Aquarius Fishing Enterprises LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO306584 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 27 NOVEMBER 2018 TO 31 DECEMBER 2019

FOR

AQUARIUS FISHING ENTERPRISES LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

D G Tait

R J Tait

S R Inkster

Robert Inkster Enterprises Ltd

George West Limited

Smith Estates Peterhead Ltd.

Fraserburgh Trawlers Limited

Ian Ritchie (Fishing) Limited

REGISTERED OFFICE:

100 Shore Street

Fraserburgh

Aberdeenshire

AB43 9BT

REGISTERED NUMBER:

SO306584 (Scotland)

FIXED ASSETS

Intangible assets

5

475,000

Tangible assets

6

294,848

769,848

CURRENT ASSETS

Debtors

7

76,916

Investments

8

3,000

79,916

CREDITORS

Amounts falling due within one year

9

104,329

NET CURRENT LIABILITIES

(24,413

)

TOTAL ASSETS LESS CURRENT LIABILITIES

745,435

CREDITORS

Amounts falling due after more than one year

10

357,935

NET ASSETS ATTRIBUTABLE TO MEMBERS

387,500

LOANS AND OTHER DEBTS DUE TO MEMBERS

-

MEMBERS' OTHER INTERESTS

Capital accounts

387,500

387,500

TOTAL MEMBERS' INTERESTS

Members' other interests

387,500

Amounts due from members

7

(61,102

)

326,398

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 period ended 31 December 2019.

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 16 November 2020 and were signed by:

Fraserburgh Trawlers Limited - Designated member

1.	STATUTORY INFORMATION

Aquarius Fishing Enterprises LLP is registered in Scotland. The LLP's registered number and registered office address can be found on the General Information page.

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

Significant judgements and estimates

In the application of the limited liability partnership's accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The members consider that there are no estimates and underlying assumptions which have a significant risk of causing a material adjustment to the carrying amount of the assets and liabilities.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling and excludes value added tax.

Fishing licences and quota

Fishing licences and quota are presented at valuation. No amortisation has been provided for in the year as the members believe they have an indefinite useful life.

Tangible fixed assets

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

Plant and machinery etc

-

6.25% on cost

Taxation

No taxation has been provided in the accounts as taxation is a personal liability of the members.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held in call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

4.	EMPLOYEE INFORMATION

The average number of employees during the period was NIL.

5.	INTANGIBLE FIXED ASSETS

Fishing

Fishing

licence

quota

Totals

£

£

£

COST

Additions

275,000

200,000

475,000

At 31 December 2019

275,000

200,000

475,000

NET BOOK VALUE

At 31 December 2019

275,000

200,000

475,000

6.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

Additions

312,036

At 31 December 2019

312,036

DEPRECIATION

Charge for period

17,188

At 31 December 2019

17,188

NET BOOK VALUE

At 31 December 2019

294,848

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

8,197

Other debtors

68,719

76,916

8.	CURRENT ASSET INVESTMENTS

£

Unlisted investments

3,000

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Bank loans and overdrafts

25,021

Hire purchase contracts

3,002

Trade creditors

73,394

Taxation and social security

412

Other creditors

2,500

104,329

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Bank loans

353,183

Hire purchase contracts

4,752

357,935

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

253,183

11.	SECURED DEBTS

The following secured debts are included within creditors:

£

Bank overdraft

21

Bank loans

378,183

Hire purchase contracts

7,754

385,958

The bank holds a bond and floating charge over the business assets and a ships mortgage over the fishing vessel.

12.	ULTIMATE CONTROLLING PARTY

The limited liability partnership is controlled by the designated members who control the financial and operating activities of the limited liability partnership.