Silverfin false 31/03/2024 01/07/2023 31/03/2024 M K M Farmiloe 15/06/2022 Longer Drive Ltd 08/07/2022 28 January 2025 OC442689 2024-03-31 OC442689 bus:Director1 2024-03-31 OC442689 bus:Director2 2024-03-31 OC442689 core:CurrentFinancialInstruments 2024-03-31 OC442689 core:CurrentFinancialInstruments 2023-06-30 OC442689 2023-06-30 OC442689 2023-07-01 2024-03-31 OC442689 bus:FullAccounts 2023-07-01 2024-03-31 OC442689 bus:SmallEntities 2023-07-01 2024-03-31 OC442689 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-03-31 OC442689 bus:LimitedLiabilityPartnershipLLP 2023-07-01 2024-03-31 OC442689 bus:Director1 2023-07-01 2024-03-31 OC442689 bus:Director2 2023-07-01 2024-03-31 OC442689 2022-06-15 2023-06-30 iso4217:GBP xbrli:pure

Company No: OC442689 (England and Wales)

LONG DRIVE ADVISORS LLP

Unaudited Financial Statements
For the financial period from 01 July 2023 to 31 March 2024
Pages for filing with the registrar

LONG DRIVE ADVISORS LLP

Unaudited Financial Statements

For the financial period from 01 July 2023 to 31 March 2024

Contents

LONG DRIVE ADVISORS LLP

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
LONG DRIVE ADVISORS LLP

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 30.06.2023
£ £
Current assets
Debtors 3 295,000 260,000
Cash at bank and in hand 2,825 57,806
297,825 317,806
Creditors: amounts falling due within one year 4 ( 21,103) ( 37,312)
Net current assets 276,722 280,494
Total assets less current liabilities 276,722 280,494
Net assets attributable to members 276,722 280,494
Represented by
Loans and other debts due to members within one year
Other amounts 280,494 280,494
280,494 280,494
Members' other interests
Other reserves (3,772) 0
(3,772) 0
276,722 280,494
Total members' interests
Loans and other debts due to members 280,494 280,494
Members' other interests (3,772) 0
276,722 280,494

For the financial period ending 31 March 2024 the LLP 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.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Long Drive Advisors LLP (registered number: OC442689) were approved and authorised for issue by the Board of Directors on 28 January 2025. They were signed on its behalf by:

M K M Farmiloe
Designated member
LONG DRIVE ADVISORS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 March 2024
LONG DRIVE ADVISORS LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 July 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Long Drive Advisors LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The members have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties.

Financial assets
Basic financial assets, including accrued income is initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

2. Employees

Period from
01.07.2023 to
31.03.2024
Period from
15.06.2022 to
30.06.2023
Number Number
Monthly average number of persons employed by the LLP during the period 2 2

3. Debtors

31.03.2024 30.06.2023
£ £
Accrued income 0 60,000
Other debtors 295,000 200,000
295,000 260,000

4. Creditors: amounts falling due within one year

31.03.2024 30.06.2023
£ £
Accruals 4,691 2,900
Other taxation and social security 0 18,000
Other creditors 16,412 16,412
21,103 37,312

5. Related party transactions

All members are related parties and transactions with them are disclosed within Total members' interests.