REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Odyssey FR70 LLP |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2021 |
for |
Odyssey FR70 LLP |
Odyssey FR70 LLP (Registered number: SO306632) |
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 |
Odyssey FR70 LLP |
General Information |
for the Year Ended 31 December 2021 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants |
2 Cross Street |
Fraserburgh |
Aberdeenshire |
AB43 9EQ |
Odyssey FR70 LLP (Registered number: SO306632) |
Balance Sheet |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Fishing licence | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
412,555 |
320,000 |
Odyssey FR70 LLP (Registered number: SO306632) |
Balance Sheet - continued |
31 December 2021 |
31.12.21 | 31.12.20 |
Notes | £ | £ | £ | £ |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
9 |
368,355 |
320,000 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 44,200 | - |
412,555 | 320,000 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 9 | 368,355 | 320,000 |
Members' other interests | 44,200 | - |
Amounts due from members | 6 | - | (55,493 | ) |
412,555 | 264,507 |
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. |
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 |
Odyssey FR70 LLP (Registered number: SO306632) |
Notes to the Financial Statements |
for the Year Ended 31 December 2021 |
1. | STATUTORY INFORMATION |
Odyssey FR70 LLP is registered in Scotland. 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 |
Turnover |
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates. |
Intangible assets |
The fishing licence is presented at estimated valuation and as such, no amortisation has been provided for in the year. |
Tangible fixed assets |
Fishing vessel | - |
Motor vehicles | - |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of |
depreciation and any impairment losses. |
The residual value of the tangible assets is reassessed at the end of each accounting period. During the financial year, the members reassessed the value of the fishing vessel and, following due consideration, the net carrying value was reduced by £74,000 from £324,000 to £250,000. The valuation was based on the members best knowledge and judgement taking into account the current market conditions in relation to the sale of similar type fishing vessels. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Debtors and creditors receivable /payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs. |
Taxation |
No taxation has been provided for in the accounts as any taxation arising is the liability of the corporate members. |
Odyssey FR70 LLP (Registered number: SO306632) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
3. | EMPLOYEE INFORMATION |
The average number of employees during the year was NIL (2020 - NIL). |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST OR VALUATION |
At 1 January 2021 |
Revaluations |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Intangible assets comprise the fishing licence which is stated at current market valuation. The licence was professionally valued by the Ocean Blue Quota company in October 2021. |
Cost or valuation at 31 December 2021 is represented by: |
Other |
intangible |
assets |
£ |
Valuation in 2021 | 118,200 |
Cost | 200,000 |
318,200 |
5. | TANGIBLE FIXED ASSETS |
Fishing | Motor |
vessel | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2021 |
Revaluations | ( |
) | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
Odyssey FR70 LLP (Registered number: SO306632) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 31 December 2021 is represented by: |
Fishing | Motor |
vessel | vehicles | Totals |
£ | £ | £ |
Valuation in 2021 | (74,000 | ) | - | (74,000 | ) |
Cost | 400,000 | 21,995 | 421,995 |
326,000 | 21,995 | 347,995 |
During the financial year, the members reassessed the value of the fishing vessel and, following due consideration, the net carrying value was reduced by £74,000 from £324,000 to £250,000. The valuation was based on the members best knowledge and judgement taking into account the current market conditions in relation to the sale of similar type fishing vessels. |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST OR VALUATION |
At 1 January 2021 |
and 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Other creditors |
Odyssey FR70 LLP (Registered number: SO306632) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2021 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.21 | 31.12.20 |
£ | £ |
Bank loans |
Hire purchase contracts |
Bank borrowings are secured against the assets of the LLP. |
9. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank |
equally with unsecured creditors. |
10. | CAPITAL ACCOUNTS |
The balance of the members' Capital Accounts comprises the gain on the revaluation of the fishing licence in the 2021 financial year (total unrelaised gain £118,200) net of the loss on the revaluation of the fishing vessel in the 2021 financial year (total unrealised loss £74,000). |