MB Bountiful LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: SO302110

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		75,970		108,440
Tangible Assets	5		72,692		82,339

			148,662		190,779
CURRENT ASSETS
Debtors	6	340,654		350,446

		340,654		350,446
Creditors: Amounts Falling Due Within One Year	7	(213,499 )		(221,644 )

NET CURRENT ASSETS (LIABILITIES)			127,155		128,802

TOTAL ASSETS LESS CURRENT LIABILITIES			275,817		319,581

Creditors: Amounts Falling Due After More Than One Year	8		(32,796 )		(76,560 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			243,021		243,021

REPRESENTED BY:
Equity
Members' other interests
Members' capital		243,021		243,021

			243,021		243,021

TOTAL MEMBERS' INTEREST
Amounts due from members			(340,654)		(350,446)
Members' other interests			243,021		243,021

			(97,633)		(107,425)

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MB Bountiful LLP

Balance Sheet (continued)

As At 31 December 2024

For the year ending 31 December 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 applicable to LLPs subject to the small LLPs regime.)

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

These accounts have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

The LLP has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the LLP's Profit and Loss Account.

On behalf of the members

George West Limited

Designated Member

01/09/2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

MB Bountiful LLP is a limited liability partnership, incorporated in Scotland, registered number SO302110 . The Registered Office is 1-3 Dalrymple Street, Fraserburgh, Aberdeenshire, AB43 9BH.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 for small limited liability partnerships regime - The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), The Statement of Recommended Practice 'Accounting by Limited Liability Partnerships' issued in December 2021 (SORP) and the Companies Act 2006 (as applied to LLPs).

The financial statements are prepared in sterling which is the functional currency of the LLP.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Other Intangible

Other intangible assets are Fishing Licence and Quota. Fishing Licence and Qutoa are amortised to the profit and loss account over its estimated economic life of 10 years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Plant & Machinery	6.25% on cost
Motor Vehicles	25% reducing balance

2.5. Leasing and Hire Purchase Contracts

Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the LLP. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account as incurred.

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 4 (2023: 4)

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MB Bountiful LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Licence	Quota	Total
	£	£	£
Cost
As at 1 January 2024	163,200	161,500	324,700

As at 31 December 2024	163,200	161,500	324,700

Amortisation
As at 1 January 2024	87,060	129,200	216,260
Provided during the period	16,320	16,150	32,470

As at 31 December 2024	103,380	145,350	248,730

Net Book Value
As at 31 December 2024	59,820	16,150	75,970

As at 1 January 2024	76,140	32,300	108,440

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 January 2024	100,000	32,210	132,210

As at 31 December 2024	100,000	32,210	132,210

Depreciation
As at 1 January 2024	31,250	18,621	49,871
Provided during the period	6,250	3,397	9,647

As at 31 December 2024	37,500	22,018	59,518

Net Book Value
As at 31 December 2024	62,500	10,192	72,692

As at 1 January 2024	68,750	13,589	82,339

6. Debtors

	2024	2023
	£	£
Due within one year
Amounts due from members	340,654	350,446

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MB Bountiful LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	4,224	4,224
Trade creditors	110,968	112,362
Bank loans and overdrafts	36,668	39,851
VAT	3,964	3,985
Agent account (creditor)	17,109	9,223
Other loans	37,816	49,498
Accruals	2,750	2,501

	213,499	221,644

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	-	4,224
Bank loans	32,796	72,336

	32,796	76,560

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	4,224	4,224
Later than one year and not later than five years	-	4,224

	4,224	8,448

	4,224	8,448

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