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REGISTERED NUMBER: SO300195 (Scotland)















Report of the Members and

Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Pleiades BF 155 LLP

Pleiades BF 155 LLP (Registered number: SO300195)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

General Information 1

Report of the Members 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Pleiades BF 155 LLP

General Information
for the Year Ended 31 December 2023







DESIGNATED MEMBERS: Phillip Hepburn Limited
Garry Hepburn Limited





REGISTERED OFFICE: Heritage House
141 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SO300195 (Scotland)





ACCOUNTANTS: SBP
Accountants
2 Cross Street
Fraserburgh
Aberdeenshire
AB43 9EQ

Pleiades BF 155 LLP (Registered number: SO300195)

Report of the Members
for the Year Ended 31 December 2023

The members present their report with the financial statements of the LLP for the year ended 31 December 2023.

DESIGNATED MEMBERS
The designated members during the year under review were:

Phillip Hepburn Limited
Garry Hepburn Limited

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The loss for the year before members' remuneration and profit shares was £22,554 (2022 - £18,658 profit).

MEMBERS' INTERESTS

ON BEHALF OF THE MEMBERS:





Phillip Hepburn Limited - Designated member


23 August 2024

Pleiades BF 155 LLP (Registered number: SO300195)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER 674,296 722,953

Cost of sales 450,822 508,897
GROSS PROFIT 223,474 214,056

Administrative expenses 244,128 193,374
(20,654 ) 20,682

Other operating income - 50
OPERATING (LOSS)/PROFIT 4 (20,654 ) 20,732


Interest payable and similar expenses 5 1,900 2,074
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT
SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS





(22,554





)





18,658

Pleiades BF 155 LLP (Registered number: SO300195)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Fishing licence & quota 6 18,169 27,584
Tangible assets 7 65,008 126,458
Investments 8 - 2,000
83,177 156,042

CURRENT ASSETS
Debtors 9 52,262 37,596
Cash at bank 10,932 -
63,194 37,596
CREDITORS
Amounts falling due within one year 10 60,759 71,746
NET CURRENT ASSETS/(LIABILITIES) 2,435 (34,150 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

85,612

121,892

CREDITORS
Amounts falling due after more than one
year

11

59,925

24,947
NET ASSETS ATTRIBUTABLE TO
MEMBERS

25,687

96,945

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 25,687 96,945
25,687 96,945

TOTAL MEMBERS' INTERESTS
Members' other interests 25,687 96,945

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 December 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.

Pleiades BF 155 LLP (Registered number: SO300195)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The financial statements were approved by the members of the LLP and authorised for issue on 23 August 2024 and were signed by:




Phillip Hepburn Limited - Designated member




- Designated member


Pleiades BF 155 LLP (Registered number: SO300195)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Pleiades BF 155 LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
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. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Fishing licence & quota
Fishing licence and quota are valued at cost less accumulated amortisation.Amortisation is calculated to write off the cost in equal instalments over their estimated useful lives of 20 years.

Cherished number plate
The cherished number plate is reported at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal instalments over the estimated useful lives of the asset of 10 years.

Tangible fixed assets
Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Fishing Vessel 6.25% on cost
Stores 4% on cost
Gear and equipment 20% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Fixed asset investments
The fixed asset investment is reported at cost as there is no practical means to value the specific investment without undue cost and effort.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2022 - NIL).

4. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 61,450 61,684
Fishing licence & quota amortisation 9,355 11,591
Cherished number plate amortisation 60 60

Pleiades BF 155 LLP (Registered number: SO300195)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Bank interest 1,153 1,080
Bank loan interest 747 994
1,900 2,074

6. INTANGIBLE FIXED ASSETS
Fishing Cherished
licence & number
quota plate Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 231,836 599 232,435
AMORTISATION
At 1 January 2023 204,791 60 204,851
Amortisation for year 9,355 60 9,415
At 31 December 2023 214,146 120 214,266
NET BOOK VALUE
At 31 December 2023 17,690 479 18,169
At 31 December 2022 27,045 539 27,584

7. TANGIBLE FIXED ASSETS
Fishing Gear &
Store vessel equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 4,500 965,202 64,752 1,034,454
DEPRECIATION
At 1 January 2023 3,420 844,542 60,034 907,996
Charge for year 180 60,326 944 61,450
At 31 December 2023 3,600 904,868 60,978 969,446
NET BOOK VALUE
At 31 December 2023 900 60,334 3,774 65,008
At 31 December 2022 1,080 120,660 4,718 126,458

Pleiades BF 155 LLP (Registered number: SO300195)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

8. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023 2,000
Disposals (2,000 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 2,000

The Fixed Asset investment was previously reported at original cost. The company in which the investment was made went into liquidation in May 2023 and after due consideration, the balance was written off in full.

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 45,118 33,910
VAT 569 275
Prepayments 6,575 3,411
52,262 37,596

The balance of 'Other debtors' of £45,118 comprises funds that were held on behalf of the LLP by fishing vessel agents, Fraserburgh Inshore Fishermen Ltd. This company went into liquidation in May 2023 and, as at the date of completion of these financial statements it was uncertain if any of the amount owed would be recovered.A full provision for the balance has been put in place.

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 10,141 27,515
Trade creditors 13,406 34,425
Agent's balance 35,033 -
Accrued expenses 2,179 9,806
60,759 71,746

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 10,397 10,141
Bank loans - 2-5 years 4,410 14,806
Provision for bad debt 45,118 -
59,925 24,947