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Registered number: SC138531
Orkney Shellfish Limited
Financial Statements
For The Year Ended 30 September 2024
Gillespie's
Chartered Accountants
33 Leslie Street
Blairgowrie
Perthshire
PH10 6AW
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: SC138531
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 48,000 60,000
Tangible Assets 5 85,425 96,168
133,425 156,168
CURRENT ASSETS
Debtors 6 118,651 154,043
118,651 154,043
Creditors: Amounts Falling Due Within One Year 7 (76,945 ) (149,608 )
NET CURRENT ASSETS (LIABILITIES) 41,706 4,435
TOTAL ASSETS LESS CURRENT LIABILITIES 175,131 160,603
PROVISIONS FOR LIABILITIES
Deferred Taxation (19,874 ) (19,182 )
NET ASSETS 155,257 141,421
CAPITAL AND RESERVES
Called up share capital 8 4 4
Profit and Loss Account 155,253 141,417
SHAREHOLDERS' FUNDS 155,257 141,421
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For the year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Angela Walls
Director
Mr Robert Smith
Director
20th February 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Orkney Shellfish Limited is a private company, limited by shares, incorporated in Scotland, registered number SC138531 . The registered office is Shoreside, Grimness, South Ronaldsay, Orkney, KW17 2TQ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% reducing balance
Equipment 25% reducing balance
2.5. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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3. Average Number of Employees
Average number of employees, including directors, during the year was 3. 
2024 2023
Office and administration 1 1
Directors 2 2
3 3
4. Intangible Assets
Goodwill
£
Cost
As at 1 October 2023 120,000
As at 30 September 2024 120,000
Amortisation
As at 1 October 2023 60,000
Provided during the period 12,000
As at 30 September 2024 72,000
Net Book Value
As at 30 September 2024 48,000
As at 1 October 2023 60,000
5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Equipment Total
£ £ £ £ £
Cost
As at 1 October 2023 107,876 32,137 7,133 19,255 166,401
Additions - 1,349 - 3,207 4,556
As at 30 September 2024 107,876 33,486 7,133 22,462 170,957
Depreciation
As at 1 October 2023 41,984 11,490 4,067 12,692 70,233
Provided during the period 6,590 5,499 767 2,443 15,299
As at 30 September 2024 48,574 16,989 4,834 15,135 85,532
Net Book Value
As at 30 September 2024 59,302 16,497 2,299 7,327 85,425
As at 1 October 2023 65,892 20,647 3,066 6,563 96,168
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 59,582 98,639
Other debtors 54,699 47,199
VAT 4,370 8,205
118,651 154,043
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 14,309 40,054
Bank loans and overdrafts 19,145 32,767
Corporation tax 36,857 33,652
Other taxes and social security 74 74
Accruals and deferred income 3,036 7,730
Directors' loan accounts 3,524 35,331
76,945 149,608
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 4 4
9. Directors Advances, Credits and Guarantees
Included within Creditors are the following loans from directors:
As at 1 October 2023 Amounts advanced Amounts repaid Amounts written off As at 30 September 2024
£ £ £ £ £
Ms Angela Walls 18,655 40,087 55,858 - 2,884
Mr Robert Smith 16,676 40,087 56,122 - 641
The above loans are unsecured, interest free and repayable on demand.
10. Related Party Transactions
B Doull & Son LtdOther debtorsIncluded within Other Debtors is a balance from B Doull & Son Ltd of £7,500 (2023 - £0). This is a Limited Company in which Robert Smith and Angela Walls are directors and shareholders. There are no fixed repayment terms and this loan is interest free.

B Doull & Son Ltd

Other debtors

Included within Other Debtors is a balance from B Doull & Son Ltd of £7,500 (2023 - £0). This is a Limited Company in which Robert Smith and Angela Walls are directors and shareholders. There are no fixed repayment terms and this loan is interest free.

Orkney VisitsOther debtorsIncluded within Other Debtors is a balance from Orkney Visits of £47,199 (2023 - £47,199). This is a partnership involving Robert Smith and Angela Walls. There are no fixed repayment terms and this loan is interest free.

Orkney Visits

Other debtors

Included within Other Debtors is a balance from Orkney Visits of £47,199 (2023 - £47,199). This is a partnership involving Robert Smith and Angela Walls. There are no fixed repayment terms and this loan is interest free.

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11. Ultimate Controlling Party
The company's ultimate controlling parties are Mr Robert Smith and Ms Angela Walls by virtue of their ownership of 100% of the issued share capital in the company.
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