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REGISTERED NUMBER: 04874060 (England and Wales)











































Coquet Island Shellfish Limited

Strategic Report,

Report of the Directors and

Audited Financial Statements

for the Year Ended 30th April 2024






Coquet Island Shellfish Limited (Registered number: 04874060)






Contents of the Financial Statements
for the year ended 30th April 2024




Page

Company information 1

Strategic report 2 to 3

Report of the directors 4 to 5

Report of the independent auditors 6 to 9

Statement of comprehensive income 10

Balance sheet 11

Statement of changes in equity 12

Cash flow statement 13

Notes to the cash flow statement 14

Notes to the financial statements 15 to 25


Coquet Island Shellfish Limited

Company Information
for the year ended 30th April 2024







Directors: J C Cook
T Newton
Mrs S A Wilson
R Mark





Secretary: T Newton





Registered office: Coquet Enterprise Park
Amble
Morpeth
Northumberland
NE65 0PE





Registered number: 04874060 (England and Wales)





Auditors: Rennie Welch Audit Limited
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Coquet Island Shellfish Limited (Registered number: 04874060)

Strategic Report
for the year ended 30th April 2024

The directors present their strategic report for the year ended 30th April 2024.

Review of business
The 2023/24 year proved to be extremely trying for the company. The volume of supply was greatly down from the previous accounting year and subsequently prices went up significantly more than expected which has impacted the company from not being able to maintain a reasonable margin. In turn inflation meant that cost of packaging increased again way beyond that at which customers could afford to follow. Cost of living across Europe forced a downward trend in smaller order sizes which are usually the largest volumes produced, further affecting the margins. New competition on the East Coast of England caused upheaval and price increases way beyond the levels that margin could be created, but the business took the decision to follow the price increases rather lose our core supply. Utility prices were up causing further increases in the cost of our frozen medium (Nitrogen) and again this has compromised margin. Labour costs continue to spiral, minimum wage legislation affecting costs and will continue to do so in light of increase in April.

2024/25 has started off with more volumes and a reduction in the prices of smaller product allowing a return to reasonable profitability but gross margins continue to be down by roughly 2.5% on those being achieved in 2022/23. Coquet has the infrastructure in place after significant investment in site and staff welfare over recent years to ride out these difficult operating times and have confidence this accounting year will be better.

Results for the year
The results for the year show a profit on ordinary activities before tax of £440,038 (2023: £2,229,086). The Board are satisfied with the performance for the financial year after taking into consideration the issues detailed above..

The board monitor the progress of the company by the following KPIs:

2024 2023

Turnover £19,090,039 £24,592,232

GP 11.1% 14.5%

ROCE 9.3% 45.7%


Coquet Island Shellfish Limited (Registered number: 04874060)

Strategic Report
for the year ended 30th April 2024

Principal risks and uncertainties
The key business risks affecting the company are:

- Product availability and pricing
- Inflation
- Foreign exchange
- Interest rates
- Labour resources

The directors regularly review risk strategy and make arrangements to reduce exposure using appropriate financial instruments.

The company manages its cash and borrowing requirements in order to minimise interest expense whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

The company has sufficient funding arrangements in place with their bankers to ensure the growth of the business can be maintained.

On behalf of the board:




T Newton - Director


14th November 2024

Coquet Island Shellfish Limited (Registered number: 04874060)

Report of the Directors
for the year ended 30th April 2024

The directors present their report with the financial statements of the company for the year ended 30th April 2024.

Principal activity
The principal activity of the company in the year under review was that of the processing and sale of fresh and frozen shellfish.

Dividends
During the year ended 30th April 2024 interim dividends of £660,150 were paid out to shareholders, no final dividends were declared for the year ended 30th April 2024. The directors do not recommend a final dividend to be declared at the time of signing this report.

