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REGISTERED NUMBER: SC541845 (Scotland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024

FOR

GLENCOE SHELLFISH LIMITED

GLENCOE SHELLFISH LIMITED (REGISTERED NUMBER: SC541845)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


GLENCOE SHELLFISH LIMITED

COMPANY INFORMATION
For The Year Ended 31 July 2024







DIRECTOR: J MacLean





REGISTERED OFFICE: R A Clement Associates
5 Argyll Square
OBAN
PA34 4AZ





REGISTERED NUMBER: SC541845 (Scotland)





ACCOUNTANTS: R A Clement Associates
5 Argyll Square
OBAN
Argyll
PA34 4AZ

GLENCOE SHELLFISH LIMITED (REGISTERED NUMBER: SC541845)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 5,833 8,333
Tangible assets 5 82,019 87,299
87,852 95,632

CURRENT ASSETS
Stocks 20,000 30,000
Debtors 6 658 5,135
Cash at bank 2,096 1,194
22,754 36,329
CREDITORS
Amounts falling due within one year 7 117,063 129,222
NET CURRENT LIABILITIES (94,309 ) (92,893 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(6,457

)

2,739

CREDITORS
Amounts falling due after more than one year 8 (2,342 ) (4,730 )

PROVISIONS FOR LIABILITIES (5,580 ) (5,970 )
NET LIABILITIES (14,379 ) (7,961 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (14,479 ) (8,061 )
SHAREHOLDERS' FUNDS (14,379 ) (7,961 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

GLENCOE SHELLFISH LIMITED (REGISTERED NUMBER: SC541845)

BALANCE SHEET - continued
31 July 2024


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 director and authorised for issue on 26 February 2025 and were signed by:





J MacLean - Director


GLENCOE SHELLFISH LIMITED (REGISTERED NUMBER: SC541845)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024

1. STATUTORY INFORMATION

Glencoe Shellfish Limited 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.

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 2017, is being amortised evenly over its estimated useful life of ten 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.
Long leasehold - Straight line over 24 years
Plant and machinery - 6.67% 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

GLENCOE SHELLFISH LIMITED (REGISTERED NUMBER: SC541845)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 25,000
AMORTISATION
At 1 August 2023 16,667
Amortisation for year 2,500
At 31 July 2024 19,167
NET BOOK VALUE
At 31 July 2024 5,833
At 31 July 2023 8,333

5. TANGIBLE FIXED ASSETS
Long Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 August 2023
and 31 July 2024 82,974 41,155 124,129
DEPRECIATION
At 1 August 2023 23,047 13,783 36,830
Charge for year 3,457 1,823 5,280
At 31 July 2024 26,504 15,606 42,110
NET BOOK VALUE
At 31 July 2024 56,470 25,549 82,019
At 31 July 2023 59,927 27,372 87,299

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 658 5,135

GLENCOE SHELLFISH LIMITED (REGISTERED NUMBER: SC541845)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 2,250 2,250
Trade creditors 235 -
Taxation and social security 6,217 5,713
Other creditors 108,361 121,259
117,063 129,222

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 2,342 4,730

9. RELATED PARTY DISCLOSURES

Director and shareholder James MacLean owns Silver Seafish Limited. The Company sells product to Silver Seafish Limited. All transactions are carried out under normal business terms.