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REGISTERED NUMBER: SO306912 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

FAITHFUL STAR LLP

FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FAITHFUL STAR LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: George West Limited
Smith Estates Peterhead Ltd.
J P Fishing Ltd





REGISTERED OFFICE: Colaren House
Burnthill Farm
Fraserburgh
Aberdeenshire
AB43 7EJ





REGISTERED NUMBER: SO306912 (Scotland)

FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 366,125 416,625
Tangible assets 6 958,469 1,033,844
1,324,594 1,450,469

CURRENT ASSETS
Debtors 7 626,715 546,737
Cash at bank and in hand 17,307 7,504
644,022 554,241
CREDITORS
Amounts falling due within one year 8 574,022 526,638
NET CURRENT ASSETS 70,000 27,603
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,394,594

1,478,072

CREDITORS
Amounts falling due after more than one
year

9

529,594

613,072
NET ASSETS ATTRIBUTABLE TO
MEMBERS

865,000

865,000

FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912)

BALANCE SHEET - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 865,000 865,000
865,000 865,000

TOTAL MEMBERS' INTERESTS
Members' other interests 865,000 865,000
Amounts due from members 7 (588,273 ) (461,083 )
276,727 403,917

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 March 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.

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 12 December 2024 and were signed by:





Smith Estates Peterhead Ltd. - Designated member

FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Faithful Star 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.

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.

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 company 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.

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 are being amortised evenly over their estimated useful life of ten years.

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 - 6.25% on cost
Motor vehicles - 25% on cost

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

FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

3. ACCOUNTING POLICIES - continued

Taxation
No taxation has been provided in the accounts as taxation is a personal liability of the members.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

5. INTANGIBLE FIXED ASSETS
Fishing
licence
£   
COST
At 1 April 2023
and 31 March 2024 505,000
AMORTISATION
At 1 April 2023 88,375
Amortisation for year 50,500
At 31 March 2024 138,875
NET BOOK VALUE
At 31 March 2024 366,125
At 31 March 2023 416,625

6. TANGIBLE FIXED ASSETS
Fishing Motor
vessel vehicles Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 1,150,000 14,000 1,164,000
DEPRECIATION
At 1 April 2023 125,781 4,375 130,156
Charge for year 71,875 3,500 75,375
At 31 March 2024 197,656 7,875 205,531
NET BOOK VALUE
At 31 March 2024 952,344 6,125 958,469
At 31 March 2023 1,024,219 9,625 1,033,844

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 35,848 45,334
Other debtors 590,867 501,403
626,715 546,737

FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 95,000 95,000
Hire purchase contracts 4,000 4,000
Trade creditors 299,340 297,129
Taxation and social security 484 401
Other creditors 175,198 130,108
574,022 526,638

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 528,261 607,739
Hire purchase contracts 1,333 5,333
529,594 613,072

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 303,214 325,931

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 623,261 702,739
Hire purchase contracts 5,333 9,333
628,594 712,072

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 limited liability partnership is controlled by the designated members who control the financial and operating activities the limited liability partnership.