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REGISTERED NUMBER: SO304444 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

H S FISHING LLP
H S FISHING LLP (REGISTERED NUMBER: SO304444)






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


H S FISHING LLP

GENERAL INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DESIGNATED MEMBERS: Camm Fishing Limited
George West Limited
Fraserburgh Trawlers Limited
R J Tait
D G Tait
McTai Ltd
M G West





REGISTERED OFFICE: 100 Shore Street
Fraserburgh
Aberdeenshire
AB43 9BT





REGISTERED NUMBER: SO304444 (Scotland)





ACCOUNTANTS: Leiper & Summers
4 Charlotte Street
Fraserburgh
Aberdeenshire
AB43 9JE
Page 1
H S FISHING LLP (REGISTERED NUMBER: SO304444)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 308,777 308,777
Tangible assets 6 240,000 280,000
548,777 588,777

CURRENT ASSETS
Debtors 7 66,663 223,753
Investments 8 3,000 3,000
Cash at bank 4,210 53,934
73,873 280,687
CREDITORS
Amounts falling due within one year 9 229,552 183,910
NET CURRENT (LIABILITIES)/ASSETS (155,679 ) 96,777
TOTAL ASSETS LESS CURRENT
LIABILITIES
393,098
685,554

CREDITORS
Amounts falling due after more than one
year
10
297,080
329,680
NET ASSETS ATTRIBUTABLE TO
MEMBERS
96,018
355,874

LOANS AND OTHER DEBTS DUE TO
MEMBERS
12
96,018
355,874

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 12 96,018 355,874
Amounts due from members 7 (50,616 ) (29,922 )
45,402 325,952

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 notes form part of these financial statements

Page 2 continued...
H S FISHING LLP (REGISTERED NUMBER: SO304444)

BALANCE SHEET - continued
31 DECEMBER 2024


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 16 December 2025 and were signed by:





George West Limited - Designated member

The notes form part of these financial statements

Page 3
H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

1. STATUTORY INFORMATION

H S Fishing 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 as modified by the revaluation of certain assets.

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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost

Government grants
Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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

Page 4 continued...
H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

3. ACCOUNTING POLICIES - continued

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
Goodwill
£   
COST OR VALUATION
At 1 January 2024
and 31 December 2024 308,777
NET BOOK VALUE
At 31 December 2024 308,777
At 31 December 2023 308,777

Cost or valuation at 31 December 2024 is represented by:

Goodwill
£   
Valuation in 2018 80,000
Valuation in 2020 153,777
Cost 75,000
308,777

6. TANGIBLE FIXED ASSETS
Land and
buildings
£   
COST OR VALUATION
At 1 January 2024
and 31 December 2024 400,000
DEPRECIATION
At 1 January 2024 120,000
Charge for year 40,000
At 31 December 2024 160,000
NET BOOK VALUE
At 31 December 2024 240,000
At 31 December 2023 280,000

Page 5 continued...
H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

6. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2024 is represented by:

Land and
buildings
£   
Valuation in 2018 266,902
Valuation in 2020 (200,000 )
Cost 333,098
400,000

If the fishing vessel and gear had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 333,098 333,098
Aggregate depreciation 216,956 216,956

The fishing vessel and gear were valued on an open market basis on 18 May 2021 by the members of the LLP .

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 7,156 184,940
Other debtors 59,507 38,813
66,663 223,753

8. CURRENT ASSET INVESTMENTS
2024 2023
£    £   
Unlisted investments 3,000 3,000

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 27,500 27,524
Trade creditors 109,481 87,405
Taxation and social security 59,064 51,546
Other creditors 33,507 17,435
229,552 183,910

Page 6 continued...
H S FISHING LLP (REGISTERED NUMBER: SO304444)

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

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 223,444 253,080
Other creditors 73,636 76,600
297,080 329,680

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 146,159 165,045

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 24
Bank loans 250,944 280,580
250,944 280,604

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

12. LOANS AND OTHER DEBTS DUE TO MEMBERS

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

13. ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the designated members who control the financial and operating activities of the limited liability partnership.

Page 7