Company No:
Contents
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 4 |
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700,000 | 843,399 | |||
Current assets | ||||
Debtors | 5 |
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Cash at bank and in hand |
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1,105,201 | 905,489 | |||
Creditors: amounts falling due within one year | 6 | (
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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 | (
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Net assets attributable to members |
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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) |
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:
Lily Oak Fishing Company Limited
Designated member |
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.
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 £.
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.
Trademarks, patents and licences |
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Vehicles |
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Other property, plant and equipment |
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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.
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
Financial assets
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 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.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the LLP during the year |
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Trademarks, patents and licences |
Total | ||
£ | £ | ||
Cost | |||
At 01 August 2023 |
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At 31 July 2024 |
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Accumulated amortisation | |||
At 01 August 2023 |
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At 31 July 2024 |
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Net book value | |||
At 31 July 2024 |
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At 31 July 2023 |
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Vehicles | Other property, plant and equipment |
Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2023 |
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At 31 July 2024 |
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Accumulated depreciation | |||||
At 01 August 2023 |
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Charge for the financial year |
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At 31 July 2024 |
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Net book value | |||||
At 31 July 2024 |
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At 31 July 2023 |
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2024 | 2023 | ||
£ | £ | ||
Other debtors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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Trade creditors |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans (secured) |
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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.