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Company No: OC353795 (England and Wales)

CRABSHELL LLP

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

CRABSHELL LLP

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

CRABSHELL LLP

BALANCE SHEET

As at 31 March 2023
CRABSHELL LLP

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 30,905 35,660
Tangible assets 4 130,381 113,968
161,286 149,628
Current assets
Stocks 40,739 29,500
Debtors 5 908 3,625
Cash at bank and in hand 75,666 214,824
117,313 247,949
Creditors: amounts falling due within one year 6 ( 163,525) ( 83,131)
Net current (liabilities)/assets (46,212) 164,818
Total assets less current liabilities 115,074 314,446
Creditors: amounts falling due after more than one year 7 ( 61,848) ( 89,546)
Net assets attributable to members 53,226 224,900
Represented by
Loans and other debts due to members after more than one year
Other amounts 49,601 221,275
49,601 221,275
Members' other interests
Members' capital classified as equity 3,625 3,625
3,625 3,625
53,226 224,900
Total members' interests
Loans and other debts due to members 49,601 221,275
Members' other interests 3,625 3,625
53,226 224,900

For the financial year ending 31 March 2023 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:

The financial statements of Crabshell LLP (registered number: OC353795) were approved and authorised for issue by the Board of Directors on 17 October 2023. They were signed on its behalf by:

Mr S J S Harrow
Designated member
CRABSHELL LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
CRABSHELL LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

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

General information and basis of accounting

Crabshell 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 C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom. The principal place of business is The Quay, Crabshell Quay, Embankment Road, Kingsbridge, Devon, TQ7 1JZ.

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 £.

Turnover

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 10 % reducing balance
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 52 51

2. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 47,547 47,547
At 31 March 2023 47,547 47,547
Accumulated amortisation
At 01 April 2022 11,887 11,887
Charge for the financial year 4,755 4,755
At 31 March 2023 16,642 16,642
Net book value
At 31 March 2023 30,905 30,905
At 31 March 2022 35,660 35,660

3. Tangible assets

Leasehold improve-
ments
Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 April 2022 31,961 2,500 187,032 6,649 228,142
Additions 0 0 31,802 0 31,802
At 31 March 2023 31,961 2,500 218,834 6,649 259,944
Accumulated depreciation
At 01 April 2022 14,638 2,416 95,790 1,330 114,174
Charge for the financial year 1,733 21 12,305 1,330 15,389
At 31 March 2023 16,371 2,437 108,095 2,660 129,563
Net book value
At 31 March 2023 15,590 63 110,739 3,989 130,381
At 31 March 2022 17,323 84 91,242 5,319 113,968

4. Debtors

2023 2022
£ £
Trade debtors 908 0
Prepayments 0 3,625
908 3,625

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 27,699 25,265
Trade creditors 45,046 26,796
Other loans 48,538 0
Accruals 4,500 4,000
Other taxation and social security 36,369 25,465
Other creditors 1,373 1,605
163,525 83,131

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured) 61,848 89,546

The bank loan has been secured on the assets of the partnership.