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REGISTERED NUMBER: SO300238 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024

FOR

MB GOOD DESIGN LLP

MB GOOD DESIGN LLP (REGISTERED NUMBER: SO300238)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


MB GOOD DESIGN LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 5 APRIL 2024







DESIGNATED MEMBERS: Melantic Limited
Stephen West Limited





REGISTERED OFFICE: Heritage House
Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SO300238 (Scotland)

MB GOOD DESIGN LLP (REGISTERED NUMBER: SO300238)

BALANCE SHEET
5 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 639,275 639,275
Tangible assets 6 3,109,495 4,530,362
3,748,770 5,169,637

CURRENT ASSETS
Debtors 7 35,397 33,464
Cash at bank 1,011 71,901
36,408 105,365
CREDITORS
Amounts falling due within one year 8 110,157 32,243
NET CURRENT (LIABILITIES)/ASSETS (73,749 ) 73,122
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,675,021

5,242,759

CREDITORS
Amounts falling due after more than one
year

9

1,133,037

3,002,191
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,541,984

2,240,568

MB GOOD DESIGN LLP (REGISTERED NUMBER: SO300238)

BALANCE SHEET - continued
5 APRIL 2024

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

2,247,743

1,946,327

MEMBERS' OTHER INTERESTS
Capital accounts 294,241 294,241
2,541,984 2,240,568

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 2,247,743 1,946,327
Members' other interests 294,241 294,241
2,541,984 2,240,568

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 5 April 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 20 December 2024 and were signed by:





Stephen West Limited - Designated member

MB GOOD DESIGN LLP (REGISTERED NUMBER: SO300238)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024

1. STATUTORY INFORMATION

MB Good Design 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 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.

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.

Turnover
Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and 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.
Plant and machinery etc - 25% on reducing balance and 6.25% 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.

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).

MB GOOD DESIGN LLP (REGISTERED NUMBER: SO300238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 6 April 2023
and 5 April 2024 639,275
NET BOOK VALUE
At 5 April 2024 639,275
At 5 April 2023 639,275

6. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 6 April 2023 15,300 5,290,241 5,305,541
Additions - 296,117 296,117
Disposals - (2,340,359 ) (2,340,359 )
At 5 April 2024 15,300 3,245,999 3,261,299
DEPRECIATION
At 6 April 2023 - 775,179 775,179
Charge for year - 192,637 192,637
Eliminated on disposal - (816,012 ) (816,012 )
At 5 April 2024 - 151,804 151,804
NET BOOK VALUE
At 5 April 2024 15,300 3,094,195 3,109,495
At 5 April 2023 15,300 4,515,062 4,530,362

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 34,956 7,680
Other debtors 441 25,784
35,397 33,464

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 49,120 16,500
Hire purchase contracts 3,356 8,330
Trade creditors 12,744 -
Other creditors 44,937 7,413
110,157 32,243

MB GOOD DESIGN LLP (REGISTERED NUMBER: SO300238)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 5 APRIL 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 1,098,268 2,997,608
Hire purchase contracts 30,950 -
Other creditors 3,819 4,583
1,133,037 3,002,191

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 901,788 2,997,608

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,147,388 3,014,108

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