Caseware UK (AP4) 2023.0.135 2023.0.135 2025-05-21The 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).trueProcessing and perserving of fish, crustaceans and molluscsThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-10-01false00falsefalse NI664517 2023-10-01 2024-09-30 NI664517 2022-10-01 2023-09-30 NI664517 2024-09-30 NI664517 2023-09-30 NI664517 c:CompanySecretary1 2023-10-01 2024-09-30 NI664517 c:Director1 2023-10-01 2024-09-30 NI664517 c:Director2 2023-10-01 2024-09-30 NI664517 c:Director3 2023-10-01 2024-09-30 NI664517 c:RegisteredOffice 2023-10-01 2024-09-30 NI664517 c:Agent1 2023-10-01 2024-09-30 NI664517 d:Buildings 2023-10-01 2024-09-30 NI664517 d:Buildings 2024-09-30 NI664517 d:Buildings 2023-09-30 NI664517 d:Buildings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI664517 d:PlantMachinery 2023-10-01 2024-09-30 NI664517 d:PlantMachinery 2024-09-30 NI664517 d:PlantMachinery 2023-09-30 NI664517 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI664517 d:MotorVehicles 2023-10-01 2024-09-30 NI664517 d:MotorVehicles 2024-09-30 NI664517 d:MotorVehicles 2023-09-30 NI664517 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI664517 d:FurnitureFittings 2023-10-01 2024-09-30 NI664517 d:FurnitureFittings 2024-09-30 NI664517 d:FurnitureFittings 2023-09-30 NI664517 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI664517 d:OwnedOrFreeholdAssets 2023-10-01 2024-09-30 NI664517 d:Goodwill 2024-09-30 NI664517 d:Goodwill 2023-09-30 NI664517 d:CopyrightsPatentsTrademarksServiceOperatingRights 2024-09-30 NI664517 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-09-30 NI664517 d:OtherResidualIntangibleAssets 2023-10-01 2024-09-30 NI664517 d:OtherResidualIntangibleAssets 2024-09-30 NI664517 d:OtherResidualIntangibleAssets 2023-09-30 NI664517 d:CurrentFinancialInstruments 2024-09-30 NI664517 d:CurrentFinancialInstruments 2023-09-30 NI664517 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-30 NI664517 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 NI664517 d:ShareCapital 2024-09-30 NI664517 d:ShareCapital 2023-09-30 NI664517 d:SharePremium 2023-10-01 2024-09-30 NI664517 d:SharePremium 2024-09-30 NI664517 d:SharePremium 2023-09-30 NI664517 d:RetainedEarningsAccumulatedLosses 2023-10-01 2024-09-30 NI664517 d:RetainedEarningsAccumulatedLosses 2024-09-30 NI664517 d:RetainedEarningsAccumulatedLosses 2023-09-30 NI664517 c:OrdinaryShareClass1 2023-10-01 2024-09-30 NI664517 c:OrdinaryShareClass1 2024-09-30 NI664517 c:OrdinaryShareClass1 2023-09-30 NI664517 c:FRS102 2023-10-01 2024-09-30 NI664517 c:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 NI664517 c:FullAccounts 2023-10-01 2024-09-30 NI664517 c:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 NI664517 d:EntityControlledByKeyManagementPersonnel1 2023-10-01 2024-09-30 NI664517 d:EntityControlledByKeyManagementPersonnel1 2024-09-30 NI664517 d:EntityControlledByKeyManagementPersonnel2 2023-10-01 2024-09-30 NI664517 2 2023-10-01 2024-09-30 NI664517 6 2023-10-01 2024-09-30 NI664517 d:Goodwill d:OwnedIntangibleAssets 2023-10-01 2024-09-30 NI664517 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2023-10-01 2024-09-30 NI664517 e:PoundSterling 2023-10-01 2024-09-30 iso4217:GBP xbrli:shares xbrli:pure

