Reading the books.
Import and re-export of chilled and frozen seafood out of Jebel Ali, into the Gulf, Europe and East Africa. Stock has a shelf life, so what is in the cold store is worth what it is worth today.
Blushell Marine · AED · read from Zoho Books
Read from 1 in Zoho Books. Every figure on this screen opens its own workings, down to the vouchers behind it.
Aug 2026 against Aug 2025, in AED. Twelve months to Aug 2026 beneath each figure.
The monthly summary of Blushell Marine, Aug 2026, read from Zoho Books. Twelve months to the period end beneath each figure.
Against the month before — the last month each figure was posted in — rather than the same month a year earlier, which is the movement on the tile.
Ranked by standing first — what is already true before what is still ahead — then by the finding’s figure as a share of that company’s revenue for the period, largest first. A shortfall or a breach outranks any share.
Never by amount, because the bases behind them are not the same thing measured twice.
Tested: the period for a loss before tax; the thirteen week forecast for a week when cash on its own runs out; every covenant against the limit it was last tested at.
Six rows at most, in two columns, adverse first: what needs acting on before what needs watching, and a clear row only where a test ran and found nothing. The rest is under Data quality at the foot of the screen, so the face never grows past what a reader can act on in a glance.
No check this screen runs came back with anything to act on.
That is a result rather than an absence. What was tested is under Source, so the silence can be read for what it covers.
One bar a band, at what the lots in it cost to land, at Aug 2026. At cost rather than at weight: a tonne of shrimp and a tonne of sardine are the same bar by weight and eight times apart in money, and it is the money that has to be sold before it expires.
The first band is 20 days, which is the longest this company has ever taken to sell a lot — landing to the day the revenue posted, over every sale the books hold. It is read rather than chosen.
Every expiry here is the landing plus a shelf life the catch item is assumed to keep. Nobody has confirmed one with a seller, and they are daggered wherever they are used.
The consignment register of Blushell Marine, read from Zoho Books. The expiry on each lot is its landing plus the shelf life its catch item assumes.
Stock that has a date on it is the whole of what this business risks: a container of fish that has not sold by then is not worth less, it is worth nothing, and every write-down these books hold was taken on the day the register said the lot expired.
The cold store screen sets the same rows out item by item, with the lots of each and what the ledger has done with them.
4 lots inside the 20-day selling window: 35,060 kg at 952,996.
18 lots between 21 and 90 days: 169,624 kg at 5,181,713.
25 lots between 91 and 180 days: 227,631 kg at 6,469,142.
25 lots more than 180 days: 226,567 kg at 7,928,307.
Revenue is 21 per cent higher than it was 12 months ago
AED, the twelve months to Aug 2026.
The monthly summary of Blushell Marine, the twelve months to Aug 2026. Revenue at each month end.
Twelve bars rather than a line: a month’s revenue is a discrete figure and a bar states it, where a line would draw a trend through months that are each their own fact. Each bar opens its month.
Twelve months to Aug 2026, in AED; the reading compares the last of them with the first.
Cost of sales takes 78% of revenue; overhead takes 14% of what is left
AED million, Aug 2026.
The monthly summary of Blushell Marine, Aug 2026. Every step opens the month or the months it was added from.
A bridge rather than four tiles: the strip states the subtotals, and the steps between them are where the arithmetic is. Each step opens the month it was read from.
Claims and price protection stand here on the running account, which reads the claim lines; this screen does not, and a read is not added in this phase. Open the running account for the claim pipeline.
Eight steps, Aug 2026: revenue, cost of sales, gross profit, overhead, EBITDA, depreciation, finance cost and profit before tax, with the add-back drawn where there is one.
No amortisation is added back: every company here charges its depreciation in its own account, outside cost of sales, so gross profit less overhead is EBITDA.
Tested: revenue less cost of sales is gross profit; gross profit less overhead, plus any add-back, is EBITDA; EBITDA less depreciation and finance cost is profit before tax — each within one unit, on every reading.
