REGISTERED NUMBER: SC110444 (Scotland)

Unaudited Financial Statements

for the Period 1 May 2024 to 31 July 2025

for

Olnafirth Sea Farm Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J M Laurenson

L Laurenson

REGISTERED OFFICE:

Blueshell Mussels Limited

Farm Office

Sparl

Brae

Shetland

ZE2 9QJ

REGISTERED NUMBER:

SC110444 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Intangible assets

4

7,635

8,452

Tangible assets

5

-

53,762

Investments

6

17,922

2,000

25,557

64,214

CURRENT ASSETS

Debtors

7

56,071

49,432

Cash at bank

13,709

13,500

69,780

62,932

CREDITORS

Amounts falling due within one year

8

41,255

71,404

NET CURRENT ASSETS/(LIABILITIES)

28,525

(8,472

)

TOTAL ASSETS LESS CURRENT LIABILITIES

54,082

55,742

PROVISIONS FOR LIABILITIES

-

1,660

NET ASSETS

54,082

54,082

CAPITAL AND RESERVES

Called up share capital

30,000

30,000

Retained earnings

24,082

24,082

54,082

54,082

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

The members have not required the company to obtain an audit of its financial statements for the period 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 29 April 2026 and were signed on its behalf by:

J M Laurenson - Director

L Laurenson - Director

1.	STATUTORY INFORMATION

Olnafirth Sea Farm 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Plant and machinery etc

-

20% on cost and Straight line over 7 years

Taxation

Taxation for the period 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 period 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 1 (2024 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Patents

and

licences

£

COST

At 1 May 2024

and 31 July 2025

17,808

AMORTISATION

At 1 May 2024

9,356

Amortisation for period

817

At 31 July 2025

10,173

NET BOOK VALUE

At 31 July 2025

7,635

At 30 April 2024

8,452

5.	TANGIBLE FIXED ASSETS

Freehold

Plant and

property

Boats

machinery

£

£

£

COST

At 1 May 2024

107,365

15,111

184,158

Additions

-

-

4,392

Disposals

(107,365

)

(15,111

)

(30,642

)

At 31 July 2025

-

-

157,908

DEPRECIATION

At 1 May 2024

62,340

9,066

181,824

Eliminated on disposal

(62,340

)

(9,066

)

(23,916

)

At 31 July 2025

-

-

157,908

NET BOOK VALUE

At 31 July 2025

-

-

-

At 30 April 2024

45,025

6,045

2,334

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2024

17,841

4,882

329,357

Additions

-

133

4,525

Disposals

(17,841

)

(5,015

)

(175,974

)

At 31 July 2025

-

-

157,908

DEPRECIATION

At 1 May 2024

17,841

4,524

275,595

Eliminated on disposal

(17,841

)

(4,524

)

(117,687

)

At 31 July 2025

-

-

157,908

NET BOOK VALUE

At 31 July 2025

-

-

-

At 30 April 2024

-

358

53,762

6.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 May 2024

2,000

Additions

15,922

At 31 July 2025

17,922

NET BOOK VALUE

At 31 July 2025

17,922

At 30 April 2024

2,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

30.4.24

£

£

Trade debtors

-

36,118

Other debtors

56,071

13,314

56,071

49,432

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.25

30.4.24

£

£

Trade creditors

-

12,944

Taxation and social security

13,868

5,559

Other creditors

27,387

52,901

41,255

71,404

9.	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.