
At 28 February 2014 75,000
Other investments 2014 2013
£ £
Listed investments 75,000 -
4 Share capital Nominal 2014 2014 2013
value Number £ £
Allotted, called up and fully paid:
A Ordinary shares £0.10 each 780 78 78
B Ordinary shares £0.10 each 60 6 6
C Ordinary shares £0.10 each 840 84 84
D Ordinary shares £0.10 each 320 32 32
200 200
5 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr G Lofthouse (4,692) 6,208 (6,000) (4,484)
Mr R P Mitchell 16,071 1,270 (7,453) 9,888
Mr J Watson 8,479 2,182 10,661
19,858 9,660 (13,453) 16,065
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