Directors
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

J C Cook
T Newton
Mrs S A Wilson
R Mark

Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the Report of the directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to disclosure of information to auditors
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Coquet Island Shellfish Limited (Registered number: 04874060)

Report of the Directors
for the year ended 30th April 2024


Auditors
The auditors, Rennie Welch Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:



T Newton - Director


14th November 2024

Report of the Independent Auditors to the Members of
Coquet Island Shellfish Limited

Opinion
We have audited the financial statements of Coquet Island Shellfish Limited (the 'company') for the year ended 30th April 2024 which comprise the Statement of comprehensive income, Balance sheet, Statement of changes in equity, Cash flow statement and Notes to the cash flow statement, Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
_
In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30th April 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic report and the Report of the directors, but does not include the financial statements and our Report of the auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic report and the Report of the directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic report and the Report of the directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Coquet Island Shellfish Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Report of the directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors' responsibilities statement set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Coquet Island Shellfish Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks related to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance.
- any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
-- identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance.
-- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud.
-- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations.
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and have not identified any significant areas with potential for fraud to occur. We hold this view on the basis on that the company is classified under the Companies Act 2006 as a medium company for reporting purposes, under which anomalies would be detected.

Further to this no non-routine financial accounting has taken place from which we would expect an increase of fraud or error to occur.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the auditors.

Report of the Independent Auditors to the Members of
Coquet Island Shellfish Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Gillian Adamson BSC (Hons) CA CTA (Senior Statutory Auditor)
for and on behalf of Rennie Welch Audit Limited
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

15th November 2024

Coquet Island Shellfish Limited (Registered number: 04874060)

Statement of Comprehensive
Income
for the year ended 30th April 2024

2024 2023
Notes £    £   

Turnover 3 19,090,039 24,592,232

Cost of sales (16,970,882 ) (21,035,492 )
Gross profit 2,119,157 3,556,740

Administrative expenses (1,704,424 ) (1,332,808 )
414,733 2,223,932

Other operating income 11,778 2,438
Operating profit 5 426,511 2,226,370

Interest receivable and similar income 15,179 4,548
441,690 2,230,918

Interest payable and similar expenses 7 (1,652 ) (1,832 )
Profit before taxation 440,038 2,229,086

Tax on profit 8 (132,402 ) (477,502 )
Profit for the financial year 307,636 1,751,584

Other comprehensive income - -
Total comprehensive income for the
year

307,636

1,751,584

Coquet Island Shellfish Limited (Registered number: 04874060)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 10 162,391 216,521
Tangible assets 11 1,363,693 1,206,028
1,526,084 1,422,549

Current assets
Stocks 12 605,579 293,546
Debtors 13 3,109,402 3,254,307
Cash at bank and in hand 486,008 892,035
4,200,989 4,439,888
Creditors
Amounts falling due within one year 14 1,136,295 988,231
Net current assets 3,064,694 3,451,657
Total assets less current liabilities 4,590,778 4,874,206

Creditors
Amounts falling due after more than one
year

15

(9,969

)

(33,894

)

Provisions for liabilities 18 (165,862 ) (160,812 )

Accruals and deferred income 19 (101,774 ) (13,813 )
Net assets 4,313,173 4,665,687

Capital and reserves
Called up share capital 20 80,501 80,501
Capital redemption reserve 21 22,000 22,000
Retained earnings 21 4,210,672 4,563,186
Shareholders' funds 4,313,173 4,665,687

The financial statements were approved by the Board of Directors and authorised for issue on 14th November 2024 and were signed on its behalf by:




R Mark - Director



T Newton - Director


Coquet Island Shellfish Limited (Registered number: 04874060)

Statement of Changes in Equity
for the year ended 30th April 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st May 2022 80,501 3,586,782 22,000 3,689,283

Changes in equity
Dividends - (775,180 ) - (775,180 )
Total comprehensive income - 1,751,584 - 1,751,584
Balance at 30th April 2023 80,501 4,563,186 22,000 4,665,687

Changes in equity
Dividends - (660,150 ) - (660,150 )
Total comprehensive income - 307,636 - 307,636
Balance at 30th April 2024 80,501 4,210,672 22,000 4,313,173

Coquet Island Shellfish Limited (Registered number: 04874060)

Cash Flow Statement
for the year ended 30th April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 739,997 2,118,709
Interest paid - (768 )
Interest element of hire purchase
payments paid

(1,652

)

(1,064

)
Tax paid (216,268 ) (447,548 )
Net cash from operating activities 522,077 1,669,329

