MB Lindisfarne LLP

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

Registered number: SO302124

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		215,691		257,138
Tangible Assets	5		147,218		169,687

			362,909		426,825
CURRENT ASSETS
Debtors	6	239,665		517,724
Cash at bank and in hand		37,622		58,531

		277,287		576,255
Creditors: Amounts Falling Due Within One Year	7	(257,533 )		(587,547 )

NET CURRENT ASSETS (LIABILITIES)			19,754		(11,292 )

TOTAL ASSETS LESS CURRENT LIABILITIES			382,663		415,533

Creditors: Amounts Falling Due After More Than One Year	8		(123,637 )		(156,507 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			259,026		259,026

REPRESENTED BY:
Equity
Members' other interests
Members' capital		259,026		259,026

			259,026		259,026

TOTAL MEMBERS' INTEREST
Amounts due from members			(209,221)		(193,057)
Members' other interests			259,026		259,026

			49,805		65,969

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MB Lindisfarne 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

25/09/2025

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

1. General Information

MB Lindisfarne LLP is a limited liability partnership, incorporated in Scotland, registered number SO302124 . 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. They are amortised to the profit and loss account over their 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% and 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: 3 (2023: 3)

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MB Lindisfarne LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Fishing Quota	Fishing Licences	Total
	£	£	£
Cost
As at 1 January 2024	165,550	248,920	414,470

As at 31 December 2024	165,550	248,920	414,470

Amortisation
As at 1 January 2024	132,440	24,892	157,332
Provided during the period	16,555	24,892	41,447

As at 31 December 2024	148,995	49,784	198,779

Net Book Value
As at 31 December 2024	16,555	199,136	215,691

As at 1 January 2024	33,110	224,028	257,138

5. Tangible Assets

	Plant & Machinery	Motor Vehicles	Total
	£	£	£
Cost
As at 1 January 2024	130,000	71,718	201,718

As at 31 December 2024	130,000	71,718	201,718

Depreciation
As at 1 January 2024	8,125	23,906	32,031
Provided during the period	8,125	14,344	22,469

As at 31 December 2024	16,250	38,250	54,500

Net Book Value
As at 31 December 2024	113,750	33,468	147,218

As at 1 January 2024	121,875	47,812	169,687

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	2,900	278,675
Agents balance (debtor)	27,370	45,818
VAT	174	174
Amounts due from members	209,221	193,057

	239,665	517,724

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MB Lindisfarne 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	9,638	9,638
Trade creditors	220,558	555,968
Bank loans and overdrafts	21,337	19,441
Accruals	6,000	2,500

	257,533	587,547

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

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	30,906	40,544
Bank loans	92,731	115,963

	123,637	156,507

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	9,638	9,638
Later than one year and not later than five years	30,906	40,544

	40,544	50,182

	40,544	50,182

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