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REGISTERED NUMBER: SO306010 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

KARELLE FISHING LLP

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)






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


KARELLE FISHING LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DESIGNATED MEMBERS: George West Limited
Smith Estates Peterhead Ltd.





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





REGISTERED NUMBER: SO306010 (Scotland)

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 573,816 573,816
Tangible assets 6 1,386,091 1,475,348
1,959,907 2,049,164

CURRENT ASSETS
Stocks 6,250 53,750
Debtors 7 1,980,569 447,121
Cash at bank and in hand 328,965 274,106
2,315,784 774,977
CREDITORS
Amounts falling due within one year 8 1,149,891 425,371
NET CURRENT ASSETS 1,165,893 349,606
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,125,800

2,398,770

CREDITORS
Amounts falling due after more than one
year

9

68,414

23,183
NET ASSETS ATTRIBUTABLE TO
MEMBERS

3,057,386

2,375,587

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

BALANCE SHEET - continued
31 MARCH 2024

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

11

1,652,342

970,543

MEMBERS' OTHER INTERESTS
Capital accounts 1,405,044 1,405,044
3,057,386 2,375,587

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 1,652,342 970,543
Members' other interests 1,405,044 1,405,044
3,057,386 2,375,587

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:




George West Limited - Designated member




Smith Estates Peterhead Ltd. - Designated member


KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

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

1. STATUTORY INFORMATION

Karelle 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.

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 - 6.25% on cost
Plant and machinery - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

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

Pension costs and other post-retirement benefits
The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

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 2 (2023 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Fishing Fishing
licence quota Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 406,400 167,416 573,816
NET BOOK VALUE
At 31 March 2024 406,400 167,416 573,816
At 31 March 2023 406,400 167,416 573,816

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

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

6. TANGIBLE FIXED ASSETS
Fixtures
Fishing Plant and Motor and
vessel machinery vehicles fittings Totals
£    £    £    £    £   
COST
At 1 April 2023 1,520,273 51,539 21,167 3,694 1,596,673
Additions 30,000 - 2,500 - 32,500
Disposals (20,000 ) - - - (20,000 )
At 31 March 2024 1,530,273 51,539 23,667 3,694 1,609,173
DEPRECIATION
At 1 April 2023 112,229 5,722 2,989 385 121,325
Charge for year 94,236 10,308 3,886 827 109,257
Eliminated on disposal (7,500 ) - - - (7,500 )
At 31 March 2024 198,965 16,030 6,875 1,212 223,082
NET BOOK VALUE
At 31 March 2024 1,331,308 35,509 16,792 2,482 1,386,091
At 31 March 2023 1,408,044 45,817 18,178 3,309 1,475,348

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023
and 31 March 2024 19,767
DEPRECIATION
At 1 April 2023 2,306
Charge for year 3,492
At 31 March 2024 5,798
NET BOOK VALUE
At 31 March 2024 13,969
At 31 March 2023 17,461

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 1,302,022 197,816
Other debtors 678,547 249,305
1,980,569 447,121

KARELLE FISHING LLP (REGISTERED NUMBER: SO306010)

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 10,000 10,000
Hire purchase contracts 3,442 12,046
Trade creditors 878,633 329,148
Taxation and social security 95,831 476
Other creditors 161,985 73,701
1,149,891 425,371

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 13,252 23,183
Hire purchase contracts 5,162 -
Other creditors 50,000 -
68,414 23,183

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 23,252 33,183
Hire purchase contracts 8,604 12,046
31,856 45,229

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

12. 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.