IRIS Accounts Production v25.4.12.37 SO300250 designated member 7.4.24 6.4.25 6.4.25 0 0 false true false false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SO300250 2024-04-06 SO300250 2025-04-06 SO300250 2024-04-07 2025-04-06 SO300250 2023-04-06 SO300250 2023-04-07 2024-04-06 SO300250 2024-04-06 SO300250 ns15:Scotland 2024-04-07 2025-04-06 SO300250 ns14:PoundSterling 2024-04-07 2025-04-06 SO300250 ns10:PartnerLLP1 2024-04-07 2025-04-06 SO300250 ns10:LimitedLiabilityPartnershipLLP 2024-04-07 2025-04-06 SO300250 ns10:SmallEntities 2024-04-07 2025-04-06 SO300250 ns10:AuditExempt-NoAccountantsReport 2024-04-07 2025-04-06 SO300250 ns10:SmallCompaniesRegimeForAccounts 2024-04-07 2025-04-06 SO300250 ns10:LimitedLiabilityPartnershipsSORP 2024-04-07 2025-04-06 SO300250 ns10:FullAccounts 2024-04-07 2025-04-06 SO300250 1 2024-04-07 2025-04-06 SO300250 ns10:PartnerLLP2 2024-04-07 2025-04-06 SO300250 ns10:PartnerLLP3 2024-04-07 2025-04-06 SO300250 ns10:RegisteredOffice 2024-04-07 2025-04-06 SO300250 ns5:CurrentFinancialInstruments 2025-04-06 SO300250 ns5:CurrentFinancialInstruments 2024-04-06 SO300250 ns5:Non-currentFinancialInstruments 2025-04-06 SO300250 ns5:Non-currentFinancialInstruments 2024-04-06 SO300250 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-04-07 2025-04-06 SO300250 ns5:LeaseholdImprovements 2024-04-07 2025-04-06 SO300250 ns5:MotorVehicles 2024-04-07 2025-04-06 SO300250 ns5:ComputerEquipment 2024-04-07 2025-04-06 SO300250 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-04-06 SO300250 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-04-06 SO300250 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-04-06 SO300250 ns5:LeaseholdImprovements 2024-04-06 SO300250 ns5:MotorVehicles 2024-04-06 SO300250 ns5:ComputerEquipment 2024-04-06 SO300250 ns5:LeaseholdImprovements 2025-04-06 SO300250 ns5:MotorVehicles 2025-04-06 SO300250 ns5:ComputerEquipment 2025-04-06 SO300250 ns5:LeaseholdImprovements 2024-04-06 SO300250 ns5:MotorVehicles 2024-04-06 SO300250 ns5:ComputerEquipment 2024-04-06 SO300250 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2024-04-06 SO300250 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2024-04-07 2025-04-06 SO300250 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2025-04-06 SO300250 ns5:LeasedAssetsHeldAsLessee ns5:MotorVehicles 2024-04-06 SO300250 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-04-06 SO300250 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-04-06 SO300250 ns5:Secured 2025-04-06 SO300250 ns5:Secured 2024-04-06

REGISTERED NUMBER: SO300250 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 6 APRIL 2025

FOR

VIRTUOUS LLP

| VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 6 APRIL 2025

Page |

| General Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| VIRTUOUS LLP |

GENERAL INFORMATION

FOR THE YEAR ENDED 6 APRIL 2025

| DESIGNATED MEMBERS: | Craigievar (FR) Limited

| Melantic Limited

| A West

| REGISTERED OFFICE: | Heritage House

| 141 Shore Street

| Fraserburgh

| Aberdeenshire

| AB43 9BP

| REGISTERED NUMBER: | SO300250 (Scotland)

| VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |

BALANCE SHEET

6 APRIL 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 5 | 1,647,820 |  | 1,647,820 |  |

Tangible assets | 6 | 2,013,088 |  | 2,198,744 |  |

3,660,908 |  | 3,846,564 |  |

CURRENT ASSETS

Debtors | 7 | 41,158 |  | 31,794 |  |

CREDITORS

Amounts falling due within one year | 8 | 405,127 |  | 432,569 |  |

NET CURRENT LIABILITIES | (363,969 | ) | (400,775 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 3,296,939 |  | 3,445,789 |  |

CREDITORS

Amounts falling due after more than one year | 9 | 1,045,774 |  | 1,149,391 |  |

NET ASSETS ATTRIBUTABLE TO MEMBERS | 2,251,165 |  | 2,296,398 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 1,681,176 |  | 1,726,409 |  |

