Exmouth Mussels Limited 05737832 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of fishing for mussels and shellfish as well as running a beach side cafe. Digita Accounts Production Advanced 6.30.9574.0 true 05737832 2022-04-01 2023-03-31 05737832 2023-03-31 05737832 core:RetainedEarningsAccumulatedLosses 2023-03-31 05737832 core:ShareCapital 2023-03-31 05737832 core:CurrentFinancialInstruments 2023-03-31 05737832 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05737832 core:Non-currentFinancialInstruments 2023-03-31 05737832 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 05737832 core:Goodwill 2023-03-31 05737832 core:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 05737832 core:ConstructionInProgressAssetsUnderConstruction 2023-03-31 05737832 core:FurnitureFittingsToolsEquipment 2023-03-31 05737832 core:LandBuildings 2023-03-31 05737832 core:MotorVehicles 2023-03-31 05737832 core:OtherPropertyPlantEquipment 2023-03-31 05737832 bus:SmallEntities 2022-04-01 2023-03-31 05737832 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 05737832 bus:FullAccounts 2022-04-01 2023-03-31 05737832 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05737832 bus:RegisteredOffice 2022-04-01 2023-03-31 05737832 bus:Director1 2022-04-01 2023-03-31 05737832 bus:Director2 2022-04-01 2023-03-31 05737832 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 05737832 core:Goodwill 2022-04-01 2023-03-31 05737832 core:LicencesFranchises 2022-04-01 2023-03-31 05737832 core:PatentsTrademarksLicencesConcessionsSimilar 2022-04-01 2023-03-31 05737832 core:ConstructionInProgressAssetsUnderConstruction 2022-04-01 2023-03-31 05737832 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05737832 core:LandBuildings 2022-04-01 2023-03-31 05737832 core:MotorVehicles 2022-04-01 2023-03-31 05737832 core:OfficeEquipment 2022-04-01 2023-03-31 05737832 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 05737832 core:PlantMachinery 2022-04-01 2023-03-31 05737832 core:ShipsBoats 2022-04-01 2023-03-31 05737832 core:Vehicles 2022-04-01 2023-03-31 05737832 countries:AllCountries 2022-04-01 2023-03-31 05737832 2022-03-31 05737832 core:Goodwill 2022-03-31 05737832 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 05737832 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 05737832 core:FurnitureFittingsToolsEquipment 2022-03-31 05737832 core:LandBuildings 2022-03-31 05737832 core:MotorVehicles 2022-03-31 05737832 core:OtherPropertyPlantEquipment 2022-03-31 05737832 2021-04-01 2022-03-31 05737832 2022-03-31 05737832 core:RetainedEarningsAccumulatedLosses 2022-03-31 05737832 core:ShareCapital 2022-03-31 05737832 core:CurrentFinancialInstruments 2022-03-31 05737832 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 05737832 core:Non-currentFinancialInstruments 2022-03-31 05737832 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 05737832 core:Goodwill 2022-03-31 05737832 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-31 05737832 core:ConstructionInProgressAssetsUnderConstruction 2022-03-31 05737832 core:FurnitureFittingsToolsEquipment 2022-03-31 05737832 core:LandBuildings 2022-03-31 05737832 core:MotorVehicles 2022-03-31 05737832 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 05737832

Exmouth Mussels Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Exmouth Mussels Limited
(Registration number: 05737832)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Exmouth Mussels Limited
(Registration number: 05737832)

Company Information

Directors

Mr M J Bloodsmyth

Mrs L J Bloodsmyth

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Exmouth Mussels Limited
(Registration number: 05737832)

Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,850

12,400

Tangible assets

5

322,016

301,612

 

332,866

314,012

Current assets

 

Stocks

6

6,000

65,000

Debtors

7

9,883

75,488

Cash at bank and in hand

 

463,241

47,955

 

479,124

188,443

Creditors: Amounts falling due within one year

8

(361,381)

(350,506)

Net current assets/(liabilities)

 

117,743

(162,063)

Total assets less current liabilities

 

450,609

151,949

Creditors: Amounts falling due after more than one year

8

(38,749)

(101,641)

Provisions for liabilities

(54,140)

(49,473)

Net assets

 

357,720

835

Capital and reserves

 

Called up share capital

92

92

Profit and loss account

357,628

743

Shareholders' funds

 

357,720

835

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Exmouth Mussels Limited
(Registration number: 05737832)

Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

.........................................
Mrs L J Bloodsmyth
Director

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Boats

10 % straight line

Plant and equipment

10 % straight line

Office equipment

20 % straight line

Vehicles

20 % straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Separately acquired fishing licences are shown at historical cost.

Fishing licences and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Fishing licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 % straight line

Fishing License

10 % straight line

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 27 (2022 - 16).

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Goodwill
 £

Licences
£

Total
£

Cost or valuation

At 1 April 2022

68,000

15,500

83,500

At 31 March 2023

68,000

15,500

83,500

Amortisation

At 1 April 2022

68,000

3,100

71,100

Amortisation charge

-

1,550

1,550

At 31 March 2023

68,000

4,650

72,650

Carrying amount

At 31 March 2023

-

10,850

10,850

At 31 March 2022

-

12,400

12,400

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Land and buildings
£

Fixtures & fittings
£

Motor vehicles
 £

Boats
£

Plant & machinery
£

Total
£

Cost or valuation

At 1 April 2022

45,391

1,144

30,155

398,458

127,058

602,206

Additions

-

-

-

35,000

50,027

85,027

Disposals

-

-

-

-

(10,318)

(10,318)

At 31 March 2023

45,391

1,144

30,155

433,458

166,767

676,915

Depreciation

At 1 April 2022

4,161

932

26,823

225,284

43,394

300,594

Charge for the year

4,161

83

3,332

32,116

15,645

55,337

Eliminated on disposal

-

-

-

-

(1,032)

(1,032)

At 31 March 2023

8,322

1,015

30,155

257,400

58,007

354,899

Carrying amount

At 31 March 2023

37,069

129

-

176,058

108,760

322,016

At 31 March 2022

41,230

212

3,332

173,174

83,664

301,612

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

6,000

65,000

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

3,547

1,094

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

273

Other debtors

 

4,080

71,681

Prepayments and accrued income

 

2,256

2,440

Total current trade and other debtors

 

9,883

75,488

 

Exmouth Mussels Limited
(Registration number: 05737832)

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

6,213

24,701

Trade creditors

 

15,293

8,189

Taxation and social security

 

93,945

16,029

Other creditors

 

237,930

296,187

Accrued expenses

 

8,000

5,400

 

361,381

350,506

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

38,749

101,641

9

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,213

24,701

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

38,749

101,641

Secured Loan and borrowing

The finance lease liability is secured on the asset concerned. The bank borrowings are secured by a fixed and floating charge over the assets of the company.