Limited Liability Partnership registration number SO301890 (Scotland)
KUDOS FISHING LLP
MEMBERS' REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
KUDOS FISHING LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KUDOS FISHING LLP
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,420,000
1,420,000
Tangible assets
4
291,974
343,674
1,711,974
1,763,674
Current assets
Debtors
5
38,908
178,295
Cash at bank and in hand
14,785
38,908
193,080
Creditors: amounts falling due within one year
6
(15,047)
(39,620)
Net current assets
23,861
153,460
Total assets less current liabilities and net assets attributable to members
1,735,835
1,917,134
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
191,406
628,968
Members' other interests
Members' capital classified as equity
905,690
905,690
Other reserves classified as equity
638,739
382,476
1,735,835
1,917,134
The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2023 the limited liability partnership 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) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
KUDOS FISHING LLP
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the members and authorised for issue on 19 November 2024 and are signed on their behalf by:
PETER & J JOHNSTONE LIMITED
Peter & J Johnstone Limited
Designated member
Limited Liability Partnership Registration No. SO301890
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Limited liability partnership information
Kudos Fishing LLP is a limited liability partnership incorporated in Scotland. The registered office is c/o Peter & J Johnstone Limited, Bridge Street, Peterhead, Aberdeenshire, United Kingdom, AB42 1DH.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the truelimited 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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
Vessels
6.25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at 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.
1.7
Financial instruments
The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
1.9
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was:
2023
2022
Number
Number
Total
1
1
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Intangible fixed assets
Licences
Quota
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
300,000
1,120,000
1,420,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
-
-
-
Carrying amount
At 31 December 2023
300,000
1,120,000
1,420,000
At 31 December 2022
300,000
1,120,000
1,420,000
4
Tangible fixed assets
Motor vehicles
Vessels
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
79,800
730,000
809,800
Depreciation and impairment
At 1 January 2023
55,500
410,626
466,126
Depreciation charged in the year
6,075
45,625
51,700
At 31 December 2023
61,575
456,251
517,826
Carrying amount
At 31 December 2023
18,225
273,749
291,974
At 31 December 2022
24,300
319,374
343,674
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
38,908
178,295
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
11,897
36,470
Other creditors
3,150
3,150
15,047
39,620
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.