Silverfin false 31/12/2022 01/01/2022 31/12/2022 Mr George West 01/09/2014 Mr David West 01/09/2014 Mrs Mary West 01/09/2014 Thirlet Limited 01/09/2014 Westernize Limited 01/09/2014 JG West Limited 01/09/2014 Mountbrae Limited 01/09/2014 Elderbay Limited 01/09/2014 Acrewind Limited 01/09/2014 09 October 2023 SO300050 2022-12-31 SO300050 bus:Director1 2022-12-31 SO300050 bus:Director2 2022-12-31 SO300050 bus:Director3 2022-12-31 SO300050 bus:Director4 2022-12-31 SO300050 bus:Director5 2022-12-31 SO300050 bus:Director6 2022-12-31 SO300050 bus:Director7 2022-12-31 SO300050 bus:Director8 2022-12-31 SO300050 bus:Director9 2022-12-31 SO300050 2021-12-31 SO300050 core:CurrentFinancialInstruments 2022-12-31 SO300050 core:CurrentFinancialInstruments 2021-12-31 SO300050 core:Non-currentFinancialInstruments 2022-12-31 SO300050 core:Non-currentFinancialInstruments 2021-12-31 SO300050 core:PatentsTrademarksLicencesConcessionsSimilar 2021-12-31 SO300050 core:OtherResidualIntangibleAssets 2021-12-31 SO300050 core:PatentsTrademarksLicencesConcessionsSimilar 2022-12-31 SO300050 core:OtherResidualIntangibleAssets 2022-12-31 SO300050 core:LandBuildings 2021-12-31 SO300050 core:Vehicles 2021-12-31 SO300050 core:OtherPropertyPlantEquipment 2021-12-31 SO300050 core:LandBuildings 2022-12-31 SO300050 core:Vehicles 2022-12-31 SO300050 core:OtherPropertyPlantEquipment 2022-12-31 SO300050 core:CostValuation 2021-12-31 SO300050 core:AdditionsToInvestments 2022-12-31 SO300050 core:CostValuation 2022-12-31 SO300050 2022-01-01 2022-12-31 SO300050 bus:FullAccounts 2022-01-01 2022-12-31 SO300050 bus:SmallEntities 2022-01-01 2022-12-31 SO300050 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SO300050 bus:LimitedLiabilityPartnershipLLP 2022-01-01 2022-12-31 SO300050 bus:Director1 2022-01-01 2022-12-31 SO300050 bus:Director2 2022-01-01 2022-12-31 SO300050 bus:Director3 2022-01-01 2022-12-31 SO300050 bus:Director4 2022-01-01 2022-12-31 SO300050 bus:Director5 2022-01-01 2022-12-31 SO300050 bus:Director6 2022-01-01 2022-12-31 SO300050 bus:Director7 2022-01-01 2022-12-31 SO300050 bus:Director8 2022-01-01 2022-12-31 SO300050 bus:Director9 2022-01-01 2022-12-31 SO300050 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-01-01 2022-12-31 SO300050 core:OtherResidualIntangibleAssets core:TopRangeValue 2022-01-01 2022-12-31 SO300050 core:LandBuildings core:TopRangeValue 2022-01-01 2022-12-31 SO300050 core:Vehicles 2022-01-01 2022-12-31 SO300050 2021-01-01 2021-12-31 SO300050 core:PatentsTrademarksLicencesConcessionsSimilar 2022-01-01 2022-12-31 SO300050 core:OtherResidualIntangibleAssets 2022-01-01 2022-12-31 SO300050 core:LandBuildings 2022-01-01 2022-12-31 SO300050 core:OtherPropertyPlantEquipment 2022-01-01 2022-12-31 SO300050 core:CurrentFinancialInstruments 2022-01-01 2022-12-31 SO300050 core:Non-currentFinancialInstruments 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Company No: SO300050 (Scotland)

CASTLEHILL LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH THE REGISTRAR

CASTLEHILL LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022

Contents

CASTLEHILL LLP

BALANCE SHEET

AS AT 31 DECEMBER 2022
CASTLEHILL LLP

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2022
Note 2022 2021
£ £
Fixed assets
Intangible assets 3 1,096,875 1,298,965
Tangible assets 4 21,121,297 21,149,944
Investments 5 1 0
22,218,173 22,448,909
Current assets
Stocks 66,273 66,273
Debtors 6 12,133 38,624
Cash at bank and in hand 4,067,306 2,357,845
4,145,712 2,462,742
Creditors: amounts falling due within one year 7 ( 1,065,689) ( 573,025)
Net current assets 3,080,023 1,889,717
Total assets less current liabilities 25,298,196 24,338,626
Creditors: amounts falling due after more than one year 8 0 ( 1,599,999)
Net assets attributable to members 25,298,196 22,738,627
Represented by
Loans and other debts due to members within one year
Other amounts 9,563,951 8,444,728
9,563,951 8,444,728
Members' other interests
Members' capital classified as equity 15,734,245 14,293,899
15,734,245 14,293,899
25,298,196 22,738,627
Total members' interests
Loans and other debts due to members 9,563,951 8,444,728
Members' other interests 15,734,245 14,293,899
25,298,196 22,738,627

For the financial year ending 31 December 2022 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.