MEMBERS' OTHER INTERESTS

Capital accounts | 569,989 |  | 569,989 |  |

2,251,165 |  | 2,296,398 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 1,681,176 |  | 1,726,409 |  |

Members' other interests | 569,989 |  | 569,989 |  |

2,251,165 |  | 2,296,398 |  |

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 6 April 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.

| VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |

BALANCE SHEET - continued

6 APRIL 2025

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 29 December 2025 and were signed by:

A West - Designated member

| VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 6 APRIL 2025

1. | STATUTORY INFORMATION

| Virtuous 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

| Fishing vessel and gear | - | 6.25% on cost

| Motor vehicles | - | 25% on reducing balance

| Computer equipment | - | 25% on reducing balance

| VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 6 APRIL 2025

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.

| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

| 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.

| 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 (2024 - NIL).

5. | INTANGIBLE FIXED ASSETS

| Fishing

| quota and

| licences

£ |

| COST OR VALUATION

| At 7 April 2024

| and 6 April 2025 | 1,647,820 |  |

| NET BOOK VALUE

| At 6 April 2025 | 1,647,820 |  |

| At 6 April 2024 | 1,647,820 |  |

| Cost or valuation at 6 April 2025 is represented by:

| Fishing

| quota and

| licences

£ |

| Valuation in 2017 | 945,335 |  |

| Cost | 702,485 |  |

1,647,820 |  |

| VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 6 APRIL 2025

6. | TANGIBLE FIXED ASSETS

| Fishing |

| vessel |  | Motor |  | Computer |

| and gear |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 7 April 2024 | 2,781,973 |  | 174,090 |  | 2,451 |  | 2,958,514 |  |

| Additions | - |  | 48,195 |  | - |  | 48,195 |  |

| Disposals | - |  | (34,435 | ) | - |  | (34,435 | ) |

| At 6 April 2025 | 2,781,973 |  | 187,850 |  | 2,451 |  | 2,972,274 |  |

| DEPRECIATION

| At 7 April 2024 | 742,209 |  | 16,502 |  | 1,059 |  | 759,770 |  |

| Charge for year | 173,873 |  | 39,609 |  | 348 |  | 213,830 |  |

| Eliminated on disposal | - |  | (14,414 | ) | - |  | (14,414 | ) |

| At 6 April 2025 | 916,082 |  | 41,697 |  | 1,407 |  | 959,186 |  |

| NET BOOK VALUE

| At 6 April 2025 | 1,865,891 |  | 146,153 |  | 1,044 |  | 2,013,088 |  |

| At 6 April 2024 | 2,039,764 |  | 157,588 |  | 1,392 |  | 2,198,744 |  |

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

| Motor

| vehicles

£ |

| COST

| At 7 April 2024 | 174,090 |  |

| Additions | 35,700 |  |

| Disposals | (34,435 | ) |

| At 6 April 2025 | 175,355 |  |

| DEPRECIATION

| At 7 April 2024 | 16,502 |  |

| Charge for year | 39,088 |  |

| Eliminated on disposal | (14,414 | ) |

| At 6 April 2025 | 41,176 |  |

| NET BOOK VALUE

| At 6 April 2025 | 134,179 |  |

| At 6 April 2024 | 157,588 |  |

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

2025 | 2024 |

£ | £ |

| Other debtors | 41,158 |  | 31,794 |  |

| VIRTUOUS LLP (REGISTERED NUMBER: SO300250) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 6 APRIL 2025

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

2025 | 2024 |

£ | £ |

| Bank loans and overdrafts | 191,227 |  | 214,554 |  |

| Hire purchase contracts | 19,686 |  | 18,841 |  |

| Trade creditors | 188,964 |  | 187,674 |  |

| Other creditors | 5,250 |  | 11,500 |  |

405,127 |  | 432,569 |  |

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

2025 | 2024 |

£ | £ |

| Bank loans | 928,504 |  | 1,031,483 |  |

| Hire purchase contracts | 117,270 |  | 117,908 |  |

1,045,774 |  | 1,149,391 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 626,289 |  | 705,850 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2024 |

£ | £ |

| Bank overdrafts | 95,018 |  | 99,554 |  |

| Bank loans | 1,024,713 |  | 1,146,483 |  |

| Hire purchase contracts | 136,956 |  | 136,749 |  |

1,256,687 |  | 1,382,786 |  |

| 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 controlling party is A West.