Excel BF 110 LLP

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

Registered number: SO300236

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		535,400		529,320
Tangible Assets	5		2,329,604		2,496,475

			2,865,004		3,025,795
CURRENT ASSETS
Debtors	6	29,344		14,159
Cash at bank and in hand		29,691		37,685

		59,035		51,844
Creditors: Amounts Falling Due Within One Year	7	(125,859 )		(168,166 )

NET CURRENT ASSETS (LIABILITIES)			(66,824 )		(116,322 )

TOTAL ASSETS LESS CURRENT LIABILITIES			2,798,180		2,909,473

Creditors: Amounts Falling Due After More Than One Year	8		(1,565,375 )		(1,686,763 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			1,232,805		1,222,710

REPRESENTED BY:
Loans and other debts due to members within one year
Other amounts		714,651		704,556

			714,651		704,556

Equity
Members' other interests
Members' capital		518,154		518,154

			518,154		518,154

			1,232,805		1,222,710

TOTAL MEMBERS' INTEREST
Loans and other debts due to members within one year			714,651		704,556
Members' other interests			518,154		518,154

			1,232,805		1,222,710

Page 1

Page 2

Excel BF 110 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

D & R Watt Limited

Designated Member

25/09/2025

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

1. General Information

Excel BF 110 LLP is a limited liability partnership, incorporated in Scotland, registered number SO300236 . The Registered Office is 1 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

Intangible assets are stated at cost.

The members have assessed the useful lives of these assets and believe that they would have a higher residual value at the end of 20 years than the current book value. Therefore the members have decided that these assets should not be amortised in the financial statements.

Fishing licences and quota are not amortised.

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:

Freehold	50 years straight line
Motor Vehicles	25% reducing balance
Fishing Vessel	16 years straight line

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: 1 (2023: 1)

Page 3

Page 4

Excel BF 110 LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Fishing Licences and Quota
	£
Cost
As at 1 January 2024	535,400

As at 31 December 2024	535,400

Amortisation
As at 1 January 2024	6,080
Provided during the period	(6,080 )

As at 31 December 2024	-

Net Book Value
As at 31 December 2024	535,400

As at 1 January 2024	529,320

5. Tangible Assets

	Land & Property
	Freehold	Motor Vehicles	Fishing Vessel	Total
	£	£	£	£
Cost
As at 1 January 2024	18,000	8,650	2,642,019	2,668,669

As at 31 December 2024	18,000	8,650	2,642,019	2,668,669

Depreciation
As at 1 January 2024	3,960	3,108	165,126	172,194
Provided during the period	360	1,385	165,126	166,871

As at 31 December 2024	4,320	4,493	330,252	339,065

Net Book Value
As at 31 December 2024	13,680	4,157	2,311,767	2,329,604

As at 1 January 2024	14,040	5,542	2,476,893	2,496,475

6. Debtors

	2024	2023
	£	£
Due within one year
Other debtors	29,344	14,159

Page 4

Page 5

Excel BF 110 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	1,060	1,060
Trade creditors	49,023	98,264
Bank loans and overdrafts	72,776	25,842
Other creditors	3,000	43,000

	125,859	168,166

Bank loans are secured by a floating charge over the assets of the company.

Hire purchase contracts are secured over the asset that they relate to.

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

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	3,770	4,830
Bank loans	1,561,605	1,681,933

	1,565,375	1,686,763

Bank loans are secured by a floating charge over the assets of the company.

Hire purchase contracts are secured over the asset that they relate to.

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	1,060	1,060
Later than one year and not later than five years	3,770	4,830

	4,830	5,890

	4,830	5,890

Page 5