REGISTERED NUMBER: SC254395 (Scotland)

Unaudited Financial Statements for the Year Ended 31 July 2025

for

Blueshell Mussels Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Intangible assets

4

733,702

727,852

Tangible assets

5

9,716,080

8,990,677

Investments

6

1,056,611

3,093,380

11,506,393

12,811,909

CURRENT ASSETS

Stocks

178,328

300,823

Debtors

7

1,620,693

2,068,391

Cash at bank and in hand

6,757,215

4,847,908

8,556,236

7,217,122

CREDITORS

Amounts falling due within one year

8

1,115,000

3,931,011

NET CURRENT ASSETS

7,441,236

3,286,111

TOTAL ASSETS LESS CURRENT LIABILITIES

18,947,629

16,098,020

CREDITORS

Amounts falling due after more than one year

9

(1,854,495

)

(1,867,189

)

PROVISIONS FOR LIABILITIES

(1,011,201

)

(750,273

)

NET ASSETS

16,081,933

13,480,558

CAPITAL AND RESERVES

Called up share capital

700

700

Revaluation reserve

10

1,363,046

1,434,786

Retained earnings

14,718,187

12,045,072

SHAREHOLDERS' FUNDS

16,081,933

13,480,558

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 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.

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 17 April 2026 and were signed on its behalf by:

J M Laurenson - Director

M L Laurenson - Director

L Laurenson - Director

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.

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.

Patents and licences are not currently being amortised.

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.

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 31 (2024 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 August 2024

303,200

726,752

1,029,952

Additions

-

6,250

6,250

At 31 July 2025

303,200

733,002

1,036,202

AMORTISATION

At 1 August 2024

302,100

-

302,100

Amortisation for year

400

-

400

At 31 July 2025

302,500

-

302,500

NET BOOK VALUE

At 31 July 2025

700

733,002

733,702

At 31 July 2024

1,100

726,752

727,852

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

Boats

machinery

£

£

£

COST OR VALUATION

At 1 August 2024

2,308,167

6,153,637

3,437,705

Additions

392,335

648,613

345,904

Disposals

-

(800

)

(24,531

)

At 31 July 2025

2,700,502

6,801,450

3,759,078

DEPRECIATION

At 1 August 2024

415,737

782,032

1,918,577

Charge for year

48,125

298,366

356,823

Eliminated on disposal

-

(409

)

(24,531

)

At 31 July 2025

463,862

1,079,989

2,250,869

NET BOOK VALUE

At 31 July 2025

2,236,640

5,721,461

1,508,209

At 31 July 2024

1,892,430

5,371,605

1,519,128

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST OR VALUATION

At 1 August 2024

36,471

235,313

12,171,293

Additions

6,037

214,072

1,606,961

Disposals

(2,298

)

(189,829

)

(217,458

)

At 31 July 2025

40,210

259,556

13,560,796

DEPRECIATION

At 1 August 2024

21,205

43,065

3,180,616

Charge for year

8,190

33,080

744,584

Eliminated on disposal

(1,113

)

(54,431

)

(80,484

)

At 31 July 2025

28,282

21,714

3,844,716

NET BOOK VALUE

At 31 July 2025

11,928

237,842

9,716,080

At 31 July 2024

15,266

192,248

8,990,677

Cost or valuation at 31 July 2025 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

2,700,502

5,060,857

3,759,078

2,700,502

6,801,450

3,759,078

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

Valuation in 2012

-

-

398,624

Valuation in 2021

-

-

629,646

Valuation in 2023

-

-

712,323

Cost

40,210

259,556

11,820,203

40,210

259,556

13,560,796

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 2024

3,093,380

Additions

278,273

Disposals

(2,315,042

)

At 31 July 2025

1,056,611

NET BOOK VALUE

At 31 July 2025

1,056,611

At 31 July 2024

3,093,380

7.

DEBTORS

31.7.25

31.7.24

£

£

Amounts falling due within one year:

Trade debtors

989,520

1,315,678

Other debtors

554,662

681,434

1,544,182

1,997,112

Amounts falling due after more than one year:

Other debtors

76,511

71,279

Aggregate amounts

1,620,693

2,068,391

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

31.7.24

£

£

Trade creditors

344,910

243,821

Taxation and social security

304,139

202,011

Other creditors

465,951

3,485,179

1,115,000

3,931,011

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.25

31.7.24

£

£

Other creditors

1,854,495

1,867,189

10.

RESERVES

Revaluation

reserve

£

At 1 August 2024

1,434,786

Release from reserve

(71,740

)

At 31 July 2025

1,363,046

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.