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REGISTERED NUMBER: SO306413 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

ATLAS FR101 LLP
ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


ATLAS FR101 LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DESIGNATED MEMBERS: JCB Fishing Ltd
Melantic Limited





REGISTERED OFFICE: 141 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BP





REGISTERED NUMBER: SO306413 (Scotland)
Page 1
ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 724,369 710,172
Tangible assets 6 705,200 768,998
1,429,569 1,479,170

CURRENT ASSETS
Debtors 7 77,904 79,365
Cash at bank 9,315 15,283
87,219 94,648
CREDITORS
Amounts falling due within one year 8 106,749 86,748
NET CURRENT (LIABILITIES)/ASSETS (19,530 ) 7,900
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,410,039
1,487,070

CREDITORS
Amounts falling due after more than one
year
9
794,306
861,760
NET ASSETS ATTRIBUTABLE TO
MEMBERS
615,733
625,310

The notes form part of these financial statements

Page 2 continued...
ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

BALANCE SHEET - continued
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
LOANS AND OTHER DEBTS DUE TO
MEMBERS
11
38,024
47,601

MEMBERS' OTHER INTERESTS
Capital accounts 577,709 577,709
615,733 625,310

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 11 38,024 47,601
Members' other interests 577,709 577,709
615,733 625,310

The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 December 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Income Statement has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 3 December 2025 and were signed by:




JCB Fishing Ltd - Designated member




Melantic Limited - Designated member


The notes form part of these financial statements

Page 3
ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1. STATUTORY INFORMATION

Atlas FR101 LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Significant judgements and estimates
In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The members consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Going concern
At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing quota are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance and 6.25% on cost

Page 4 continued...
ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Taxation
No taxation has been provided in the accounts as taxation is a personal liability of the members.

Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4. EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2023 - NIL).

5. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2024 522,300 212,340 734,640
Additions - 40,000 40,000
At 31 December 2024 522,300 252,340 774,640
AMORTISATION
At 1 January 2024 - 24,468 24,468
Charge for year - 25,803 25,803
At 31 December 2024 - 50,271 50,271
NET BOOK VALUE
At 31 December 2024 522,300 202,069 724,369
At 31 December 2023 522,300 187,872 710,172

Page 5 continued...
ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 872,630
DEPRECIATION
At 1 January 2024 103,632
Charge for year 63,798
At 31 December 2024 167,430
NET BOOK VALUE
At 31 December 2024 705,200
At 31 December 2023 768,998

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 January 2024
and 31 December 2024 72,630
DEPRECIATION
At 1 January 2024 3,632
Charge for year 13,798
At 31 December 2024 17,430
NET BOOK VALUE
At 31 December 2024 55,200
At 31 December 2023 68,998

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 77,904 79,365

Page 6 continued...
ATLAS FR101 LLP (REGISTERED NUMBER: SO306413)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 37,500 37,500
Hire purchase contracts 6,128 6,128
Trade creditors 50,935 36,781
Taxation and social security 9,136 3,519
Other creditors 3,050 2,820
106,749 86,748

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 546,492 586,254
Hire purchase contracts 53,272 59,911
Other creditors 194,542 215,595
794,306 861,760

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 583,992 623,754
Hire purchase contracts 59,400 66,039
643,392 689,793

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

11. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

12. ULTIMATE CONTROLLING PARTY

The controlling party is JCB Fishing Ltd.

Page 7