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 SO300016 Benmont Limited Blackcourt Limited Bayburn Limited iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure SO300016 2022-12-31 SO300016 2023-12-31 SO300016 2023-01-01 2023-12-31 SO300016 frs-core:CurrentFinancialInstruments 2023-12-31 SO300016 frs-core:Non-currentFinancialInstruments 2023-12-31 SO300016 frs-core:BetweenOneFiveYears 2023-12-31 SO300016 frs-core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 SO300016 frs-core:FurnitureFittings 2023-12-31 SO300016 frs-core:FurnitureFittings 2023-01-01 2023-12-31 SO300016 frs-core:FurnitureFittings 2022-12-31 SO300016 frs-core:NetGoodwill 2023-12-31 SO300016 frs-core:NetGoodwill 2023-01-01 2023-12-31 SO300016 frs-core:NetGoodwill 2022-12-31 SO300016 frs-core:MotorVehicles 2023-12-31 SO300016 frs-core:MotorVehicles 2023-01-01 2023-12-31 SO300016 frs-core:MotorVehicles 2022-12-31 SO300016 frs-core:OtherResidualIntangibleAssets 2023-12-31 SO300016 frs-core:OtherResidualIntangibleAssets 2023-01-01 2023-12-31 SO300016 frs-core:OtherResidualIntangibleAssets 2022-12-31 SO300016 frs-core:PlantMachinery 2023-12-31 SO300016 frs-core:PlantMachinery 2023-01-01 2023-12-31 SO300016 frs-core:PlantMachinery 2022-12-31 SO300016 frs-core:WithinOneYear 2023-12-31 SO300016 frs-bus:LimitedLiabilityPartnershipLLP 2023-01-01 2023-12-31 SO300016 frs-bus:LimitedLiabilityPartnershipsSORP 2023-01-01 2023-12-31 SO300016 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 SO300016 frs-bus:SmallEntities 2023-01-01 2023-12-31 SO300016 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 SO300016 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 SO300016 frs-countries:Scotland 2023-01-01 2023-12-31 SO300016 frs-bus:PartnerLLP1 2023-01-01 2023-12-31 SO300016 frs-bus:PartnerLLP2 2023-01-01 2023-12-31 SO300016 frs-bus:PartnerLLP3 2023-01-01 2023-12-31 SO300016 2021-12-31 SO300016 2022-12-31 SO300016 2022-01-01 2022-12-31 SO300016 frs-core:CurrentFinancialInstruments 2022-12-31 SO300016 frs-core:Non-currentFinancialInstruments 2022-12-31 SO300016 frs-core:BetweenOneFiveYears 2022-12-31 SO300016 frs-core:WithinOneYear 2022-12-31
Registered number: SO300016
MFV Sunrise LLP
Unaudited Financial Statements
For The Year Ended 31 December 2023
M Squared Accountants Ltd
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: SO300016
2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,187,490 1,112,490
Tangible Assets 5 385,238 244,289
1,572,728 1,356,779
CURRENT ASSETS
Debtors 6 399,622 193,338
Cash at bank and in hand 15,448 -
415,070 193,338
Creditors: Amounts Falling Due Within One Year 7 (163,632 ) (243,300 )
NET CURRENT ASSETS (LIABILITIES) 251,438 (49,962 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,824,166 1,306,817
Creditors: Amounts Falling Due After More Than One Year 8 (691,827 ) (50,320 )
NET ASSETS ATTRIBUTABLE TO MEMBERS 1,132,339 1,256,497
REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts 815,612 939,770
815,612 939,770
Equity
Members' other interests
Members' capital 316,727 316,727
316,727 316,727
1,132,339 1,256,497
TOTAL MEMBERS' INTEREST
Amounts due from members (295,258) (173,950)
Loans and other debts due to members within one year 815,612 939,770
Members' other interests 316,727 316,727
837,081 1,082,547
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
Bayburn Limited
Designated Member
23/09/2024
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
MFV Sunrise LLP is a limited liability partnership, incorporated in Scotland, registered number SO300016 . The Registered Office is 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
Other intangible assets are Fishing Licence and Quota. They are not amortised as the members believe their market value is in line with their carrying value in the accounts.
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:
Plant & Machinery 25% Reducing balance
Motor Vehicles 25% Reducing balance
Vessel & gear 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.
Page 3
Page 4
2.6. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including members with contracts of employment, during the year was: 3 (2022: 3)
3 3
4. Intangible Assets
Quota Licences Total
£ £ £
Cost
As at 1 January 2023 915,490 197,000 1,112,490
Additions - 75,000 75,000
As at 31 December 2023 915,490 272,000 1,187,490
Net Book Value
As at 31 December 2023 915,490 272,000 1,187,490
As at 1 January 2023 915,490 197,000 1,112,490
5. Tangible Assets
Plant & Machinery Motor Vehicles Vessel & gear Total
£ £ £ £
Cost
As at 1 January 2023 97,245 116,335 200,000 413,580
Additions - - 352,021 352,021
Disposals - - (200,000 ) (200,000 )
As at 31 December 2023 97,245 116,335 352,021 565,601
Depreciation
As at 1 January 2023 76,795 92,496 - 169,291
Provided during the period 5,112 5,960 - 11,072
As at 31 December 2023 81,907 98,456 - 180,363
Net Book Value
As at 31 December 2023 15,338 17,879 352,021 385,238
As at 1 January 2023 20,450 23,839 200,000 244,289
Page 4
Page 5
6. Debtors
2023 2022
£ £
Due within one year
Other debtors 101,021 13,429
VAT 3,343 5,959
Amounts due from members 295,258 173,950
399,622 193,338
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 16,331 1,430
Trade creditors 99,960 155,375
Bank loans and overdrafts 44,976 62,335
Other creditors - 21,795
Accruals and deferred income 2,365 2,365
163,632 243,300
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts - 19,029
Bank loans 691,609 31,000
Government grants after one year 218 291
691,827 50,320
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 16,331 1,430
Later than one year and not later than five years - 19,029
16,331 20,459
16,331 20,459
Page 5