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Company No: OC434723 (England and Wales)

AZURIA SAILING LLP

Unaudited Financial Statements
For the financial year ended 05 April 2023
Pages for filing with the registrar

AZURIA SAILING LLP

Unaudited Financial Statements

For the financial year ended 05 April 2023

Contents

AZURIA SAILING LLP

BALANCE SHEET

As at 05 April 2023
AZURIA SAILING LLP

BALANCE SHEET (continued)

As at 05 April 2023
Note 05.04.2023 05.04.2022
£ £
Fixed assets
Tangible assets 3 65,317 76,843
65,317 76,843
Current assets
Debtors 4 0 20,894
Cash at bank and in hand 89 964
89 21,858
Creditors: amounts falling due within one year 5 ( 570,404) ( 283,090)
Net current liabilities (570,315) (261,232)
Total assets less current liabilities (504,998) (184,389)
Net liabilities attributable to members ( 504,998) ( 184,389)
Represented by
Members' other interests
Other reserves (504,998) (184,389)
(504,998) (184,389)
(504,998) (184,389)
Total members' interests
Members' other interests (504,998) (184,389)
(504,998) (184,389)

For the financial year ending 05 April 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 Azuria Sailing LLP (registered number: OC434723) were approved and authorised for issue by the Board of Directors on 20 October 2023. They were signed on its behalf by:

J Braben
Designated member
AZURIA SAILING LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 2023
AZURIA SAILING LLP

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 05 April 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 period, unless otherwise stated.

General information and basis of accounting

Azuria Sailing 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 51 Marlborough Crescent, London, 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 Balance Sheet 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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 basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Year ended
05.04.2023
Period from
17.12.2020 to
05.04.2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Tangible assets

Plant and machinery Total
£ £
Cost
At 06 April 2022 83,554 83,554
At 05 April 2023 83,554 83,554
Accumulated depreciation
At 06 April 2022 6,711 6,711
Charge for the financial year 11,526 11,526
At 05 April 2023 18,237 18,237
Net book value
At 05 April 2023 65,317 65,317
At 05 April 2022 76,843 76,843

4. Debtors

05.04.2023 05.04.2022
£ £
Other debtors 0 20,894

5. Creditors: amounts falling due within one year

05.04.2023 05.04.2022
£ £
Bank loans 75,000 75,000
Other creditors 495,404 208,090
570,404 283,090