Acorah Software Products - Accounts Production 15.0.600 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 SO300056 J & M Cowie Limited JR Cowie Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SO300056 2022-12-31 SO300056 2023-12-31 SO300056 2023-01-01 2023-12-31 SO300056 frs-core:CurrentFinancialInstruments 2023-12-31 SO300056 frs-core:Non-currentFinancialInstruments 2023-12-31 SO300056 frs-core:BetweenOneFiveYears 2023-12-31 SO300056 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 SO300056 frs-core:FurnitureFittings 2023-12-31 SO300056 frs-core:FurnitureFittings 2023-01-01 2023-12-31 SO300056 frs-core:FurnitureFittings 2022-12-31 SO300056 frs-core:NetGoodwill 2023-12-31 SO300056 frs-core:NetGoodwill 2022-12-31 SO300056 frs-core:MotorVehicles 2023-12-31 SO300056 frs-core:MotorVehicles 2023-01-01 2023-12-31 SO300056 frs-core:MotorVehicles 2022-12-31 SO300056 frs-core:OtherResidualIntangibleAssets 2023-12-31 SO300056 frs-core:OtherResidualIntangibleAssets 2022-12-31 SO300056 frs-core:WithinOneYear 2023-12-31 SO300056 frs-bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 SO300056 frs-bus:LimitedLiabilityPartnershipsSORP 2023-01-01 2023-12-31 SO300056 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 SO300056 frs-bus:SmallEntities 2023-01-01 2023-12-31 SO300056 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SO300056 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SO300056 frs-core:CurrentFinancialInstruments 1 2023-12-31 SO300056 frs-countries:Scotland 2023-01-01 2023-12-31 SO300056 frs-bus:PartnerLLP1 2023-01-01 2023-12-31 SO300056 frs-bus:PartnerLLP2 2023-01-01 2023-12-31 SO300056 2021-12-31 SO300056 2022-12-31 SO300056 2022-01-01 2022-12-31 SO300056 frs-core:CurrentFinancialInstruments 2022-12-31 SO300056 frs-core:Non-currentFinancialInstruments 2022-12-31 SO300056 frs-core:BetweenOneFiveYears 2022-12-31 SO300056 frs-core:WithinOneYear 2022-12-31 SO300056 frs-core:CurrentFinancialInstruments 1 2022-12-31
Registered number: SO300056
Ocean Quest (Scotland) LLP
Unaudited Financial Statements
For The Year Ended 31 December 2023
M Squared Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SO300056
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 480,631 480,631
Tangible Assets 5 473,474 530,083
954,105 1,010,714
CURRENT ASSETS
Debtors 6 330,803 327,200
330,803 327,200
Creditors: Amounts Falling Due Within One Year 7 (151,970 ) (189,616 )
NET CURRENT ASSETS (LIABILITIES) 178,833 137,584
TOTAL ASSETS LESS CURRENT LIABILITIES 1,132,938 1,148,298
Creditors: Amounts Falling Due After More Than One Year 8 (287,706 ) (350,688 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 845,232 797,610
REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability 476,229 476,229
Other amounts 47,622 -
523,851 476,229
Equity
Members' other interests
Members' capital 321,381 321,381
321,381 321,381
845,232 797,610
TOTAL MEMBERS' INTEREST
Amounts due from members (329,029) (323,058)
Loans and other debts due to members within one year 523,851 476,229
Members' other interests 321,381 321,381
516,203 474,552
Page 1
Page 2
For the year ending 31 December 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 applicable to LLPs subject to the small LLPs regime.)
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to LLPs) with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.
The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.
On behalf of the members
J & M Cowie Limited
Designated Member
04/09/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Ocean Quest (Scotland) LLP is a limited liability partnership, incorporated in Scotland, registered number SO300056 . The Registered Office is Caley Fisheries Ltd, 1-3 Dalrymple Street, Fraserburgh, Aberdeenshire, AB43 9BH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).
The financial statements are prepared in sterling which is the functional currency of the LLP.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Fishing licence and quota are valued at cost less accumulated amortisation. The members have assessed the useful lives of these assets, and believe that they would have a higher residual value at the end of 20 years, than the currect book value. The members have therefore decieded that these assets should not be amortised in the finanacial statements.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance
Fixtures & Fittings 6.25% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 2 (2022: 2)
2 2
Page 3
Page 4
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost or Valuation
As at 1 January 2023 315,000 165,631 480,631
As at 31 December 2023 315,000 165,631 480,631
Net Book Value
As at 31 December 2023 315,000 165,631 480,631
As at 1 January 2023 315,000 165,631 480,631
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost or Valuation
As at 1 January 2023 152,343 550,000 702,343
As at 31 December 2023 152,343 550,000 702,343
Depreciation
As at 1 January 2023 63,406 108,854 172,260
Provided during the period 22,234 34,375 56,609
As at 31 December 2023 85,640 143,229 228,869
Net Book Value
As at 31 December 2023 66,703 406,771 473,474
As at 1 January 2023 88,937 441,146 530,083
Cost or valuation as at 31 December 2023 represented by:
Motor Vehicles Fixtures & Fittings Total
£ £ £
At cost 152,343 550,000 702,343
152,343 550,000 702,343
6. Debtors
2023 2022
£ £
Due within one year
Agents account (debtor) - 2,125
VAT 1,774 2,017
Amounts due from members 329,029 323,058
330,803 327,200
Page 4
Page 5
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 12,824 18,584
Trade creditors 60,611 103,648
Bank loans and overdrafts 60,792 60,467
Other creditors 2,000 2,000
Agents account (creditor) 10,343 -
Accruals 5,400 4,917
151,970 189,616
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 57,206 64,270
Bank loans 230,500 286,418
287,706 350,688
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 12,824 18,584
Later than one year and not later than five years 57,206 64,270
70,030 82,854
70,030 82,854
Page 5