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REGISTERED NUMBER: SO306596 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

SHAULORA LLP

SHAULORA LLP (REGISTERED NUMBER: SO306596)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SHAULORA LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DESIGNATED MEMBERS: Shaulora Fishing Company Limited
George West Limited
Caley Fisheries Limited





REGISTERED OFFICE: 1-3 Dalrymple Street
Fraserburgh
Aberdeenshire
AB43 9BH





REGISTERED NUMBER: SO306596 (Scotland)

SHAULORA LLP (REGISTERED NUMBER: SO306596)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 176,600 264,900
Tangible assets 6 1,499,883 1,589,323
1,676,483 1,854,223

CURRENT ASSETS
Debtors 7 218,713 170,304
Cash at bank 107,149 48,716
325,862 219,020
CREDITORS
Amounts falling due within one year 8 186,782 119,207
NET CURRENT ASSETS 139,080 99,813
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,815,563

1,954,036

CREDITORS
Amounts falling due after more than one year 9 1,015,563 1,154,036
NET ASSETS ATTRIBUTABLE TO
MEMBERS

800,000

800,000

SHAULORA LLP (REGISTERED NUMBER: SO306596)

BALANCE SHEET - continued
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 800,000 800,000
800,000 800,000

TOTAL MEMBERS' INTERESTS
Members' other interests 800,000 800,000
Amounts due from members 7 (169,411 ) (130,763 )
630,589 669,237

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 year ended 31 December 2021.

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 and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 24 August 2022 and were signed by:





Shaulora Fishing Company Limited - Designated member

SHAULORA LLP (REGISTERED NUMBER: SO306596)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1. STATUTORY INFORMATION

Shaulora LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going Concern
At the time of approving the financial statements, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The members consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover
Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

Fishing licences and quota
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing licence and quota are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fishing vessel - 6.25% on cost
Motor vehicles - 25% on reducing balance

SHAULORA LLP (REGISTERED NUMBER: SO306596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation
No taxation has been provided in the accounts as taxation is a personal liability of the members.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2020 - NIL).

5. INTANGIBLE FIXED ASSETS
Fishing
licence
and quota
£   
COST
At 1 January 2021
and 31 December 2021 441,500
AMORTISATION
At 1 January 2021 176,600
Amortisation for year 88,300
At 31 December 2021 264,900
NET BOOK VALUE
At 31 December 2021 176,600
At 31 December 2020 264,900

SHAULORA LLP (REGISTERED NUMBER: SO306596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

6. TANGIBLE FIXED ASSETS
Fishing Motor
vessel vehicles Totals
£    £    £   
COST
At 1 January 2021 1,805,621 - 1,805,621
Additions - 27,995 27,995
At 31 December 2021 1,805,621 27,995 1,833,616
DEPRECIATION
At 1 January 2021 216,298 - 216,298
Charge for year 112,852 4,583 117,435
At 31 December 2021 329,150 4,583 333,733
NET BOOK VALUE
At 31 December 2021 1,476,471 23,412 1,499,883
At 31 December 2020 1,589,323 - 1,589,323

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 19,302 38,081
Other debtors 199,411 132,223
218,713 170,304

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 65,000 65,000
Trade creditors 2,390 34,907
Other creditors 119,392 19,300
186,782 119,207

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 868,561 939,736
Other creditors 147,002 214,300
1,015,563 1,154,036

SHAULORA LLP (REGISTERED NUMBER: SO306596)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2021

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2021 2020
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 562,469 629,736

10. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 933,561 1,004,736

The bank holds a bond and floating charge over the assets of the business.

11. ULTIMATE CONTROLLING PARTY

The controlling party is Shaulora Fishing Company Limited.