The Sea Shanty Branscombe LLP Filleted accounts for Companies House (small and micro)

THE SEA SHANTY BRANSCOMBE LLP - Company Information

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REGISTERED NUMBER: OC425248

The Sea Shanty Branscombe LLP

Filleted Unaudited Financial Statements

31 December 2021

The Sea Shanty Branscombe LLP

Statement of Financial Position

31 December 2021

	2021	2020
Note	£	£

Fixed assets

Intangible assets	5	180,000	200,000
Tangible assets	6	1,956,934	1,953,385
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
		2,136,934	2,153,385

Current assets

Stocks		48,900	26,900
Debtors	7	9,026	58,594
Cash at bank and in hand		537,712	258,561
		ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
		595,638	344,055

Creditors: amounts falling due within one year	8	24,122	11,990
		ÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
Net current assets		571,516	332,065
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Total assets less current liabilities		2,708,450	2,485,450
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
Net assets		2,708,450	2,485,450
		ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Represented by:

Loans and other debts due to members

Members' capital classified as a liability	9	1,337,000	1,337,000
Other amounts	9	1,371,450	1,148,450
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
		2,708,450	2,485,450
		ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Members' other interests

Other reserves	–	–
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	2,708,450	2,485,450
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

Total members' interests

Loans and other debts due to members	9	2,708,450	2,485,450
Members' other interests		–	–
		ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
		2,708,450	2,485,450
		ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

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 Sea Shanty Branscombe LLP

Statement of Financial Position (continued)

31 December 2021

For the year ending 31 December 2021 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) relating to small 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 .

These financial statements were approved by the members and authorised for issue on 15 September 2022 , and are signed on their behalf by:

A J Sellick	R E Sellick
Designated Member	Designated Member

Registered number: OC425248

The Sea Shanty Branscombe LLP

Notes to the Financial Statements

Year ended 31 December 2021

1.	General information

The LLP is registered in England and Wales. The address of the registered office is Sea Shanty Holiday Park, Branscombe Beach, Branscombe, Seaton, Devon, EX12 3DP.

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 financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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 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.

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'.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the LLP's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	over estimated useful economic life of 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Chalets	-	5% reducing balance
Fixtures, fittings and equipment	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the LLP are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4.	Employee numbers

The average number of persons employed by the LLP during the year, including the members with contracts of employment, amounted to 4 (2020: 4 ).

5.	Intangible assets

	Goodwill
	£
Cost
At 1 January 2021 and 31 December 2021	240,000
	ÍÍÍÍÍÍÍÍÍ
Amortisation
At 1 January 2021	40,000
Charge for the year	20,000
	ÄÄÄÄÄÄÄÄÄ
At 31 December 2021	60,000
	ÍÍÍÍÍÍÍÍÍ
Carrying amount
At 31 December 2021	180,000
	ÍÍÍÍÍÍÍÍÍ
At 31 December 2020	200,000
	ÍÍÍÍÍÍÍÍÍ

6.	Tangible assets

	At 1 January 2021	Additions	At 31 December 2021
	£	£	£
Cost
Freehold land and buildings	1,337,000	–	1,337,000
Lease of shop and tea rooms	176,078	–	176,078
Chalets	426,615	–	426,615
Fixtures and fittings	234,011	43,462	277,473
Motor vehicles	36,005	–	36,005
Building alterations	126,473	–	126,473
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	2,336,182	43,462	2,379,644
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

	At 1 January 2021	Charge for the year	At 31 December 2021
	£	£	£
Depreciation
Freehold land and buildings	–	–	–
Lease of shop and tea rooms	–	–	–
Chalets	194,608	12,614	207,222
Fixtures and fittings	155,747	26,408	182,155
Motor vehicles	32,442	891	33,333
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄ
	382,797	39,913	422,710
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍ

	At 31 December 2021	At 31 December 2020
	£	£
Carrying amount
Freehold land and buildings	1,337,000	1,337,000
Lease of shop and tea rooms	176,078	176,078
Chalets	219,393	232,007
Fixtures and fittings	95,318	78,264
Motor vehicles	2,672	3,563
Building alterations	126,473	126,473
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	1,956,934	1,953,385
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

7.	Debtors

	2021	2020
	£	£
Trade debtors	9,026	56,509
Other debtors	–	2,085
	ÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
	9,026	58,594
	ÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	4,213	612
Social security and other taxes	13,819	4,928
Other creditors	6,090	6,450
	ÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄ
	24,122	11,990
	ÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍ

9.	Loans and other debts due to members

	2021	2020
	£	£
Amounts owed to members in respect of profits	1,371,450	1,148,450
Other amounts	1,337,000	1,337,000
	ÄÄÄÄÄÄÄÄÄÄÄÄ	ÄÄÄÄÄÄÄÄÄÄÄÄ
	2,708,450	2,485,450
	ÍÍÍÍÍÍÍÍÍÍÍÍ	ÍÍÍÍÍÍÍÍÍÍÍÍ

In the event of the LLP being wound up, the loans and other debts due to the members would rank equally with all unsecured creditors.

10.	Members' other interests

There were no restrictions on the ability of the members to reduce the amount of members' other interests.

11.	Events after the end of the reporting period

Although there are no specific known factors which could have an impact on the company's financial statements, it should be noted that after the end of the financial year there was instability relating to the global health emergency in respect of Coronavirus.

12.	Government grants

During the year the LLP was the recipient of economic benefits as a result of the Small Business Grant Fund. The total funds received from the UK Government and recognised in other operating profit was £nil (2020: £25,000).

During the year the LLP was the recipient of economic benefits as a result in participating in the UK Government's Coronavirus Job Retention Scheme. The total funds recognised in other operating profit was £1,855 (2020: £19,218).