Cash flows from investing activities
Purchase of tangible fixed assets (354,933 ) (612,959 )
Sale of tangible fixed assets 1,000 5,000
Interest received 15,179 4,548
Net cash from investing activities (338,754 ) (603,411 )

Cash flows from financing activities
Loan repayments in year - (68,204 )
Capital repayments in year (23,925 ) (13,956 )
Amount introduced by directors 60,000 178,125
Amount withdrawn by directors (64,515 ) (180,625 )
Government grants 99,240 16,250
Equity dividends paid (660,150 ) (775,180 )
Net cash from financing activities (589,350 ) (843,590 )

(Decrease)/increase in cash and cash equivalents (406,027 ) 222,328
Cash and cash equivalents at
beginning of year

2

892,035

669,707

Cash and cash equivalents at end of
year

2

486,008

892,035

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Cash Flow Statement
for the year ended 30th April 2024

1. Reconciliation of profit before taxation to cash generated from operations

2024 2023
£    £   
Profit before taxation 440,038 2,229,086
Depreciation charges 249,553 233,481
Loss/(profit) on disposal of fixed assets 845 (2,736 )
Government grants (11,278 ) (2,438 )
Finance costs 1,652 1,832
Finance income (15,179 ) (4,548 )
665,631 2,454,677
(Increase)/decrease in stocks (312,033 ) 51,567
Decrease/(increase) in trade and other debtors 144,905 (85,350 )
Increase/(decrease) in trade and other creditors 241,494 (302,185 )
Cash generated from operations 739,997 2,118,709

2. Cash and cash equivalents

The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:

Year ended 30th April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 486,008 892,035
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 892,035 669,707


3. Analysis of changes in net funds

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 892,035 (406,027 ) 486,008
892,035 (406,027 ) 486,008
Debt
Finance leases (57,819 ) 23,925 (33,894 )
(57,819 ) 23,925 (33,894 )
Total 834,216 (382,102 ) 452,114

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements
for the year ended 30th April 2024

1. Statutory information

Coquet Island Shellfish Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

Revenue from sale of goods is recognised when all the following conditions are satisfied:
- the Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the economic benefits associated with the transaction will flow to the company; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on reducing balance
Improvements to property - 8% on reducing balance and 5% on cost
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on cost
Office equipment - 15% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks
Stock is valued at the lower of cost and estimated selling price less costs to sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down of loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs.

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. Accounting policies - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, other debtors, trade creditors, other creditors, accruals, bank loans, hire purchase contracts, directors' loans and current accounts with related parties.

Bank loans and hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently measured at amortised cost using the straight line method.

Trade and other debtors are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade debtors with no stated interest rate are recognised initially at the transaction price. 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.

Trade creditors, other creditors and accruals 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 creditors 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 with no stated interest rate are recognised at the transaction price.

Directors' loans and current accounts with related parties (both being repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost 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.

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.

Deferred taxation
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.

Foreign currencies
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into sterling at the rates of exchange ruling at the balance sheet date or the forward contract rate, where such contracts are in place. All differences are taken to the profit and loss account.

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership of the leased asset to the group. All other leases are classified as operating leases.

Assets held under finance leases are recognised initially at the fair value of the leased asset (or, if lower, the present value of minimum lease payments) at the inception of the lease. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation using the effective interest method so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are deducted in measuring profit or loss. Assets held under finance leases are included in tangible fixed assets and depreciated and assessed for impairment losses in the same way as owned assets.

Rentals paid under operating leases are charged to the 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.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short-term employee benefits, including holiday pay, are recognised as an expense in the income statement in the period in which they are incurred.

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. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.

Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met.

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Going concern
As set out in the strategic report, the directors have identified some economic factors which have impacted the business' performance and profitability in the year. The directors are aware of the risks of these factors and although the company has remained in a profitable position in 2024, they are actively reviewing operations and implementing change to ensure the long term profitability and viability of the company is not compromised.

As a result of this they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

3. Turnover

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 19,090,039 24,592,232
19,090,039 24,592,232

Revenue by geographical location
The directors consider that to disclose a geographical analysis of turnover would be seriously prejudicial to the company's interests.

