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REGISTERED NUMBER: SO304444 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

H S FISHING LLP

H S FISHING LLP (REGISTERED NUMBER: SO304444)






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


H S FISHING LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DESIGNATED MEMBERS: Camm Fishing Limited
George West Limited
Fraserburgh Trawlers Limited
R J Tait
D G Tait
McTai Ltd
M G West





REGISTERED OFFICE: 100 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BT





REGISTERED NUMBER: SO304444 (Scotland)

H S FISHING LLP (REGISTERED NUMBER: SO304444)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 308,777 650,002
Tangible assets 6 280,000 320,000
588,777 970,002

CURRENT ASSETS
Debtors 7 223,753 32,553
Investments 8 3,000 22,812
Cash at bank 53,934 -
280,687 55,365
CREDITORS
Amounts falling due within one year 9 183,910 218,454
NET CURRENT ASSETS/(LIABILITIES) 96,777 (163,089 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

685,554

806,913

CREDITORS
Amounts falling due after more than one year 10 329,680 361,586
NET ASSETS ATTRIBUTABLE TO
MEMBERS

355,874

445,327

H S FISHING LLP (REGISTERED NUMBER: SO304444)

BALANCE SHEET - continued
31 DECEMBER 2023

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

12

355,874

445,327

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12 355,874 445,327
Amounts due from members 7 (29,922 ) (11,324 )
325,952 434,003

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 31 January 2025 and were signed by:





George West Limited - Designated member

H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

1. STATUTORY INFORMATION

H S Fishing 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 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 - 10% on cost

H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

3. ACCOUNTING POLICIES - continued

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 (2022 - NIL).

5. INTANGIBLE FIXED ASSETS
Fishing
licence Quota Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 308,777 341,225 650,002
Disposals - (341,225 ) (341,225 )
At 31 December 2023 308,777 - 308,777
NET BOOK VALUE
At 31 December 2023 308,777 - 308,777
At 31 December 2022 308,777 341,225 650,002

Cost or valuation at 31 December 2023 is represented by:

Fishing
licence
£   
Valuation in 2018 80,000
Valuation in 2020 153,777
Cost 75,000
308,777

H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

6. TANGIBLE FIXED ASSETS
Fishing
vessel
£   
COST OR VALUATION
At 1 January 2023
and 31 December 2023 400,000
DEPRECIATION
At 1 January 2023 80,000
Charge for year 40,000
At 31 December 2023 120,000
NET BOOK VALUE
At 31 December 2023 280,000
At 31 December 2022 320,000

Cost or valuation at 31 December 2023 is represented by:

Fishing
vessel
£   
Valuation in 2018 266,902
Valuation in 2020 (200,000 )
Cost 333,098
400,000

If the fishing vessel and gear had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 333,098 333,098
Aggregate depreciation 216,956 216,956

The fishing vessel and gear were valued on an open market basis on 18 May 2021 by the members of the LLP .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 184,940 8,400
Other debtors 38,813 24,153
223,753 32,553

H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

8. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 3,000 22,812

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 27,524 32,501
Trade creditors 87,405 148,388
Taxation and social security 51,546 382
Other creditors 17,435 37,183
183,910 218,454

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 253,080 281,586
Other creditors 76,600 80,000
329,680 361,586

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 165,045 183,360

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 24 5,001
Bank loans 280,580 309,086
280,604 314,087

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

12. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

13. 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.