Company No:
Contents
| Note | 26.05.2024 | 31.05.2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 0 | 540,000 | |||
| Current assets | ||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| 454,982 | 75,864 | |||
| Creditors: amounts falling due within one year | 5 | (
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(
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| 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 |
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| Net assets attributable to members |
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| 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 |
Members' responsibilities:
The financial statements of Fairline Surveyor LLP (registered number:
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Caley Fisheries Limited
Designated member |
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.
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 £.
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.
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.
| 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
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 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.
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'.
| Period from 01.06.2023 to 26.05.2024 |
Year ended 31.05.2023 |
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| Number | Number | ||
| Monthly average number of persons employed by the LLP during the period |
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| Other property, plant and equipment |
Total | ||
| £ | £ | ||
| Cost | |||
| At 01 June 2023 |
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| Disposals | (
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| At 26 May 2024 |
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| Accumulated depreciation | |||
| At 01 June 2023 |
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| Disposals | (
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| At 26 May 2024 |
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| Net book value | |||
| At 26 May 2024 |
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| At 31 May 2023 |
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| 26.05.2024 | 31.05.2023 | ||
| £ | £ | ||
| Other debtors |
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| 26.05.2024 | 31.05.2023 | ||
| £ | £ | ||
| Bank loans |
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| Other creditors |
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| 26.05.2024 | 31.05.2023 | ||
| £ | £ | ||
| Bank loans |
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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 agent on behalf of the LLP was £53,088 and included in other debtors (2023: £49,992, included in other creditors).