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Company No: OC450549 (England and Wales)

# PELAGIC OCEAN RACING LLP

### Unaudited Financial Statements
For the financial period from 09 January 2024 to 31 March 2025
Pages for filing with the registrar

PELAGIC OCEAN RACING LLP

## Unaudited Financial Statements

For the financial period from 09 January 2024 to 31 March 2025

Contents

PELAGIC OCEAN RACING LLP

## BALANCE SHEET

As at 31 March 2025
PELAGIC OCEAN RACING LLP

## BALANCE SHEET (continued)

As at 31 March 2025

| Note | 31.03.2025
|  | £
Fixed assets |  |
Tangible assets | 3 | 672,813
|  | 672,813
Current assets |  |
Debtors | 4 | 1,399
|  | 1,399
Creditors: amounts falling due within one year | 5 | ( 995)
Net current assets |  | 404
Total assets less current liabilities |  | 673,217
Net assets attributable to members |  | 673,217
Represented by |  |
Members' other interests |  |
Members' capital classified as equity |  | 764,415
Other reserves |  | (91,198)
|  | 673,217
|  | 673,217
Total members' interests |  |
Members' other interests |  | 673,217
|  | 673,217

For the financial period ending 31 March 2025 the LLP 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.

Members' responsibilities:

- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Pelagic Ocean Racing LLP (registered number: OC450549) were approved and authorised for issue by the Board of Directors on 06 October 2025. They were signed on its behalf by:

G R Leonard Designated member |

PELAGIC OCEAN RACING LLP

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 09 January 2024 to 31 March 2025
PELAGIC OCEAN RACING LLP

## NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 09 January 2024 to 31 March 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

##### General information and basis of accounting

Pelagic Ocean Racing LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in England and Wales. The address of the LLP's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, 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 companies 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 Company and rounded to the nearest £.

##### Going concern

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.

##### Reporting period length

Reporting period length is 09 January 2024 to 31 March 2025.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery | 15 % reducing balance
Other property, plant and equipment | 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Impairment of assets

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.

##### Financial instruments

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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the LLP intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.
Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.
Other basic financial liabilities are measured at amortised cost.

#### 2. Employees

| Period from 09.01.2024 to 31.03.2025
| Number
Monthly average number of persons employed by the LLP during the period | 0

#### 3. Tangible assets

| Plant and machinery |  | Other property, plant and equipment |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 09 January 2024 | 0 |  | 0 |  | 0
Additions | 4,259 |  | 693,241 |  | 697,500
At 31 March 2025 | 4,259 |  | 693,241 |  | 697,500
Accumulated depreciation |  |  |  |  |
At 09 January 2024 | 0 |  | 0 |  | 0
Charge for the financial period | 532 |  | 24,155 |  | 24,687
At 31 March 2025 | 532 |  | 24,155 |  | 24,687
Net book value |  |  |  |  |
At 31 March 2025 | 3,727 |  | 669,086 |  | 672,813

#### 4. Debtors

| 31.03.2025
| £
Other debtors | 1,399

#### 5. Creditors: amounts falling due within one year

| 31.03.2025
| £
Other creditors | 995