Company No: 03035006 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	8,115		10,598
		8,115		10,598
Current assets
Stocks		1,412		1,412
Debtors	4	153,569		144,909
Cash at bank and in hand		6,461		19,200
		161,442		165,521
Creditors: amounts falling due within one year	5	( 8,316)		( 19,260)
Net current assets		153,126		146,261
Total assets less current liabilities		161,241		156,859
Provision for liabilities		( 1,085)		( 1,457)
Net assets		160,156		155,402
Capital and reserves
Called-up share capital	6	255		255
Profit and loss account		159,901		155,147
Total shareholders' funds		160,156		155,402

For the financial year ending 31 March 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Britannia Shellfish Limited (registered number: 03035006) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

Mr N Hutchings Director

Mrs A Hutchings Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Britannia Shellfish Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Viviers, Beesands, Kingsbridge, TQ7 2EH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

During the current financial year, certain expense items previously classified under administrative expenses in the prior year have been reclassified to cost of sales and other operating income to better reflect the nature of the expenditure/income and improve the presentation of the financial statements.

This reclassification does not represent a prior period adjustment or restatement, as it does not correct an error but rather aligns the categorisation with the company's current accounting practices. The comparative figures have been adjusted accordingly for consistency in presentation.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company's activities. Turnover is stated net of VAT and trade discounts.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life, as follows:

Plant and machinery	10 years straight line
Vehicles	20 % reducing balance
Office equipment	6 - 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	0		0

3. Tangible assets

	Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£
Cost
At 01 April 2024	61,793		17,995		121,010		200,798
At 31 March 2025	61,793		17,995		121,010		200,798
Accumulated depreciation
At 01 April 2024	61,793		9,088		119,319		190,200
Charge for the financial year	0		1,781		702		2,483
At 31 March 2025	61,793		10,869		120,021		192,683
Net book value
At 31 March 2025	0		7,126		989		8,115
At 31 March 2024	0		8,907		1,691		10,598

4. Debtors

	2025		2024
	£		£
Trade debtors	21,379		21,643
Amounts owed by directors	0		31,407
Prepayments	30,669		39,313
VAT recoverable	363		546
Other debtors	101,158		52,000
	153,569		144,909

5. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	3,257		9,521
Amounts owed to directors	1,000		0
Accruals	2,270		5,801
Corporation tax	1,780		3,908
Other creditors	9		30
	8,316		19,260

6. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
10,000 A ordinary shares of £ 0.01 each	100		100
2,500 B ordinary shares of £ 0.01 each	25		25
13,011 C ordinary shares of £ 0.01 each	130		130
	255		255

7. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Director's Loan Account	(1,000)		31,407

Other related party transactions

	2025		2024
	£		£
Other debtors	85,158		45,000

The above balance is included within other debtors and relates to a loan to a partnership owned by the shareholders. Interest is charged on the loan at HMRCs approved rate. The loan had no fixed date of repayment.