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REGISTERED NUMBER: SO306010 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

KARELLE FISHING LLP

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


KARELLE FISHING LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DESIGNATED MEMBERS: George West Limited
Smith Estates Peterhead Ltd.





REGISTERED OFFICE: Colaren House
Burnthill Farm
Fraserburgh
Aberdeenshire
AB43 7EJ





REGISTERED NUMBER: SO306010 (Scotland)

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 573,816 173,816
Tangible assets 6 1,475,348 270,832
2,049,164 444,648

CURRENT ASSETS
Stocks 53,750 3,750
Debtors 7 447,121 964,147
Cash at bank and in hand 274,106 706,505
774,977 1,674,402
CREDITORS
Amounts falling due within one year 8 425,371 280,531
NET CURRENT ASSETS 349,606 1,393,871
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,398,770

1,838,519

CREDITORS
Amounts falling due after more than one year 9 23,183 32,867
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,375,587

1,805,652

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

BALANCE SHEET - continued
31 MARCH 2023

2023 2022
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

970,543

1,096,983

MEMBERS' OTHER INTERESTS
Capital accounts 1,405,044 708,669
2,375,587 1,805,652

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 970,543 1,096,983
Members' other interests 1,405,044 708,669
2,375,587 1,805,652

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 March 2023.

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 28 August 2023 and were signed by:




George West Limited - Designated member



Smith Estates Peterhead Ltd. - Designated member


KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

Karelle Fishing 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

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 2 (2022 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Fishing Fishing
licence quota Totals
£    £    £   
COST
At 1 April 2022 6,400 167,416 173,816
Additions 400,000 - 400,000
At 31 March 2023 406,400 167,416 573,816
NET BOOK VALUE
At 31 March 2023 406,400 167,416 573,816
At 31 March 2022 6,400 167,416 173,816

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. TANGIBLE FIXED ASSETS
Fixtures
Fishing Plant and Motor and
vessel machinery vehicles fittings Totals
£    £    £    £    £   
COST
At 1 April 2022 315,273 2,850 1,400 - 319,523
Additions 1,205,000 48,689 19,767 3,694 1,277,150
At 31 March 2023 1,520,273 51,539 21,167 3,694 1,596,673
DEPRECIATION
At 1 April 2022 47,759 428 504 - 48,691
Charge for year 64,470 5,294 2,485 385 72,634
At 31 March 2023 112,229 5,722 2,989 385 121,325
NET BOOK VALUE
At 31 March 2023 1,408,044 45,817 18,178 3,309 1,475,348
At 31 March 2022 267,514 2,422 896 - 270,832

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
Additions 19,767
At 31 March 2023 19,767
DEPRECIATION
Charge for year 2,306
At 31 March 2023 2,306
NET BOOK VALUE
At 31 March 2023 17,461

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 197,816 370,419
Other debtors 249,305 593,728
447,121 964,147

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 12,046 -
Trade creditors 329,148 157,516
Taxation and social security 476 27,396
Other creditors 73,701 85,619
425,371 280,531

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 23,183 32,867

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 33,183 42,867
Hire purchase contracts 12,046 -
45,229 42,867

11. 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.

12. ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the designated members who control the financial and operating activities of the limited liability partnership.