Limited Liability Partnership registration number OC417670 (England and Wales)
YACHT HARD 8 LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
YACHT HARD 8 LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
YACHT HARD 8 LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,037,816
4,364,380
Current assets
Debtors
4
47,010
53,655
Cash at bank and in hand
32,365
4,679
79,375
58,334
Creditors: amounts falling due within one year
5
(91,232)
(187,375)
Net current liabilities
(11,857)
(129,041)
Total assets less current liabilities
4,025,959
4,235,339
Creditors: amounts falling due after more than one year
6
(1,959,500)
(1,927,300)
Net assets attributable to members
2,066,459
2,308,039
Represented by:
Loans and other debts due to members within one year
8
Members' capital classified as a liability
(269,246)
(269,246)
Members' other interests
8
Members' capital classified as equity
2,728,350
2,852,114
Other reserves classified as equity
(392,645)
(274,829)
2,066,459
2,308,039

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.

YACHT HARD 8 LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 9 September 2024 and are signed on their behalf by:
09 September 2024
Mr N J Harris
Designated member
Limited Liability Partnership Registration No. OC417670
YACHT HARD 8 LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

Yacht Hard 8 LLP is a limited liability partnership incorporated in England and Wales. The registered office is The Proper Food And Drink Shed, Unit 2, Bicester Park, Bicester, Oxfordshire, OX26 4SS.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

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 £.

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

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. The designated members will provide support to the LLP to meet its forecast liabilities as they fall due. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the LLP and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

 

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

 

 

YACHT HARD 8 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.4
Members' participating interests

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

1.5
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. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Boats
over 15 years
Fixtures and fittings
25% straight line

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.

1.6
Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

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.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

YACHT HARD 8 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
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.

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
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

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

YACHT HARD 8 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

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

2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2023 and 31 March 2024
4,881,013
Depreciation and impairment
At 1 April 2023
516,633
Depreciation charged in the year
326,564
At 31 March 2024
843,197
Carrying amount
At 31 March 2024
4,037,816
At 31 March 2023
4,364,380
YACHT HARD 8 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
47,010
53,655
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
10,020
Trade creditors
36,417
36,731
Taxation and social security
12,558
19,217
Other creditors
32,257
121,407
91,232
187,375
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
17,500
27,500
Other creditors
1,942,000
1,899,800
1,959,500
1,927,300
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
1,822,000
1,343,000

Included in other creditors are amounts totalling £1,972,000 for which a charge is held over the LLP's boats.

 

The members of the LLP have also given personal guarantees over this liability.

7
Deferred income
2024
2023
£
£
Other deferred income
-
7,500
YACHT HARD 8 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
8
Reconciliation of Members' Interests
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Members' capital
Total
Total
2024
£
£
£
£
£
Members' interests at 1 April 2023
2,577,285
-
2,577,285
(269,246)
(269,246)
2,308,039
Loss for the financial year available for discretionary division among members
-
(392,645)
(392,645)
-
-
(392,645)
Members' interests after loss for the year
2,577,285
(392,645)
2,184,640
(269,246)
(269,246)
1,915,394
Introduced by members
156,250
-
156,250
-
-
156,250
Repayments of capital
(5,185)
-
(5,185)
-
-
(5,185)
Members' interests at 31 March 2024
2,728,350
(392,645)
2,335,705
(269,246)
(269,246)
2,066,459
YACHT HARD 8 LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
9
Related party transactions
Transactions with related parties

During the period, the LLP provided services to Hard 8 Ltd which is related party to the entity due to having a common designated member. The total sales of £92,816 (2023: £120,000) are included within turnover in the profit and loss. All amounts owed were paid at the end of the financial period.

 

During the period, the LLP provided services to the members. The total value of these sales were £188,363 (2023: £254,880) and are included within turnover in the profit and loss. The members also introduced funds totalling £156,250 (2023: £20,000) and withdrew a total of £5,185 (2023: £4,503) during the year.

 

 

2024-03-312023-04-01false09 September 2024CCH SoftwareCCH Accounts Production 2024.100falsefalseOC4176702023-04-012024-03-31OC4176702024-03-31OC417670bus:PartnerLLP12023-04-012024-03-31OC4176702022-04-012023-03-31OC417670bus:LimitedLiabilityPartnershipLLP2023-04-012024-03-31OC417670bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-31OC417670bus:FRS1022023-04-012024-03-31OC417670bus:AuditExemptWithAccountantsReport2023-04-012024-03-31OC417670bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:shares