Silverfin false false 30/09/2024 01/10/2023 30/09/2024 Deveron Fishing Company Limited 18/09/2014 Macduff Shipyards Limited 18/09/2014 John Watt, for and on behalf of Macduff Shipyards Limited 03 June 2025 SO305028 2024-09-30 SO305028 bus:Director1 2024-09-30 SO305028 bus:Director2 2024-09-30 SO305028 2023-09-30 SO305028 core:CurrentFinancialInstruments 2024-09-30 SO305028 core:CurrentFinancialInstruments 2023-09-30 SO305028 core:PatentsTrademarksLicencesConcessionsSimilar 2023-09-30 SO305028 core:PatentsTrademarksLicencesConcessionsSimilar 2024-09-30 SO305028 core:Vehicles 2023-09-30 SO305028 core:FurnitureFittings 2023-09-30 SO305028 core:ComputerEquipment 2023-09-30 SO305028 core:OtherPropertyPlantEquipment 2023-09-30 SO305028 core:Vehicles 2024-09-30 SO305028 core:FurnitureFittings 2024-09-30 SO305028 core:ComputerEquipment 2024-09-30 SO305028 core:OtherPropertyPlantEquipment 2024-09-30 SO305028 2023-10-01 2024-09-30 SO305028 bus:FilletedAccounts 2023-10-01 2024-09-30 SO305028 bus:SmallEntities 2023-10-01 2024-09-30 SO305028 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 SO305028 bus:LimitedLiabilityPartnershipLLP 2023-10-01 2024-09-30 SO305028 bus:Director1 2023-10-01 2024-09-30 SO305028 bus:Director2 2023-10-01 2024-09-30 SO305028 bus:Director3 2023-10-01 2024-09-30 SO305028 core:PatentsTrademarksLicencesConcessionsSimilar core:TopRangeValue 2023-10-01 2024-09-30 SO305028 core:OtherResidualIntangibleAssets 2023-10-01 2024-09-30 SO305028 core:Vehicles 2023-10-01 2024-09-30 SO305028 core:FurnitureFittings core:TopRangeValue 2023-10-01 2024-09-30 SO305028 core:ComputerEquipment core:TopRangeValue 2023-10-01 2024-09-30 SO305028 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-10-01 2024-09-30 SO305028 2022-10-01 2023-09-30 SO305028 core:PatentsTrademarksLicencesConcessionsSimilar 2023-10-01 2024-09-30 SO305028 core:FurnitureFittings 2023-10-01 2024-09-30 SO305028 core:ComputerEquipment 2023-10-01 2024-09-30 SO305028 core:OtherPropertyPlantEquipment 2023-10-01 2024-09-30 iso4217:GBP xbrli:pure

Company No: SO305028 (Scotland)

MB ARTEMIS LLP

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH THE REGISTRAR

MB ARTEMIS LLP

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024

Contents

MB ARTEMIS LLP

BALANCE SHEET

AS AT 30 SEPTEMBER 2024
MB ARTEMIS LLP

BALANCE SHEET (continued)

AS AT 30 SEPTEMBER 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 82,500 96,250
Tangible assets 4 219,937 231,107
302,437 327,357
Current assets
Debtors 5 99,065 119,362
Cash at bank and in hand 370,268 338,499
469,333 457,861
Creditors: amounts falling due within one year 6 ( 40,647) ( 32,222)
Net current assets 428,686 425,639
Total assets less current liabilities 731,123 752,996
Provision for liabilities 7 0 ( 7,000)
Net assets attributable to members 731,123 745,996
Represented by
Loans and other debts due to members within one year
Other amounts 291,123 305,996
291,123 305,996
Members' other interests
Members' capital classified as equity 440,000 440,000
440,000 440,000
731,123 745,996
Total members' interests
Loans and other debts due to members 291,123 305,996
Members' other interests 440,000 440,000
731,123 745,996

For the financial year ending 30 September 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 MB Artemis LLP (registered number: SO305028) were approved and authorised for issue by the Board of Directors on 03 June 2025. They were signed on its behalf by:

John Watt, for and on behalf of Macduff Shipyards Limited
Designated Member
MB ARTEMIS LLP

RECONCILIATION OF MEMBERS' INTERESTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
MB ARTEMIS LLP

RECONCILIATION OF MEMBERS' INTERESTS (continued)

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity) Other amounts Total
£ £ £
Amounts due to members 301,156
Balance at 01 October 2022 440,000 301,156 741,156
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 104,840 104,840
Members' interest after result for the financial year 440,000 405,996 845,996
Drawings 0 (100,000) (100,000)
Amounts due to members 305,996
Balance at 30 September 2023 440,000 305,996 745,996
Members' remuneration charged as an expense, including employment and retirement benefit costs 0 (14,873) (14,873)
Members' interest after result for the financial year 440,000 291,123 731,123
Amounts due to members 291,123
Balance at 30 September 2024 440,000 291,123 731,123

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.

MB ARTEMIS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
MB ARTEMIS LLP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 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

MB Artemis 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 Macduff Shipyards Ltd, The Harbour, Macduff, AB44 1QT, 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 Limited Liability Partnerships 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 Limited Liability Partnerships 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 the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time and is recognised as services are performed.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Defined contribution schemes
The LLP operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences 16 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, 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 or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 25 % reducing balance
Fixtures and fittings 25 years straight line
Computer equipment 25 years straight line
Other property, plant and equipment 6.25 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 cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the LLP transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the LLP, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
ow upBasic financial liabilities, including creditors, 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. Trade creditors are recognised at transaction price

Financial liabilities are derecognised when the LLP's contractual obligations expire or are discharged or cancelled.

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.

Amounts subscribed or otherwise contributed by members, for example members' capital, are classed as equity if the LLP has an unconditional right to refuse payments to members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities.

Profits for the year are divided automatically.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet 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 Balance Sheet within 'Members' other interests'.

Provisions

Provisions are recognised when the LLP has a present obligation (legal or constructive) as a result of a past event, it is probable that the LLP will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the LLP during the year 2 2

3. Intangible assets

Trademarks, patents
and licences
Total
£ £
Cost
At 01 October 2023 220,000 220,000
At 30 September 2024 220,000 220,000
Accumulated amortisation
At 01 October 2023 123,750 123,750
Charge for the financial year 13,750 13,750
At 30 September 2024 137,500 137,500
Net book value
At 30 September 2024 82,500 82,500
At 30 September 2023 96,250 96,250

4. Tangible assets

Vehicles Fixtures and fittings Computer equipment Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 October 2023 17,555 1,294 30,042 424,653 473,544
Additions 0 0 0 19,597 19,597
At 30 September 2024 17,555 1,294 30,042 444,250 493,141
Accumulated depreciation
At 01 October 2023 1,462 1,294 29,247 210,434 242,437
Charge for the financial year 4,023 0 203 26,541 30,767
At 30 September 2024 5,485 1,294 29,450 236,975 273,204
Net book value
At 30 September 2024 12,070 0 592 207,275 219,937
At 30 September 2023 16,093 0 795 214,219 231,107

5. Debtors

2024 2023
£ £
Trade debtors 60,100 59,611
Other debtors 38,965 59,751
99,065 119,362

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 14,950 931
Other taxation and social security 0 7,014
Other creditors 25,697 24,277
40,647 32,222

7. Provision for liabilities

2024 2023
£ £
Other provisions 0 7,000

In 2023, other provisions related to repairs that needed to be undertaken after an accident during the previous financial year that damaged another vessel, these claims were settled within twelve months there-after the incident.