Orient Star LLP - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SO300281 (Scotland)

Unaudited Financial Statements

for the Period 1 January 2018 to 1 June 2018

for

Orient Star LLP

Page

General Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DESIGNATED MEMBERS:

Fraserburgh Trawlers Limited

B Tait

R Tait

D Tait

S Inkster

R Inkster

W Duthie

REGISTERED OFFICE:

100 Shore Street

Fraserburgh

Aberdeenshire

AB43 9BT

REGISTERED NUMBER:

SO300281 (Scotland)

ACCOUNTANTS:

SBP

Accountants

2 Cross Street

Fraserburgh

Aberdeenshire

AB43 9EQ

FIXED ASSETS

Licence & quota

3

24,000

24,000

CURRENT ASSETS

Debtors

4

270,575

271,192

Investments

5

5,150

5,150

Cash at bank

1,222

1,247

276,947

277,589

CREDITORS

Amounts falling due within one year

6

5,803

5,303

NET CURRENT ASSETS

271,144

272,286

TOTAL ASSETS LESS CURRENT LIABILITIES

295,144

296,286

CREDITORS

Amounts falling due after more than one year

7

5,230

6,606

NET ASSETS ATTRIBUTABLE TO MEMBERS

289,914

289,680

LOANS AND OTHER DEBTS DUE TO MEMBERS

6,215

5,981

MEMBERS' OTHER INTERESTS

Capital accounts

283,699

283,699

289,914

289,680

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

6,215

5,981

Members' other interests

283,699

283,699

Amounts due from members

4

(261,034

)

(253,787

)

28,880

35,893

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 1 June 2018.

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 of Part 15 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 small LLPs.

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 on 18 September 2018 and were signed by:

Fraserburgh Trawlers Limited - Designated member

1.	STATUTORY INFORMATION

Orient Star 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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.

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

Licence have been fully amortised in the current year.

Tangible fixed assets

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

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	INTANGIBLE FIXED ASSETS

Quota

£

COST

At 1 January 2018

and 1 June 2018

30,000

AMORTISATION

At 1 January 2018

and 1 June 2018

6,000

NET BOOK VALUE

At 1 June 2018

24,000

At 31 December 2017

24,000

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

1.6.18

31.12.17

£

£

Trade debtors

331

6,660

Amounts due from members

261,034

253,787

Other debtors

9,210

10,745

270,575

271,192

5.	CURRENT ASSET INVESTMENTS

1.6.18

31.12.17

£

£

Unlisted investments

5,150

5,150

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

1.6.18

31.12.17

£

£

Hire purchase contracts

3,303

3,303

Accrued expenses

2,500

2,000

5,803

5,303

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

1.6.18

31.12.17

£

£

Hire purchase contracts

5,230

6,606