Sunlight Ray 101 LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO306441 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2020

for

Sunlight Ray 101 LLP

Page

General Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Mr B Tait

Mr S R Inkster

Fraserburgh Trawlers Limited

Mr R Inkster

Mr D G Tait

Mr R J Tait

REGISTERED OFFICE:

100 Shore Street

Fraserburgh

Aberdeenshire

AB43 9BT

REGISTERED NUMBER:

SO306441 (Scotland)

ACCOUNTANTS:

SBP

Accountants

2 Cross Street

Fraserburgh

Aberdeenshire

AB43 9EQ

FIXED ASSETS

Intangible assets

4

298,300

19,200

CURRENT ASSETS

Debtors

5

16,140

21,287

Investments

6

5,150

5,150

Cash at bank

152

820

21,442

27,257

CREDITORS

Amounts falling due within one year

7

1,440

5,472

NET CURRENT ASSETS

20,002

21,785

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

318,302

40,985

LOANS AND OTHER DEBTS DUE TO MEMBERS

8

9,698

6,681

MEMBERS' OTHER INTERESTS

Capital accounts

34,304

34,304

Fair value reserve

9

274,300

-

318,302

40,985

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

8

9,698

6,681

Members' other interests

308,604

34,304

Amounts due from members

5

(10,271

)

(10,703

)

308,031

30,282

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 2020.

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 2021 and were signed by:

Fraserburgh Trawlers Limited - Designated member

1.	STATUTORY INFORMATION

Sunlight Ray 101 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 services provided in the normal course of business and for the lease of fishing quota, 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.

Other income includes dividends from share holdings.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Fishing quota are being amortised evenly over their estimated useful life of ten years.

The fishing quota held was revalued during the current financial year and accumulated amortisation charged for the period to 31 December 2019 (£4,800) was released back to the Profit & Loss with an additional valuation uplift of £274,300 credited to the Fair Value Reserve. On the basis of the revaluation, no amortisation was charged for the current financial year.

Unlisted investments

Current asset investments represent interests in unquoted companies related to the fishing sector. The investments are stated at cost as there is no practical means of placing a market value on them without undue cost and effort.

Debtors and creditors receivable /payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative costs.

3.	EMPLOYEE INFORMATION

The average number of employees during the year was NIL (2019 - NIL).

4.	INTANGIBLE FIXED ASSETS

Fishing

quota

£

COST OR VALUATION

At 1 January 2020

24,000

Revaluations

274,300

At 31 December 2020

298,300

AMORTISATION

At 1 January 2020

4,800

Charge written back

(4,800

)

At 31 December 2020

-

NET BOOK VALUE

At 31 December 2020

298,300

At 31 December 2019

19,200

Cost or valuation at 31 December 2020 is represented by:

Fishing

quota

£

Valuation in 2000

274,300

Cost

24,000

298,300

During the current financial year the fishing quota held was revalued by the members to the best of their knowledge and belief in relation to the current active market for fishing quota and with reference to separate unrelated professional valuations for the same species.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

5,679

6,900

Other debtors

10,461

14,387

16,140

21,287

6.	CURRENT ASSET INVESTMENTS

31.12.20

31.12.19

£

£

Unlisted investments

5,150

5,150

Investments represent interests in unquoted companies related to the fishing sector. The investments are stated at original cost.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Hire purchase contracts

-

3,303

Trade creditors

1,140

-

Taxation and social security

-

818

Other creditors

300

1,351

1,440

5,472

8.

LOANS AND OTHER DEBTS DUE TO MEMBERS

Members will ensure the sufficient funds are, or will be, available to meet obligations and other creditors before any balances due to them are drawn.

9.

RESERVES

Fair

value

reserve

£

Revaluation of quota

274,300

At 31 December 2020

274,300

The fishing quota was revalued by the members in 2020 to £298,300 from an original carrying cost of £24,000 with the balance of the' Fair Value Reserve' reserve representing the unrealised gain.

The fishing quota held was revalued by the members to the best of their knowledge and belief in relation to the current active market for fishing quota and with reference to separate unrelated professional valuations for the same species.