Company No: SO300027 (Scotland)

Contents

• Balance Sheet
• Reconciliation of Members' Interests
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	4	369,960		399,975
Tangible assets	5	3,177,092		3,361,131
		3,547,052		3,761,106
Current assets
Debtors	6	53,583		44,081
Cash at bank and in hand		152,187		135,344
		205,770		179,425
Creditors: amounts falling due within one year	7	( 106,736)		( 86,679)
Net current assets		99,034		92,746
Total assets less current liabilities		3,646,086		3,853,852
Creditors: amounts falling due after more than one year	8	( 748,685)		( 1,053,168)
Net assets attributable to members		2,897,401		2,800,684
Represented by
Loans and other debts due to members within one year
Other amounts		128,401		31,684
		128,401		31,684
Members' other interests
Members' capital classified as equity		2,769,000		2,769,000
		2,769,000		2,769,000
		2,897,401		2,800,684
Total members' interests
Loans and other debts due to members		128,401		31,684
Members' other interests		2,769,000		2,769,000
		2,897,401		2,800,684

For the financial year ending 31 December 2025 the LLP was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Members' responsibilities:

• The members acknowledge their responsibilities for complying with the requirements of the Companies Act 2006, as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of MB Norlan BF362 LLP (registered number: SO300027) were approved and authorised for issue by the members on 28 July 2026. They were signed on its behalf by:

Steven Taylor On behalf of Denholm Fishselling Limited, Designated member

	EQUITY Members' other interests	DEBT Loans and other debts due to members less any amounts due from members in debtors	Total members' interests
	Members' capital (classified as equity)	Other amounts	Total
	£	£	£
Amounts due to members		106,553
Balance at 01 January 2024	2,769,000	106,553	2,875,553
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	(44,869)	(44,869)
Members' interest after result for the financial year	2,769,000	61,684	2,830,684
Drawings	0	(30,000)	(30,000)
Amounts due to members		31,684
Balance at 31 December 2024	2,769,000	31,684	2,800,684
Members' remuneration charged as an expense, including employment and retirement benefit costs	0	151,453	151,453
Members' interest after result for the financial year	2,769,000	183,137	2,952,137
Drawings	0	(54,736)	(54,736)
Amounts due to members		128,401
Balance at 31 December 2025	2,769,000	128,401	2,897,401

There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

MB Norlan BF362 LLP is a limited liability partnership, incorporated in the United Kingdom under the Limited Liability Partnerships Act 2000 and is registered in Scotland. The address of the LLP's registered office is 22 Commercial Road, Buckie, AB56 1UQ, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Limited Liability Partnerships Act 2000 as applicable to companies subject to the small companies regime and the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (SORP 2024).

The financial statements are presented in pounds sterling which is the functional currency of the LLP and rounded to the nearest £.

Going concern

The members have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The members have a reasonable expectation that the LLP has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling, as the risks and rewards of ownership have transferred to the customer.

Taxation

The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Trademarks, patents and licences

15 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
	4 - 5 years straight line
Vehicles	5 years straight line
Other property, plant and equipment	5 - 20 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each reporting period end date, the LLP reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that assets may be impaired.

Financial assets
Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash held in banks.

Financial instruments

Financial assets and financial liabilities are recognised when the LLP becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the LLP after deducting all of its liabilities.

Basic financial assets
Basic financial assets, which include debtors and bank balances are measured at transaction price.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Members' participation rights

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits).

Members’ participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member’s participation rights including amounts subscribed or otherwise contributed by members, for example members’ capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

Profits for the year are divided automatically.

All amounts due to members that are classified as liabilities are presented in the Balance Sheet within 'Loans and other debts due to members' and are charged to the Profit and Loss Account within 'Members' remuneration charged as an expense'. Amounts due to members that are classified as equity are shown in the Balance Sheet within 'Members' other interests'.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the LLP during the year	0		0

3. Members' remuneration

Profits are shared among the members in accordance with agreed profit sharing arrangements. Members are required to make their own provision for pensions from their profit shares.

	2025		2024
	Number		Number
Average number of members during the financial year	5		5

4. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 January 2025	631,121		631,121
At 31 December 2025	631,121		631,121
Accumulated amortisation
At 01 January 2025	231,146		231,146
Charge for the financial year	30,015		30,015
At 31 December 2025	261,161		261,161
Net book value
At 31 December 2025	369,960		369,960
At 31 December 2024	399,975		399,975

5. Tangible assets

	Plant and machinery		Vehicles		Other property, plant and equipment		Total
	£		£		£		£
Cost
At 01 January 2025	293,042		39,980		3,537,585		3,870,607
Additions	55,009		0		0		55,009
Disposals	( 17,030)		0		0		( 17,030)
At 31 December 2025	331,021		39,980		3,537,585		3,908,586
Accumulated depreciation
At 01 January 2025	195,634		7,997		305,845		509,476
Charge for the financial year	36,885		7,996		183,506		228,387
Disposals	( 6,369)		0		0		( 6,369)
At 31 December 2025	226,150		15,993		489,351		731,494
Net book value
At 31 December 2025	104,871		23,987		3,048,234		3,177,092
At 31 December 2024	97,408		31,983		3,231,740		3,361,131

6. Debtors

	2025		2024
	£		£
Trade debtors	51,141		43,410
Other debtors	2,442		671
	53,583		44,081

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans (secured)	84,892		60,829
Trade creditors	14,049		16,442
Other creditors	7,795		9,408
	106,736		86,679

Bank loans are secured by a bond and a floating charge.

8. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Bank loans (secured)	748,685		1,053,168

Bank loans are secured by a bond and a floating charge.

9. Related party transactions

As is common in the fishing industry one of the members is also the vessel agent. At the end of the year the balance held by the agent on behalf of the LLP was £51,141 (2024: £43,241). This balance is included within trade debtors.

10. Loans and other debts due to members

	2025		2024
	£		£
Amounts falling due within one year	128,401		31,684

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.