Company No: 03035006 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	Mr N Hutchings
	Mrs A Hutchings

SECRETARY

Mrs A Hutchings

REGISTERED OFFICE	The Viviers
	Beesands
	Kingsbridge
	TQ7 2EH
	United Kingdom

COMPANY NUMBER

03035006 (England and Wales)

CHARTERED ACCOUNTANTS	Francis Clark LLP
	Sigma House
	Oak View Close
	Edginswell Park
	Torquay
	TQ2 7FF

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	13,823		82,735
		13,823		82,735
Current assets
Stocks		1,759		3,373
Debtors	4	100,741		44,442
Cash at bank and in hand		69,055		80,655
		171,555		128,470
Creditors: amounts falling due within one year	5	( 40,347)		( 95,056)
Net current assets		131,208		33,414
Total assets less current liabilities		145,031		116,149
Creditors: amounts falling due after more than one year	6	0		( 15,636)
Provision for liabilities		( 2,811)		( 4,476)
Net assets		142,220		96,037
Capital and reserves
Called-up share capital	7	255		255
Profit and loss account		141,965		95,782
Total shareholders' funds		142,220		96,037

For the financial year ending 31 March 2023 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 Ltd (registered number: 03035006) were approved and authorised for issue by the Board of Directors on 07 October 2023. 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 Ltd (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 the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax.

The company recognises revenue when the value of goods and services provided to date can be reliably measured.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Tax is recognised in the profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as states in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profits.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the costs of assets, other than land and properties under construction over their useful estimated lives, as follows:

Land and buildings	10 - 40 years straight line
Plant and machinery	10 years straight line
Vehicles	20 % reducing balance
Office equipment	6 - 7 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

Government grants

Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		4

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Office equipment		Total
	£		£		£		£		£
Cost
At 01 April 2022	171,586		61,793		23,412		126,110		382,901
Disposals	( 171,586)		0		( 5,417)		( 5,100)		( 182,103)
At 31 March 2023	0		61,793		17,995		121,010		200,798
Accumulated depreciation
At 01 April 2022	111,485		61,793		6,721		120,167		300,166
Charge for the financial year	0		0		2,783		1,658		4,441
Disposals	( 111,485)		0		( 2,643)		( 3,504)		( 117,632)
At 31 March 2023	0		61,793		6,861		118,321		186,975
Net book value
At 31 March 2023	0		0		11,134		2,689		13,823
At 31 March 2022	60,101		0		16,691		5,943		82,735

4. Debtors

	2023		2022
	£		£
Trade debtors	17,393		36,642
Prepayments	52,168		5,523
VAT recoverable	1,084		1,002
Other taxation and social security	96		275
Other debtors	30,000		1,000
	100,741		44,442

5. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans	0		4,705
Trade creditors	7,081		35,952
Amounts owed to directors	12,263		33,263
Accruals	9,865		5,785
Taxation and social security	10,923		14,590
Other creditors	215		761
	40,347		95,056

6. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans	0		15,636

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

	2023		2022
	£		£
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

8. Loans and borrowings

Current loans and borrowings

	2023		2022
	£		£
Bank borrowings	0		(4,705)

Loans and borrowings due after one year

	2023		2022
	£		£
Bank borrowings	0		(15,636)