REGISTERED NUMBER: SO300195 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Pleiades BF 155 LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Phillip Hepburn Limited

Garry Hepburn Limited

REGISTERED OFFICE:

Heritage House

141 Shore Street

Fraserburgh

Aberdeenshire

AB43 9BP

REGISTERED NUMBER:

SO300195 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Fishing licence & quota

4

13,721

18,169

Tangible assets

5

703,739

65,008

717,460

83,177

CURRENT ASSETS

Debtors

6

52,500

52,261

Cash at bank

2,116

10,932

54,616

63,193

CREDITORS

Amounts falling due within one year

7

13,040

60,758

NET CURRENT ASSETS

41,576

2,435

TOTAL ASSETS LESS CURRENT LIABILITIES

759,036

85,612

CREDITORS

Amounts falling due after more than one year

8

49,528

59,925

NET ASSETS ATTRIBUTABLE TO MEMBERS

709,508

25,687

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

709,508

-

MEMBERS' OTHER INTERESTS

Capital accounts

-

25,687

709,508

25,687

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

709,508

-

Members' other interests

-

25,687

709,508

25,687

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 19 September 2025 and were signed by:

Phillip Hepburn Limited - Designated member

- Designated member

1.	STATUTORY INFORMATION

Pleiades BF 155 LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents amounts receivable for services provided in the normal course of business, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Fishing licence & quota

Fishing licence and quota are valued at cost less accumulated amortisation.Amortisation is calculated to write off the cost in equal instalments over their estimated useful lives of 20 years.

Cherished number plate

The cherished number plate is reported at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal instalments over the estimated useful lives of the asset of 10 years.

Tangible fixed assets

Depreciation is provided at the following rates in order to write off each asset over its estimated useful life.

Fishing Vessel 6.25% on cost (To be amended to 6.25% reducing balance from 1 Jan 2025)

Stores 4% on cost

Gear and equipment 20% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

During the financial year under report the carrying value of the fishing vessel was reassessed as the members felt that the carrying value of £9 as at 31 Dec 2024 did not give a true and fair view of the asset value within the accounts. Following due consideration, depreciation of £699,991 was written back resulting in a closing carrying value of £700,000 which the members believe is a conservative estimate of the asset value in light of current market information in relation to this particular type of vessel. The decision was also made to amend the depreciation policy for the fishing vessel from 6.25% on cost to 6.25% reducing balance as of 1st January 2025 in order to better reflect the actual value depreciation of the asset.

3.	EMPLOYEE INFORMATION

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

4.	INTANGIBLE FIXED ASSETS

Fishing

Cherished

licence &

number

quota

plate

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

231,836

599

232,435

AMORTISATION

At 1 January 2024

214,146

120

214,266

Amortisation for year

4,388

60

4,448

At 31 December 2024

218,534

180

218,714

NET BOOK VALUE

At 31 December 2024

13,302

419

13,721

At 31 December 2023

17,690

479

18,169

5.	TANGIBLE FIXED ASSETS

Fishing

Gear &

Store

vessel

equipment

Totals

£

£

£

£

COST

At 1 January 2024

and 31 December 2024

4,500

965,202

64,752

1,034,454

DEPRECIATION

At 1 January 2024

3,600

904,868

60,978

969,446

Charge for year

180

60,325

755

61,260

Charge written back

-

(699,991

)

-

(699,991

)

At 31 December 2024

3,780

265,202

61,733

330,715

NET BOOK VALUE

At 31 December 2024

720

700,000

3,019

703,739

At 31 December 2023

900

60,334

3,774

65,008

During the financial year under report the carrying value of the fishing vessel was reassessed as the members felt that the carrying value of £9 as at 31 Dec 2024 did not give a true and fair view of the asset value within the accounts. Following due consideration, depreciation of £699,991 was written back resulting in a closing carrying value of £700,000 which the members believe is a conservative estimate of the asset value in light of current market information in relation to this particular type of vessel.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Other debtors

45,118

45,118

VAT

660

568

Prepayments

6,722

6,575

52,500

52,261

The balance of 'Other debtors' of £45,118 comprises funds that were held on behalf of the LLP by fishing vessel agents, Fraserburgh Inshore Fishermen Ltd. This company went into liquidation in May 2023 and, as at the date of completion of these financial statements it was uncertain if any of the amount owed would be recovered. A full provision for the balance was put in place in the 2023 financial statements.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

10,395

10,141

Trade creditors

292

13,406

Agent's balance

183

35,033

Accrued expenses

2,170

2,178

13,040

60,758

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

4,410

10,397

Bank loans - 2-5 years

-

4,410

Provision for bad debt

45,118

45,118

49,528

59,925

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The members would not seek to draw any balances owed to them by the LLP unless they were satisfied that there were sufficient funds to meet all other creditors as they fall due.