IRIS Accounts Production v24.3.2.46 SC254395 Board of Directors Board of Directors Board of Directors 1.8.23 31.7.24 31.7.24 true false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC2543952023-07-31SC2543952024-07-31SC2543952023-08-012024-07-31SC2543952022-07-31SC2543952022-08-012023-07-31SC2543952023-07-31SC254395ns15:Scotland2023-08-012024-07-31SC254395ns14:PoundSterling2023-08-012024-07-31SC254395ns10:Director12023-08-012024-07-31SC254395ns10:Director22023-08-012024-07-31SC254395ns10:Director32023-08-012024-07-31SC254395ns10:PrivateLimitedCompanyLtd2023-08-012024-07-31SC254395ns10:SmallEntities2023-08-012024-07-31SC254395ns10:AuditExempt-NoAccountantsReport2023-08-012024-07-31SC254395ns10:SmallCompaniesRegimeForDirectorsReport2023-08-012024-07-31SC254395ns10:SmallCompaniesRegimeForAccounts2023-08-012024-07-31SC254395ns10:FullAccounts2023-08-012024-07-31SC25439512023-08-012024-07-31SC254395ns10:CompanySecretary12023-08-012024-07-31SC254395ns10:RegisteredOffice2023-08-012024-07-31SC254395ns5:CurrentFinancialInstruments2024-07-31SC254395ns5:CurrentFinancialInstruments2023-07-31SC254395ns5:Non-currentFinancialInstruments2024-07-31SC254395ns5:Non-currentFinancialInstruments2023-07-31SC254395ns5:ShareCapital2024-07-31SC254395ns5:ShareCapital2023-07-31SC254395ns5:RevaluationReserve2024-07-31SC254395ns5:RevaluationReserve2023-07-31SC254395ns5:RetainedEarningsAccumulatedLosses2024-07-31SC254395ns5:RetainedEarningsAccumulatedLosses2023-07-31SC254395ns5:NetGoodwill2023-08-012024-07-31SC254395ns5:LandBuildingsns5:OwnedOrFreeholdAssets2023-08-012024-07-31SC254395ns5:LeaseholdImprovements2023-08-012024-07-31SC254395ns5:PlantMachinery2023-08-012024-07-31SC254395ns5:FurnitureFittings2023-08-012024-07-31SC254395ns5:MotorVehicles2023-08-012024-07-31SC254395ns5:NetGoodwill2023-07-31SC254395ns5:PatentsTrademarksLicencesConcessionsSimilar2023-07-31SC254395ns5:PatentsTrademarksLicencesConcessionsSimilar2023-08-012024-07-31SC254395ns5:NetGoodwill2024-07-31SC254395ns5:PatentsTrademarksLicencesConcessionsSimilar2024-07-31SC254395ns5:NetGoodwill2023-07-31SC254395ns5:PatentsTrademarksLicencesConcessionsSimilar2023-07-31SC254395ns5:LandBuildings2023-07-31SC254395ns5:LeaseholdImprovements2023-07-31SC254395ns5:PlantMachinery2023-07-31SC254395ns5:LandBuildings2023-08-012024-07-31SC254395ns5:LandBuildings2024-07-31SC254395ns5:LeaseholdImprovements2024-07-31SC254395ns5:PlantMachinery2024-07-31SC254395ns5:LandBuildings2023-07-31SC254395ns5:LeaseholdImprovements2023-07-31SC254395ns5:PlantMachinery2023-07-31SC254395ns5:FurnitureFittings2023-07-31SC254395ns5:MotorVehicles2023-07-31SC254395ns5:FurnitureFittings2024-07-31SC254395ns5:MotorVehicles2024-07-31SC254395ns5:FurnitureFittings2023-07-31SC254395ns5:MotorVehicles2023-07-31SC254395ns5:CostValuation2023-07-31SC254395ns5:DisposalsRepaymentsInvestments2024-07-31SC254395ns5:CostValuation2024-07-31SC254395ns5:WithinOneYearns5:CurrentFinancialInstruments2024-07-31SC254395ns5:WithinOneYearns5:CurrentFinancialInstruments2023-07-31SC254395ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-07-31SC254395ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-07-31SC254395ns5:RevaluationReserve2023-07-31
REGISTERED NUMBER: SC254395 (Scotland)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Blueshell Mussels Limited

Blueshell Mussels Limited (Registered number: SC254395)






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


Blueshell Mussels Limited

Company Information
for the Year Ended 31 July 2024







DIRECTORS: J M Laurenson
M L Laurenson
L Laurenson





SECRETARY: J M Laurenson





REGISTERED OFFICE: Farm Office
Sparl
Brae
Shetland
ZE2 9QJ





REGISTERED NUMBER: SC254395 (Scotland)





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

Blueshell Mussels Limited (Registered number: SC254395)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 727,852 98,980
Tangible assets 5 8,990,677 5,807,804
Investments 6 3,093,380 3,293,480
12,811,909 9,200,264

CURRENT ASSETS
Stocks 300,823 417,763
Debtors 7 2,068,391 5,426,759
Cash at bank and in hand 4,847,908 3,030,642
7,217,122 8,875,164
CREDITORS
Amounts falling due within one year 8 3,931,011 4,961,646
NET CURRENT ASSETS 3,286,111 3,913,518
TOTAL ASSETS LESS CURRENT LIABILITIES 16,098,020 13,113,782

CREDITORS
Amounts falling due after more than one
year

9

(1,867,189

)

(366,539

)

PROVISIONS FOR LIABILITIES (750,273 ) (506,414 )
NET ASSETS 13,480,558 12,240,829

CAPITAL AND RESERVES
Called up share capital 700 100
Revaluation reserve 10 1,434,786 1,636,581
Retained earnings 12,045,072 10,604,148
SHAREHOLDERS' FUNDS 13,480,558 12,240,829

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 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.

