REGISTERED NUMBER: SO300195 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Pleiades BF 155 LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Phillip Hepburn Limited

Garry Hepburn Limited

REGISTERED OFFICE:

Heritage House

141 Shore Street

Fraserburgh

Aberdeenshire

AB43 9BP

REGISTERED NUMBER:

SO300195 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Fishing licence & quota

4

9,274

13,721

Tangible assets

5

663,605

703,739

672,879

717,460

CURRENT ASSETS

Debtors

6

10,902

52,500

Cash at bank

-

2,116

10,902

54,616

CREDITORS

Amounts falling due within one year

7

82,408

13,040

NET CURRENT (LIABILITIES)/ASSETS

(71,506

)

41,576

TOTAL ASSETS LESS CURRENT LIABILITIES

601,373

759,036

CREDITORS

Amounts falling due after more than one year

8

-

49,528

NET ASSETS ATTRIBUTABLE TO MEMBERS

601,373

709,508

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

601,373

709,508

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

601,373

709,508

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 19 August 2026 and were signed by:

Garry Hepburn Limited - Designated member

1.	STATUTORY INFORMATION

Pleiades BF 155 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 represents amounts receivable for services provided in the normal course of business, 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.

Fishing licence & quota

Fishing licence and quota are valued at cost less accumulated amortisation.Amortisation is calculated to write off the cost in equal instalments over their estimated useful lives of 20 years.

Cherished number plate

The cherished number plate is reported at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal instalments over the estimated useful lives of the asset of 10 years.

Tangible fixed assets

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

Fishing Vessel 6.25% reducing balance (amended from 6.25% on cost from 1 Jan 2025)

Stores 4% on cost

Gear and equipment 20% on reducing balance

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

During the previous financial year the carrying value of the fishing vessel was reassessed as the members felt that the carrying value of £9 as at 31 Dec 2024 did not give a true and fair view of the asset value within the accounts. Following due consideration, depreciation of £699,991 was written back resulting in a closing carrying value as at 31 December 2024 of £700,000 which the members believed was a conservative estimate of the vessel value at that particular time. The decision was also made to amend the depreciation policy for the fishing vessel from 6.25% on cost to 6.25% reducing balance as of 1st January 2025 in order to better reflect the actual ongoing depreciation value of the asset.

3.	EMPLOYEE INFORMATION

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

4.	INTANGIBLE FIXED ASSETS

Fishing

Cherished

licence &

number

quota

plate

Totals

£

£

£

COST

At 1 January 2025

and 31 December 2025

231,836

599

232,435

AMORTISATION

At 1 January 2025

218,534

180

218,714

Amortisation for year

4,387

60

4,447

At 31 December 2025

222,921

240

223,161

NET BOOK VALUE

At 31 December 2025

8,915

359

9,274

At 31 December 2024

13,302

419

13,721

5.	TANGIBLE FIXED ASSETS

Fishing

Gear &

Store

vessel

equipment

Totals

£

£

£

£

COST

At 1 January 2025

4,500

965,202

64,752

1,034,454

Additions

-

-

5,500

5,500

At 31 December 2025

4,500

965,202

70,252

1,039,954

DEPRECIATION

At 1 January 2025

3,780

265,202

61,733

330,715

Charge for year

180

43,750

1,704

45,634

At 31 December 2025

3,960

308,952

63,437

376,349

NET BOOK VALUE

At 31 December 2025

540

656,250

6,815

663,605

At 31 December 2024

720

700,000

3,019

703,739

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Other debtors

1,322

45,118

VAT

753

660

Prepayments

8,827

6,722

10,902

52,500

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans and overdrafts

40,946

10,395

Trade creditors

-

292

Agent's balance

39,192

183

Accrued expenses

2,270

2,170

82,408

13,040

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Bank loans - 1-2 years

-

4,410

Provision for bad debt

-

45,118

-

49,528

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

The members would not seek to draw any balances owed to them by the LLP unless they were satisfied that there were sufficient funds to meet all other creditors as they fall due.