REGISTERED NUMBER: SO301913 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

JACK FISHING LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Alexander Jack (Fishing) Limited

Melantic Limited

Zander Jack (Fishing) Limited

REGISTERED OFFICE:

141 Shore Street

Fraserburgh

Aberdeenshire

AB43 9BP

REGISTERED NUMBER:

SO301913 (Scotland)

FIXED ASSETS

Intangible assets

5

236,965

277,082

Tangible assets

6

2,292,289

2,459,392

2,529,254

2,736,474

CURRENT ASSETS

Debtors

7

120,927

43,343

Cash at bank

15,161

4,401

136,088

47,744

CREDITORS

Amounts falling due within one year

8

73,763

155,040

NET CURRENT ASSETS/(LIABILITIES)

62,325

(107,296

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,591,579

2,629,178

CREDITORS

Amounts falling due after more than one year

9

1,021,265

1,069,019

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,570,314

1,560,159

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

1,570,314

1,560,159

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

1,570,314

1,560,159

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:

Alexander Jack (Fishing) Limited - Designated member

1.	STATUTORY INFORMATION

Jack 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.

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 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.

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.

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

Fishing licences 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.

Fishing vessel

-

6.25% on cost

Plant and machinery

-

20% on reducing balance

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.

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

licence

and quota

£

COST

At 1 June 2024

and 31 May 2025

374,602

AMORTISATION

At 1 June 2024

97,520

Amortisation for year

40,117

At 31 May 2025

137,637

NET BOOK VALUE

At 31 May 2025

236,965

At 31 May 2024

277,082

6.	TANGIBLE FIXED ASSETS

Fishing

Plant and

Motor

vessel

machinery

vehicles

Totals

£

£

£

£

COST

At 1 June 2024

and 31 May 2025

2,600,000

59,632

19,498

2,679,130

DEPRECIATION

At 1 June 2024

162,500

42,240

14,998

219,738

Charge for year

162,500

3,478

1,125

167,103

At 31 May 2025

325,000

45,718

16,123

386,841

NET BOOK VALUE

At 31 May 2025

2,275,000

13,914

3,375

2,292,289

At 31 May 2024

2,437,500

17,392

4,500

2,459,392

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

83,746

34,005

Other debtors

37,181

9,338

120,927

43,343

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

48,500

48,308

Trade creditors

11,673

7,538

Taxation and social security

8,540

5,548

Other creditors

5,050

93,646

73,763

155,040

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

1,021,265

1,069,019

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

827,265

875,787

10.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

1,069,765

1,117,327

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

11.

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.

12.	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.