4. Employees and directors
2024 2023
£    £   
Wages and salaries 2,198,601 2,179,846
Social security costs 181,953 201,276
Other pension costs 42,634 39,751
2,423,188 2,420,873

The average number of employees during the year was as follows:
2024 2023

Sales, production and distribution 84 78

2024 2023
£    £   
Directors' remuneration 30,000 32,500
Directors' pension contributions to money purchase schemes 5,835 1,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. Operating profit

The operating profit is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 97,674 67,439
Other operating leases 9,990 3,560
Depreciation - owned assets 175,486 159,412
Depreciation - assets on hire purchase contracts 19,937 19,938
Loss/(profit) on disposal of fixed assets 845 (2,736 )
Goodwill amortisation 54,130 54,131
Foreign exchange differences 88,518 (265,931 )

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

6. Auditors' remuneration
2024 2023
£    £   
Fees payable to the company's auditors for the audit of the
company's financial statements

5,700

5,500

Non audit services £2,000 (2023 - £2,000).

7. Interest payable and similar expenses
2024 2023
£    £   
Bank interest - 768
Hire purchase interest 1,652 1,064
1,652 1,832

8. Taxation

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 127,352 373,439

Deferred tax 5,050 104,063
Tax on profit 132,402 477,502

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 440,038 2,229,086
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19.493%)

110,010

434,516

Effects of:
Expenses not deductible for tax purposes 1,268 442
Income not taxable for tax purposes (2,820 ) (1,009 )
Capital allowances in excess of depreciation - (60,510 )
Depreciation in excess of capital allowances 18,894 -
Deferred tax expense 5,050 104,063
Total tax charge 132,402 477,502

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

9. Dividends
2024 2023
£    £   
B Ordinary shares of £1 each
Interim 600,150 720,180
C Ordinary share of £1
Interim 60,000 55,000
660,150 775,180

10. Intangible fixed assets
Goodwill
£   
Cost
At 1st May 2023
and 30th April 2024 541,304
Amortisation
At 1st May 2023 324,783
Amortisation for year 54,130
At 30th April 2024 378,913
Net book value
At 30th April 2024 162,391
At 30th April 2023 216,521

11. Tangible fixed assets
Improvements
Freehold to Plant and
property property machinery
£    £    £   
Cost
At 1st May 2023 306,015 363,960 836,691
Additions - 218,549 77,594
Disposals - - (4,892 )
At 30th April 2024 306,015 582,509 909,393
Depreciation
At 1st May 2023 34,934 30,615 373,935
Charge for year 5,422 41,824 80,776
Eliminated on disposal - - (3,047 )
At 30th April 2024 40,356 72,439 451,664
Net book value
At 30th April 2024 265,659 510,070 457,729
At 30th April 2023 271,081 333,345 462,756

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

11. Tangible fixed assets - continued

Motor Office
vehicles equipment Totals
£    £    £   
Cost
At 1st May 2023 275,925 16,654 1,799,245
Additions 47,000 11,790 354,933
Disposals (7,000 ) - (11,892 )
At 30th April 2024 315,925 28,444 2,142,286
Depreciation
At 1st May 2023 140,166 13,567 593,217
Charge for year 65,169 2,232 195,423
Eliminated on disposal (7,000 ) - (10,047 )
At 30th April 2024 198,335 15,799 778,593
Net book value
At 30th April 2024 117,590 12,645 1,363,693
At 30th April 2023 135,759 3,087 1,206,028

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
Cost
At 1st May 2023
and 30th April 2024 79,750
Depreciation
At 1st May 2023 19,938
Charge for year 19,937
At 30th April 2024 39,875
Net book value
At 30th April 2024 39,875
At 30th April 2023 59,812

12. Stocks
2024 2023
£    £   
Stocks 605,579 293,546

Of the total stock holding £486,505 related to produce (2023 - £223,492), the remaining £119,074 related to packaging and consumables (2023 - £70,054 ).

