Company No: SO304676 (Scotland)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	05.04.2025		05.04.2024
		£		£
Current assets
Debtors	5	77,022		159,275
		77,022		159,275
Creditors: amounts falling due within one year	6	( 23,230)		( 8,354)
Net current assets		53,792		150,921
Total assets less current liabilities		53,792		150,921
Net assets attributable to members		53,792		150,921
Represented by
Loans and other debts due to members within one year
Other amounts		53,792		150,921
		53,792		150,921
Members' other interests
		0		0
		53,792		150,921
Total members' interests
Loans and other debts due to members		53,792		150,921
		53,792		150,921

For the financial year ending 05 April 2025 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.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Ardent Fishing LLP (registered number: SO304676) were approved and authorised for issue by the Board of Directors on 24 September 2025. They were signed on its behalf by:

David Cardno on behalf of Grampian Sea Fishing Limited, Designated member

	DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Other amounts	Total
	£	£
Amounts due to members	140,224
Balance at 01 January 2023	140,224	140,224
Members' remuneration charged as an expense, including employment and retirement benefit costs	87,652	87,652
Members' interest after result for the financial year/period	227,876	227,876
Drawings	(76,955)	(76,955)
Amounts due to members	150,921
Balance at 05 April 2024	150,921	150,921
Members' remuneration charged as an expense, including employment and retirement benefit costs	62,266	62,266
Members' interest after result for the financial year/period	213,187	213,187
Drawings	(159,395)	(159,395)
Amounts due to members	53,792
Balance at 05 April 2025	53,792	53,792

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

Ardent Fishing LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is C/O Peter & J Johnstone Limited, Bridge Street, Peterhead, AB42 1DH, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships issued in December 2021 (SORP 2022).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Reporting period length

The comparative figures in the financial statements were prepared for a period of 15 months where the current period information is for a 12 month year. Therefore prior year amounts presented in the financial statements are not entirely comparable. The period end was changed due to basis period reform.

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.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost of each asset over its expected useful life as follows:

Other intangible assets

5 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc.

4 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the LLP reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

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 assets may be impaired.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Members' participation rights

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.

2. Employees

	Year ended 05.04.2025		Period from 01.01.2023 to 05.04.2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	0		0

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 06 April 2024	377,831		377,831
At 05 April 2025	377,831		377,831
Accumulated amortisation
At 06 April 2024	377,831		377,831
At 05 April 2025	377,831		377,831
Net book value
At 05 April 2025	0		0
At 05 April 2024	0		0

4. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 06 April 2024	791,021		791,021
At 05 April 2025	791,021		791,021
Accumulated depreciation
At 06 April 2024	791,021		791,021
At 05 April 2025	791,021		791,021
Net book value
At 05 April 2025	0		0
At 05 April 2024	0		0

5. Debtors

	05.04.2025		05.04.2024
	£		£
Other debtors	77,022		159,275

6. Creditors: amounts falling due within one year

	05.04.2025		05.04.2024
	£		£
Accruals	2,501		2,751
Other creditors	20,729		5,603
	23,230		8,354

7. Related party transactions

Transactions with the entity's members

As is common in the fishing industry one of the members is also the vessel agent. At the end of the year the balance held by the agent on behalf of the LLP was £59,822 (2024: £146,307). This balance is included within other debtors.

8. Loans and other debts due to members

	05.04.2025		05.04.2024
	£		£
Amounts falling due within one year	53,792		150,921

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