Blushell Marine lost money in 1 of the 12 months
Profit before tax as a share of revenue, on the same twelve months. A margin is a ratio, and every ratio in this application is computed where the ledger is rather than in the browser.
The ratio definitions of Blushell Marine, the twelve months to Aug 2026. Net margin at each month end.
Stock by age stands here on the running account, which reads the stock positions; this screen does not, and a read is not added in this phase. Open the running account for the stock by age.
Twelve months to Aug 2026; one below break-even. The reading compares the last month with the first.
Blushell Marine closes the year 8 per cent below the cash it opened with
AED, the twelve months to Aug 2026. Each point is the balance at that month end; nothing here is added.
The monthly summary of Blushell Marine, the twelve months to Aug 2026. Cash at each month end.
Sell-in against sell-out stands here on the running account, which reads the channel movements; this screen does not, and a read is not added in this phase. Open the running account for channel cover.
Twelve month ends to Aug 2026, in AED; the lowest 17,936,158 at Mar 2026. The reading compares the last balance with the first.
Days, as at 31 Aug 2026. Receivable and stock days above the line, payable days beneath it. Days compare across currencies where an amount does not, which is why these companies stand beside one another here and no chart on this screen sets their revenue side by side.
The heavy rule across each bar is the cycle.
The heavy rule across each bar is the cash conversion cycle as the ratio definitions states it, and not the three segments added up here.
The ratio definitions, Aug 2026. Every figure is computed where the ledger is. A cycle is stated by the view and never added up on this screen, so a disagreement between the rule and the segments under it is visible rather than averaged away.
Three legs and a rule: receivable and stock days above the line, payable days beneath it, and the cycle drawn across each bar as the ratio definitions state it rather than as the three added up here, so a disagreement between the rule and the segments shows on the drawing. Days compare across currencies where an amount does not.
One company as at 31 Aug 2026: Blushell Marine 154 days.
Every company posted revenue in the month.
No committed facility on this register carries a covenant with a figure against it.
Committed facilities, as last tested. The rule is the limit.
Each covenant against the limit its own facility agreement sets, as last tested. Committed facilities only: an uncommitted line is not liquidity but a hope, so headroom measured against one is not headroom. Every row is on its own scale — a leverage multiple and an interest cover are not the same measure and do not share an axis.
The facility agreements, Aug 2026. The figure, the limit and the comparison between them are the agreement’s own, as the lender last tested it. Nothing here re-measures a covenant against the ledger: the two would disagree, and the one that matters is the one the lender used. The thresholds themselves are assumed — the facility agreements are not held.
A bullet a covenant, each on its own scale: a leverage multiple and an interest cover are different measures and do not share an axis. Committed facilities only, because headroom against a line a lender may decline is not headroom. The limit is the dashed rule, and a bar that crosses it is drawn in the signal ink.
No covenant with a figure and a limit.
Every covenant on a committed facility carries a figure and a limit.
Tested: each covenant’s figure against its limit on the side its operator names — a floor is breached from below, a ceiling from above.
Cash stays above nought in all 13 weeks; the low point is week 13
AED m, from 31 Aug 2026.
Closing cash at the end of each week, in AED m, from 31 Aug 2026. Thirteen weeks, which is the horizon the forecast is built to. The undrawn committed facility is the figure in the foot, as the forecast states it; no band is drawn above the bars.
No line: every close is within one per cent of a straight line.
No line is drawn. Every one of the 13 closes lies within one per cent of the straight line from the first to the last — the largest departure is 0.3% of the line's range — so the drawing would be a ruler: the forecast's receipts and payments move in step, and the net is the same each week to a ripple the drawing cannot show. The three figures in the sentence are the whole of what the line would have said, and each opens its workings.
The bars are the 13 weekly closes against nought, in the signal ink where the cash is below it; the opening and the closing figures stand on the ends and each opens its week.
The cash runway of Blushell Marine, read from Zoho Books. The closing balance is the view’s own running total — opening cash plus every week to this one — and nothing on this screen accumulates it a second time. The headroom above the line is committed facility only, and the view states that sum too.
