REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 |
FOR |
VIRTUOUS LLP |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2024 |
FOR |
VIRTUOUS LLP |
VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 6 APRIL 2024 |
Page |
General Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
VIRTUOUS LLP |
GENERAL INFORMATION |
FOR THE YEAR ENDED 6 APRIL 2024 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |
BALANCE SHEET |
6 APRIL 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
Tangible assets | 6 |
CURRENT ASSETS |
Debtors | 7 |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
NET ASSETS ATTRIBUTABLE TO MEMBERS |
2,296,398 |
2,496,980 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
1,726,409 |
1,926,991 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 569,989 | 569,989 |
2,296,398 | 2,496,980 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 1,726,409 | 1,926,991 |
Members' other interests | 569,989 | 569,989 |
2,296,398 | 2,496,980 |
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. |
VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |
BALANCE SHEET - continued |
6 APRIL 2024 |
The financial statements were approved by the members of the LLP and authorised for issue on |
VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 6 APRIL 2024 |
1. | STATUTORY INFORMATION |
Virtuous 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 |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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 |
Fishing vessel and gear | - |
Motor vehicles | - |
Computer equipment | - |
VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 6 APRIL 2024 |
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. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Government grants |
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred. |
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 (2023 - NIL). |
5. | INTANGIBLE FIXED ASSETS |
Fishing |
quota and |
licences |
£ |
COST OR VALUATION |
At 7 April 2023 |
Additions |
At 6 April 2024 |
NET BOOK VALUE |
At 6 April 2024 |
At 6 April 2023 |
Cost or valuation at 6 April 2024 is represented by: |
Fishing |
quota and |
licences |
£ |
Valuation in 2017 | 945,335 |
Cost | 702,485 |
1,647,820 |
VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 6 APRIL 2024 |
6. | TANGIBLE FIXED ASSETS |
Fishing |
vessel | Motor | Computer |
and gear | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 7 April 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 6 April 2024 |
DEPRECIATION |
At 7 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 6 April 2024 |
NET BOOK VALUE |
At 6 April 2024 |
At 6 April 2023 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 7 April 2023 |
Additions |
Disposals | ( |
) |
Transfer to ownership | 34,436 |
At 6 April 2024 |
DEPRECIATION |
At 7 April 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
Transfer to ownership | 716 |
At 6 April 2024 |
NET BOOK VALUE |
At 6 April 2024 |
At 6 April 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 6 APRIL 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 705,850 | 706,240 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank overdrafts |
Bank loans |
Hire purchase contracts | 136,749 | 95,493 |
The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel. |
11. | ULTIMATE CONTROLLING PARTY |
The controlling party is A West. |