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REGISTERED NUMBER: SO307789 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 18 MAY 2023 TO 31 MAY 2024

FOR

HARWESTS LLP

HARWESTS LLP (REGISTERED NUMBER: SO307789)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 MAY 2023 TO 31 MAY 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HARWESTS LLP

GENERAL INFORMATION
FOR THE PERIOD 18 MAY 2023 TO 31 MAY 2024







DESIGNATED MEMBERS: JJR Fishing Limited
Peter & J. Johnstone Limited
SDW Fishing Limited





REGISTERED OFFICE: 5-8 Bridge Street
Peterhead
Aberdeenshire
AB42 1DH





REGISTERED NUMBER: SO307789 (Scotland)

HARWESTS LLP (REGISTERED NUMBER: SO307789)

BALANCE SHEET
31 MAY 2024

Notes £    £   
FIXED ASSETS
Intangible assets 5 391,000
Tangible assets 6 1,599,371
1,990,371

CURRENT ASSETS
Debtors 7 18,029
Cash at bank 51,947
69,976
CREDITORS
Amounts falling due within one year 8 82,490
NET CURRENT LIABILITIES (12,514 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,977,857

CREDITORS
Amounts falling due after more than one
year

9

706,688
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,271,169

LOANS AND OTHER DEBTS DUE TO
MEMBERS

1,271,169

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 1,271,169

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 period ended 31 May 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.

HARWESTS LLP (REGISTERED NUMBER: SO307789)

BALANCE SHEET - continued
31 MAY 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 17 February 2025 and were signed by:





Peter & J. Johnstone Limited - Designated member

HARWESTS LLP (REGISTERED NUMBER: SO307789)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 18 MAY 2023 TO 31 MAY 2024

1. STATUTORY INFORMATION

Harwests 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.

Going Concern
At the time of approving the financial statements, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the members adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates
In the application of the company'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.

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.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing licence and quota are being amortised evenly over their estimated useful life of five years.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

HARWESTS LLP (REGISTERED NUMBER: SO307789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 MAY 2023 TO 31 MAY 2024

4. EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

5. INTANGIBLE FIXED ASSETS
Fishing
licence
and quota
£   
COST
Additions 488,750
At 31 May 2024 488,750
AMORTISATION
Amortisation for period 97,750
At 31 May 2024 97,750
NET BOOK VALUE
At 31 May 2024 391,000

6. TANGIBLE FIXED ASSETS
Motor
Vessel vehicles Totals
£    £    £   
COST
Additions 1,700,000 7,495 1,707,495
At 31 May 2024 1,700,000 7,495 1,707,495
DEPRECIATION
Charge for period 106,250 1,874 108,124
At 31 May 2024 106,250 1,874 108,124
NET BOOK VALUE
At 31 May 2024 1,593,750 5,621 1,599,371

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Other debtors 18,029

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
£   
Bank loans and overdrafts 60,000
Trade creditors 3,990
Other creditors 18,500
82,490

HARWESTS LLP (REGISTERED NUMBER: SO307789)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 18 MAY 2023 TO 31 MAY 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
£   
Bank loans 706,688

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 466,688

10. SECURED DEBTS

The following secured debts are included within creditors:

£   
Bank loans 766,688

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 ultimate controlling parties are SDW Fishing Limited and JJR Fishing Limited.