Ocean Quest (Scotland) LLP

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

Registered number: SO300056

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		225,481		480,631
Tangible Assets	5		398,253		473,474

			623,734		954,105
CURRENT ASSETS
Debtors	6	383,916		330,803
Cash at bank and in hand		7,376		-

		391,292		330,803
Creditors: Amounts Falling Due Within One Year	7	(60,540 )		(151,970 )

NET CURRENT ASSETS (LIABILITIES)			330,752		178,833

TOTAL ASSETS LESS CURRENT LIABILITIES			954,486		1,132,938

Creditors: Amounts Falling Due After More Than One Year	8		(156,876 )		(287,706 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			797,610		845,232

REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability		476,229		476,229
Other amounts		-		47,622

			476,229		523,851

Equity
Members' other interests
Members' capital		321,381		321,381

			321,381		321,381

			797,610		845,232

TOTAL MEMBERS' INTEREST
Amounts due from members			(376,250)		(329,029)
Loans and other debts due to members within one year			476,229		523,851
Members' other interests			321,381		321,381

			421,360		516,203

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Ocean Quest (Scotland) 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

J & M Cowie Limited

Designated Member

20/08/2025

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

1. General Information

Ocean Quest (Scotland) LLP is a limited liability partnership, incorporated in Scotland, registered number SO300056 . The Registered Office is Caley Fisheries Ltd, 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

Fishing licence and quota are valued at cost less accumulated amortisation. 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 currect book value. The members have therefore decieded that these assets should not be amortised in the finanacial statements.

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:

Motor Vehicles	25% reducing balance
Fishing Vessel	6.25% 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: 2 (2023: 2)

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Ocean Quest (Scotland) LLP

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2024

4. Intangible Assets

	Quota	Licences	Total
	£	£	£
Cost or Valuation
As at 1 January 2024	315,000	165,631	480,631
Disposals	(255,150 )	-	(255,150 )

As at 31 December 2024	59,850	165,631	225,481

Net Book Value
As at 31 December 2024	59,850	165,631	225,481

As at 1 January 2024	315,000	165,631	480,631

5. Tangible Assets

	Motor Vehicles	Fishing Vessel	Total
	£	£	£
Cost or Valuation
As at 1 January 2024	152,343	550,000	702,343
Disposals	(54,276 )	-	(54,276 )

As at 31 December 2024	98,067	550,000	648,067

Depreciation
As at 1 January 2024	85,640	143,229	228,869
Provided during the period	8,619	34,375	42,994
Disposals	(22,049 )	-	(22,049 )

As at 31 December 2024	72,210	177,604	249,814

Net Book Value
As at 31 December 2024	25,857	372,396	398,253

As at 1 January 2024	66,703	406,771	473,474

Cost or valuation as at 31 December 2024 represented by:

	Motor Vehicles	Fishing Vessel	Total
	£	£	£
At cost	98,067	550,000	648,067

	98,067	550,000	648,067

6. Debtors

	2024	2023
	£	£
Due within one year
Oil box balance	6,278	-
VAT	1,388	1,774
Amounts due from members	376,250	329,029

	383,916	330,803

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Ocean Quest (Scotland) 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	4,452	12,824
Trade creditors	5,177	60,611
Bank loans and overdrafts	20,216	60,792
Other creditors	2,000	2,000
Agents account	24,524	10,343
Accruals	4,171	5,400

	60,540	151,970

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

	2024	2023
	£	£
Net obligations under finance lease and hire purchase contracts	22,198	57,206
Bank loans	134,678	230,500

	156,876	287,706

9. Obligations Under Finance Leases and Hire Purchase

	2024	2023
	£	£
The future minimum finance lease payments are as follows:
Not later than one year	4,452	12,824
Later than one year and not later than five years	22,198	57,206

	26,650	70,030

	26,650	70,030

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