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REGISTERED NUMBER: SO300686 (Scotland)















Unaudited Financial Statements

for the Year Ended 31 August 2024

for

Tranquility BF7 LLP

Tranquility BF7 LLP (Registered number: SO300686)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Tranquility BF7 LLP

General Information
for the Year Ended 31 August 2024







DESIGNATED MEMBERS: Mr P Johnstone
Mr B Johnstone
Peter & J.Johnstone Limited





REGISTERED OFFICE: C/o Peter & J.Johnstone Ltd
Bridge Street
Peterhead
Aberdeenshire
AB42 1DH





REGISTERED NUMBER: SO300686 (Scotland)





ACCOUNTANTS: SBP
Accountants
27 Finlayson Street
Fraserburgh
Aberdeenshire
AB43 9JQ

Tranquility BF7 LLP (Registered number: SO300686)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 486,000 486,000
Tangible assets 5 117,957 150,448
603,957 636,448

CURRENT ASSETS
Debtors 6 56,885 5,956
Cash at bank 14,034 -
70,919 5,956
CREDITORS
Amounts falling due within one year 7 554,686 392,610
NET CURRENT LIABILITIES (483,767 ) (386,654 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

120,190

249,794

CREDITORS
Amounts falling due after more than one
year

8

117,689

140,788
NET ASSETS ATTRIBUTABLE TO
MEMBERS

2,501

109,006

LOANS AND OTHER DEBTS DUE TO
MEMBERS

10

2,501

109,006

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 10 2,501 109,006
Amounts due from members 6 (51,329 ) -
(48,828 ) 109,006

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 August 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

Tranquility BF7 LLP (Registered number: SO300686)

Balance Sheet - continued
31 August 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 21 May 2025 and were signed by:





Peter & J.Johnstone Limited - Designated member

Tranquility BF7 LLP (Registered number: SO300686)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Tranquility BF7 LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fishing vessel - 10% on cost less residual value
Motor vehicles - 25% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Intangible fixed assets
No amortisation has been provided on the fishing licence or quota as in the opinion of the members there has been no permanent diminution in their value.

3. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

4. INTANGIBLE FIXED ASSETS
Fishing Fishing
licence quota Totals
£    £    £   
COST
At 1 September 2023
and 31 August 2024 200,000 326,000 526,000
AMORTISATION
At 1 September 2023
and 31 August 2024 - 40,000 40,000
NET BOOK VALUE
At 31 August 2024 200,000 286,000 486,000
At 31 August 2023 200,000 286,000 486,000

Tranquility BF7 LLP (Registered number: SO300686)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Fishing Motor
vessel vehicles Totals
£    £    £   
COST
At 1 September 2023 501,119 24,003 525,122
Additions - 23,495 23,495
Disposals - (24,003 ) (24,003 )
At 31 August 2024 501,119 23,495 524,614
DEPRECIATION
At 1 September 2023 350,671 24,003 374,674
Charge for year 50,112 5,874 55,986
Eliminated on disposal - (24,003 ) (24,003 )
At 31 August 2024 400,783 5,874 406,657
NET BOOK VALUE
At 31 August 2024 100,336 17,621 117,957
At 31 August 2023 150,448 - 150,448

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Other debtors 56,885 5,956

Included within other debtors is a combined balance of £51,329 representing deficit capital balances in respect of two of the members of the LLP. The remaining balance of £5,556 comprises prepaid sums to third party suppliers.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Bank loans and overdrafts 452,802 80,017
Trade creditors 93,685 305,140
Other creditors 8,199 7,453
554,686 392,610

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Bank loans 117,689 140,788

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 13,172

Tranquility BF7 LLP (Registered number: SO300686)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Bank overdrafts 425,322 43,023
Bank loans 145,169 177,782
570,491 220,805

Bank borrowings are secured by means of a ships mortgage over the vessel and a bond and floating charge over all other assets.

10. LOANS AND OTHER DEBTS DUE TO MEMBERS

Members with credit Capital Account balances would not seek to draw their capital loan balances unless they were satisfied that there were sufficient funds available to meet other creditors as they fell due.