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

13. Debtors
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,434,206 2,703,383
Amounts owed by group undertakings 462,509 483,598
Other debtors 31,800 1,500
VAT 43,286 45,183
Prepayments 22,601 20,643
2,994,402 3,254,307

Amounts falling due after more than one year:
Other debtors 115,000 -

Aggregate amounts 3,109,402 3,254,307

14. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts (see note 16) 23,925 23,925
Trade creditors 716,968 660,460
Amounts owed to group undertakings 249,822 60,943
Tax 21,518 110,434
Social security and other taxes 38,931 44,259
Wages and salaries control 24,481 29,272
Other creditors 2,227 3,929
Directors' current accounts 1,110 5,625
Accruals 57,313 49,384
1,136,295 988,231

15. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts (see note 16) 9,969 33,894

16. Leasing agreements

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 23,925 23,925
Between one and five years 9,969 33,894
33,894 57,819

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

16. Leasing agreements - continued

Non-cancellable operating leases
2024 2023
£    £   
Within one year 65,296 54,934
Between one and five years 43,097 89,609
108,393 144,543

17. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 33,894 57,819

HSBC holds a fixed and floating charge over the property and assets of the company. As well as a legal assignment of contract monies.

Hire purchase contracts are secured against the assets to which they relate.

18. Provisions for liabilities
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 158,865 160,812
Other timing differences 6,997 -
165,862 160,812

Deferred
tax
£   
Balance at 1st May 2023 160,812
Charge to Statement of comprehensive income during year 5,050
Balance at 30th April 2024 165,862

19. Accruals and deferred income
2024 2023
£    £   
Deferred government grants 101,774 13,813

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

20. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
480 A Ordinary £1 480 480
80,020 B Ordinary £1 80,020 80,020
1 C Ordinary £1 1 1
80,501 80,501

21. Reserves

Retained earnings represents cumulative profits and losses, net of dividends paid and other adjustments.

Capital redemption reserve represents a non-distributable reserve recognising the nominal value of the cumulative share buybacks made by the company in previous years.

22. Pension commitments

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £42,634 (2023 - £39,751)

Contributions totalling £2,023 (2023 - £2,469) were payable to the schemes at the end of the year and are included in creditors.

Coquet Island Shellfish Limited (Registered number: 04874060)

Notes to the Financial Statements - continued
for the year ended 30th April 2024

23. Related party disclosures

At the year end there was a loan due from the company to a director of £1,110 (2023 - £5,625). This
amount was unsecured and repayable on demand with interest being charged on the overdrawn
element exceeding the HMRC beneficial loan interest requirements, charged at the official rate of
interest.

Summary of transactions with group companies
D.R. Collin & Son Ltd (parent of the group) - Sales to D.R. Collin & Son Ltd of £169,859 (2023 - £85,953) and purchases of £650,042 (2023 - £981,182). Net amount due from D.R. Collin & Son Ltd at the year end of £178 (2023 - £60,587 Due to D.R. Collin & Son Ltd).

D. R. Collin International Group SARL, (foreign subsidiary of the group) - Sales to D.R. Collin International Group SARL of £4,922,723 (2023 - £6,911,842). Year end debtor balance due from D.R. Collin International Group SARL of £462,509 (2023 - £483,598).

Keltic Seafare (Scotland) Limited (subsidiary of the group) - Purchases from Keltic Seafare (Scotland) Limited of £20,842 (2023 - £11,406). Year end creditor balance due to Keltic Seafare (Scotland) Limited of £NIL (2023 - £356).

D. R. Collin (Fish) Limited (subsidiary of the group) - Sales to D.R. Collin (Fish) Limited of £NIL (2023 - £579).

Sea Harvest Scotland Ltd (subsidiary of the group) - Purchases from Sea Harvest Scotland Ltd of £1,080 (2023 - £NIL).

All the above transactions were carried out at arms length.

Also within the year end balances relating to group undertakings, but excluded from the net amounts due as noted above was a loan of £250,000 provided from D.R. Collin & Son Ltd. This balance is unsecured, interest free and repayable on demand.

During the year Coquet Island Shellfish also paid related parties management fees and relevant cost recharges for costs incurred by the parent company on behalf of related parties. The total value of these charges amounted to £97,765 (2023 - £60,296). These amounts are not included within the analysis of sales for the current year, which are disclosed separately above.

24. Name of parent of group

These financial statements are consolidated in the financial statements of D. R. Collin & Son Ltd. The registered office of D.R. Collin & Son Ltd is Unit 1, Coldingham Road Industrial Estate, Eyemouth, Berwickshire, TD14 5AN.