Silverfin false false 31/03/2024 01/04/2023 31/03/2024 Gary Michael Wordsworth 08/06/2006 Lynnette Wordsworth 08/06/2006 01 August 2024 The principal activity of the Company during the financial year was farming, purchase and sale of shellfish. 05841387 2024-03-31 05841387 bus:Director1 2024-03-31 05841387 bus:Director2 2024-03-31 05841387 2023-03-31 05841387 core:CurrentFinancialInstruments 2024-03-31 05841387 core:CurrentFinancialInstruments 2023-03-31 05841387 core:ShareCapital 2024-03-31 05841387 core:ShareCapital 2023-03-31 05841387 core:SharePremium 2024-03-31 05841387 core:SharePremium 2023-03-31 05841387 core:RetainedEarningsAccumulatedLosses 2024-03-31 05841387 core:RetainedEarningsAccumulatedLosses 2023-03-31 05841387 core:PlantMachinery 2023-03-31 05841387 core:Vehicles 2023-03-31 05841387 core:OfficeEquipment 2023-03-31 05841387 core:OtherPropertyPlantEquipment 2023-03-31 05841387 core:PlantMachinery 2024-03-31 05841387 core:Vehicles 2024-03-31 05841387 core:OfficeEquipment 2024-03-31 05841387 core:OtherPropertyPlantEquipment 2024-03-31 05841387 2023-04-01 2024-03-31 05841387 bus:FilletedAccounts 2023-04-01 2024-03-31 05841387 bus:SmallEntities 2023-04-01 2024-03-31 05841387 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05841387 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05841387 bus:Director1 2023-04-01 2024-03-31 05841387 bus:Director2 2023-04-01 2024-03-31 05841387 core:PlantMachinery 2023-04-01 2024-03-31 05841387 core:Vehicles 2023-04-01 2024-03-31 05841387 core:OfficeEquipment core:TopRangeValue 2023-04-01 2024-03-31 05841387 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 05841387 2022-04-01 2023-03-31 05841387 core:OfficeEquipment 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Company No: 05841387 (England and Wales)

OTHNIEL OYSTERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

OTHNIEL OYSTERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

OTHNIEL OYSTERS LIMITED

BALANCE SHEET

As at 31 March 2024
OTHNIEL OYSTERS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 160,566 136,677
Investments 242,748 242,748
403,314 379,425
Current assets
Stocks 4 288 270
Debtors 5 41,789 42,804
Cash at bank and in hand 1,491 7,694
43,568 50,768
Creditors: amounts falling due within one year 6 ( 299,983) ( 135,481)
Net current liabilities (256,415) (84,713)
Total assets less current liabilities 146,899 294,712
Provision for liabilities ( 30,507) ( 25,968)
Net assets 116,392 268,744
Capital and reserves
Called-up share capital 4 4
Share premium account 775 775
Profit and loss account 115,613 267,965
Total shareholders' funds 116,392 268,744

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Othniel Oysters Limited (registered number: 05841387) were approved and authorised for issue by the Board of Directors on 01 August 2024. They were signed on its behalf by:

Gary Michael Wordsworth
Director
OTHNIEL OYSTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
OTHNIEL OYSTERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Othniel Oysters Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 38 Bowden Road, Poole, Dorset, BH12 4PW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 15 - 20 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line
Other property, plant and equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Tangible assets

Plant and machinery Vehicles Office equipment Other property, plant
and equipment
Total
£ £ £ £ £
Cost
At 01 April 2023 357,017 20,918 4,789 293,900 676,624
Additions 234 0 3,363 54,303 57,900
Disposals ( 24,574) 0 ( 4,789) 0 ( 29,363)
At 31 March 2024 332,677 20,918 3,363 348,203 705,161
Accumulated depreciation
At 01 April 2023 275,440 10,661 4,789 249,057 539,947
Charge for the financial year 18,323 2,564 309 11,877 33,073
Disposals ( 23,636) 0 ( 4,789) 0 ( 28,425)
At 31 March 2024 270,127 13,225 309 260,934 544,595
Net book value
At 31 March 2024 62,550 7,693 3,054 87,269 160,566
At 31 March 2023 81,577 10,257 0 44,843 136,677

4. Stocks

2024 2023
£ £
Stocks 288 270

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

5. Debtors

2024 2023
£ £
Trade debtors 11,677 25,319
Corporation tax 4,812 0
Other debtors 25,300 17,485
41,789 42,804

6. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 2,455 4,784
Taxation and social security 3,139 8,011
Other creditors 294,389 122,686
299,983 135,481

7. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 7,906 14,231