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REGISTERED NUMBER: SO306413 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

ATLAS FR101 LLP

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)






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


ATLAS FR101 LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DESIGNATED MEMBERS: JCB Fishing Ltd
Melantic Limited





REGISTERED OFFICE: 141 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SO306413 (Scotland)

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 710,172 612,300
Tangible assets 6 768,998 811,995
1,479,170 1,424,295

CURRENT ASSETS
Debtors 7 79,365 111,127
Cash at bank 15,283 52,626
94,648 163,753
CREDITORS
Amounts falling due within one year 8 86,748 124,577
NET CURRENT ASSETS 7,900 39,176
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,487,070

1,463,471

CREDITORS
Amounts falling due after more than one
year

9

861,760

775,762
NET ASSETS ATTRIBUTABLE TO
MEMBERS

625,310

687,709

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

47,601

-

MEMBERS' OTHER INTERESTS
Capital accounts 577,709 687,709
625,310 687,709

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 47,601 -
Members' other interests 577,709 687,709
Amounts due from members 7 - (56,897 )
625,310 630,812

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.

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 20 September 2024 and were signed by:




JCB Fishing Ltd - Designated member




Melantic Limited - Designated member


ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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

1. STATUTORY INFORMATION

Atlas FR101 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.

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.

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.

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.

Intangible assets
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 quota are being amortised evenly over their estimated useful life of 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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Fishing vessel - 6.25% on cost
Motor vehicles - 20% on reducing balance

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 522,300 90,000 612,300
Additions - 122,340 122,340
At 31 December 2023 522,300 212,340 734,640
AMORTISATION
Amortisation for year - 24,468 24,468
At 31 December 2023 - 24,468 24,468
NET BOOK VALUE
At 31 December 2023 522,300 187,872 710,172
At 31 December 2022 522,300 90,000 612,300

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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

6. TANGIBLE FIXED ASSETS
Fishing Motor
vessel vehicles Totals
£    £    £   
COST
At 1 January 2023 800,000 61,995 861,995
Additions - 72,630 72,630
Disposals - (61,995 ) (61,995 )
At 31 December 2023 800,000 72,630 872,630
DEPRECIATION
At 1 January 2023 50,000 - 50,000
Charge for year 50,000 11,898 61,898
Eliminated on disposal - (8,266 ) (8,266 )
At 31 December 2023 100,000 3,632 103,632
NET BOOK VALUE
At 31 December 2023 700,000 68,998 768,998
At 31 December 2022 750,000 61,995 811,995

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023 61,995
Additions 72,630
Disposals (61,995 )
At 31 December 2023 72,630
DEPRECIATION
Charge for year 11,898
Eliminated on disposal (8,266 )
At 31 December 2023 3,632
NET BOOK VALUE
At 31 December 2023 68,998
At 31 December 2022 61,995

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 79,365 54,230
Other debtors - 56,897
79,365 111,127

ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

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 37,500 37,500
Hire purchase contracts 6,128 5,443
Trade creditors 36,781 72,411
Taxation and social security 3,519 6,403
Other creditors 2,820 2,820
86,748 124,577

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 586,254 624,947
Hire purchase contracts 59,911 42,155
Other creditors 215,595 108,660
861,760 775,762

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 623,754 662,447
Hire purchase contracts 66,039 47,598
689,793 710,045

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 a winding up the amounts included in 'Loans and other debts due to members' will rank equally with unsecured creditors.

12. ULTIMATE CONTROLLING PARTY

The controlling party is JCB Fishing Ltd.