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REGISTERED NUMBER: OC435643 (England and Wales)












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: R J Cook
Ms C M Cook





REGISTERED OFFICE: 12 Lyncroft Close
Old St Mellons
Cardiff
CF3 5PX





REGISTERED NUMBER: OC435643 (England and Wales)





ACCOUNTANTS: Hawksford UK Services Limited
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:

R J Cook
Ms C M Cook

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:





R J Cook - Designated member


27 November 2023

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.






Hawksford UK Services Limited
123 Pall Mall
St. James's
London
SW1Y 5EA


27 November 2023

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 126,180 -

Cost of sales (31,873 ) -
GROSS PROFIT 94,307 -

Distribution costs (2,122 ) (8,767 )
Administrative expenses (1,317,566 ) (1,001,193 )
(1,225,381 ) (1,009,960 )

Other operating income 7,000 -
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 2,915,147 3,105,957

CURRENT ASSETS
Debtors 7 - 10,460
Cash at bank and in hand 52,838 402,760
52,838 413,220
CREDITORS
Amounts falling due within one year 8 (12,748 ) (4,734 )
NET CURRENT ASSETS 40,090 408,486
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 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 28 February 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.

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

The financial statements were approved by the members of the LLP and authorised for issue on 27 November 2023 and were signed by:





R J Cook - Designated member

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
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 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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 25% on cost
Computer equipment - 33% on cost

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 390,567 248,195

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 3,197,563 106,053 50,536 3,354,152
Additions 115,854 109,359 - 225,213
Disposals - - (25,456 ) (25,456 )
At 28 February 2023 3,313,417 215,412 25,080 3,553,909
DEPRECIATION
At 1 March 2022 241,228 5,091 1,876 248,195
Charge for year 332,499 49,716 8,352 390,567
At 28 February 2023 573,727 54,807 10,228 638,762
NET BOOK VALUE
At 28 February 2023 2,739,690 160,605 14,852 2,915,147
At 28 February 2022 2,956,335 100,962 48,660 3,105,957

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Other debtors - 10,460

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£    £   
Bank loans and overdrafts 705 -
Trade creditors 7,043 2,234
Other creditors 5,000 2,500
12,748 4,734

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'.