Limited Liability Partnership registration number OC414593 (England and Wales)
STRETTON MARINE LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 14 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
STRETTON MARINE LLP
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
STRETTON MARINE LLP
BALANCE SHEET
AS AT
14 FEBRUARY 2023
14 February 2023
- 1 -
14 February 2023
31 December 2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,336,590
850,000
Current assets
Debtors
4
5,760
15,167
Cash at bank and in hand
5,527
88,686
11,287
103,853
Creditors: amounts falling due within one year
5
(6,359)
(18,715)
Net current assets
4,928
85,138
Total assets less current liabilities and net assets attributable to members
1,341,518
935,138
Represented by:
Loans and other debts due to members within one year
6
Members' capital classified as a liability
1,343,443
1,787,918
Members' other interests
6
Other reserves classified as equity
(1,925)
(852,780)
1,341,518
935,138

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial period ended 14 February 2023 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 13 November 2023 and are signed on their behalf by:
13 November 2023
M E Eckert
Designated member
Limited Liability Partnership Registration No. OC414593
STRETTON MARINE LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 14 FEBRUARY 2023
- 2 -
Revaluation reserve
Other reserves
Total
£
£
£
Balance at 1 January 2021
-
(785,459)
(785,459)
Period ended 31 December 2021:
Loss and total comprehensive income for the period
-
(67,321)
(67,321)
Balance at 31 December 2021
-
(852,780)
(852,780)
Period ended 14 February 2023:
Loss for the period
-
(16,299)
(16,299)
Other comprehensive income:
Revaluation of plant and machinery
486,590
-
486,590
Total comprehensive income for the period
486,590
(16,299)
470,291
Other division of profits
-
867,154
867,154
Other movements
(486,590)
-
(486,590)
Balance at 14 February 2023
-
(1,925)
(1,925)
STRETTON MARINE LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 14 FEBRUARY 2023
- 3 -
1
Accounting policies
Limited liability partnership information

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.

1.1
Accounting convention

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.

1.2
Reporting period

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.

1.3
Turnover

Turnover represents the amounts recoverable for the services provided to customers, excluding value added tax, under contractual obligations which are performed gradually over time.

1.4
Members' participating interests

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.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

STRETTON MARINE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 14 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -

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:

Plant and machinery
Depreciated over 5 years on an accelerated basis to reflect a higher charge in earlier years. Smaller items of plant & equipment are depreciated over 2 years straight line.

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.

 

1.6
Financial instruments

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.

1.7
Foreign exchange

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.

2
Employees

The LLP had no employees during the year.

STRETTON MARINE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 14 FEBRUARY 2023
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost or valuation
At 1 January 2022
1,446,453
Revaluation
(109,863)
At 14 February 2023
1,336,590
Depreciation and impairment
At 1 January 2022
596,453
Revaluation
(596,453)
At 14 February 2023
-
Carrying amount
At 14 February 2023
1,336,590
At 31 December 2021
850,000

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)

4
Debtors
2023
2021
Amounts falling due within one year:
£
£
Other debtors
359
11,631
Prepayments and accrued income
5,401
3,536
5,760
15,167
5
Creditors: amounts falling due within one year
2023
2021
£
£
Trade creditors
3,554
480
Other creditors
(90)
114
Accruals and deferred income
2,895
18,121
6,359
18,715
STRETTON MARINE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 14 FEBRUARY 2023
- 6 -
6
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Revaluation
reserve
Other reserves
Total
Members' capital (classified as debt)
Total
Total
2023
£
£
£
£
£
Members' interests at 1 January 2022
-
(852,780)
(852,780)
1,787,918
1,787,918
935,138
Loss for the period available for discretionary division among members
-
(16,299)
(16,299)
-
-
(16,299)
Members' interests after loss for the period
-
(869,079)
(869,079)
1,787,918
1,787,918
918,839
Other divisions of losses
-
867,154
867,154
(380,564)
(380,564)
486,590
Surplus arising on revaluation of fixed assets
486,590
-
486,590
-
-
486,590
Introduced by members
-
-
-
1,450,493
1,450,493
1,450,493
Repayment of debt (including members' capital classified as a liability)
-
-
-
(1,514,404)
(1,514,404)
(1,514,404)
Other movements
(486,590)
-
(486,590)
-
-
(486,590)
Members' interests at 14 February 2023
-
(1,925)
(1,925)
1,343,443
1,343,443
1,341,518

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.

STRETTON MARINE LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 14 FEBRUARY 2023
- 7 -
7
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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