IRIS Accounts Production v24.3.2.46 SO300250 designated member 7.4.23 6.4.24 6.4.24 0 0 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSO3002502023-04-06SO3002502024-04-06SO3002502023-04-072024-04-06SO3002502022-04-06SO3002502022-04-072023-04-06SO3002502023-04-06SO300250ns15:Scotland2023-04-072024-04-06SO300250ns14:PoundSterling2023-04-072024-04-06SO300250ns10:PartnerLLP12023-04-072024-04-06SO300250ns10:LimitedLiabilityPartnershipLLP2023-04-072024-04-06SO300250ns10:SmallEntities2023-04-072024-04-06SO300250ns10:AuditExempt-NoAccountantsReport2023-04-072024-04-06SO300250ns10:SmallCompaniesRegimeForAccounts2023-04-072024-04-06SO300250ns10:LimitedLiabilityPartnershipsSORP2023-04-072024-04-06SO300250ns10:FullAccounts2023-04-072024-04-06SO30025012023-04-072024-04-06SO300250ns10:PartnerLLP22023-04-072024-04-06SO300250ns10:PartnerLLP32023-04-072024-04-06SO300250ns10:RegisteredOffice2023-04-072024-04-06SO300250ns5:CurrentFinancialInstruments2024-04-06SO300250ns5:CurrentFinancialInstruments2023-04-06SO300250ns5:Non-currentFinancialInstruments2024-04-06SO300250ns5:Non-currentFinancialInstruments2023-04-06SO300250ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-072024-04-06SO300250ns5:LeaseholdImprovements2023-04-072024-04-06SO300250ns5:MotorVehicles2023-04-072024-04-06SO300250ns5:ComputerEquipment2023-04-072024-04-06SO300250ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-06SO300250ns5:PatentsTrademarksLicencesConcessionsSimilar2024-04-06SO300250ns5:PatentsTrademarksLicencesConcessionsSimilar2023-04-06SO300250ns5:LeaseholdImprovements2023-04-06SO300250ns5:MotorVehicles2023-04-06SO300250ns5:ComputerEquipment2023-04-06SO300250ns5:LeaseholdImprovements2024-04-06SO300250ns5:MotorVehicles2024-04-06SO300250ns5:ComputerEquipment2024-04-06SO300250ns5:LeaseholdImprovements2023-04-06SO300250ns5:MotorVehicles2023-04-06SO300250ns5:ComputerEquipment2023-04-06SO300250ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-06SO300250ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-072024-04-06SO300250ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2024-04-06SO300250ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-04-06SO300250ns5:WithinOneYearns5:CurrentFinancialInstruments2024-04-06SO300250ns5:WithinOneYearns5:CurrentFinancialInstruments2023-04-06SO300250ns5:Secured2024-04-06SO300250ns5:Secured2023-04-06
REGISTERED NUMBER: SO300250 (Scotland)















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: Craigievar (FR) Limited
Melantic Limited
A West





REGISTERED OFFICE: Heritage House
141 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SO300250 (Scotland)

VIRTUOUS LLP (REGISTERED NUMBER: SO300250)

BALANCE SHEET
6 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1,647,820 1,605,820
Tangible assets 6 2,198,744 2,330,924
3,846,564 3,936,744

CURRENT ASSETS
Debtors 7 31,794 80,447

CREDITORS
Amounts falling due within one year 8 432,569 315,533
NET CURRENT LIABILITIES (400,775 ) (235,086 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,445,789

3,701,658

CREDITORS
Amounts falling due after more than one
year

9

1,149,391

1,204,678
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 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 6 April 2024.

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 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 18 December 2024 and were signed by:





A West - Designated member

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

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 as modified by the revaluation of certain assets.

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
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 and gear - 6.25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

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 1,605,820
Additions 42,000
At 6 April 2024 1,647,820
NET BOOK VALUE
At 6 April 2024 1,647,820
At 6 April 2023 1,605,820

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 2,781,973 143,386 2,451 2,927,810
Additions - 184,804 - 184,804
Disposals - (154,100 ) - (154,100 )
At 6 April 2024 2,781,973 174,090 2,451 2,958,514
DEPRECIATION
At 7 April 2023 568,336 27,954 596 596,886
Charge for year 173,873 29,051 463 203,387
Eliminated on disposal - (40,503 ) - (40,503 )
At 6 April 2024 742,209 16,502 1,059 759,770
NET BOOK VALUE
At 6 April 2024 2,039,764 157,588 1,392 2,198,744
At 6 April 2023 2,213,637 115,432 1,855 2,330,924

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 7 April 2023 108,950
Additions 184,804
Disposals (154,100 )
Transfer to ownership 34,436
At 6 April 2024 174,090
DEPRECIATION
At 7 April 2023 27,238
Charge for year 29,051
Eliminated on disposal (40,503 )
Transfer to ownership 716
At 6 April 2024 16,502
NET BOOK VALUE
At 6 April 2024 157,588
At 6 April 2023 81,712

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 31,794 80,447

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 214,554 219,150
Hire purchase contracts 18,841 22,424
Trade creditors 187,674 68,209
Other creditors 11,500 5,750
432,569 315,533

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,031,483 1,131,609
Hire purchase contracts 117,908 73,069
1,149,391 1,204,678

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 99,554 89,150
Bank loans 1,146,483 1,261,609
Hire purchase contracts 136,749 95,493
1,382,786 1,446,252

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.