REGISTERED NUMBER: SO307789 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

HARWESTS LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

JJR Fishing Limited

Peter & J. Johnstone Limited

SDW Fishing Limited

REGISTERED OFFICE:

5-8 Bridge Street

Peterhead

Aberdeenshire

AB42 1DH

REGISTERED NUMBER:

SO307789 (Scotland)

FIXED ASSETS

Intangible assets

5

293,250

391,000

Tangible assets

6

1,491,716

1,599,371

1,784,966

1,990,371

CURRENT ASSETS

Debtors

7

45,388

18,029

Cash at bank

8,152

51,947

53,540

69,976

CREDITORS

Amounts falling due within one year

8

69,904

82,490

NET CURRENT LIABILITIES

(16,364

)

(12,514

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,768,602

1,977,857

CREDITORS

Amounts falling due after more than one year

9

214,559

706,688

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,554,043

1,271,169

LOANS AND OTHER DEBTS DUE TO MEMBERS

1,554,043

1,271,169

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

1,554,043

1,271,169

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 May 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 5 March 2026 and were signed by:

Peter & J. Johnstone Limited - Designated member

1.	STATUTORY INFORMATION

Harwests 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.

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 adopt the going concern basis of accounting in preparing the financial statements.

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.

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 and quota are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Vessel

-

6.25% on cost

Motor vehicles

-

25% on reducing balance

Hire purchase and leasing commitments

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

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

licence

and quota

£

COST

At 1 June 2024

and 31 May 2025

488,750

AMORTISATION

At 1 June 2024

97,750

Amortisation for year

97,750

At 31 May 2025

195,500

NET BOOK VALUE

At 31 May 2025

293,250

At 31 May 2024

391,000

6.	TANGIBLE FIXED ASSETS

Motor

Vessel

vehicles

Totals

£

£

£

COST

At 1 June 2024

and 31 May 2025

1,700,000

7,495

1,707,495

DEPRECIATION

At 1 June 2024

106,250

1,874

108,124

Charge for year

106,250

1,405

107,655

At 31 May 2025

212,500

3,279

215,779

NET BOOK VALUE

At 31 May 2025

1,487,500

4,216

1,491,716

At 31 May 2024

1,593,750

5,621

1,599,371

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Other debtors

45,388

18,029

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

60,000

60,000

Trade creditors

2,255

3,990

Other creditors

7,649

18,500

69,904

82,490

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

214,559

706,688

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

466,688

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

274,559

766,688

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 ultimate controlling parties are SDW Fishing Limited and JJR Fishing Limited.