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Company No: SO305771 (Scotland)

FINDLATER FISHING LLP

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

FINDLATER FISHING LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024

Contents

FINDLATER FISHING LLP

BALANCE SHEET

AS AT 31 JULY 2024
FINDLATER FISHING LLP

BALANCE SHEET (continued)

AS AT 31 JULY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 700,000 843,399
700,000 843,399
Current assets
Debtors 5 1,102,836 901,704
Cash at bank and in hand 2,365 3,785
1,105,201 905,489
Creditors: amounts falling due within one year 6 ( 278,418) ( 179,586)
Net current assets 826,783 725,903
Total assets less current liabilities 1,526,783 1,569,302
Creditors: amounts falling due after more than one year 7 ( 976,783) ( 1,019,302)
Net assets attributable to members 550,000 550,000
Represented by
Members' other interests
Members' capital classified as equity 550,000 550,000
550,000 550,000
550,000 550,000
Total members' interests
Amounts due from members (included in debtors) (1,097,152) (896,300)
Members' other interests 550,000 550,000
(547,152) (346,300)

For the financial year ending 31 July 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 Findlater Fishing LLP (registered number: SO305771) were approved and authorised for issue by the Board of Directors on 09 April 2025. They were signed on its behalf by:

Lily Oak Fishing Company Limited
Designated member
FINDLATER FISHING LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 2024
FINDLATER FISHING LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 JULY 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

Findlater 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 5-8 Bridge Street, Peterhead, AB42 1DH, Scotland, 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 LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis 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, 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, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost 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, 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, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line
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 LLP reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

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 LLP 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 LLP 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. If not, they are presented as non-current liabilities.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

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.

Profits or losses are allocated between the members in accordance with the percentage share ratio and divided automatically.

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

2. Employees

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

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 August 2023 973,100 973,100
At 31 July 2024 973,100 973,100
Accumulated amortisation
At 01 August 2023 973,100 973,100
At 31 July 2024 973,100 973,100
Net book value
At 31 July 2024 0 0
At 31 July 2023 0 0

4. Tangible assets

Vehicles Other property, plant
and equipment
Total
£ £ £
Cost
At 01 August 2023 16,995 1,400,000 1,416,995
At 31 July 2024 16,995 1,400,000 1,416,995
Accumulated depreciation
At 01 August 2023 13,596 560,000 573,596
Charge for the financial year 3,399 140,000 143,399
At 31 July 2024 16,995 700,000 716,995
Net book value
At 31 July 2024 0 700,000 700,000
At 31 July 2023 3,399 840,000 843,399

5. Debtors

2024 2023
£ £
Other debtors 1,102,836 901,704

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 85,000 85,000
Trade creditors 25,590 43,590
Other creditors 167,828 50,996
278,418 179,586

Bank loans are secured by a bond and a floating charge.

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

2024 2023
£ £
Bank loans (secured) 976,783 1,019,302

Bank loans are secured by a bond and a floating charge.

8. Related party transactions

Transactions with the entity's members

As is common in the fishing industry one of the members is also the vessel agent. At the end of the year the balance held by the LLP on behalf of the agent was £167,828 (2023 - £50,996). This balance is included in other creditors.