Favonius Fishing LLP

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—4

Registered number: SO300099

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Intangible Assets	4		245,865		245,865
Tangible Assets	5		1,272,691		1,388,864

			1,518,556		1,634,729
CURRENT ASSETS
Debtors	6	479,772		432,631
Cash at bank and in hand		746		5,577

		480,518		438,208
Creditors: Amounts Falling Due Within One Year	7	(376,869 )		(406,020 )

NET CURRENT ASSETS (LIABILITIES)			103,649		32,188

TOTAL ASSETS LESS CURRENT LIABILITIES			1,622,205		1,666,917

Creditors: Amounts Falling Due After More Than One Year	8		(756,479 )		(801,191 )

NET ASSETS ATTRIBUTABLE TO MEMBERS			865,726		865,726

REPRESENTED BY:
Loans and other debts due to members within one year
Members' capital classified as a liability		637,286		637,286

			637,286		637,286

Equity
Members' other interests
Members' capital		228,440		228,440

			228,440		228,440

			865,726		865,726

TOTAL MEMBERS' INTEREST
Amounts due from members			(376,572)		(342,881)
Loans and other debts due to members within one year			637,286		637,286
Members' other interests			228,440		228,440

			489,154		522,845

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Favonius Fishing LLP

Balance Sheet (continued)

As At 5 April 2025

For the year ending 5 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 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

Ocean 17 Limited

Designated Member

02/12/2025

The notes on pages 3 to 4 form part of these financial statements.

1. General Information

Favonius Fishing LLP is a limited liability partnership, incorporated in Scotland, registered number SO300099 . The Registered Office is 5 - 8 Bridge Street, Peterhead, Aberdeenshire, AB42 1DH.

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 quota and licence are presented at valuation. No amortisation has been provided for in the year as the members believe they have an indefinite useful life.

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	20% reducing balance
Fishing Vessel	10 years straight line

3. Average Number of Employees

Average number of employees, including members with contracts of employment, during the year was: 2 (2024: 2)

4. Intangible Assets

	Other
	£
Cost
As at 6 April 2024	245,865

As at 5 April 2025	245,865

Net Book Value
As at 5 April 2025	245,865

As at 6 April 2024	245,865

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Favonius Fishing LLP

Notes to the Financial Statements (continued)

For The Year Ended 5 April 2025

5. Tangible Assets

	Motor Vehicles	Fishing Vessel	Total
	£	£	£
Cost
As at 6 April 2024	33,698	1,700,000	1,733,698

As at 5 April 2025	33,698	1,700,000	1,733,698

Depreciation
As at 6 April 2024	10,334	334,500	344,834
Provided during the period	4,673	111,500	116,173

As at 5 April 2025	15,007	446,000	461,007

Net Book Value
As at 5 April 2025	18,691	1,254,000	1,272,691

As at 6 April 2024	23,364	1,365,500	1,388,864

Vessels & gear with a carrying value of £432,185 was revalued at 31 December 2020 by the members of the LLP on a market value basis. The members believe this amount to be market value of the Vessel & Gear at the year end.

6. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	90,000	80,000
Prepayments and accrued income	13,200	9,750
Amounts due from members	376,572	342,881

	479,772	432,631

7. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	44,188	25,603
Bank loans and overdrafts	44,020	43,327
Other creditors	286,461	335,090
Accruals and deferred income	2,200	2,000

	376,869	406,020

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

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

	2025	2024
	£	£
Bank loans	756,479	801,191

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

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