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REGISTERED NUMBER: OC364175
Gunfleet Marine LLP
Filleted Unaudited Financial Statements
31 March 2025
Gunfleet Marine LLP
Financial Statements
Year ended 31 March 2025
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Gunfleet Marine LLP
Statement of Financial Position
31 March 2025
2025
2024
Note
£
£
£
£
Current assets
Debtors
5
6,291
6,291
Creditors: amounts falling due within one year
6
360
360
-------
-------
Net current assets
5,931
5,931
-------
-------
Total assets less current liabilities
5,931
5,931
-------
-------
Net assets
5,931
5,931
-------
-------
Represented by:
Loans and other debts due to members
Members' capital classified as a liability
7
5,931
5,931
Other amounts
7
-------
-------
5,931
5,931
-------
-------
Members' other interests
Other reserves
-------
-------
5,931
5,931
-------
-------
Total members' interests
Loans and other debts due to members
7
5,931
5,931
Members' other interests
-------
-------
5,931
5,931
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006 (as applied to LLPs), the statement of comprehensive income has not been delivered.
The LLP did not trade during the year and has not made either a profit or loss.
For the year ending 31 March 2025 the LLP was entitled to exemption from audit under section 480 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to dormant LLPs.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of financial statements .
Gunfleet Marine LLP
Statement of Financial Position (continued)
31 March 2025
These financial statements were approved by the members and authorised for issue on 27 August 2025 , and are signed on their behalf by:
R B Matthews
Designated Member
Registered number: OC364175
Gunfleet Marine LLP
Notes to the Financial Statements
Year ended 31 March 2025
1.
General information
The LLP is registered in England and Wales. The address of the registered office is South Reach, Fox's Marina, Ipswich, Suffolk, IP2 8NJ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2018 (SORP 2018).
3.
Accounting policies
Basis of preparation
The accounts have been prepared on a going concern basis which is dependent upon the continued support of its controlling member, R B Matthews .
Income statement
The LLP is dormant as defined by section 1169 of the Companies Act 2006as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. The LLP received no income and incurred no expenditure during the current year.
Members' participation rights
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, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice 'Accounting by Limited Liability Partnerships'. A member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP.
Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.
Where profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment, the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense in the statement of comprehensive income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the statement of financial position.
Conversely, where profits are divided only after a decision by the LLP or its representative, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among members in the statement of comprehensive income and are equity appropriations in the statement of financial position.
Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.
All amounts due to members that are classified as liabilities are presented in the statement of financial position within 'Loans and other debts due to members' and are charged to the statement of comprehensive income within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the statement of financial position within 'Members' other interests'.
Financial instruments
A financial asset or a financial liability is recognised only when the LLP becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 2 (2024: 2 ).
5.
Debtors
2025
2024
£
£
Other debtors
6,291
6,291
-------
-------
6. Creditors: amounts falling due within one year
2025
2024
£
£
Other creditors
360
360
----
----
7.
Loans and other debts due to members
2025
2024
£
£
Other amounts
5,931
5,931
-------
-------