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Company No: SO300238 (Scotland)

MB GOOD DESIGN LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023
PAGES FOR FILING WITH THE REGISTRAR

MB GOOD DESIGN LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023

Contents

MB GOOD DESIGN LLP

BALANCE SHEET

AS AT 05 APRIL 2023
MB GOOD DESIGN LLP

BALANCE SHEET (continued)

AS AT 05 APRIL 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 4 639,275 639,275
Tangible assets 5 4,530,362 2,911,548
5,169,637 3,550,823
Current assets
Debtors 6 33,464 28,606
Cash at bank and in hand 71,901 42,025
105,365 70,631
Creditors: amounts falling due within one year 7 ( 32,243) ( 59,094)
Net current assets 73,122 11,537
Total assets less current liabilities 5,242,759 3,562,360
Creditors: amounts falling due after more than one year 8 ( 3,002,191) ( 1,313,067)
Net assets attributable to members 2,240,568 2,249,293
Represented by
Loans and other debts due to members within one year
Members' capital classified as a liability 274,588 128,192
Other amounts 1,671,739 1,826,860
1,946,327 1,955,052
Members' other interests
Members' capital classified as equity 294,241 294,241
294,241 294,241
2,240,568 2,249,293
Total members' interests
Loans and other debts due to members 1,946,327 1,955,052
Members' other interests 294,241 294,241
2,240,568 2,249,293

For the financial year ending 05 April 2023 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 MB Good Design LLP (registered number: SO300238) were approved and authorised for issue by the Board of Directors on 05 April 2024. They were signed on its behalf by:

Melantic Limited
Designated member
Stephen West Limited
Designated member
MB GOOD DESIGN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023
MB GOOD DESIGN LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 05 APRIL 2023
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

MB Good Design 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 Heritage House, Shore Street, Fraserburgh, AB43 9BP, 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 Company 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.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling, as the risks and rewards of ownership have transferred to the customer.

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the Balance Sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Taxation

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

Intangible assets

Intangible assets are stated at cost or valuation, 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:

Other intangible assets not amortised
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, 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 not depreciated
Assets under construction not depreciated
Vehicles 25 % reducing balance
Other property, plant and equipment 16 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its 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.

Leases

The LLP as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial 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.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company 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 Company after deducting all of its liabilities.

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

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.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

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.

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'.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2023 2022
Number Number
Average number of members during the financial year 2 2

4. Intangible assets

Other intangible assets Total
£ £
Cost
At 06 April 2022 639,275 639,275
At 05 April 2023 639,275 639,275
Accumulated amortisation
At 06 April 2022 0 0
At 05 April 2023 0 0
Net book value
At 05 April 2023 639,275 639,275
At 05 April 2022 639,275 639,275

5. Tangible assets

Land and buildings Assets under construc-
tion
Vehicles Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 06 April 2022 15,300 1,161,400 99,345 2,298,368 3,574,413
Additions 0 1,788,482 0 0 1,788,482
Disposals 0 0 ( 57,354) 0 ( 57,354)
At 05 April 2023 15,300 2,949,882 41,991 2,298,368 5,305,541
Accumulated depreciation
At 06 April 2022 0 0 49,704 613,161 662,865
Charge for the financial year 0 0 8,629 143,648 152,277
Disposals 0 0 ( 39,963) 0 ( 39,963)
At 05 April 2023 0 0 18,370 756,809 775,179
Net book value
At 05 April 2023 15,300 2,949,882 23,621 1,541,559 4,530,362
At 05 April 2022 15,300 1,161,400 49,641 1,685,207 2,911,548
Leased assets included above:
Net book value
At 05 April 2023 0 0 23,621 0 23,621
At 05 April 2022 0 0 49,641 0 49,641

The amounts shown as assets under construction relate to the build of a new vessel where included in liabilities is a bank loan to finance the build.

6. Debtors

2023 2022
£ £
Trade debtors 7,680 6,313
Other debtors 25,784 22,293
33,464 28,606

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured) 16,500 31,478
Trade creditors 0 2,675
Obligations under finance leases and hire purchase contracts (secured) 8,330 11,726
Other creditors 7,413 13,215
32,243 59,094

Net obligations under hire purchase contracts are secured over the related asset.

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

2023 2022
£ £
Bank loans (secured) 2,997,608 1,299,313
Obligations under finance leases and hire purchase contracts (secured) 0 8,408
Other creditors 4,583 5,346
3,002,191 1,313,067

9. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 69,854 20,134

10. Loans and other debts due to members

Analysis of Loans

2023 2022
£ £
Amounts falling due within one year 1,946,327 1,955,052

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.