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REGISTERED NUMBER: SO300165 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KNOCKHEAD LLP

KNOCKHEAD LLP (REGISTERED NUMBER: SO300165)






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


KNOCKHEAD LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: Knockhead Fishing Limited
The Don Fishing Company Limited





REGISTERED OFFICE: 14 Carden Place
Aberdeen
AB10 1UR





REGISTERED NUMBER: SO300165 (Scotland)

KNOCKHEAD LLP (REGISTERED NUMBER: SO300165)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 2,952,500 2,952,500
Tangible assets 6 6,419,592 6,793,734
9,372,092 9,746,234

CURRENT ASSETS
Debtors 7 200,128 373,807
Cash at bank 9,374 7,538
209,502 381,345
CREDITORS
Amounts falling due within one year 8 399,013 594,966
NET CURRENT LIABILITIES (189,511 ) (213,621 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,182,581

9,532,613

CREDITORS
Amounts falling due after more than one
year

9

1,834,128

2,060,145
NET ASSETS ATTRIBUTABLE TO
MEMBERS

7,348,453

7,472,468

LOANS AND OTHER DEBTS DUE TO
MEMBERS

11

7,348,453

7,472,468

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 7,348,453 7,472,468

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.

KNOCKHEAD LLP (REGISTERED NUMBER: SO300165)

BALANCE SHEET - continued
31 MARCH 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 9 December 2024 and were signed by:





Knockhead Fishing Limited - Designated member

KNOCKHEAD LLP (REGISTERED NUMBER: SO300165)

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

1. STATUTORY INFORMATION

Knockhead 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 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
Fishing licences 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.
Plant and machinery - 25% on cost
Fishing vessel - Straight line over 20 years
Motor vehicles - 25% on cost

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.

KNOCKHEAD LLP (REGISTERED NUMBER: SO300165)

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

4. EMPLOYEE INFORMATION

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

5. INTANGIBLE FIXED ASSETS
Fishing
licence Quota Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 781,732 2,441,424 3,223,156
AMORTISATION
At 1 April 2023
and 31 March 2024 - 270,656 270,656
NET BOOK VALUE
At 31 March 2024 781,732 2,170,768 2,952,500
At 31 March 2023 781,732 2,170,768 2,952,500

6. TANGIBLE FIXED ASSETS
Plant and Fishing Motor
machinery vessel vehicles Totals
£    £    £    £   
COST
At 1 April 2023
and 31 March 2024 7,446 7,564,304 48,006 7,619,756
DEPRECIATION
At 1 April 2023 7,446 794,283 24,293 826,022
Charge for year - 362,140 12,002 374,142
At 31 March 2024 7,446 1,156,423 36,295 1,200,164
NET BOOK VALUE
At 31 March 2024 - 6,407,881 11,711 6,419,592
At 31 March 2023 - 6,770,021 23,713 6,793,734

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 200,128 373,807

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 200,000 190,000
Hire purchase contracts 8,750 8,750
Trade creditors 183,903 388,746
Other creditors 6,360 7,470
399,013 594,966

KNOCKHEAD LLP (REGISTERED NUMBER: SO300165)

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

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,834,128 2,051,395
Hire purchase contracts - 8,750
1,834,128 2,060,145

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 1,034,128 1,291,395

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 2,034,128 2,241,395
Hire purchase contracts 8,750 17,500
2,042,878 2,258,895

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

11. 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.