The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
Stretton Marine LLP is a limited liability partnership incorporated in England and Wales. The registered office is 17 Alvaston Business Park, Middlewich Road, Nantwich, Cheshire, CW5 6PF. The company's business address is Stretton Hall Farm, Tilston, Malpas, Cheshire, SY14 7JA.
The limited liability partnership's principal activities are disclosed in the Members' Report.
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, modified to include the revaluation of plant and machinery. The principal accounting policies adopted are set out below.
These financial statements are for the period 1st January 2022 to 14th February 2023. The comparative figures are for the year ended 31 December 2021.
The accounting date has been extended to 14 February 2023 being the date of a change in ownership of the LLP.
Turnover represents the amounts recoverable for the services provided to customers, excluding value added tax, under contractual obligations which are performed gradually over time.
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' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
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.
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:
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.
Plant and machinery whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the plant and machinery is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and loss are recognised in profit or loss.
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
The LLP had no employees during the year.
Plant and machinery with a carrying amount of £850,000 was revalued at 14 February 2023 on the basis of market value on arm's length terms following the change in ownership.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
Cost £1,446,453 (2021 - £1,446,453)
Accumulated depreciation £596,453 (2021 - £596,453)
Carrying value £850,000 (2021 - £850,000)
There are no restrictions or limitations which affect the ability of the members to reduce the amount of 'Members' other interests'.
There is no protection afforded to creditors in the event of a winding up.
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.