Members' responsibilities:

The financial statements of Castlehill LLP (registered number: SO300050) were approved and authorised for issue by the Director on 09 October 2023. They were signed on its behalf by:

Mr George West
Designated member
CASTLEHILL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
CASTLEHILL LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Castlehill LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is C/O Johnston Carmichael Fraserburgh Business Centre, South Harbour Road, Fraserburgh, AB43 9TN, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The LLP has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the LLP as an individual entity and not about its group.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. Fish sales are recognised at the point of settling. Other income is recognised as services are provided.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost , net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 20 years straight line
Other intangible assets 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 25 years straight line
Vehicles 25 % reducing balance
Other property, plant and equipment not depreciated

No depreciation has been charged on the vessel which as disclosed in note 4 is owned under a purchase, sale and lease back arrangement. The accounts include a leasing charge in lieu of depreciation and when this arrangement concludes the carrying amount of the vessel will then be depreciated over its remaining useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the LLP. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

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 FRS 25 (IAS 32) Financial Instruments: Disclosure and Presentation and UITF abstract 39 Members' shares in co-operative entities and similar instruments. A members' participation right results in a liability unless the right to any payment 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 payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

The profits are not automatically divided as they arise, the LLP therefore has an unconditional right to refuse payment of the profits for a particular year unless and until those profits are divided by a decision taken by the members; and accordingly, following such a division, those profits are classed as an appropriation or equity rather than an expense. They are therefore shown as a residual amount available for appropriation in the Profit and Loss Account.

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 Profit and Loss Account 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'.

2. Employees

2022 2021
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Intangible assets

Trademarks, patents
and licences
Other intangible assets Total
£ £ £
Cost
At 01 January 2022 3,924,246 117,551 4,041,797
At 31 December 2022 3,924,246 117,551 4,041,797
Accumulated amortisation
At 01 January 2022 2,632,620 110,212 2,742,832
Charge for the financial year 196,212 5,878 202,090
At 31 December 2022 2,828,832 116,090 2,944,922
Net book value
At 31 December 2022 1,095,414 1,461 1,096,875
At 31 December 2021 1,291,626 7,339 1,298,965

4. Tangible assets

Land and buildings Vehicles Other property, plant
and equipment
Total
£ £ £ £
Cost
At 01 January 2022 80,000 123,795 21,023,582 21,227,377
At 31 December 2022 80,000 123,795 21,023,582 21,227,377
Accumulated depreciation
At 01 January 2022 55,424 22,009 0 77,433
Charge for the financial year 3,200 25,447 0 28,647
At 31 December 2022 58,624 47,456 0 106,080
Net book value
At 31 December 2022 21,376 76,339 21,023,582 21,121,297
At 31 December 2021 24,576 101,786 21,023,582 21,149,944

The vessel was acquired under a purchase, sale and lease back arrangement where the title to vessels is held under an option which is exercised on the expiry of an initial lease term. In order to reflect the underlying substance of the transactions, the vessel is classified as tangible fixed assets in the LLP's financial statements.

5. Fixed asset investments

Investments in subsidiaries

2022
£
Cost
At 01 January 2022 0
Additions 1
At 31 December 2022 1
Carrying value at 31 December 2022 1
Carrying value at 31 December 2021 0

6. Debtors

2022 2021
£ £
Other debtors 12,133 38,624

7. Creditors: amounts falling due within one year

2022 2021
£ £
Bank loans 0 533,334
Trade creditors 37,891 7,717
Other creditors 1,027,798 31,974
1,065,689 573,025

Bank loans are secured by a bond and a floating charge

8. Creditors: amounts falling due after more than one year

2022 2021
£ £
Bank loans 0 1,599,999

Bank loans are secured by a bond and floating charge

9. Financial commitments

Other financial commitments

2022 2021
£ £
Operating lease commitment 0 17,647

10. Related party transactions

Transactions with entities in which the entity itself has a participating interest

The LLP has taken advantage of the exemptions included in FRS 102 33. 1A not to disclose transactions with wholly owned group companies.

Castlehill LLP is connected to its members and to companies with common directors.