Silverfin false 31/07/2023 01/08/2022 31/07/2023 P & J Johnstone Limited 28/07/2016 Lily Oak Fishing Company Limited 28/07/2016 09 April 2024 SO305771 2023-07-31 SO305771 bus:Director1 2023-07-31 SO305771 bus:Director2 2023-07-31 SO305771 2022-07-31 SO305771 core:CurrentFinancialInstruments 2023-07-31 SO305771 core:CurrentFinancialInstruments 2022-07-31 SO305771 core:Non-currentFinancialInstruments 2023-07-31 SO305771 core:Non-currentFinancialInstruments 2022-07-31 SO305771 core:PatentsTrademarksLicencesConcessionsSimilar 2022-07-31 SO305771 core:PatentsTrademarksLicencesConcessionsSimilar 2023-07-31 SO305771 core:Vehicles 2022-07-31 SO305771 core:OtherPropertyPlantEquipment 2022-07-31 SO305771 core:Vehicles 2023-07-31 SO305771 core:OtherPropertyPlantEquipment 2023-07-31 SO305771 2022-08-01 2023-07-31 SO305771 bus:FullAccounts 2022-08-01 2023-07-31 SO305771 bus:SmallEntities 2022-08-01 2023-07-31 SO305771 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 SO305771 bus:LimitedLiabilityPartnershipLLP 2022-08-01 2023-07-31 SO305771 bus:Director1 2022-08-01 2023-07-31 SO305771 bus:Director2 2022-08-01 2023-07-31 SO305771 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2022-08-01 2023-07-31 SO305771 core:Vehicles core:TopRangeValue 2022-08-01 2023-07-31 SO305771 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-08-01 2023-07-31 SO305771 2021-08-01 2022-07-31 SO305771 core:Vehicles 2022-08-01 2023-07-31 SO305771 core:OtherPropertyPlantEquipment 2022-08-01 2023-07-31 SO305771 core:CurrentFinancialInstruments 2022-08-01 2023-07-31 SO305771 core:Non-currentFinancialInstruments 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Company No: SO305771 (Scotland)

FINDLATER FISHING LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH THE REGISTRAR

FINDLATER FISHING LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023

Contents

FINDLATER FISHING LLP

BALANCE SHEET

AS AT 31 JULY 2023
FINDLATER FISHING LLP

BALANCE SHEET (continued)

AS AT 31 JULY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 5 843,399 986,798
843,399 986,798
Current assets
Debtors 6 901,704 802,738
Cash at bank and in hand 7 3,785 3,669
905,489 806,407
Creditors: amounts falling due within one year 8 ( 179,586) ( 53,211)
Net current assets 725,903 753,196
Total assets less current liabilities 1,569,302 1,739,994
Creditors: amounts falling due after more than one year 9 ( 1,019,302) ( 1,189,994)
Net assets attributable to members 550,000 550,000
Represented by
Members' other interests
Members' capital classified as equity 550,000 550,000
550,000 550,000
550,000 550,000
Total members' interests
Amounts due from members (included in debtors) (896,300) (796,028)
Members' other interests 550,000 550,000
(346,300) (246,028)

For the financial year ending 31 July 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 Findlater Fishing LLP (registered number: SO305771) were approved and authorised for issue by the Board of Directors on 09 April 2024. They were signed on its behalf by:

Lily Oak Fishing Company Limited
Designated member
FINDLATER FISHING LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2023
FINDLATER FISHING LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

Findlater Fishing 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 5-8 Bridge Street, Peterhead, 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 2018 (SORP 2018).

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 setting, as the risks and rewards of ownership have transferred to the customer.

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.

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:

Trademarks, patents and licences 5 years straight line
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:

Vehicles 5 years straight line
Other property, plant and equipment 10 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.

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 deposits held at call with banks.

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 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. If not, they are presented as non-current liabilities.

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 section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

Profits are automatically divided as they arise, so the LLP does not have an unconditional right to refuse payment and the amounts arising that are due to members are in the nature of liabilities. They are therefore treated as an expense and presented as members remuneration charged as an expense in arriving at the result for the relevant year. To the extent that they remain unpaid at the period end, they are shown as liabilities

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payments. Amounts payable to members under employment contracts and unavoidable interest on members capital are charged to "members remuneration charged as an expense" in the relevant year.

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

Trademarks, patents
and licences
Total
£ £
Cost
At 01 August 2022 973,100 973,100
At 31 July 2023 973,100 973,100
Accumulated amortisation
At 01 August 2022 973,100 973,100
At 31 July 2023 973,100 973,100
Net book value
At 31 July 2023 0 0
At 31 July 2022 0 0

5. Tangible assets

Vehicles Other property, plant
and equipment
Total
£ £ £
Cost
At 01 August 2022 16,995 1,400,000 1,416,995
At 31 July 2023 16,995 1,400,000 1,416,995
Accumulated depreciation
At 01 August 2022 10,197 420,000 430,197
Charge for the financial year 3,399 140,000 143,399
At 31 July 2023 13,596 560,000 573,596
Net book value
At 31 July 2023 3,399 840,000 843,399
At 31 July 2022 6,798 980,000 986,798

6. Debtors

2023 2022
£ £
Other debtors 901,704 802,738

7. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 3,785 3,669

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 85,000 0
Trade creditors 43,590 33,385
Other creditors 50,996 19,826
179,586 53,211

Bank loans are secured by a bond and a floating charge.

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

2023 2022
£ £
Bank loans (secured) 1,019,302 1,189,994

Bank loans are secured by a bond and a floating charge.