Flotilla LLP
Registered number: OC376105
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 150,000 150,000
Current assets
Debtors 4 1,575 1,276
Cash at bank and in hand 7,794 4,143
9,369 5,419
Creditors: amounts falling due within one year 5 (30,201) (28,825)
Net current liabilities (20,832) (23,406)
Total assets less current liabilities 129,168 126,594
Net assets attributable to members 129,168 126,594
Represented by:
Loans and other debts due to members 6 21,414 21,414
Members' other interests
Fair value reserve 59,334 59,334
Other reserves 48,420 45,846
107,754 105,180
129,168 126,594
Total members' interests
Loans and other debts due to members 6 21,414 21,414
Members' other interests 107,754 105,180
129,168 126,594
For the year ended 30 June 2023 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied to LLPs).
The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 (as applied to LLPs) with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime. The profit and loss account has not been delivered to the Registrar of Companies.
These accounts were approved by the members on 13 February 2024 and signed on their behalf by:
Michael Van de Vyver
Designated member
Flotilla LLP
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and the Statement of Recommended Practice (SORP), "Accounting by Limited Liability Partnerships".
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Division of profits
Profits are treated as being available for discretionary division only if the LLP has an unconditional right to refuse payment of the profits of a particular year unless and until the members agree to divide them. Profits are otherwise automatically divided and included under Members’ remuneration charged as an expense in the profit and loss account.
Taxation
Taxation is not provided for in the accounts as taxation is the personal liability of the members. Any amounts held by the LLP on behalf of members in respect of their tax liabilities are treated as debts due to members.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings NIL
Investment properties are valued each year at fair value in accordance with FRS102.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Members' capital
Members' capital is classified as debt and not equity if there is a contractual obligation for the LLP to repay the capital to members, even if that obligation is conditional.
2 Employees 2023 2022
Number Number
Average number of persons employed by the LLP 1 1
3 Tangible fixed assets
Land and buildings
£
Fair value
At 1 July 2022 150,000
At 30 June 2023 150,000
Depreciation
At 30 June 2023 -
Fair value
At 30 June 2023 150,000
At 30 June 2022 150,000
4 Debtors 2023 2022
£ £
Trade debtors 788 788
Prepayments 488 488
VAT repayable 299 -
1,575 1,276
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 1,784 511
Other taxes and social security costs 1,494 1,391
Other creditors 26,923 26,923
30,201 28,825
6 Loans and other debts due to members 2023 2022
£ £
Loans from members 21,414 21,414
Amounts falling due within one year 21,414 21,414
Loans and other debts due to members rank equally with debts due to ordinary creditors in a winding up.
7 Fair value reserve 2023 2022
£ £
At 1 July 2022 59,334 59,334
At 30 June 2023 59,334 59,334
8 Other information
Flotilla LLP is a limited liability partnership incorporated in England. Its registered office is:
7 Lambourne Avenue
London
SW19 7DW
Flotilla LLP OC376105 false 2022-07-01 2023-06-30 2023-06-30 VT Final Accounts April 2022 Michael Van de Vyver No description of principal activity OC376105 2021-07-01 2022-06-30 OC376105 core:WithinOneYear 2022-06-30 OC376105 1 2022-06-30 OC376105 core:OtherReservesSubtotal 2022-06-30 OC376105 core:RetainedEarningsAccumulatedLosses 2022-06-30 OC376105 core:RevaluationReserve 2021-06-30 OC376105 2022-07-01 2023-06-30 OC376105 bus:LimitedLiabilityPartnershipLLP 2022-07-01 2023-06-30 OC376105 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 OC376105 bus:PartnerLLP20 2022-07-01 2023-06-30 OC376105 3 2022-07-01 2023-06-30 OC376105 1 2022-07-01 2023-06-30 OC376105 2 2022-07-01 2023-06-30 OC376105 4 2022-07-01 2023-06-30 OC376105 countries:England 2022-07-01 2023-06-30 OC376105 bus:FRS102 2022-07-01 2023-06-30 OC376105 bus:FullAccounts 2022-07-01 2023-06-30 OC376105 2023-06-30 OC376105 core:WithinOneYear 2023-06-30 OC376105 1 2023-06-30 OC376105 core:OtherReservesSubtotal 2023-06-30 OC376105 core:RetainedEarningsAccumulatedLosses 2023-06-30 OC376105 core:LandBuildings 2023-06-30 OC376105 core:RevaluationReserve 2023-06-30 OC376105 2022-06-30 OC376105 core:LandBuildings 2022-06-30 OC376105 core:RevaluationReserve 2022-06-30 iso4217:GBP xbrli:pure