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REGISTERED NUMBER: 03369998 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

LONG & PARTNERS LIMITED

LONG & PARTNERS LIMITED (REGISTERED NUMBER: 03369998)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


LONG & PARTNERS LIMITED (REGISTERED NUMBER: 03369998)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Property, plant and equipment 4 294,333 309,347

CURRENT ASSETS
Inventories 68,133 423,803
Debtors 5 2,834,305 3,195,543
Cash at bank and in hand 132,821 214
3,035,259 3,619,560
CREDITORS
Amounts falling due within one year 6 1,636,879 2,556,433
NET CURRENT ASSETS 1,398,380 1,063,127
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,692,713

1,372,474

PROVISIONS FOR LIABILITIES 7 72,413 43,909
NET ASSETS 1,620,300 1,328,565

CAPITAL AND RESERVES
Called up share capital 10 10
Share premium 9,500 9,500
Retained earnings 1,610,790 1,319,055
1,620,300 1,328,565

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:




Mr I Watts - Director


LONG & PARTNERS LIMITED (REGISTERED NUMBER: 03369998)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1. STATUTORY INFORMATION

Long & Partners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 03369998

Registered office: 1 Kings Avenue
London
N21 3NA

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 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.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Revenue is recognised when services are rendered to the customers. Revenue represents the fees receivable by the company.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold - 20% on reducing balance
Plant and machinery - 20% on reducing balance

The company's policy is to not depreciate in the year of acquisition but to provide full depreciation in the year of disposal.

Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.


LONG & PARTNERS LIMITED (REGISTERED NUMBER: 03369998)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalent
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes
recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2023 - 53 ) .

LONG & PARTNERS LIMITED (REGISTERED NUMBER: 03369998)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

4. PROPERTY, PLANT AND EQUIPMENT
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 September 2023 17,554 542,280 559,834
Additions - 46,855 46,855
At 31 August 2024 17,554 589,135 606,689
DEPRECIATION
At 1 September 2023 11,704 238,783 250,487
Charge for year 1,170 60,699 61,869
At 31 August 2024 12,874 299,482 312,356
NET BOOK VALUE
At 31 August 2024 4,680 289,653 294,333
At 31 August 2023 5,850 303,497 309,347

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,404,708 2,070,186
Amounts owed by group undertakings 141,014 77,520
Other debtors 288,583 1,047,837
2,834,305 3,195,543

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 78,597
Trade creditors 624,490 497,225
Amounts owed to group undertakings - 164,279
Taxation and social security 837,789 1,163,207
Other creditors 174,600 653,125
1,636,879 2,556,433

7. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 28,504 11,944
Deferred tax 43,909 31,965
72,413 43,909

Deferred
tax
£   
Balance at 1 September 2023 43,909
Provided during year 28,504
Balance at 31 August 2024 72,413

LONG & PARTNERS LIMITED (REGISTERED NUMBER: 03369998)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024

8. OTHER FINANCIAL COMMITMENTS

At the balance sheet date, the company had total outstanding commitments of £70,335 (2023: £278,250) under non-cancellable operating leases. These commitments relate primarily to property lease and the decrease during the year reflects the expiry of lease agreements.

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Included in other debtors due within a year is an amount of nil (2023: £612,142) due from the connected company with common directorship. The loan was interest free and recoverable on demand.

Included in other creditors due within a year is an amount of nil (2023: £510,221) due to the connected companies with common directorships and shareholdings. Also included is an amount of £69,625 (2023: nil) due to the directors of the company.The loans were interest free and repayable on demand.