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REGISTERED NUMBER: SO300262 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FUIMUS LLP

FUIMUS LLP (REGISTERED NUMBER: SO300262)






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


FUIMUS LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DESIGNATED MEMBERS: Mrs M F Bruce
Caley Fisheries Ltd
M D Bruce
C J Bruce





REGISTERED OFFICE: 1 Dalrymple Street
Fraserburgh
Aberdeenshire
AB43 9BH





REGISTERED NUMBER: SO300262 (Scotland)

FUIMUS LLP (REGISTERED NUMBER: SO300262)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 320,632 320,632
Tangible assets 6 2,514,873 2,681,737
2,835,505 3,002,369

CURRENT ASSETS
Debtors 7 141,750 181,411
Cash at bank 17,376 9,745
159,126 191,156
CREDITORS
Amounts falling due within one year 8 180,839 183,676
NET CURRENT (LIABILITIES)/ASSETS (21,713 ) 7,480
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,813,792

3,009,849

CREDITORS
Amounts falling due after more than one year 9 1,427,096 1,586,667
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,386,696

1,423,182

FUIMUS LLP (REGISTERED NUMBER: SO300262)

BALANCE SHEET - continued
31 DECEMBER 2023

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

472,534

509,020

MEMBERS' OTHER INTERESTS
Capital accounts 914,162 914,162
1,386,696 1,423,182

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 472,534 509,020
Members' other interests 914,162 914,162
Amounts due from members 7 (25,768 ) (16,490 )
1,360,928 1,406,692

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 27 December 2024 and were signed by:





C J Bruce - Designated member

FUIMUS LLP (REGISTERED NUMBER: SO300262)

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

1. STATUTORY INFORMATION

Fuimus 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.

Fishing licences and quota
Fishing licences and quota are presented at valuation. No amortisation has been provided for in the year as the members believe they have an indefinite useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fishing vessel - 6.25% on cost
Motor vehicles - 25% on reducing balance

Taxation
No taxation has been provided in the accounts as taxation is a personal liability of the members.

FUIMUS LLP (REGISTERED NUMBER: SO300262)

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

3. ACCOUNTING POLICIES - continued

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
licence
and quota
£   
COST
At 1 January 2023
and 31 December 2023 323,552
AMORTISATION
At 1 January 2023
and 31 December 2023 2,920
NET BOOK VALUE
At 31 December 2023 320,632
At 31 December 2022 320,632

6. TANGIBLE FIXED ASSETS
Fishing Motor
vessel vehicles Totals
£    £    £   
COST
At 1 January 2023 2,796,002 9,900 2,805,902
Additions - 13,495 13,495
Disposals - (9,900 ) (9,900 )
At 31 December 2023 2,796,002 13,495 2,809,497
DEPRECIATION
At 1 January 2023 116,500 7,665 124,165
Charge for year 174,750 3,374 178,124
Eliminated on disposal - (7,665 ) (7,665 )
At 31 December 2023 291,250 3,374 294,624
NET BOOK VALUE
At 31 December 2023 2,504,752 10,121 2,514,873
At 31 December 2022 2,679,502 2,235 2,681,737

FUIMUS LLP (REGISTERED NUMBER: SO300262)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 30,153 126,680
Other debtors 111,597 54,731
141,750 181,411

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 113,333 113,333
Trade creditors 62,506 62,343
Other creditors 5,000 8,000
180,839 183,676

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 1,427,096 1,586,667

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 973,764 1,133,335

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 1,540,429 1,700,000

11. 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.