Silverfin false false 26/05/2024 01/06/2023 26/05/2024 Bill Mackie Engineering Ltd. 05/03/2014 John Duncan Buchan 05/03/2014 Caley Fisheries Limited 05/03/2014 23 May 2025 SO304811 2024-05-26 SO304811 bus:Director1 2024-05-26 SO304811 bus:Director2 2024-05-26 SO304811 bus:Director3 2024-05-26 SO304811 2023-05-31 SO304811 core:CurrentFinancialInstruments 2024-05-26 SO304811 core:CurrentFinancialInstruments 2023-05-31 SO304811 core:Non-currentFinancialInstruments 2024-05-26 SO304811 core:Non-currentFinancialInstruments 2023-05-31 SO304811 core:OtherPropertyPlantEquipment 2023-05-31 SO304811 core:OtherPropertyPlantEquipment 2024-05-26 SO304811 2023-06-01 2024-05-26 SO304811 bus:FilletedAccounts 2023-06-01 2024-05-26 SO304811 bus:SmallEntities 2023-06-01 2024-05-26 SO304811 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-26 SO304811 bus:LimitedLiabilityPartnershipLLP 2023-06-01 2024-05-26 SO304811 bus:Director1 2023-06-01 2024-05-26 SO304811 bus:Director2 2023-06-01 2024-05-26 SO304811 bus:Director3 2023-06-01 2024-05-26 SO304811 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-06-01 2024-05-26 SO304811 2022-06-01 2023-05-31 SO304811 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-26 SO304811 core:Non-currentFinancialInstruments 2023-06-01 2024-05-26 iso4217:GBP xbrli:pure

Company No: SO304811 (Scotland)

FAIRLINE SURVEYOR LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 26 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

FAIRLINE SURVEYOR LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 26 MAY 2024

Contents

FAIRLINE SURVEYOR LLP

BALANCE SHEET

AS AT 26 MAY 2024
FAIRLINE SURVEYOR LLP

BALANCE SHEET (continued)

AS AT 26 MAY 2024
Note 26.05.2024 31.05.2023
£ £
Fixed assets
Tangible assets 3 0 540,000
0 540,000
Current assets
Debtors 4 454,823 74,179
Cash at bank and in hand 159 1,685
454,982 75,864
Creditors: amounts falling due within one year 5 ( 3,500) ( 101,391)
Net current assets/(liabilities) 451,482 (25,527)
Total assets less current liabilities 451,482 514,473
Creditors: amounts falling due after more than one year 6 0 ( 59,708)
Net assets attributable to members 451,482 454,765
Represented by
Loans and other debts due to members within one year
Other amounts 0 3,283
0 3,283
Members' other interests
Members' capital classified as equity 451,482 451,482
451,482 451,482
451,482 454,765
Total members' interests
Amounts due from members (included in debtors) (392,935) (70,192)
Loans and other debts due to members 0 3,283
Members' other interests 451,482 451,482
58,547 384,573

For the financial period ending 26 May 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:

The financial statements of Fairline Surveyor LLP (registered number: SO304811) were approved and authorised for issue by the Board of Directors on 23 May 2025. They were signed on its behalf by:

Caley Fisheries Limited
Designated member
FAIRLINE SURVEYOR LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 26 MAY 2024
FAIRLINE SURVEYOR LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL PERIOD FROM 01 JUNE 2023 TO 26 MAY 2024
1. Accounting policies

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

General information and basis of accounting

Fairline Surveyor 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 C/O Caley Fisheries Ltd, Bridge Street, Peterhead, AB42 1DH, 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

In 2024 the members made the decision that the LLP would cease trading . The transfer was finalised in April 2024. As a result the financial statements have been prepared on a basis other than the going concern basis of preparation. The members have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date and the LLP's assets were sold.

Reporting period length

The financial statements are prepared for a period of 10 months (2023 - 12 months) and therefore prior year amounts presented in the financial statements are not entirely comparable. The period end was changed due to the vessel being sold and the LLP ceasing trade.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling, as the risk 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.

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:

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 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).

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.

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

Period from
01.06.2023 to
26.05.2024
Year ended
31.05.2023
Number Number
Monthly average number of persons employed by the LLP during the period 0 0

3. Tangible assets

Other property, plant
and equipment
Total
£ £
Cost
At 01 June 2023 900,000 900,000
Disposals ( 900,000) ( 900,000)
At 26 May 2024 0 0
Accumulated depreciation
At 01 June 2023 360,000 360,000
Disposals ( 360,000) ( 360,000)
At 26 May 2024 0 0
Net book value
At 26 May 2024 0 0
At 31 May 2023 540,000 540,000

4. Debtors

26.05.2024 31.05.2023
£ £
Other debtors 454,823 74,179

5. Creditors: amounts falling due within one year

26.05.2024 31.05.2023
£ £
Bank loans 0 21,464
Other creditors 3,500 79,927
3,500 101,391

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

26.05.2024 31.05.2023
£ £
Bank loans 0 59,708

There are no amounts included above in respect of which any security has been given by the small entity.

7. 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 agent on behalf of the LLP was £53,088 and included in other debtors (2023: £49,992, included in other creditors).