Blueshell Mussels Limited (Registered number: SC254395)

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 Board of Directors and authorised for issue on 14 April 2025 and were signed on its behalf by:




J M Laurenson - Director M L Laurenson - Director




L Laurenson - Director


Blueshell Mussels Limited (Registered number: SC254395)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Blueshell Mussels 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 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 2022, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Boats - 5% on reducing balance
Plant and machinery - 10% on cost and Straight line over 7 years
Fixtures and fittings - 25% on cost
Motor vehicles - 15% 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.

Blueshell Mussels Limited (Registered number: SC254395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

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 28 (2023 - 27 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 August 2023 303,200 97,480 400,680
Additions - 638,019 638,019
Disposals - (8,747 ) (8,747 )
At 31 July 2024 303,200 726,752 1,029,952
AMORTISATION
At 1 August 2023 301,700 - 301,700
Amortisation for year 400 - 400
At 31 July 2024 302,100 - 302,100
NET BOOK VALUE
At 31 July 2024 1,100 726,752 727,852
At 31 July 2023 1,500 97,480 98,980

Blueshell Mussels Limited (Registered number: SC254395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Freehold Plant and
property Boats machinery
£    £    £   
COST OR VALUATION
At 1 August 2023 2,273,604 3,168,522 4,420,481
Additions 34,563 3,439,881 499,838
Disposals - (454,766 ) (1,482,614 )
At 31 July 2024 2,308,167 6,153,637 3,437,705
DEPRECIATION
At 1 August 2023 369,631 797,286 3,024,169
Charge for year 46,106 103,524 358,141
Eliminated on disposal - (118,778 ) (1,463,733 )
At 31 July 2024 415,737 782,032 1,918,577
NET BOOK VALUE
At 31 July 2024 1,892,430 5,371,605 1,519,128
At 31 July 2023 1,903,973 2,371,236 1,396,312

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST OR VALUATION
At 1 August 2023 35,304 194,942 10,092,853
Additions 5,402 156,030 4,135,714
Disposals (4,235 ) (115,659 ) (2,057,274 )
At 31 July 2024 36,471 235,313 12,171,293
DEPRECIATION
At 1 August 2023 16,868 77,095 4,285,049
Charge for year 7,620 25,533 540,924
Eliminated on disposal (3,283 ) (59,563 ) (1,645,357 )
At 31 July 2024 21,205 43,065 3,180,616
NET BOOK VALUE
At 31 July 2024 15,266 192,248 8,990,677
At 31 July 2023 18,436 117,847 5,807,804

Blueshell Mussels Limited (Registered number: SC254395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 July 2024 is represented by:

Freehold Plant and
property Boats machinery
£    £    £   
Valuation in 2012 - 398,624 -
Valuation in 2021 - 629,646 -
Valuation in 2023 - 712,323 -
Cost 2,308,167 4,413,044 3,437,705
2,308,167 6,153,637 3,437,705

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
Valuation in 2012 - - 398,624
Valuation in 2021 - - 629,646
Valuation in 2023 - - 712,323
Cost 36,471 235,313 10,430,700
36,471 235,313 12,171,293

Revaluation of boats M/V Steadfast and M/V Centaur have been made in accordance with the valuations placed on these boats by J. L. B. Smith C.Eng, M.I.MarEST, M.R.I.N.A, and C. W. C. Brown MIMarEST.

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2023 3,293,480
Disposals (200,100 )
At 31 July 2024 3,093,380
NET BOOK VALUE
At 31 July 2024 3,093,380
At 31 July 2023 3,293,480

7. DEBTORS
31.7.24 31.7.23
£    £   
Amounts falling due within one year:
Trade debtors 1,315,678 865,035
Other debtors 681,434 4,491,538
1,997,112 5,356,573

Blueshell Mussels Limited (Registered number: SC254395)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

7. DEBTORS - continued
31.7.24 31.7.23
£    £   
Amounts falling due after more than one year:
Other debtors 71,279 70,186

Aggregate amounts 2,068,391 5,426,759

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 243,822 285,651
Taxation and social security 202,011 128,981
Other creditors 3,485,178 4,547,014
3,931,011 4,961,646

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.7.24 31.7.23
£    £   
Other creditors 1,867,189 366,539

10. RESERVES
Revaluation
reserve
£   
At 1 August 2023 1,636,581
Release from reserve (76,041 )
Disposal from reserve (125,754 )

At 31 July 2024 1,434,786

11. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of the Financial Reporting Standard 102 "The financial reporting standard in the UK and Ireland", not to disclose related party transactions whereby they have occurred under normal market conditions.