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REGISTERED NUMBER: SO301913 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2023

FOR

JACK FISHING LLP

JACK FISHING LLP (REGISTERED NUMBER: SO301913)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


JACK FISHING LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MAY 2023







DESIGNATED MEMBERS: Alexander Jack (Fishing) Limited
Melantic Limited
Zander Jack (Fishing) Limited





REGISTERED OFFICE: 141 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SO301913 (Scotland)

JACK FISHING LLP (REGISTERED NUMBER: SO301913)

BALANCE SHEET
31 MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 220,778 203,615
Tangible assets 6 2,627,740 35,185
2,848,518 238,800

CURRENT ASSETS
Debtors 7 43,776 8,005
Cash at bank 62,718 1,972,191
106,494 1,980,196
CREDITORS
Amounts falling due within one year 8 189,070 203,273
NET CURRENT (LIABILITIES)/ASSETS (82,576 ) 1,776,923
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,765,942

2,015,723

CREDITORS
Amounts falling due after more than one
year

9

648,970

150,046
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,116,972

1,865,677

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

2,116,972

1,865,677

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 2,116,972 1,865,677

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 May 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.

JACK FISHING LLP (REGISTERED NUMBER: SO301913)

BALANCE SHEET - continued
31 MAY 2023


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 20 March 2024 and were signed by:





Alexander Jack (Fishing) Limited - Designated member

JACK FISHING LLP (REGISTERED NUMBER: SO301913)

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

1. STATUTORY INFORMATION

Jack 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.

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.

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.

Turnover
Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

Fishing licences
Fishing licences 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.
Fishing vessel - 4% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

JACK FISHING LLP (REGISTERED NUMBER: SO301913)

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

3. ACCOUNTING POLICIES - continued

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 NIL (2022 - NIL).

5. INTANGIBLE FIXED ASSETS
Fishing
licence
and quota
£   
COST
At 1 June 2022 261,019
Additions 17,163
At 31 May 2023 278,182
AMORTISATION
At 1 June 2022
and 31 May 2023 57,404
NET BOOK VALUE
At 31 May 2023 220,778
At 31 May 2022 203,615

6. TANGIBLE FIXED ASSETS
Fishing Plant and Motor
vessel machinery vehicles Totals
£    £    £    £   
COST
At 1 June 2022 - 59,632 19,498 79,130
Additions 2,600,000 - - 2,600,000
At 31 May 2023 2,600,000 59,632 19,498 2,679,130
DEPRECIATION
At 1 June 2022 - 32,457 11,488 43,945
Charge for year - 5,435 2,010 7,445
At 31 May 2023 - 37,892 13,498 51,390
NET BOOK VALUE
At 31 May 2023 2,600,000 21,740 6,000 2,627,740
At 31 May 2022 - 27,175 8,010 35,185

JACK FISHING LLP (REGISTERED NUMBER: SO301913)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 36,088 927
Other debtors 7,688 7,078
43,776 8,005

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 54,000
Trade creditors 4,843 79,692
Taxation and social security 1,677 7,256
Other creditors 132,550 62,325
189,070 203,273

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 648,970 150,046

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 448,970 -

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 698,970 204,046

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

In the event of 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.