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Registered number: 08053633
Fowey Shellfish Company Limited
Unaudited ABRIDGED Financial Statements
For The Year Ended 29 May 2024
CAD Accountancy Ltd
Office 1
The Warehouse
Penryn
Cornwall
TR10 8GZ
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 08053633
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,750 1,367,254
Investments 5 341,884 -
349,634 1,367,254
CURRENT ASSETS
Stocks - 100,000
Debtors 193,833 1,066,682
Cash at bank and in hand - 23,898
193,833 1,190,580
Creditors: Amounts Falling Due Within One Year (660,241 ) (913,797 )
NET CURRENT ASSETS (LIABILITIES) (466,408 ) 276,783
TOTAL ASSETS LESS CURRENT LIABILITIES (116,774 ) 1,644,037
Creditors: Amounts Falling Due After More Than One Year (4,889,716 ) (5,647,305 )
NET LIABILITIES (5,006,490 ) (4,003,268 )
CAPITAL AND RESERVES
Called up share capital 6 100 100
Profit and Loss Account (5,006,590 ) (4,003,368 )
SHAREHOLDERS' FUNDS (5,006,490) (4,003,268)
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For the year ending 29 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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.
All of the company's members have consented to the preparation of an Abridged Balance Sheet for the year end 29 May 2024 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr James Fox Davies
Director
22nd May 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Fowey Shellfish Company Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08053633 . The registered office is 37a Birmingham New Road, Wolverhampton, West Midlands, WV4 6BL.
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. Going Concern Disclosure
The total liabilities exceed current assets at the balance sheet date.  The director considers, however, that the company has sufficient liquid assets to meet the liabilities when they fall due.  The director has confirmed their intention to continue supporting the company financially for the foreseeable future. Accordingly,  the director considers that it is appropriate to prepare the accounts on a going concern basis. 
2.3. 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.
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:
Freehold None
Leasehold None
Plant & Machinery 15% Reducing balance
Motor Vehicles 25% Reducing balance
Computer Equipment 3 Year Straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
During the year, the company released deferred government grant income of £215,478 to the profit and loss account. This release followed the disposal of related fixed assets to West Country Mussels of Fowey Limited under an asset transfer agreement completed on 12 December 2023.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
Office and administration 7 18
7 18
4. Tangible Assets
Total
£
Cost
As at 30 May 2023 2,488,533
Disposals (2,480,783 )
As at 29 May 2024 7,750
Depreciation
As at 30 May 2023 1,121,279
Disposals (1,121,279 )
As at 29 May 2024 -
Net Book Value
As at 29 May 2024 7,750
As at 30 May 2023 1,367,254
The significant reduction in tangible fixed assets during the year relates to the transfer of business assets to West Country Mussels of Fowey Limited. See Note 5 for further details.
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Page 5
5. Investments
Total
£
Cost
As at 30 May 2023 -
Additions 1,519,136
As at 29 May 2024 1,519,136
Provision
As at 30 May 2023 -
Impairment losses 1,177,252
As at 29 May 2024 1,177,252
Net Book Value
As at 29 May 2024 341,884
As at 30 May 2023 -
Additions
On 12 December 2023, the company transferred the majority of its mussel farming business, including plant and machinery, stock and leasehold interests, to West Country Mussels of Fowey Limited, a company in which it subsequently acquired a minority shareholding.
The transfer was completed under an asset purchase agreement in exchange for 8 B ordinary shares in West Country Mussels of Fowey Limited. The assets disposed of had a total net book value of £1,519,136. No individual consideration was assigned to the assets in the agreement, and the consideration was satisfied entirely by the issue of shares.
Impairment 
The company recognised an impairment loss of £1,177,252 in respect of its investment in West Country Mussels of Fowey Limited during the year.
The investment was initially recognised at a value of £1,519,136 representing the carrying amount of assets transferred to West Country Mussels in exchange for 8 B ordinary shares, plus acquisition costs, on 12 December 2023. At the year end, the directors assessed the fair value of the investment to be £341,884, based on the company’s shareholding and the net asset position of West Country Mussels as at 31 March 2024.
As a result, an impairment charge of £1,208,786 has been recognised in the profit and loss account.
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5