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REGISTERED NUMBER: SO300312 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MB VISION LLP

MB VISION LLP (REGISTERED NUMBER: SO300312)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MB VISION LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DESIGNATED MEMBERS: Melantic Limited
Zander Jack (Fishing) Limited





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





REGISTERED NUMBER: SO300312 (Scotland)

MB VISION LLP (REGISTERED NUMBER: SO300312)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 356,609 278,331
Tangible assets 6 3,617,272 3,746,972
3,973,881 4,025,303

CURRENT ASSETS
Debtors 7 34,736 5,864
Cash at bank 127,368 375,742
162,104 381,606
CREDITORS
Amounts falling due within one year 8 140,896 302,774
NET CURRENT ASSETS 21,208 78,832
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,995,089

4,104,135

CREDITORS
Amounts falling due after more than one year 9 393,651 448,541
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,601,438

3,655,594

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

3,601,438

3,655,594

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 3,601,438 3,655,594

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.

MB VISION LLP (REGISTERED NUMBER: SO300312)

BALANCE SHEET - continued
31 DECEMBER 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 27 August 2024 and were signed by:





Zander Jack (Fishing) Limited - Designated member

MB VISION LLP (REGISTERED NUMBER: SO300312)

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

1. STATUTORY INFORMATION

MB Vision 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 and quota
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing licences and quota are being amortised evenly over their estimated useful life of twenty five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 4% on cost
Plant and machinery etc - 25% on reducing balance and 20% on reducing balance

MB VISION LLP (REGISTERED NUMBER: SO300312)

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

3. ACCOUNTING POLICIES - continued

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.

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 Fishing
licence quota Totals
£    £    £   
COST
At 1 January 2023 228,440 175,200 403,640
Additions - 96,680 96,680
At 31 December 2023 228,440 271,880 500,320
AMORTISATION
At 1 January 2023 62,301 63,008 125,309
Amortisation for year 9,138 9,264 18,402
At 31 December 2023 71,439 72,272 143,711
NET BOOK VALUE
At 31 December 2023 157,001 199,608 356,609
At 31 December 2022 166,139 112,192 278,331

MB VISION LLP (REGISTERED NUMBER: SO300312)

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

6. TANGIBLE FIXED ASSETS
Improvement
Fishing to
vessel Property property
£    £    £   
COST
At 1 January 2023 3,246,870 108,570 151,900
Additions 58,675 - -
At 31 December 2023 3,305,545 108,570 151,900
DEPRECIATION
At 1 January 2023 32,469 - -
Charge for year 132,221 - -
At 31 December 2023 164,690 - -
NET BOOK VALUE
At 31 December 2023 3,140,855 108,570 151,900
At 31 December 2022 3,214,401 108,570 151,900

Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 249,709 48,359 3,805,408
Additions - - 58,675
At 31 December 2023 249,709 48,359 3,864,083
DEPRECIATION
At 1 January 2023 12,288 13,679 58,436
Charge for year 47,484 8,670 188,375
At 31 December 2023 59,772 22,349 246,811
NET BOOK VALUE
At 31 December 2023 189,937 26,010 3,617,272
At 31 December 2022 237,421 34,680 3,746,972

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 34,736 5,864

MB VISION LLP (REGISTERED NUMBER: SO300312)

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

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 59,000 69,700
Hire purchase contracts 6,883 8,731
Trade creditors 3,901 81,738
Amounts owed to participating interests 71,112 102,605
Other creditors - 40,000
140,896 302,774

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 390,783 438,790
Hire purchase contracts 2,868 9,751
393,651 448,541

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 287,368 254,624

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 449,783 508,490
Hire purchase contracts 9,751 18,482
459,534 526,972

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.