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REGISTERED NUMBER: SO300686 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2025

for

Tranquility BF7 LLP

| Tranquility BF7 LLP (Registered number: SO300686) |

Contents of the Financial Statements

for the Year Ended 31 August 2025

Page |

| General Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Tranquility BF7 LLP |

General Information

for the Year Ended 31 August 2025

| DESIGNATED MEMBERS: | Mr P Johnstone

| Mr B Johnstone

| Peter & J.Johnstone Limited

| REGISTERED OFFICE: | C/o Peter & J.Johnstone Ltd

| Bridge Street

| Peterhead

| Aberdeenshire

| AB42 1DH

| REGISTERED NUMBER: | SO300686 (Scotland)

| ACCOUNTANTS: | SBP

| Accountants

| 27 Finlayson Street

| Fraserburgh

| Aberdeenshire

| AB43 9JQ

| Tranquility BF7 LLP (Registered number: SO300686) |

Balance Sheet

31 August 2025

| 31.8.25 | 31.8.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 486,000 |  | 486,000 |  |

Tangible assets | 5 | 61,971 |  | 117,957 |  |

547,971 |  | 603,957 |  |

CURRENT ASSETS

Debtors | 6 | 49,176 |  | 56,885 |  |

Cash at bank | 24,807 |  | 14,034 |  |

73,983 |  | 70,919 |  |

CREDITORS

Amounts falling due within one year | 7 | 41,605 |  | 554,686 |  |

NET CURRENT ASSETS/(LIABILITIES) | 32,378 |  | (483,767 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 580,349 |  | 120,190 |  |

CREDITORS

Amounts falling due after more than one year | 8 | 556,210 |  | 117,689 |  |

NET ASSETS ATTRIBUTABLE TO MEMBERS | 24,139 |  | 2,501 |  |

LOANS AND OTHER DEBTS DUE TO MEMBERS | 10 | 24,139 |  | 2,501 |  |

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members | 10 | 24,139 |  | 2,501 |  |

Amounts due from members | 6 | (39,645 | ) | (51,329 | ) |

(15,506 | ) | (48,828 | ) |

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 August 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.

| Tranquility BF7 LLP (Registered number: SO300686) |

Balance Sheet - continued

31 August 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 11 May 2026 and were signed by:

Peter & J.Johnstone Limited - Designated member

| Tranquility BF7 LLP (Registered number: SO300686) |

Notes to the Financial Statements

for the Year Ended 31 August 2025

1. | STATUTORY INFORMATION

| Tranquility BF7 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| 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 | - | 10% on cost less residual value

| Motor vehicles | - | 25% on cost

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

| Intangible fixed assets

| No amortisation has been provided on the fishing licence or quota as in the opinion of the members there has been no permanent diminution in their value.

3. | EMPLOYEE INFORMATION

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

4. | INTANGIBLE FIXED ASSETS

| Fishing |  | Fishing |

| licence |  | quota |  | Totals

£ | £ | £ |

| COST

| At 1 September 2024

| and 31 August 2025 | 200,000 |  | 326,000 |  | 526,000 |  |

| AMORTISATION

| At 1 September 2024

| and 31 August 2025 | - |  | 40,000 |  | 40,000 |  |

| NET BOOK VALUE

| At 31 August 2025 | 200,000 |  | 286,000 |  | 486,000 |  |

| At 31 August 2024 | 200,000 |  | 286,000 |  | 486,000 |  |

| Tranquility BF7 LLP (Registered number: SO300686) |

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

5. | TANGIBLE FIXED ASSETS

| Fishing |  | Motor |

| vessel |  | vehicles |  | Totals

£ | £ | £ |

| COST

| At 1 September 2024

| and 31 August 2025 | 501,119 |  | 23,495 |  | 524,614 |  |

| DEPRECIATION

| At 1 September 2024 | 400,783 |  | 5,874 |  | 406,657 |  |

| Charge for year | 50,112 |  | 5,874 |  | 55,986 |  |

| At 31 August 2025 | 450,895 |  | 11,748 |  | 462,643 |  |

| NET BOOK VALUE

| At 31 August 2025 | 50,224 |  | 11,747 |  | 61,971 |  |

| At 31 August 2024 | 100,336 |  | 17,621 |  | 117,957 |  |

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

| 31.8.25 |  | 31.8.24

£ | £ |

| Other debtors | 49,176 |  | 56,885 |  |

| Included within other debtors is a combined balance of £39,645 representing deficit capital balances in respect of two of the members of the LLP. The remaining balance of £9,531 comprises prepaid sums to third party suppliers.

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

| 31.8.25 |  | 31.8.24

£ | £ |

| Bank loans and overdrafts | 23,681 |  | 452,802 |  |

| Trade creditors | 14,766 |  | 93,685 |  |

| Other creditors | 3,158 |  | 8,199 |  |

41,605 |  | 554,686 |  |

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

| 31.8.25 |  | 31.8.24

£ | £ |

| Bank loans | 556,210 |  | 117,689 |  |

| Tranquility BF7 LLP (Registered number: SO300686) |

Notes to the Financial Statements - continued

for the Year Ended 31 August 2025

9. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.8.25 |  | 31.8.24

£ | £ |

| Bank overdraft | - |  | 425,322 |  |

| Bank loans | 579,891 |  | 145,169 |  |

579,891 |  | 570,491 |  |

| Bank borrowings are secured by means of a ships mortgage over the vessel and a bond and floating charge over all other assets.

10. | LOANS AND OTHER DEBTS DUE TO MEMBERS |

| Members with credit Capital Account balances would not seek to draw their capital loan balances unless they were satisfied that there were sufficient funds available to meet other creditors as they fell due.