IRIS Accounts Production v25.4.12.37 SO306912 designated member 1.4.24 31.3.25 31.3.25 0 0 false true false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SO306912 2024-03-31 SO306912 2025-03-31 SO306912 2024-04-01 2025-03-31 SO306912 2023-03-31 SO306912 2023-04-01 2024-03-31 SO306912 2024-03-31 SO306912 ns15:Scotland 2024-04-01 2025-03-31 SO306912 ns14:PoundSterling 2024-04-01 2025-03-31 SO306912 ns10:PartnerLLP1 2024-04-01 2025-03-31 SO306912 ns10:LimitedLiabilityPartnershipLLP 2024-04-01 2025-03-31 SO306912 ns10:SmallEntities 2024-04-01 2025-03-31 SO306912 ns10:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 SO306912 ns10:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 SO306912 ns10:LimitedLiabilityPartnershipsSORP 2024-04-01 2025-03-31 SO306912 ns10:FullAccounts 2024-04-01 2025-03-31 SO306912 1 2024-04-01 2025-03-31 SO306912 ns10:PartnerLLP2 2024-04-01 2025-03-31 SO306912 ns10:PartnerLLP3 2024-04-01 2025-03-31 SO306912 ns10:RegisteredOffice 2024-04-01 2025-03-31 SO306912 ns5:CurrentFinancialInstruments 2025-03-31 SO306912 ns5:CurrentFinancialInstruments 2024-03-31 SO306912 ns5:Non-currentFinancialInstruments 2025-03-31 SO306912 ns5:Non-currentFinancialInstruments 2024-03-31 SO306912 ns5:IntangibleAssetsOtherThanGoodwill 2024-04-01 2025-03-31 SO306912 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-04-01 2025-03-31 SO306912 ns5:PlantMachinery 2024-04-01 2025-03-31 SO306912 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 SO306912 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-03-31 SO306912 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 SO306912 ns5:LeaseholdImprovements 2024-03-31 SO306912 ns5:MotorVehicles 2024-03-31 SO306912 ns5:LeaseholdImprovements 2024-04-01 2025-03-31 SO306912 ns5:MotorVehicles 2024-04-01 2025-03-31 SO306912 ns5:LeaseholdImprovements 2025-03-31 SO306912 ns5:MotorVehicles 2025-03-31 SO306912 ns5:LeaseholdImprovements 2024-03-31 SO306912 ns5:MotorVehicles 2024-03-31 SO306912 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-03-31 SO306912 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-03-31 SO306912 ns5:Secured 2025-03-31 SO306912 ns5:Secured 2024-03-31

REGISTERED NUMBER: SO306912 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

FAITHFUL STAR LLP

| FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page |

| General Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| FAITHFUL STAR LLP |

GENERAL INFORMATION

FOR THE YEAR ENDED 31 MARCH 2025

| DESIGNATED MEMBERS: | George West Limited

| Smith Estates Peterhead Ltd.

| J P Fishing Ltd

| REGISTERED OFFICE: | Colaren House

| Burnthill Farm

| Fraserburgh

| Aberdeenshire

| AB43 7EJ

| REGISTERED NUMBER: | SO306912 (Scotland)

| FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912) |

BALANCE SHEET

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | 315,625 |  | 366,125 |  |

Tangible assets | 6 | 913,351 |  | 958,469 |  |

1,228,976 |  | 1,324,594 |  |

CURRENT ASSETS

Debtors | 7 | 590,640 |  | 626,715 |  |

Cash at bank and in hand | 36,364 |  | 17,307 |  |

627,004 |  | 644,022 |  |

CREDITORS

Amounts falling due within one year | 8 | 525,276 |  | 574,022 |  |

NET CURRENT ASSETS | 101,728 |  | 70,000 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,330,704 |  | 1,394,594 |  |

CREDITORS

Amounts falling due after more than one year | 9 | 465,704 |  | 529,594 |  |

NET ASSETS ATTRIBUTABLE TO MEMBERS | 865,000 |  | 865,000 |  |

| FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912) |

BALANCE SHEET - continued

31 MARCH 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

LOANS AND OTHER DEBTS DUE TO MEMBERS | - |  | - |  |

MEMBERS' OTHER INTERESTS

Capital accounts | 865,000 |  | 865,000 |  |

865,000 |  | 865,000 |  |

TOTAL MEMBERS' INTERESTS

Members' other interests | 865,000 |  | 865,000 |  |

Amounts due from members | 7 | (533,577 | ) | (588,273 | ) |

331,423 |  | 276,727 |  |

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 March 2025.

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 26 September 2025 and were signed by:

Smith Estates Peterhead Ltd. - Designated member

| FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

1. | STATUTORY INFORMATION

| Faithful Star 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 company'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 company 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 licence are being amortised evenly over their estimated useful life of ten years.

| Tangible fixed assets

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

| Plant and machinery etc | - | 25% on cost and 6.25% on cost

| 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

| FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

3. | ACCOUNTING POLICIES - continued

| Taxation

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

4. | EMPLOYEE INFORMATION

| The average number of employees during the year was NIL (2024 - NIL).

5. | INTANGIBLE FIXED ASSETS

| Fishing

| licence

£ |

| COST

| At 1 April 2024

| and 31 March 2025 | 505,000 |  |

| AMORTISATION

| At 1 April 2024 | 138,875 |  |

| Amortisation for year | 50,500 |  |

| At 31 March 2025 | 189,375 |  |

| NET BOOK VALUE

| At 31 March 2025 | 315,625 |  |

| At 31 March 2024 | 366,125 |  |

6. | TANGIBLE FIXED ASSETS

| Fishing |  | Motor |

| vessel |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 April 2024 | 1,150,000 |  | 14,000 |  | 1,164,000 |  |

| Additions | - |  | 33,008 |  | 33,008 |  |

| At 31 March 2025 | 1,150,000 |  | 47,008 |  | 1,197,008 |  |

| DEPRECIATION

| At 1 April 2024 | 197,656 |  | 7,875 |  | 205,531 |  |

| Charge for year | 71,875 |  | 6,251 |  | 78,126 |  |

| At 31 March 2025 | 269,531 |  | 14,126 |  | 283,657 |  |

| NET BOOK VALUE

| At 31 March 2025 | 880,469 |  | 32,882 |  | 913,351 |  |

| At 31 March 2024 | 952,344 |  | 6,125 |  | 958,469 |  |

7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade debtors | 55,336 |  | 35,848 |  |

| Other debtors | 535,304 |  | 590,867 |  |

590,640 |  | 626,715 |  |

| FAITHFUL STAR LLP (REGISTERED NUMBER: SO306912) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2025

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 95,000 |  | 95,000 |  |

| Hire purchase contracts | 9,586 |  | 4,000 |  |

| Trade creditors | 215,413 |  | 299,340 |  |

| Taxation and social security | 177 |  | 484 |  |

| Other creditors | 205,100 |  | 175,198 |  |

525,276 |  | 574,022 |  |

9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

2025 | 2024 |

£ | £ |

| Bank loans | 443,011 |  | 528,261 |  |

| Hire purchase contracts | 22,693 |  | 1,333 |  |

465,704 |  | 529,594 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 279,219 |  | 303,214 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank loans | 538,011 |  | 623,261 |  |

| Hire purchase contracts | 32,279 |  | 5,333 |  |

570,290 |  | 628,594 |  |

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

11. | ULTIMATE CONTROLLING PARTY

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