Limited Liability Partnership registration number OC423204 (England and Wales)
LONGDEAN CAPITAL LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
LONGDEAN CAPITAL LLP
CONTENTS
Page
Balance sheet
1
Reconciliation of members' interests
2 - 3
Notes to the financial statements
4 - 8
LONGDEAN CAPITAL LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,824
1,506
Current assets
Debtors
5
122
8,777
Cash at bank and in hand
29,291
134,890
29,413
143,667
Creditors: amounts falling due within one year
6
(2,551)
(5,836)
Net current assets
26,862
137,831
Total assets less current liabilities and net assets attributable to members
28,686
139,337
Represented by:
Members' other interests
Members' capital classified as equity
3,090,218
3,089,337
Other reserves classified as equity
(3,061,532)
(2,950,000)
28,686
139,337

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 25 July 2024 and are signed on their behalf by:
25 July 2024
Mr K Jetha
Designated member
Limited Liability Partnership registration number OC423204 (England and Wales)
LONGDEAN CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Members' interests at 1 April 2023
3,089,337
(2,950,002)
139,335
-
-
139,335
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
100,000
100,000
100,000
Loss for the financial year available for discretionary division among members
-
(111,530)
(111,530)
-
-
(111,530)
Members' interests after loss and remuneration for the year
3,089,337
(3,061,532)
27,805
100,000
100,000
127,805
Introduced by members
881
-
881
-
-
881
Drawings on account and distributions of profit
-
-
-
(100,000)
(100,000)
(100,000)
Members' interests at 31 March 2024
3,090,218
(3,061,532)
28,686
-
-
28,686
LONGDEAN CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2023
£
£
£
£
£
£
Members' interests at 1 April 2022
2,896,252
(2,724,297)
171,955
-
-
171,955
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
-
-
76,785
76,785
76,785
Loss for the financial year available for discretionary division among members
-
(225,703)
(225,703)
-
-
(225,703)
Members' interests after loss and remuneration for the year
2,896,252
(2,950,000)
(53,748)
76,785
76,785
23,037
Introduced by members
193,185
-
193,185
-
-
193,185
Repayments of capital
(100)
-
(100)
-
-
(100)
Drawings on account and distributions of profit
-
-
-
(76,785)
(76,785)
(76,785)
Members' interests at 31 March 2023
3,089,337
(2,950,000)
139,337
-
-
139,337
LONGDEAN CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Limited liability partnership information

Longdean Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office is 7 - 9 The Avenue, Eastbourne, East Sussex, BN21 3YA.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.3
Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

Members' profit allocations

The LLP allocates profits to the members in accordance with the provisions in the LLP agreement. Where distributions are in line with an individual members' agreement they are treated as "Members' remuneration charged as an expense", whereas other distributions are shown as deductions from members' interests.

 

Any cash drawings withdrawn from the LLP by members in advance of a discretionary profit allocation are recognised as a loan due from members. Where profit allocations exceed drawings made by members, this is represented as a loan amount due to the members of the LLP. Any amounts paid to members in lieu of unallocated profits are included within debtors. Any unallocated profits and losses are included within other reserves.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

Recognition of members' capital

Capital contributed by the members is recognised as equity in the financial statements of the LLP on the basis that, in accordance with the LLP agreement, capital is only repayable to members at the discretion of the Designated Members. The LLP has no obligation to repay capital to members.

LONGDEAN CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
4 years straight line
Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

LONGDEAN CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

LONGDEAN CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
-
0
-
0
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023
17,378
Additions
1,285
At 31 March 2024
18,663
Depreciation and impairment
At 1 April 2023
15,872
Depreciation charged in the year
966
At 31 March 2024
16,838
Carrying amount
At 31 March 2024
1,825
At 31 March 2023
1,506
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
122
8,777
LONGDEAN CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
-
(1,107)
Taxation and social security
-
93
Other creditors
2,551
6,850
2,551
5,836
7
Related party transactions

The key management personnel of the LLP are considered to be the members. Transactions and balances with these individuals are disclosed within the Reconciliation of Members' Interests.

8
Parent company

The ultimate controlling party of the LLP is Karim Jetha.

2024-03-312023-04-01false25 July 2024CCH SoftwareCCH Accounts Production 2024.100falsefalseOC4232042023-04-012024-03-31OC4232042024-03-31OC423204bus:PartnerLLP12023-04-012024-03-31OC4232042022-04-012023-03-31OC423204bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC423204bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC423204bus:FRS1022023-04-012024-03-31OC423204bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC423204bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares