Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-302023-05-01falsefishieries33falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false NI045102 2023-05-01 2024-04-30 NI045102 2022-05-01 2023-04-30 NI045102 2024-04-30 NI045102 2023-04-30 NI045102 c:Director1 2023-05-01 2024-04-30 NI045102 c:RegisteredOffice 2023-05-01 2024-04-30 NI045102 c:Agent1 2023-05-01 2024-04-30 NI045102 c:Agent2 2023-05-01 2024-04-30 NI045102 d:Buildings 2023-05-01 2024-04-30 NI045102 d:Buildings 2024-04-30 NI045102 d:Buildings 2023-04-30 NI045102 d:Buildings d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 NI045102 d:PlantMachinery 2023-05-01 2024-04-30 NI045102 d:PlantMachinery 2024-04-30 NI045102 d:PlantMachinery 2023-04-30 NI045102 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 NI045102 d:FurnitureFittings 2023-05-01 2024-04-30 NI045102 d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 NI045102 d:Goodwill 2023-05-01 2024-04-30 NI045102 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-04-30 NI045102 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-04-30 NI045102 d:CurrentFinancialInstruments 2024-04-30 NI045102 d:CurrentFinancialInstruments 2023-04-30 NI045102 d:Non-currentFinancialInstruments 2024-04-30 NI045102 d:Non-currentFinancialInstruments 2023-04-30 NI045102 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 NI045102 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 NI045102 d:Non-currentFinancialInstruments d:AfterOneYear 2024-04-30 NI045102 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 NI045102 d:ShareCapital 2024-04-30 NI045102 d:ShareCapital 2023-04-30 NI045102 d:RevaluationReserve 2023-05-01 2024-04-30 NI045102 d:RevaluationReserve 2024-04-30 NI045102 d:RevaluationReserve 2023-04-30 NI045102 d:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 NI045102 d:RetainedEarningsAccumulatedLosses 2024-04-30 NI045102 d:RetainedEarningsAccumulatedLosses 2023-04-30 NI045102 c:FRS102 2023-05-01 2024-04-30 NI045102 c:IndependentExaminationCharity 2023-05-01 2024-04-30 NI045102 c:FullAccounts 2023-05-01 2024-04-30 NI045102 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 NI045102 5 2023-05-01 2024-04-30 NI045102 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-05-01 2024-04-30 NI045102 e:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
     Registered number: NI045102






        DOWN MUSSELS LTD
UNAUDITED
                  FINANCIAL STATEMENTS

      FOR THE YEAR ENDED 30 APRIL 2024


















3 Harmony Court
Strata Financial
Harmony Row
Dublin 2


 
DOWN MUSSELS LTD
 

COMPANY INFORMATION


Director
Julien Barbe 




Registered number
NI045102



Registered office
15 Needham Court

Kilkeel

Co. Down

BT34 4JQ




Accountants
Strata Financial

3 Harmony Court

Harmony Row

Dublin 2




Bankers
AIB UK

Kilkeel

Co. Down





Bank of Ireland

87-89 Pembroke Road

Ballsbridge

Dublin 4




Solicitors
Hussey Fraser Solicitors
17 Northumberland Road

Ballsbridge

Dublin 4





 
DOWN MUSSELS LTD
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 11


 
DOWN MUSSELS LTD
REGISTERED NUMBER:NI045102

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 6 
478,534
548,033

Tangible assets
 7 
157,672
225,450

  
636,206
773,483

Current assets
  

Debtors: amounts falling due within one year
 8 
12,100
144,053

Cash at bank and in hand
 9 
157,798
90,201

  
169,898
234,254

Creditors: amounts falling due within one year
 10 
(1,615,637)
(1,589,481)

Net current liabilities
  
 
 
(1,445,739)
 
 
(1,355,227)

Total assets less current liabilities
  
(809,533)
(581,744)

Creditors: amounts falling due after more than one year
 11 
(594,199)
(609,392)

Net liabilities
  
(1,403,732)
(1,191,136)


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 12 
88,194
117,292

Profit and loss account
 12 
(1,492,026)
(1,308,528)

  
(1,403,732)
(1,191,136)


The director considers that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Julien Barbe
Director
Page 1

 
DOWN MUSSELS LTD
REGISTERED NUMBER:NI045102

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024


Date: 30 January 2025

Page 2

 
DOWN MUSSELS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Down Mussels Limited is primarily engaged in the cultivation of shellfish and dredging for mussels off the coast of Ireland. The company’s registered office is 15 Needham Court, Kilkeel, Co. Down, BT34 4JQ. The company is a limited liability company incorporated in Northern Ireland and its company registration number is NI045102.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
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 company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Licence
-
20
years

Page 3

 
DOWN MUSSELS LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant & Machinery
-
Between 5% and 25%
Musselcutter
-
6.7%
Musselcutter refurbishment
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

  
2.6
Stocks

Stocks, including harbour mussel stocks, are valued at the lower of cost and net realisable value. Costs represents invoice purchase price paid. Net realisable value represents estimated net selling price less all costs of completion and sale.
Where necessary, a provision is made for obsolete, slow-moving and defective stocks. No value is attributed to seed mussels fished and re-seeded for which no purchase price is paid.
The company does not physically verify the quality and condition of stocks at the balance sheet date but relies on its internal stock controls in this regard. 

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 4

 
DOWN MUSSELS LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

  
2.8
Biological assets

Biological assets comprise mussels in the sea. 
In line with the basic concepts and principles in Section 2 of FRS 102, the company can only recognise biological assets when it is probable that future economic benefits associated with the assets will flow to the company and the fair value or cost of the assets can be measured reliably.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.12

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 5

 
DOWN MUSSELS LTD
 

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Finance costs

Finance costs are charged to profit or loss 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.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.


3.


Going Concern

Due to unforeseen natural circumstances, a substantial amount of stock of the company was depreciated. In addition, growth was poor, which meant not all stock could be sold. The company hope that there will be seed mussel soon and based on projections prepared normal trading levels will resume. 
Furthermore, the company’s ultimate owners in the Netherlands have expressed their continued willingness
to provide financial and operational support as required. On this basis, the directors believe that the company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the company’s needs. The directors have considered a period of twelve months from the date of approval of the financial statements. The directors believe that no further disclosures relating to the company’s ability to continue as a going concern need to be made in the financial statements.


4.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).


5.


Interest payable and similar expenses

2024
2023
£
£


Loans from group undertakings
23,961
23,660

23,961
23,660

Page 6

 
DOWN MUSSELS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

6.


Intangible assets




Aquaculture and Foreshore Licences

£



Cost


At 1 May 2023
1,389,987



At 30 April 2024

1,389,987



Amortisation


At 1 May 2023
841,954


Charge for the year on owned assets
69,499



At 30 April 2024

911,453



Net book value



At 30 April 2024
478,534



At 30 April 2023
548,033


The above Aquaculture and Foreshore Licences cover the company's permission to farm mussels at specified locations in Carlingford Lough and Belfast Lough.



Page 7

 
DOWN MUSSELS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Tangible fixed assets





Plant & Machinery
Musselcutter
Total

£
£
£



Cost or valuation


At 1 May 2023
7,266
802,704
809,970



At 30 April 2024

7,266
802,704
809,970



Depreciation


At 1 May 2023
7,266
577,254
584,520


Charge for the year on owned assets
-
67,778
67,778



At 30 April 2024

7,266
645,032
652,298



Net book value



At 30 April 2024
-
157,672
157,672



At 30 April 2023
-
225,450
225,450

In August 2012 the directors of the company revalued the Musselcutter Vessel "Maria Lena" to a current market value of £543,257.



If the musselcutter had not been included at valuation they would have been included under the historical cost convention as follows:

2024
2023
£
£



Cost
706,462
706,462

Accumulated depreciation
(706,462)
(706,462)

Net book value
-
-

Page 8

 
DOWN MUSSELS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Debtors

2024
2023
£
£


Trade debtors
2,918
128,418

Other debtors
-
4,930

Prepayments and accrued income
9,182
10,705

12,100
144,053



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
157,798
90,201

157,798
90,201



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Credit cards
340
171

Trade creditors
14,589
22,108

Amounts owed to group undertakings
1,591,124
1,543,425

Other taxation and social security
3,584
15,250

Other creditors
-
475

Accruals and deferred income
6,000
8,052

1,615,637
1,589,481



11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Amounts owed to group undertakings
594,199
609,392

594,199
609,392


Page 9

 
DOWN MUSSELS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Reserves

Revaluation reserve

The revaluation reserve account represents revaluation of tangible fixed assets to net present value. 

Profit and loss account

The profit and loss account represents cumulative gains and losses recognised in the profit and loss account, net transfers to/from other reserves or dividends paid.


13.


Controlling party

The company's immediate parent is Hibernian Mussels Limited, a company registered in Ireland. The company's ultimate controlling entity is Barbé Holding BV, a company registered in Holland.

Page 10

 
DOWN MUSSELS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

14.


Related party transactions

In accordance with FRS 102, the group avails of the exemption available whereby subsidiaries, 100% of whose voting rights are controlled within the group, do not have to disclose transactions with other group companies and interests of the group qualifying as related parties. 

Page 11