Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31falseowning the Vessel for the benefit and use of the Members.2022-12-21false03falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. OC445133 2022-12-20 OC445133 2022-12-21 2024-03-31 OC445133 2021-12-21 2022-12-20 OC445133 2024-03-31 OC445133 c:PlantMachinery 2022-12-21 2024-03-31 OC445133 c:PlantMachinery 2024-03-31 OC445133 c:PlantMachinery c:OwnedOrFreeholdAssets 2022-12-21 2024-03-31 OC445133 c:FurnitureFittings 2022-12-21 2024-03-31 OC445133 c:FurnitureFittings 2024-03-31 OC445133 c:FurnitureFittings c:OwnedOrFreeholdAssets 2022-12-21 2024-03-31 OC445133 c:OwnedOrFreeholdAssets 2022-12-21 2024-03-31 OC445133 c:CurrentFinancialInstruments 2024-03-31 OC445133 c:CurrentFinancialInstruments c:WithinOneYear 2024-03-31 OC445133 d:FRS102 2022-12-21 2024-03-31 OC445133 d:AuditExempt-NoAccountantsReport 2022-12-21 2024-03-31 OC445133 d:FullAccounts 2022-12-21 2024-03-31 OC445133 d:LimitedLiabilityPartnershipLLP 2022-12-21 2024-03-31 OC445133 2 2022-12-21 2024-03-31 OC445133 d:PartnerLLP2 2022-12-21 2024-03-31 OC445133 c:OtherCapitalInstrumentsClassifiedAsEquity 2024-03-31 OC445133 c:FurtherSpecificReserve2ComponentTotalEquity 2024-03-31 OC445133 c:FurtherSpecificReserve3ComponentTotalEquity 2024-03-31 OC445133 e:PoundSterling 2022-12-21 2024-03-31 iso4217:GBP xbrli:pure

Registered number: OC445133









INO RACING LLP







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2024

 
INO RACING LLP
REGISTERED NUMBER: OC445133

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
2,067,306

  
2,067,306

Current assets
  

Debtors: amounts falling due within one year
 5 
8,073

Cash at bank and in hand
  
3,998

  
12,071

Creditors: Amounts Falling Due Within One Year
 6 
(4,500)

Net current assets
  
 
 
7,571

Total assets less current liabilities
  
2,074,877

  

Net assets
  
2,074,877


Represented by:
  

Loans and other debts due to members within one year
  

Other amounts
  
1,627,034

  
1,627,034

Members' other interests
  

Members' capital classified as equity
  
955,002

Other reserves classified as equity
  
(507,159)

  
 
447,843

  
2,074,877


Total members' interests
  

Loans and other debts due to members
  
1,627,034

Members' other interests
  
447,843

  
2,074,877


Page 1

 
INO RACING LLP
REGISTERED NUMBER: OC445133
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

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

The entity 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.

The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements.

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

The entity has opted not to file the statement of comprehensive income in accordance with the provisions applicable to entities subject to the small LLPs regime.

The financial statements were approved and authorised for issue by the members and were signed on their behalf by: 


................................................
J R Neville
Designated member

Date: 20 September 2024

The notes on pages 3 to 7 form part of these financial statements.
INO Racing LLP has no equity and, in accordance with the provisions contained within the Statement of Recommended Practice "Accounting by Limited Liability Partnerships", has not presented a Statement of Changes in Equity.
Page 2

 
INO RACING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

1.


General information

The partnership owns a vessel which is used for sailing and sponsorship activities.                                                                                    
The partnership is a limited liability partnership and is incorporated in England.                                                                                                                                                                                                
The address of its registered office is Stone cross Trumpington Road, Trumpington, Cambridge, CB2 9SU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

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:
the amount of revenue can be measured reliably;
it is probable that the LLP will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
INO RACING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Division and distribution of profits

A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.

An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.

The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in .

In the event of the LLP making losses, the loss is recognised as a credit amount of 'Members' remuneration charged as an expense where it is automatically divided or as a debit within equity under 'Other reserves' if not divided automatically.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated 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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
INO RACING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Financial instruments

The LLP has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the LLP after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the period was 3.

Page 5

 
INO RACING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Fixtures and fittings
Total

£
£
£



Cost or valuation


Additions
2,280,537
20,290
2,300,827



At 31 March 2024

2,280,537
20,290
2,300,827



Depreciation


Charge for the period on owned assets
228,637
4,884
233,521



At 31 March 2024

228,637
4,884
233,521



Net book value



At 31 March 2024
2,051,900
15,406
2,067,306


5.


Debtors

2024
£


Other debtors
1,945

Prepayments and accrued income
6,128

8,073



6.


Creditors: Amounts falling due within one year

2024
£

Accruals and deferred income
4,500

4,500


Page 6

 
INO RACING LLP
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024

7.


Loans and other debts due to members


2024
£



Other amounts due to members
1,627,034

1,627,034

Loans and other debts due to members may be further analysed as follows:

2024
£



Falling due within one year
1,627,034

1,627,034

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

 
Page 7