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REGISTERED NUMBER: SC326121 (Scotland)















Unaudited Financial Statements for the Year Ended 30 June 2024

for

Unst Shellfish Ltd.

Unst Shellfish Ltd. (Registered number: SC326121)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Unst Shellfish Ltd.

Company Information
for the Year Ended 30 June 2024







DIRECTORS: D W Niven
T V Priest





REGISTERED OFFICE: Maundeville
Uyeasound
Unst
Shetland
ZE2 9DL





REGISTERED NUMBER: SC326121 (Scotland)





ACCOUNTANTS: Bon Accord Accountancy Limited
2 North Ness Business Park
Lerwick
Shetland
ZE1 0LZ

Unst Shellfish Ltd. (Registered number: SC326121)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 209,356 220,133
209,356 220,133

CURRENT ASSETS
Stocks 16,647 17,755
Debtors 6 10,997 26,783
Investments 7 31,845 36,845
Cash at bank 19,362 10,734
78,851 92,117
CREDITORS
Amounts falling due within one year 8 53,033 90,627
NET CURRENT ASSETS 25,818 1,490
TOTAL ASSETS LESS CURRENT LIABILITIES 235,174 221,623

CREDITORS
Amounts falling due after more than one year 9 (63,079 ) (83,635 )

PROVISIONS FOR LIABILITIES (4,853 ) -
NET ASSETS 167,242 137,988

Unst Shellfish Ltd. (Registered number: SC326121)

Balance Sheet - continued
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 10 60,992 64,203
Retained earnings 106,248 73,783
SHAREHOLDERS' FUNDS 167,242 137,988

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company 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 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 December 2024 and were signed on its behalf by:




D W Niven - Director



T V Priest - Director


Unst Shellfish Ltd. (Registered number: SC326121)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Unst Shellfish Ltd. is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2007, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Boats - 5% on cost
Plant and machinery - 20% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Unst Shellfish Ltd. (Registered number: SC326121)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 40,000
AMORTISATION
At 1 July 2023
and 30 June 2024 40,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

Unst Shellfish Ltd. (Registered number: SC326121)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and
property Boats machinery Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023
and 30 June 2024 65,000 139,944 207,727 412,671
DEPRECIATION
At 1 July 2023 - 4,944 187,594 192,538
Charge for year - 6,750 4,027 10,777
At 30 June 2024 - 11,694 191,621 203,315
NET BOOK VALUE
At 30 June 2024 65,000 128,250 16,106 209,356
At 30 June 2023 65,000 135,000 20,133 220,133

Revaluation of the boat Johanna B has been made in accordance with the valuation
placed on the boat by Callum Smedley Marine Engineer & Marine Surveyor.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other debtors 10,997 26,783

7. CURRENT ASSET INVESTMENTS
30.6.24 30.6.23
£    £   
Unlisted investments 31,845 36,845

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 5,000 5,000
Trade creditors 10,168 47,120
Taxation and social security 2 -
Other creditors 37,863 38,507
53,033 90,627

Unst Shellfish Ltd. (Registered number: SC326121)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans 5,833 10,833
Other creditors 57,246 72,802
63,079 83,635

10. RESERVES
Revaluation
reserve
£   
At 1 July 2023 64,203
Release from reserve (3,211 )

At 30 June 2024 60,992