Limited Liability Partnership Registration No. SO300052 (Scotland)
Ritchie Enterprises LLP
Annual report and unaudited financial statements
for the year ended 30 December 2024
Pages for filing with registrar
Ritchie Enterprises LLP
Chartered Accountants' Report to the Members on the preparation of the unaudited statutory financial statements of Ritchie Enterprises LLP for the year ended 30 December 2024
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ritchie Enterprises LLP for the year ended 30 December 2024 which comprise, the balance sheet and the related notes from the limited liability partnership’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the limited liability partnership's members of Ritchie Enterprises LLP, as a body, in accordance with the terms of our engagement letter dated 16 July 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Ritchie Enterprises LLP and state those matters that we have agreed to state to the limited liability partnership's members of Ritchie Enterprises LLP, as a body, in this report in accordance with the requirements of the ICAS as detailed at http://www.icas.com/technical-resources/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ritchie Enterprises LLP and its members, as a body, for our work or for this report.

It is your duty to ensure that Ritchie Enterprises LLP has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ritchie Enterprises LLP. You consider that Ritchie Enterprises LLP is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ritchie Enterprises LLP. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
5 High Street
Inverurie
AB51 3QA
30 June 2025
Ritchie Enterprises LLP
Balance sheet
at 30 December 2024
2
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
361,650
361,650
Tangible assets
4
21,620
22,160
383,270
383,810
Current assets
Debtors
37,561
51,973
Cash at bank and in hand
49
604
37,610
52,577
Creditors: amounts falling due within one year
(51,470)
(69,872)
Net current liabilities
(13,860)
(17,295)
Total assets less current liabilities and net assets attributable to members
369,410
366,515
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
369,410
366,515
Total members' interests
Loans and other debts due to members
369,410
366,515

In accordance with section 444 of the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008) all of the members of the limited liability partnership have consented to the abridgement of the financial statements pursuant to paragraph 1A of Schedule 1 to the Small Limited Liability Partnerships (Accounts) Regulations (S.I. 2008/1912)(a).

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

For the financial year ended 30 December 2024 the limited liability partnership 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) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

Ritchie Enterprises LLP
Balance sheet (continued)
at 30 December 2024
3
The financial statements were approved by the members and authorised for issue on 26 June 2025 and are signed on their behalf by:
26 June 2025
Morag Ritchie
Designated member
Limited Liability Partnership Registration No. SO300052
Ritchie Enterprises LLP
Notes to the financial statements
for the year ended 30 December 2024
4
1
Accounting policies
Limited liability partnership information

Ritchie Enterprises LLP is a limited liability partnership incorporated in Scotland. The registered office is 1/3 Dalrymple Street, Fraserburgh, Aberdeenshire, AB43 9BH.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling, as the risks and rewards of ownership have transferred to the customer.

1.3
Members' participating interests

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 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. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

1.4
Intangible fixed assets other than goodwill

Fishing licences and quotas are included at valuation.

Ritchie Enterprises LLP
Notes to the financial statements (continued)
for the year ended 30 December 2024
1
Accounting policies (continued)
5
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line

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 recognised in the profit and loss account.

1.6
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of 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). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

2
Employees

The average number of persons (excluding members) employed by the partnership during the year was 0 (2023 - 0).

3
Intangible fixed assets
Total
£
Cost
At 31 December 2023 and 30 December 2024
361,650
Amortisation and impairment
At 31 December 2023 and 30 December 2024
-
Carrying amount
At 30 December 2024
361,650
At 30 December 2023
361,650
Ritchie Enterprises LLP
Notes to the financial statements (continued)
for the year ended 30 December 2024
6
4
Tangible fixed assets
Total
£
Cost
At 31 December 2023 and 30 December 2024
27,000
Depreciation and impairment
At 31 December 2023
4,840
Depreciation charged in the year
540
At 30 December 2024
5,380
Carrying amount
At 30 December 2024
21,620
At 30 December 2023
22,160
5
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

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