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REGISTERED NUMBER: SO306413 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

ATLAS FR101 LLP

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)






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


ATLAS FR101 LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2021







DESIGNATED MEMBERS: JCB Fishing Ltd
Melantic Limited





REGISTERED OFFICE: 141 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SO306413 (Scotland)

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

BALANCE SHEET
31 DECEMBER 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 612,300 612,300
Tangible assets 6 845,000 -
1,457,300 612,300

CURRENT ASSETS
Debtors 60,632 -
Cash at bank 4,167 36
64,799 36
CREDITORS
Amounts falling due within one year 7 141,987 229,934
NET CURRENT LIABILITIES (77,188 ) (229,898 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,380,112

382,402

CREDITORS
Amounts falling due after more than one year 8 692,403 -
NET ASSETS ATTRIBUTABLE TO
MEMBERS

687,709

382,402

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

BALANCE SHEET - continued
31 DECEMBER 2021

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

10

-

41,548

MEMBERS' OTHER INTERESTS
Capital accounts 687,709 340,854
687,709 382,402

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 - 41,548
Members' other interests 687,709 340,854
Amounts due from members (60,632 ) -
627,077 382,402

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 5 September 2022 and were signed by:



JCB Fishing Ltd - Designated member



Melantic Limited - Designated member


ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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

1. STATUTORY INFORMATION

Atlas FR101 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.

Significant judgements and estimates
In the application of the limited liability partnership'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.

Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership 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.

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
Fishing licences and quota are presented at valuation. No amortisation has been provided for in the year as the members believe they have an indefinite useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fishing vessel - 6.25% on cost
Motor vehicles - 20% on reducing balance

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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

3. ACCOUNTING POLICIES - continued

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.

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

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.

4. EMPLOYEE INFORMATION

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

5. INTANGIBLE FIXED ASSETS
Fishing Fishing
licence quota Totals
£    £    £   
COST
At 1 January 2021
and 31 December 2021 522,300 90,000 612,300
NET BOOK VALUE
At 31 December 2021 522,300 90,000 612,300
At 31 December 2020 522,300 90,000 612,300

6. TANGIBLE FIXED ASSETS
Fishing Motor
vessel vehicles Totals
£    £    £   
COST
Additions 800,000 48,698 848,698
At 31 December 2021 800,000 48,698 848,698
DEPRECIATION
Charge for year - 3,698 3,698
At 31 December 2021 - 3,698 3,698
NET BOOK VALUE
At 31 December 2021 800,000 45,000 845,000

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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

6. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 48,698
At 31 December 2021 48,698
DEPRECIATION
Charge for year 3,698
At 31 December 2021 3,698
NET BOOK VALUE
At 31 December 2021 45,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts 37,500 -
Hire purchase contracts 8,155 -
Trade creditors 91,785 227,934
Taxation and social security 1,827 -
Other creditors 2,720 2,000
141,987 229,934

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2021 2020
£    £   
Bank loans 662,500 -
Hire purchase contracts 29,903 -
692,403 -

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank loans 700,000 -
Hire purchase contracts 38,058 -
738,058 -

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

10. 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.

11. ULTIMATE CONTROLLING PARTY

The controlling party is JCB Fishing Ltd.