Tor Charters LLP - LLP accounts 20.1

REGISTERED NUMBER: OC427541 (England and Wales)

Report of the Members and

Unaudited Financial Statements for the Period 31 May 2019 to 31 May 2020

for

Tor Charters LLP

Page

General Information

1

Report of the Members

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

5

DESIGNATED MEMBERS:

D M Ridge

Mrs M Ridge

REGISTERED OFFICE:

Ridown Building Fulcrum 2

Solent Way

Whitleey

Fareham

Hampshire

PO15 7FN

REGISTERED NUMBER:

OC427541 (England and Wales)

ACCOUNTANTS:

Johnston Wood Roach Limited

24 Picton House

Hussar Court

Waterlooville

Hampshire

PO7 7SQ

The members present their report with the financial statements of the LLP for the period 31 May 2019 to 31 May 2020.

INCORPORATION

The LLP was incorporated on 31 May 2019 .

PRINCIPAL ACTIVITY

The principal activity of the LLP in the period under review was that of yacht hire.

DESIGNATED MEMBERS

The designated members during the period under review were:

D M Ridge

Mrs M Ridge

RESULTS FOR THE PERIOD AND ALLOCATION TO MEMBERS

The loss for the period before members' remuneration and profit shares was £336,963.

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:

D M Ridge - Designated member

25 September 2020

TURNOVER

27,000

Cost of sales

44,795

GROSS LOSS

(17,795

)

Administrative expenses

319,168

OPERATING LOSS and

LOSS FOR THE FINANCIAL PERIOD BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

(336,963

)

FIXED ASSETS

Tangible assets

5

2,615,675

CURRENT ASSETS

Debtors

6

850,982

Cash at bank

753,618

1,604,600

CREDITORS

Amounts falling due within one year

7

120

NET CURRENT ASSETS

1,604,480

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

4,220,155

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

4,220,155

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

4,220,155

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the period ended 31 May 2020.

The members acknowledge their responsibilities for:

(a)	ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

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

The financial statements were approved by the members of the LLP and authorised for issue on 25 September 2020 and were signed by:

D M Ridge - Designated member

1.	STATUTORY INFORMATION

Tor Charters LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

10% on reducing balance

3.	EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

4.	OPERATING LOSS

The operating loss is stated after charging:

£

Depreciation - owned assets

290,497

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

Additions

2,906,172

At 31 May 2020

2,906,172

DEPRECIATION

Charge for period

290,497

At 31 May 2020

290,497

NET BOOK VALUE

At 31 May 2020

2,615,675

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

850,982

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

120

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

£

Amounts owed to members in respect of profits

4,220,155

Falling due within one year

4,220,155

Loans and other debts due to members' (other than members' capital classified as debt) would rank equally to other creditors.