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REGISTERED NUMBER: SO300686 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 August 2023

for

Tranquility BF7 LLP

Tranquility BF7 LLP (Registered number: SO300686)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tranquility BF7 LLP

General Information
for the Year Ended 31 August 2023







DESIGNATED MEMBERS: Mr P Johnstone
Mr B Johnstone
Peter & J.Johnstone Limited





REGISTERED OFFICE: C/o Peter & J.Johnstone Ltd
Bridge Street
Peterhead
Aberdeenshire
AB42 1DH





REGISTERED NUMBER: SO300686 (Scotland)





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

Tranquility BF7 LLP (Registered number: SO300686)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 486,000 486,000
Tangible assets 5 150,448 200,559
636,448 686,559

CURRENT ASSETS
Debtors 6 5,956 5,052
Cash at bank - 29,769
5,956 34,821
CREDITORS
Amounts falling due within one year 7 392,610 126,303
NET CURRENT LIABILITIES (386,654 ) (91,482 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

249,794

595,077

CREDITORS
Amounts falling due after more than one
year

8

140,788

178,463
NET ASSETS ATTRIBUTABLE TO
MEMBERS

109,006

416,614

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

109,006

416,614

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 109,006 416,614

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 August 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.

Tranquility BF7 LLP (Registered number: SO300686)

Balance Sheet - continued
31 August 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 29 August 2024 and were signed by:





Peter & J.Johnstone Limited - Designated member

Tranquility BF7 LLP (Registered number: SO300686)

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

1. STATUTORY INFORMATION

Tranquility BF7 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 - 10% on cost less residual value
Motor vehicles - 25% on cost

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

Intangible fixed assets
No amortisation has been provided on the fishing licence or quota as in the opinion of the members there has been no permanent diminution in their value.

3. EMPLOYEE INFORMATION

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

4. INTANGIBLE FIXED ASSETS
Fishing Fishing
licence quota Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 200,000 326,000 526,000
AMORTISATION
At 1 September 2022
and 31 August 2023 - 40,000 40,000
NET BOOK VALUE
At 31 August 2023 200,000 286,000 486,000
At 31 August 2022 200,000 286,000 486,000

Tranquility BF7 LLP (Registered number: SO300686)

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

5. TANGIBLE FIXED ASSETS
Fishing Motor
vessel vehicles Totals
£    £    £   
COST
At 1 September 2022
and 31 August 2023 501,119 24,003 525,122
DEPRECIATION
At 1 September 2022 300,560 24,003 324,563
Charge for year 50,111 - 50,111
At 31 August 2023 350,671 24,003 374,674
NET BOOK VALUE
At 31 August 2023 150,448 - 150,448
At 31 August 2022 200,559 - 200,559

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Other debtors 5,956 5,052

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 80,017 67,422
Trade creditors 305,140 52,106
Other creditors 7,453 6,775
392,610 126,303

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 140,788 178,463

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 13,172 46,355

Tranquility BF7 LLP (Registered number: SO300686)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£    £   
Bank overdrafts 43,023 18,404
Bank loans 177,782 227,481
220,805 245,885

Bank borrowings are secured by means of a ships mortgage over the vessel and a bond and floating charge over all other assets.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members would not seek to draw capital loan balances unless they were satisfied that there were sufficient funds available to meet other creditors as they fell due.