Silverfin false 31/03/2024 01/04/2023 31/03/2024 Fastnet Highlands Limited 09/02/2017 Mackinnon Fishing Limited 09/02/2017 M & I Mackinnon 09/02/2017 27 March 2025 SO305967 2024-03-31 SO305967 bus:Director1 2024-03-31 SO305967 bus:Director2 2024-03-31 SO305967 bus:Director3 2024-03-31 SO305967 2023-03-31 SO305967 core:CurrentFinancialInstruments 2024-03-31 SO305967 core:CurrentFinancialInstruments 2023-03-31 SO305967 core:Non-currentFinancialInstruments 2024-03-31 SO305967 core:Non-currentFinancialInstruments 2023-03-31 SO305967 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 SO305967 core:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 SO305967 core:OtherPropertyPlantEquipment 2023-03-31 SO305967 core:OtherPropertyPlantEquipment 2024-03-31 SO305967 2023-04-01 2024-03-31 SO305967 bus:FullAccounts 2023-04-01 2024-03-31 SO305967 bus:SmallEntities 2023-04-01 2024-03-31 SO305967 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 SO305967 bus:LimitedLiabilityPartnershipLLP 2023-04-01 2024-03-31 SO305967 bus:Director1 2023-04-01 2024-03-31 SO305967 bus:Director2 2023-04-01 2024-03-31 SO305967 bus:Director3 2023-04-01 2024-03-31 SO305967 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-04-01 2024-03-31 SO305967 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-04-01 2024-03-31 SO305967 2022-04-01 2023-03-31 SO305967 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: SO305967 (Scotland)

ELEGANCE FISHING LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

ELEGANCE FISHING LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

ELEGANCE FISHING LLP

BALANCE SHEET

AS AT 31 MARCH 2024
ELEGANCE FISHING LLP

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 5 76,800 102,400
76,800 102,400
Current assets
Debtors 468,776 455,733
Cash at bank and in hand 11,978 15,902
480,754 471,635
Creditors: amounts falling due within one year 6 ( 118,887) ( 152,035)
Net current assets 361,867 319,600
Total assets less current liabilities 438,667 422,000
Creditors: amounts falling due after more than one year 7 ( 16,667) 0
Net assets attributable to members 422,000 422,000
Represented by
Members' other interests
Members' capital classified as equity 422,000 422,000
422,000 422,000
422,000 422,000
Total members' interests
Amounts due from members (included in debtors) (468,776) (455,733)
Members' other interests 422,000 422,000
(46,776) (33,733)

For the financial year ending 31 March 2024 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Elegance Fishing LLP (registered number: SO305967) were approved and authorised for issue by the Board of Directors on 27 March 2025. They were signed on its behalf by:

M & I Mackinnon
Designated member
ELEGANCE FISHING LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
ELEGANCE FISHING LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Elegance Fishing LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is Trading Estate, Tarbert, PA29 6TX, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents amount receivable for the sale of fish and related products. This is recognised at point of settling, as the risks and rewards of ownership have transferred to the customer.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 5 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Other property, plant and equipment 10 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Financial assets
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances, are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the LLP are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the LLP.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement. In absence of a members' agreement profits are allocated between the members in accordance with the percentage share ratio and divided automatically.

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

All amounts due to members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 0 0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

2024 2023
Number Number
Average number of members during the financial year 3 3

4. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 April 2023 115,000 115,000
At 31 March 2024 115,000 115,000
Accumulated amortisation
At 01 April 2023 115,000 115,000
At 31 March 2024 115,000 115,000
Net book value
At 31 March 2024 0 0
At 31 March 2023 0 0

5. Tangible assets

Other property, plant
and equipment
Total
£ £
Cost
At 01 April 2023 256,000 256,000
At 31 March 2024 256,000 256,000
Accumulated depreciation
At 01 April 2023 153,600 153,600
Charge for the financial year 25,600 25,600
At 31 March 2024 179,200 179,200
Net book value
At 31 March 2024 76,800 76,800
At 31 March 2023 102,400 102,400

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 34,815 23,534
Other taxation and social security 9,039 12,165
Other creditors 75,033 116,336
118,887 152,035

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 16,667 0

8. Related party transactions

Transactions with the entity's members

As is common in the fishing industry there is a balance due from the LLP to a member in relation to a fishing agent's balance. At the end of the year the balance held by the LLP on behalf of the member was £63,133 (2023: £77,798). This balance is included within other creditors.