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Registration number: OC309627

Global Yacht Brokers LLP

Annual Report and Unaudited Financial Statements

for the period from 1 November 2022 to 31 March 2024

 

Global Yacht Brokers LLP

Contents

Financial Statements

1 to 6

Balance Sheet

1

Notes to the Financial Statements

3

 

Global Yacht Brokers LLP

(Registration number: OC309627)
Balance Sheet as at 31 March 2024

Note

As at
31 March
2024
£

As at
31 October
2022
£

Fixed assets

 

Tangible assets

3

55,802

43,072

Current assets

 

Debtors

4

15,791

24,960

Cash and short-term deposits

 

37,240

64,712

 

53,031

89,672

Creditors: Amounts falling due within one year

5

(16,786)

(20,101)

Net current assets

 

36,245

69,571

Net assets attributable to members

 

92,047

112,643

Represented by:

 

Loans and other debts due to members

 

Other amounts

6

17,147

17,147

Members’ other interests

 

Other reserves

 

74,900

95,496

   

92,047

112,643

Total members' interests

 

Loans and other debts due to members

 

17,147

17,147

Equity

 

74,900

95,496

   

92,047

112,643

 

Global Yacht Brokers LLP

(Registration number: OC309627)
Balance Sheet as at 31 March 2024

For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.

These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.

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

The financial statements of Global Yacht Brokers LLP (registered number OC309627) were approved by the Board and authorised for issue on 27 November 2024. They were signed on behalf of the limited liability partnership by:

.........................................
Mr A D M Baker
Designated member

 

Global Yacht Brokers LLP

Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of Global Yacht Brokers LLP is considered to be pounds sterling because that is the currency of the primary economic environment in which the limited liability partnership operates. Foreign operations are included in accordance with the policies set out below.

Revenue recognition

Revenue is recognised to the extent that the limited liability partnership obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

other taxes policy

 

Global Yacht Brokers LLP

Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024

Tangible fixed assets

Individual fixed assets costing £0.00 or more are initially recorded at cost.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Office equipment

3 years straight line

Plant and machinery

10 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

2

Particulars of employees

The average number of persons employed by the limited liability partnership during the period was 2 (2022 - 2).

 

Global Yacht Brokers LLP

Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024

3

Tangible fixed assets

Plant and machinery
 £

Motor vehicles
 £

Office equipment
 £

Total
£

Cost

At 1 November 2022

3,650

65,703

11,013

80,366

Additions

15,000

36,017

-

51,017

Disposals

-

(32,216)

-

(32,216)

At 31 March 2024

18,650

69,504

11,013

99,167

Depreciation

At 1 November 2022

183

29,348

7,763

37,294

Charge for the year

1,286

14,536

2,078

17,900

Eliminated on disposals

-

(11,829)

-

(11,829)

At 31 March 2024

1,469

32,055

9,841

43,365

Net book value

At 31 March 2024

17,181

37,449

1,172

55,802

At 31 October 2022

3,467

36,355

3,250

43,072

4

Debtors

As at
31 March
2024
£

As at
31 October
2022
£

Other debtors

14,500

23,638

Prepayments and accrued income

1,291

1,322

Total current trade and other debtors

15,791

24,960

5

Creditors: Amounts falling due within one year

As at
31 March
2024
£

As at
31 October
2022
£

Trade creditors

9,383

12,095

Accruals and deferred income

4,157

2,874

Taxation and social security

3,246

5,132

16,786

20,101

 

Global Yacht Brokers LLP

Notes to the Financial Statements for the Period from 1 November 2022 to 31 March 2024

6

Analysis of other amounts

As at
31 March
2024
£

As at
31 October
2022
£

Money advanced to the LLP by the members by way of loan

17,147

17,147

7

Control

The members are the controlling party by virtue of their controlling interest in the limited liability partnership. The ultimate controlling party is the same as the controlling party.