Limited Liability Partnership registration number OC320949 (England and Wales)
QUAY HOLIDAYS LLP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
10 Bridge Street
Christchurch
Dorset
BH23 1EF
QUAY HOLIDAYS LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
QUAY HOLIDAYS LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
46,140
20,533
Investments
4
-
9,155
46,140
29,688
Current assets
Debtors
5
155,679
97,087
Cash at bank and in hand
99,793
130,112
255,472
227,199
Creditors: amounts falling due within one year
6
(227,640)
(221,570)
Net current assets
27,832
5,629
Total assets less current liabilities
73,972
35,317
Creditors: amounts falling due after more than one year
7
(14,806)
(24,947)
Net assets attributable to members
59,166
10,370
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
59,166
10,370
Total members' interests
Loans and other debts due to members
59,166
10,370
QUAY HOLIDAYS LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -

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 year ended 31 March 2024 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 15 August 2024 and are signed on their behalf by:
15 August 2024
Mr. D Challis
Mrs. H Challis
Designated member
Designated Member
Limited Liability Partnership Registration No. OC320949
The notes on pages 3 to 8 form part of these financial statements
QUAY HOLIDAYS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Quay Holidays LLP is a limited liability partnership incorporated in England and Wales. The registered office is Orchard Plaza, 41 High Street, Poole, Dorset, United Kingdom, BH15 1EG.

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 pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for services provided in the year, excluding value added tax. Any income received within the year in relation to post year end services is deferred and shown within accruals.

1.3
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).

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.

1.4
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.

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:

Leasehold land and buildings
over the term of the lease
Plant and machinery
3 and 5 years straight line, and 20% reducing balance

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.

QUAY HOLIDAYS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

QUAY HOLIDAYS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.8
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.9
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2024
2023
Number
Number
Total
50
44
QUAY HOLIDAYS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
147,139
99,249
246,388
Additions
-
34,939
34,939
At 31 March 2024
147,139
134,188
281,327
Depreciation and impairment
At 1 April 2023
147,139
78,716
225,855
Depreciation charged in the year
-
9,332
9,332
At 31 March 2024
147,139
88,048
235,187
Carrying amount
At 31 March 2024
-
46,140
46,140
At 31 March 2023
-
20,533
20,533
4
Fixed asset investments
2024
2023
£
£
Other investments other than loans
-
9,155
QUAY HOLIDAYS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 April 2023
9,155
Valuation changes
5,334
Disposals
(14,489)
At 31 March 2024
-
Carrying amount
At 31 March 2024
-
At 31 March 2023
9,155
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
79,356
30,626
Other debtors
25,635
15,290
Prepayments and accrued income
50,688
51,171
155,679
97,087
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,140
9,890
Trade creditors
61,083
68,443
Other taxation and social security
66,760
53,709
Other creditors
15,154
12,735
Accruals and deferred income
74,503
76,793
227,640
221,570

 

QUAY HOLIDAYS LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
14,806
24,947

 

8
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.

2024-03-312023-04-01false16 August 2024CCH SoftwareCCH Accounts Production 2024.100falsefalseOC3209492023-04-012024-03-31OC3209492024-03-31OC320949bus:PartnerLLP12023-04-012024-03-31OC320949bus:PartnerLLP22023-04-012024-03-31OC3209492022-04-012023-03-31OC320949bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC320949bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC320949bus:FRS1022023-04-012024-03-31OC320949bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC320949bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares