REGISTERED NUMBER: SO300686 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 August 2025

for

Tranquility BF7 LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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

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

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

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.