Unaudited Financial Statements
Shellco Seafoods Limited
For the year ended 30 September 2024





































Registered number: NI664517

 
Shellco Seafoods Limited
 

Company Information


Directors
William Chambers 
John Chambers 
Annie Elizabeth Chambers 




Company secretary
William Chambers



Registered number
NI664517



Registered office
7 Moneydarragh Road
Annalong

Newry

Down

BT34 4TY




Accountants
Grant Thornton Advisors (NI) LLP
Chartered Accountants

12 - 15 Donegall Square West

Belfast

BT1 6JH




Bankers
Ulster Bank
29 Upper Square

Castlewellan

Down

BT31 9DD





 
Shellco Seafoods Limited
 

Contents



Page
Accountants' Report
1
Statement of Financial Position
2 - 3
Notes to the Financial Statements
4 - 12


  
img3d98.png
Independent Accountant's Report to the directors of the unaudited financial statements of Shellco Seafoods Limited for the year ended 30 September 2024

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Shellco Seafoods Limited for the year ended 30 September 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements. 
 
This report is made solely to the directors of Shellco Seafoods Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Shellco Seafoods Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Shellco Seafoods Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410  (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board  (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered  Accountants Ireland relating to members undertaking the compilation of financial statements. 

You have approved the financial statements for the year ended 30 September 2024 and you have acknowledged on the Statement of Financial Position as at 30 September 2024 your duty to ensure that Shellco Seafoods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Shellco Seafoods Limited is exempt from the statutory audit requirement for the year ended 30 September 2024.

We have not been instructed to carry out an audit or review the financial statements of Shellco Seafoods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. 




  


Grant Thornton Advisors (NI) LLP

Chartered Accountants
12 - 15 Donegall Square West
Belfast
BT1 6JH







Date:   21 May 2025
Page 1

 
Shellco Seafoods Limited
Registered number:NI664517

Statement of Financial Position
As at 30 September 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
27,966
40,966

Tangible assets
 6 
188,496
228,645

Investments
 7 
175
175

  
216,637
269,786

Current assets
  

Debtors: amounts falling due within one year
 8 
1,416,283
1,421,015

Cash at bank and in hand
 9 
26,578
5,636

  
1,442,861
1,426,651

Creditors: amounts falling due within one year
 10 
(335,779)
(335,972)

Net current assets
  
 
 
1,107,082
 
 
1,090,679

Total assets less current liabilities
  
1,323,719
1,360,465

  

Net assets
  
1,323,719
1,360,465


Capital and reserves
  

Called up share capital 
 11 
10
10

Share premium account
 12 
1,335,838
1,335,838

Profit and loss account
 12 
(12,129)
24,617

  
1,323,719
1,360,465


Page 2

 
Shellco Seafoods Limited
Registered number:NI664517

Statement of Financial Position (continued)
As at 30 September 2024

The directors consider 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 directors acknowledge their 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 on 21 May 2025.




William Chambers
Director

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 
Shellco Seafoods Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

1.


General information

Shellco Seafood Limited is a private limited company incorporated in Northern Ireland. The registered office is Moneydarragh Road, Annalong, Newry, Co. Down, BT34 4TY. 
The principal activity of the company is the processing and preserving of fish, crustaceans and molluscs. 

2.Accounting policies

  
2.1

Exemption from preparing consolidated financial statements

The company is exempt by virtue of s399 of the Companies Act 2006 from preparing consolidated accounts as the group is small. Therefore, the financial statements present the results of the Company only and not its group. 

 
2.2

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements are prepared in Sterling (£).

The following principal accounting policies have been applied:

 
2.3

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

Page 4

 
Shellco Seafoods Limited
 

Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.4

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.

Page 5

 
Shellco Seafoods Limited
 

Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

  
2.6

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. Amortisation on fishing licences commences once the intangible asset has been brought into use.
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:
Fishing licences - 2.7 years

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Company can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 6

 
Shellco Seafoods Limited
 

Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.8

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the staight line and reducing balance methods..

