Limited Liability Partnership Registration No. SO301890 (Scotland)
KUDOS FISHING LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
KUDOS FISHING LLP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
KUDOS FISHING LLP
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,420,000
1,420,000
Tangible assets
4
574,097
591,101
1,994,097
2,011,101
Current assets
Debtors
5
994
637,342
Cash at bank and in hand
26,589
32,559
27,583
669,901
Creditors: amounts falling due within one year
6
(501,153)
(413,851)
Net current (liabilities)/assets
(473,570)
256,050
Total assets less current liabilities and net assets attributable to members
1,520,527
2,267,151
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
689,350
1,361,461
Members' other interests
Members' capital classified as equity
905,690
905,690
Other reserves classified as equity
(74,513)
-
1,520,527
2,267,151
Total members' interests
Amounts due from members
-
(594,285)
Loans and other debts due to members
689,350
1,361,461
Members' other interests
831,177
905,690
1,520,527
1,672,866
KUDOS FISHING LLP
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 2 -
T
true
he members of the
limited liability partnership
have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ended 31 December 2018 the
limited liability partnership
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) relating to small limited liability partnerships.
The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.
The financial statements were approved by the members and authorised for issue on 30 September 2019 and are signed on their behalf by:
J D RITCHIE
J D Ritchie
Designated member
Limited Liability Partnership Registration No. SO301890
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 3 -
1
Accounting policies
Limited liability partnership information
Kudos Fishing LLP is a limited liability partnership incorporated in Scotland. The registered office is c/o Peter & J Johnstone Limited, Bridge Street, Peterhead, Aberdeenshire, United Kingdom, AB42 1DH.
The limited liability partnership's principal activities are disclosed in the Members' Report.
1.1
Accounting convention
These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in January 2017, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the limited liability partnership.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
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.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services
provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair
value of
consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration
is the present value of the future receipts. The difference between the fair value of the consideration and
the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the
goods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can be
measured reliably, it is probable that the economic benefits associated with the transaction will flow to the
entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the
fair
value of the asset can be measured reliably.
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% reducing balance
Vessels
6.25% straight line
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 recognised in the profit and loss account.
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 the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.6
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets and include cash in hand, deposits held at 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.
1.7
Financial instruments
The LLP only enters into basic financial instruments transactions that result in the recognition of financial assets and
liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each
reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is
recognised in the Statement of comprehensive income.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the
limited liability partnership
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts,
are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value though profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the
limited liability partnership’s
obligations expire or are discharged or cancelled.
1.8
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the
effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue
costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average number of persons (excluding members) employed by the partnership during the year was 1 (2017 - 1
).
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 6 -
3
Intangible fixed assets
Licences
Quota
Total
£
£
£
Cost or valuation
At 1 January 2018 and 31 December 2018
300,000
1,120,000
1,420,000
Amortisation and impairment
At 1 January 2018 and 31 December 2018
-
-
-
Carrying amount
At 31 December 2018
300,000
1,120,000
1,420,000
At 31 December 2017
300,000
1,120,000
1,420,000
4
Tangible fixed assets
Motor vehicles
Vessels
Total
£
£
£
Cost or valuation
At 1 January 2018
91,439
730,000
821,439
Additions
65,000
-
65,000
Disposals
(64,333)
-
(64,333)
At 31 December 2018
92,106
730,000
822,106
Depreciation and impairment
At 1 January 2018
47,837
182,501
230,338
Depreciation charged in the year
4,213
45,625
49,838
Eliminated in respect of disposals
(32,167)
-
(32,167)
At 31 December 2018
19,883
228,126
248,009
Carrying amount
At 31 December 2018
72,223
501,874
574,097
At 31 December 2017
43,602
547,499
591,101
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
-
40,039
Amounts owed by members
-
594,285
Prepayments and accrued income
994
3,018
994
637,342
KUDOS FISHING LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 7 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
19,689
21,881
Other creditors
477,089
386,800
Accruals and deferred income
4,375
5,170
501,153
413,851
7
Loans and other debts due to members
In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.