REGISTERED NUMBER: SO304036 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Elhanan FR152 LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Andrew Third Limited

Radiant Fishing Services Ltd

REGISTERED OFFICE:

1-3 Dalrymple Street

Fraserburgh

Aberdeenshire

AB43 9BH

REGISTERED NUMBER:

SO304036 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

272,500

425,000

Tangible assets

5

76,986

84,884

349,486

509,884

CURRENT ASSETS

Debtors

6

84,208

17,830

Cash at bank

25,765

4,814

109,973

22,644

CREDITORS

Amounts falling due within one year

7

17,820

34,726

NET CURRENT ASSETS/(LIABILITIES)

92,153

(12,082

)

TOTAL ASSETS LESS CURRENT LIABILITIES

441,639

497,802

CREDITORS

Amounts falling due after more than one year

8

42,045

54,574

NET ASSETS ATTRIBUTABLE TO MEMBERS

399,594

443,228

LOANS AND OTHER DEBTS DUE TO MEMBERS

10

235,894

127,028

MEMBERS' OTHER INTERESTS

Fair value reserve

11

163,700

316,200

399,594

443,228

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

10

235,894

127,028

Members' other interests

163,700

316,200

399,594

443,228

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 December 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 June 2026 and were signed by:

Andrew Third Limited - Designated member

1.	STATUTORY INFORMATION

Elhanan FR152 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 as modified by the revaluation of certain assets.

Turnover

Turnover represents amounts receivable for fish sold and other fishing related income, net of discounts and VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Tangible fixed assets

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

Fishing boat

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipmt & telephones

-

33% 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.

Fishing licence and quota

Intangible assets comprise of fishing licence and quota rights which are reported on a valuation basis. The reported valuations are reassessed at the end of each accounting period and any adjustments are recorded through the Profit & Loss Account or Statement of Comprehensive Income, as appropriate.

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 OR VALUATION

At 1 January 2025

312,500

112,500

425,000

Revaluations

(152,500

)

-

(152,500

)

At 31 December 2025

160,000

112,500

272,500

NET BOOK VALUE

At 31 December 2025

160,000

112,500

272,500

At 31 December 2024

312,500

112,500

425,000

Cost or valuation at 31 December 2025 is represented by:

Fishing

Fishing

licence

quota

Totals

£

£

£

Valuation in 2020

232,500

83,700

316,200

Valuation in 2025

(152,500

)

-

(152,500

)

Cost

80,000

28,800

108,800

160,000

112,500

272,500

5.	TANGIBLE FIXED ASSETS

Computer

Fishing

Motor

equipmt &

boat

vehicles

telephones

Totals

£

£

£

£

COST

At 1 January 2025

300,000

11,999

1,048

313,047

Additions

-

-

1,150

1,150

Disposals

-

-

(1,048

)

(1,048

)

At 31 December 2025

300,000

11,999

1,150

313,149

DEPRECIATION

At 1 January 2025

216,317

10,798

1,048

228,163

Charge for year

8,368

300

380

9,048

Eliminated on disposal

-

-

(1,048

)

(1,048

)

At 31 December 2025

224,685

11,098

380

236,163

NET BOOK VALUE

At 31 December 2025

75,315

901

770

76,986

At 31 December 2024

83,683

1,201

-

84,884

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Agent

74,267

-

Other debtors

8,034

16,068

VAT

1,160

1,015

Prepayments

747

747

84,208

17,830

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

12,529

12,040

Trade creditors

2,508

445

Agent

-

19,599

Accrued expenses

2,783

2,642

17,820

34,726

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans - 1-2 years

13,038

12,529

Bank loans - 2-5 years

29,007

40,723

Bank loans more 5 yr by instal

-

1,322

42,045

54,574

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

-

1,322

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.25

31.12.24

£

£

Bank loans

54,574

66,614

Bank borrowings are secured by means of mortgages over the company's fishing vessel and a floating charge over all assets.

10.

LOANS AND OTHER DEBTS DUE TO MEMBERS

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

11.

RESERVES

Fair

value

reserve

£

At 1 January 2025

316,200

Revaluation of fishing licence

& quota

(152,500

)

At 31 December 2025

163,700

The Fair Value Reserve represents unrealised gains on the revaluation of fishing licence and quota.