Depreciation is provided on the following basis:

Freehold property
-
10%
Straight line
Plant and machinery
-
20%
Reducing balance
Motor vehicles
-
25%
Reducing balance
Fixtures and fittings
-
20%
Reducing balance

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.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

  
2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs).Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

Page 7

 
Shellco Seafoods Limited
 

Notes to the Financial Statements
For the year ended 30 September 2024

2.Accounting policies (continued)

 
2.11

 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.

 
2.12

 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.

 
2.13

 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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of debtors & other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b
) Carrying value of investments
Investment in subsidiary undertakings is measured at cost less accumulated impairment. Where there is an indication of impairment the recoverable amount is estimated and compared with the carrying amount. The estimate of recoverable amount is considered in light of the trading and balance sheet strength of the subsidiary together with the director's best estimate of future performance of the subsidiary.
c
) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets. 

Page 8

 
Shellco Seafoods Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

4.


Employees




The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).


5.


Intangible assets




Fishing Licenses
Goodwill
Other Intangibles
Total

£
£
£
£



Cost


At 1 October 2023
47,460
1
5
47,466



At 30 September 2024

47,460
1
5
47,466



Amortisation


At 1 October 2023
6,500
-
-
6,500


Charge for the year on owned assets
13,000
-
-
13,000



At 30 September 2024

19,500
-
-
19,500



Net book value



At 30 September 2024
27,960
1
5
27,966



At 30 September 2023
40,960
1
5
40,966



Page 9

 
Shellco Seafoods Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

6.


Tangible fixed assets





Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total

£
£
£
£
£



Cost or valuation


At 1 October 2023
100,017
139,919
6,162
2,540
248,638


Disposals
-
(4,394)
-
-
(4,394)



At 30 September 2024

100,017
135,525
6,162
2,540
244,244



Depreciation


At 1 October 2023
5,067
13,992
616
318
19,993


Charge for the year on owned assets
10,135
25,179
1,109
556
36,979


Disposals
-
(1,224)
-
-
(1,224)



At 30 September 2024

15,202
37,947
1,725
874
55,748



Net book value



At 30 September 2024
84,815
97,578
4,437
1,666
188,496



At 30 September 2023
94,950
125,927
5,546
2,222
228,645


7.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 October 2023
175



At 30 September 2024
175




Page 10

 
Shellco Seafoods Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

8.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
1,414,108
1,414,108

Amounts owed by related parties
-
4,790

Prepayments and accrued income
2,175
2,117

1,416,283
1,421,015



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
26,578
5,636

26,578
5,636



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
331,847
331,847

Amounts owed to other related parties
200
-

Other taxation and social security
381
775

Accruals and deferred income
3,351
3,350

335,779
335,972


Amounts owed to group undertakings are unsecured, interest free and repayable on demand. 
Corporation tax and other taxes including social insurance are repayable at various dates over the coming months in accordance with the applicable statutory provisions.


11.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



10 (2023 - 10) Ordinary Share shares of £1.00 each
10
10


Page 11

 
Shellco Seafoods Limited
 
 
Notes to the Financial Statements
For the year ended 30 September 2024

12.


Reserves

Share premium account

Includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Profit and loss account

Includes all current and prior period profit and losses.


13.


Related party transactions

The company has availed of the exemption under FRS102 section 33 which does not require disclosure of transactions entered into between any subsidiary undertaking which is wholly owned by a member of the group.
During the year the company had net transactions of £200 with a company connected by common control. At the balance sheet date the amounts owed to that company was £200 (2023: £4,790 owed from).
During the year the company had sales of £24,024 with a company connected by common control.


14.


Controlling party

The immediate parent is Bonumcorpus (No. 53) Limited, a company incorporated in the UK. 
The ultimate controlling parties are deemed to be William and John Chambers.
 


Page 12