Limited Liability Partnership registration number OC367790 (England and Wales)
B&M FISHING LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
B&M FISHING LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 11
B&M FISHING LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
319,440
319,440
Tangible assets
4
1,041,817
1,360,770
1,361,257
1,680,210
Current assets
Debtors
5
88,296
107,389
Cash at bank and in hand
20,778
25,388
109,074
132,777
Creditors: amounts falling due within one year
6
(243,166)
(237,383)
Net current liabilities
(134,092)
(104,606)
Total assets less current liabilities
1,227,165
1,575,604
Creditors: amounts falling due after more than one year
7
(410,176)
(506,688)
Provisions for liabilities
8
(37,315)
(40,000)
Net assets attributable to members
779,674
1,028,916
Represented by:
Loans and other debts due to members within one year
9
Members' capital classified as a liability
2
2
Amounts due in respect of profits
(49,242)
(723,954)
Other amounts
828,914
1,752,868
779,674
1,028,916

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

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.

B&M FISHING LLP
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the members and authorised for issue on 23 December 2024 and are signed on their behalf by:
23 December 2024
A.M. Seafoods Limited
Designated member
Limited Liability Partnership registration number OC367790 (England and Wales)
B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Limited liability partnership information

B&M Fishing LLP is a limited liability partnership incorporated in England and Wales. The registered office is c/o A.M. Seafoods Limited, Siding Road, Fleetwood, FY7 6NS.

 

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

The LLP forms part of the wider A.M. Seafoods Limited group ("the Group"). The parent company of the group, A.M. Seafoods Limited, has committed to provide financial support to the LLP for a period of at least 12 months from the date of approval of these financial statements. This support is to enable the LLP to meet its obligations as they fall due. At the time of approving the financial statements, the members have a reasonable expectation that the LLP 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.

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 LLP and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Other amounts applied to members, for example remuneration paid under an employment contract and interest on capital balances, are treated in the same way as all other divisions of profits, as described above, according to whether the LLP has, in each case, an unconditional right to refuse payment.

B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Intangible fixed assets other than goodwill

Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

The useful economic life of a fishing license could be considered to be the same as the underlying fishing vessel (note 1.6), however its residual value is considered to be equivalent to its book value, consequently no amortisation of fishing licenses is charged.

1.6
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.

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:

Fishing and workshop equipment
2 - 5 years
Plant & machinery
3 years
Computers
2 - 5 years
Motor vehicles
0 - 5 years
Fishing vessels
15 - 20 years (or 5 years for major inspection works)

Assets in the course of construction are not depreciated.

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.

1.7
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

1.8
Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 6 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.10
Provisions

Provisions are recognised when the limited liability partnership has a legal or constructive present obligation as a result of a past event, it is probable that the limited liability partnership will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

2
Employees

There were no employees during the current or prior period. Costs are charged to the LLP for the provision of crew and onshore labour by self employed fishermen.

2024
2023
Number
Number
Total
-
0
-
0
3
Intangible fixed assets
Fishing licenses
£
Cost
At 1 April 2023 and 31 March 2024
319,440
Amortisation and impairment
At 1 April 2023 and 31 March 2024
-
Carrying amount
At 31 March 2024
319,440
At 31 March 2023
319,440
B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
4
Tangible fixed assets
Assets under construction
Fishing and workshop equipment
Plant & machinery
Computers
Motor vehicles
Fishing vessels
Total
£
£
£
£
£
£
£
Cost
At 1 April 2023
143,003
409,070
1,500
1,102
17,279
1,424,292
1,996,246
Restatement
(143,003)
-
-
-
-
143,003
-
Restated cost at 1 April 2023
-
409,070
1,500
1,102
17,279
1,567,295
1,996,246
Additions
-
12,704
-
-
-
-
12,704
Disposals
-
(69,611)
-
-
(6,663)
(250,000)
(326,274)
At 31 March 2024
-
352,163
1,500
1,102
10,616
1,317,295
1,682,676
Depreciation and impairment
At 1 April 2023
-
348,220
125
248
10,442
276,441
635,476
Depreciation charged in the year
-
41,090
500
220
1,729
63,375
106,914
Eliminated in respect of disposals
-
(65,254)
-
-
(1,555)
(34,722)
(101,531)
At 31 March 2024
-
324,056
625
468
10,616
305,094
640,859
Carrying amount
At 31 March 2024
-
28,107
875
634
-
1,012,201
1,041,817
At 31 March 2023
143,003
60,850
1,375
854
6,837
1,147,851
1,360,770
B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,577
323
Amounts owed by group undertakings
-
1,440
Other debtors
80,719
105,626
88,296
107,389
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
96,512
96,512
Trade creditors
59,316
53,401
Amounts owed to group undertakings
23,832
32,852
Taxation and social security
4,823
120
Other creditors
58,683
54,498
243,166
237,383

The bank loan is repayable in monthly instalments of £9,380 over 84 months commencing in July 2022 and is subject to fixed interest at an effective interest rate of 4.54%. The loan is secured against one of the fishing vessels of the LLP and its associated license.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
410,176
506,688

The bank loan is repayable in monthly instalments of £9,380 over 84 months commencing in July 2022 and is subject to fixed interest at an effective interest rate of 4.54%. The loan is secured against one of the fishing vessels of the LLP and its associated license.

Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
24,128
120,640
B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
8
Provisions for liabilities
2024
2023
£
£
Boat inspection provision
37,315
40,000

The LLP provides for the potential liability arising from the annual inspection, and any resultant repairs, required for each boat to ensure they continue to be seaworthy. As the quantum of this review is not know until the boat is docked and inspected, management have estimated the required provision based on historical experience.

9
Reconciliation of Members' Interests
DEBT
TOTAL
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other amounts
Total
Total
2024
£
£
£
Members' interests at 1 April 2023
2
1,028,914
1,028,916
1,028,916
Members' remuneration charged as an expense, including employment costs and retirement benefit costs
-
(49,242)
(49,242)
(49,242)
Profit for the financial year available for discretionary division among members
-
-
-
-
Members' interests after loss and remuneration for the year
2
979,672
979,674
979,674
Repayment of debt (including members' capital classified as a liability)
-
(200,000)
(200,000)
(200,000)
Members' interests at 31 March 2024
2
779,672
779,674
779,674
10
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.

11
Audit report information

 

The auditor's report was unqualified.

Senior Statutory Auditor:
Alexander Kelly BA FCA
Statutory Auditor:
MHA
Date of audit report:
23 December 2024
B&M FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
15,693
33,448
13
Related party transactions
Transactions with related parties

During the year the limited liability partnership entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Entities with control, joint control or significant influence over the LLP
1,760,590
1,195,560
375,764
364,020
Interest charges
2024
2023
£
£
Entities with control, joint control or significant influence over the LLP
94,930
66,036
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the LLP
1,268,780
1,477,800

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Entities with control, joint control or significant influence over the LLP
-
1,440
14
Parent company

The immediate and ultimate parent undertaking is A.M. Seafoods Limited, a company incorporated in England, by virtue of its ability to direct the operating and financial decisions of the LLP. Copies of the consolidated financial statements of A.M. Seafoods Limited can be obtained from Siding Road, Fleetwood, Lancashire FY7 6NS.

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