Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Intangible assets | 3 |
|
|
|
| Tangible assets | 4 |
|
|
|
| 302,437 | 327,357 | |||
| Current assets | ||||
| Debtors | 5 |
|
|
|
| Cash at bank and in hand |
|
|
||
| 469,333 | 457,861 | |||
| Creditors: amounts falling due within one year | 6 | (
|
(
|
|
| Net current assets | 428,686 | 425,639 | ||
| Total assets less current liabilities | 731,123 | 752,996 | ||
| Provision for liabilities | 7 |
|
(
|
|
| Net assets attributable to members |
|
|
||
| Represented by | ||||
| Loans and other debts due to members within one year | ||||
| Other amounts | 291,123 | 305,996 | ||
| 291,123 | 305,996 | |||
| Members' other interests | ||||
| Members' capital classified as equity | 440,000 | 440,000 | ||
| 440,000 | 440,000 | |||
| 731,123 | 745,996 | |||
| Total members' interests | ||||
| Loans and other debts due to members | 291,123 | 305,996 | ||
| Members' other interests | 440,000 | 440,000 | ||
| 731,123 | 745,996 |
Members' responsibilities:
The financial statements of MB Artemis LLP (registered number:
|
John Watt, for and on behalf of Macduff Shipyards Limited
Designated Member |
| EQUITY Members' other interests |
DEBT Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests | |
|---|---|---|---|
| Members' capital (classified as equity) | Other amounts | Total | |
| £ | £ | £ | |
| Amounts due to members | 301,156 | ||
| Balance at 01 October 2022 | 440,000 | 301,156 | 741,156 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | 104,840 | 104,840 |
| Members' interest after result for the financial year | 440,000 | 405,996 | 845,996 |
| Drawings | 0 | (100,000) | (100,000) |
| Amounts due to members | 305,996 | ||
| Balance at 30 September 2023 | 440,000 | 305,996 | 745,996 |
| Members' remuneration charged as an expense, including employment and retirement benefit costs | 0 | (14,873) | (14,873) |
| Members' interest after result for the financial year | 440,000 | 291,123 | 731,123 |
| Amounts due to members | 291,123 | ||
| Balance at 30 September 2024 | 440,000 | 291,123 | 731,123 |
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
MB Artemis LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Macduff Shipyards Ltd, The Harbour, Macduff, AB44 1QT, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to Limited Liability Partnerships subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).
The financial statements are presented in pounds sterling which is the functional currency of the Limited Liability Partnerships and rounded to the nearest £.
The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
| Trademarks, patents and licences |
|
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| Vehicles |
|
| Fixtures and fittings |
|
| Computer equipment |
|
| Other property, plant and equipment |
|
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 credited or charged to profit or loss.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.
Non-financial assets
If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Basic financial liabilities
ow upBasic financial liabilities, including creditors, are recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price
Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.
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).
Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Profits for the year are divided automatically.
All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the LLP during the year |
|
|
| Trademarks, patents and licences |
Total | ||
| £ | £ | ||
| Cost | |||
| At 01 October 2023 |
|
|
|
| At 30 September 2024 |
|
|
|
| Accumulated amortisation | |||
| At 01 October 2023 |
|
|
|
| Charge for the financial year |
|
|
|
| At 30 September 2024 |
|
|
|
| Net book value | |||
| At 30 September 2024 |
|
|
|
| At 30 September 2023 |
|
|
| Vehicles | Fixtures and fittings | Computer equipment | Other property, plant and equipment |
Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost | |||||||||
| At 01 October 2023 |
|
|
|
|
|
||||
| Additions |
|
|
|
|
|
||||
| At 30 September 2024 |
|
|
|
|
|
||||
| Accumulated depreciation | |||||||||
| At 01 October 2023 |
|
|
|
|
|
||||
| Charge for the financial year |
|
|
|
|
|
||||
| At 30 September 2024 |
|
|
|
|
|
||||
| Net book value | |||||||||
| At 30 September 2024 |
|
|
|
|
|
||||
| At 30 September 2023 |
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
|
|
|
| Other debtors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors |
|
|
|
| Other taxation and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
| 2024 | 2023 | ||
| £ | £ | ||
| Other provisions |
|
|
In 2023, other provisions related to repairs that needed to be undertaken after an accident during the previous financial year that damaged another vessel, these claims were settled within twelve months there-after the incident.