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REGISTERED NUMBER: OC392764 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

GALLEON MARINE BOATYARD LLP

GALLEON MARINE BOATYARD LLP (REGISTERED NUMBER: OC392764)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GALLEON MARINE BOATYARD LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: A J McCaffrey
Mrs K A McCaffrey





REGISTERED OFFICE: Colt Hill
Odiham
Hook
Hampshire
RG29 1AL





REGISTERED NUMBER: OC392764 (England and Wales)





ACCOUNTANTS: Goddard & Co
Chartered Accountants
3 Church Street
Odiham, Hook
Hampshire
RG29 1LU

GALLEON MARINE BOATYARD LLP (REGISTERED NUMBER: OC392764)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 17,249 30,185
Tangible assets 5 9,199 15,018
26,448 45,203

CURRENT ASSETS
Debtors 6 32,881 56,063
Cash at bank and in hand 116 4,612
32,997 60,675
CREDITORS
Amounts falling due within one year 7 53,288 85,471
NET CURRENT LIABILITIES (20,291 ) (24,796 )
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

6,157

20,407

LOANS AND OTHER DEBTS DUE TO
MEMBERS

8

6,157

20,407

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 8 6,157 20,407

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 March 2023.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

GALLEON MARINE BOATYARD LLP (REGISTERED NUMBER: OC392764)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 17 October 2023 and were signed by:





A J McCaffrey - Designated member

GALLEON MARINE BOATYARD LLP (REGISTERED NUMBER: OC392764)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Galleon Marine Boatyard LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The partnership has adopted Financial Reporting Standard 102 section 1A with the effective date of transition being 1st April 2015. The policies applied under the entity's previous accounting framework are not materially different to FRS102 and have not impacted on equity or profit or loss.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on cost

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 1 (2022 - 2 ) .

GALLEON MARINE BOATYARD LLP (REGISTERED NUMBER: OC392764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 129,364
AMORTISATION
At 1 April 2022 99,179
Charge for year 12,936
At 31 March 2023 112,115
NET BOOK VALUE
At 31 March 2023 17,249
At 31 March 2022 30,185

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 19,000 62,986 81,986
Additions - 4,439 4,439
At 31 March 2023 19,000 67,425 86,425
DEPRECIATION
At 1 April 2022 14,567 52,401 66,968
Charge for year 1,900 8,358 10,258
At 31 March 2023 16,467 60,759 77,226
NET BOOK VALUE
At 31 March 2023 2,533 6,666 9,199
At 31 March 2022 4,433 10,585 15,018

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 28,534 51,012
Other debtors 4,347 5,051
32,881 56,063

GALLEON MARINE BOATYARD LLP (REGISTERED NUMBER: OC392764)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,873 -
Trade creditors 10,898 5,788
Taxation and social security 3,043 5,766
Other creditors 35,474 73,917
53,288 85,471

8. LOANS AND OTHER DEBTS DUE TO MEMBERS

Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.