REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Karibu Yacht LLP |
REGISTERED NUMBER: |
Report of the Members and |
Unaudited Financial Statements for the Year Ended 28 February 2023 |
for |
Karibu Yacht LLP |
Karibu Yacht LLP (Registered number: OC435643) |
Contents of the Financial Statements |
for the Year Ended 28 February 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Accountants | 3 |
Income Statement | 4 |
Balance Sheet | 5 |
Notes to the Financial Statements | 6 |
Karibu Yacht LLP |
General Information |
for the Year Ended 28 February 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
123 Pall Mall |
St. James's |
London |
SW1Y 5EA |
Karibu Yacht LLP (Registered number: OC435643) |
Report of the Members |
for the Year Ended 28 February 2023 |
The members present their report with the financial statements of the LLP for the year ended 28 February 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the LLP in the year under review was that of yacht chartering. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was £1,218,381 (2022 - £1,009,960 loss). |
MEMBERS' INTERESTS |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ON BEHALF OF THE MEMBERS: |
Karibu Yacht LLP |
Report of the Accountants to the Members of |
Karibu Yacht LLP |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 28 February 2023 set out on pages four to seven and you consider that the LLP is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
123 Pall Mall |
St. James's |
London |
SW1Y 5EA |
Karibu Yacht LLP (Registered number: OC435643) |
Income Statement |
for the Year Ended 28 February 2023 |
Period |
22.2.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
(1,225,381 | ) | (1,009,960 | ) |
Other operating income |
OPERATING LOSS and |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(1,218,381 |
) |
(1,009,960 |
) |
LOSS FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES |
(1,218,381 |
) |
(1,009,960 |
) |
Members' remuneration charged as an expense | 5 | 1,218,381 | 1,009,960 |
PROFIT FOR THE FINANCIAL YEAR AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
Karibu Yacht LLP (Registered number: OC435643) |
Balance Sheet |
28 February 2023 |
28.2.23 | 28.2.22 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,955,237 |
3,514,443 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
2,955,237 |
3,514,443 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 2,955,237 | 3,514,443 |
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. |
The financial statements were approved by the members of the LLP and authorised for issue on |
Karibu Yacht LLP (Registered number: OC435643) |
Notes to the Financial Statements |
for the Year Ended 28 February 2023 |
1. | STATUTORY INFORMATION |
Karibu Yacht 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 |
The financial statements are presented in Pounds Sterling. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at cost less depreciation. Cost include the purchase cost and all other costs necessary to bring it to its present location and condition. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Going concern |
The financial statements have been prepared on a going concern basis even though the had LLP made a net loss for the year of £1,218,381 |
The members have concluded that the combination of these circumstances represent a material uncertainty that casts significant doubt upon the LLP's ability to continue as a going concern. Nevertheless after making enquiries, and considering the uncertainties described above, the members have a reasonable expectation that the business has adequate resources made available from members to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the accounts. |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2022 - NIL). |
4. | OPERATING LOSS |
The operating loss is stated after charging: |
Period |
22.2.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Depreciation - owned assets |
Karibu Yacht LLP (Registered number: OC435643) |
Notes to the Financial Statements - continued |
for the Year Ended 28 February 2023 |
5. | INFORMATION IN RELATION TO MEMBERS |
Period |
22.2.21 |
Year Ended | to |
28.2.23 | 28.2.22 |
£ | £ |
Members' remuneration charged as an expense |
Automatic division of loss | (1,218,381 | ) | (1,009,960 | ) |
6. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 28 February 2023 |
DEPRECIATION |
At 1 March 2022 |
Charge for year |
At 28 February 2023 |
NET BOOK VALUE |
At 28 February 2023 |
At 28 February 2022 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.23 | 28.2.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Other creditors |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
Loans and other debts due to members rank equally with debts due to unsecured creditors in the event of a winding up. |
There is no provision for specific legally enforceable protection afforded to creditors in such an event. |
There are no restrictions or limitations on the ability of the members to reduce the amount of ‘Members’ other interests'. |