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REGISTERED NUMBER: SO306632 (Scotland)















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: Subsea Odyssey Limited
Whitby Seafoods Limited





REGISTERED OFFICE: 70 King Edward Street
Fraserburgh
Aberdeenshire
AB43 9PN





REGISTERED NUMBER: SO306632 (Scotland)





ACCOUNTANTS: SBP
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 4 318,200 200,000
Tangible assets 5 259,787 373,050
577,987 573,050

CURRENT ASSETS
Debtors 6 67,214 63,702
Cash at bank 13,979 12,200
81,193 75,902
CREDITORS
Amounts falling due within one year 7 67,100 101,012
NET CURRENT ASSETS/(LIABILITIES) 14,093 (25,110 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

592,080

547,940

CREDITORS
Amounts falling due after more than one
year

8

179,525

227,940
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 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 18 August 2022 and were signed by:





Subsea Odyssey Limited - Designated member

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
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 as modified by the revaluation of certain assets.

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
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 - 10% on reducing balance
Motor vehicles - 25% on reducing balance

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 200,000
Revaluations 118,200
At 31 December 2021 318,200
NET BOOK VALUE
At 31 December 2021 318,200
At 31 December 2020 200,000

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 400,000 21,995 421,995
Revaluations (74,000 ) - (74,000 )
At 31 December 2021 326,000 21,995 347,995
DEPRECIATION
At 1 January 2021 40,000 8,945 48,945
Charge for year 36,000 3,263 39,263
At 31 December 2021 76,000 12,208 88,208
NET BOOK VALUE
At 31 December 2021 250,000 9,787 259,787
At 31 December 2020 360,000 13,050 373,050

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 21,995
DEPRECIATION
At 1 January 2021 8,945
Charge for year 3,263
At 31 December 2021 12,208
NET BOOK VALUE
At 31 December 2021 9,787
At 31 December 2020 13,050

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Other debtors 67,214 63,702

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans and overdrafts 43,347 38,961
Hire purchase contracts 4,166 4,166
Trade creditors 17,687 36,912
Other creditors 1,900 20,973
67,100 101,012

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 175,352 219,601
Hire purchase contracts 4,173 8,339
179,525 227,940

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).