Bars against nought rather than a line: the finding is the week the cash goes under, and a bar below the line says it where a line crossing it has to be read. The committed headroom is the figure in the foot rather than a band above the bars, so the bars keep their own scale.
No line is drawn. Every one of the 13 closes lies within one per cent of the straight line from the first to the last — the largest departure is 0.3% of the line's range — so the drawing would be a ruler: the forecast's receipts and payments move in step, and the net is the same each week to a ripple the drawing cannot show. The three figures in the sentence are the whole of what the line would have said, and each opens its workings.
13 weeks from 31 Aug 2026, in AED m; committed facility undrawn 18,500,000 AED. Tested: the first week cash on its own goes below nought, and the low point as a share of the opening balance.
The forecast is a constant weekly net of m from m; cash reaches m in week 13.
3 action · 1 watch · 6 clear.
Ranked by standing first — what is already true before what is still ahead — then by the finding’s figure as a share of that company’s revenue for the period, largest first. A shortfall or a breach outranks any share.
Never by amount, because the bases behind them are not the same thing measured twice.
Read from 1 in Zoho Books. 13 reads were made for this screen and 13 answered. Every figure on this screen opens its own workings, down to the vouchers behind it.
Tested: the period for a loss before tax; the thirteen week forecast for a week when cash on its own runs out; every covenant against the limit it was last tested at.
Tested for Aug 2026: the seafood stock on the balance sheet against every lot the register still capitalises; every lot in the cold store against the 20 days the slowest sale on these books took; every lot that has sold, for a sale invoiced after the day the register says it expired; the write-down account for the period; every lot’s cost charged plus stock held against what it cost to land, to the fil; and every shipment on the register for a ledger line naming it. Read at 31 Aug 2026. Not tested: the margin. It is one figure on every lot that has ever sold, so a check against it could only come back clean, and the constancy is stated on the face of the cold store instead. Adverse, then watch, then clear; within a class by the finding’s figure as a share of Blushell Marine’s revenue for the period.
Stock the register cannot name · Blushell Marine · 94.1% of Blushell Marine’s revenue for Aug 2026. The balance sheet carries 35,095,784 of seafood stock and the consignment register accounts for 25,295,784 of it. The difference, 9,800,000, came into these books as an opening balance at 1 April 2024, carried from the audited balance sheet at 31 March 2024. The register starts the same day and does not itemise it: it has no lot, no species, no landing date and no expiry, so no screen can age it, band it or say when it will sell. Every days-left figure on this screen is about the 72 lots the register does name, and this is the rest of the stock account.
Lots expire inside the selling window · Blushell Marine · 9.2% of Blushell Marine’s revenue for Aug 2026. 4 lots in the cold store, 952,996 at landed cost, have fewer days left than the longest this company has ever taken to sell one — 20 days, read off the ledger rather than chosen. The nearest is BM-202509-028, Vannamei shrimp 21/25, which the register says is out of date on 1 Sept 2026. Every write-down these books hold was taken on the day the register said the lot expired, so this is what the next one would be.
Shelf life contradicted by the ledger · Blushell Marine · 197% of Blushell Marine’s revenue for Aug 2026 sits in the store these shelf lives age. 255 of the 720 lots that have sold were invoiced after the day the register says they expired — every one of them chilled, the worst by 14 days and the middling one by 7. Three things do that, and this screen has no evidence to choose between them: the assumed shelf life may be too short; the invoice date may not be the dispatch date, so the fish may have left the cold store days before the invoice was raised; or the fish may have been sold out of date. The store that has not moved is aged on the register's own shelf lives, because that is the only figure there is for stock nobody has invoiced, and reading it against a longer life nobody can evidence would state a store with more time left than anybody can show. No finding is raised about the lots that sold: they are invoiced, paid and gone, and the question belongs to the seller and the warehouse.
Stock written off in the period · Blushell Marine · 1.9% of Blushell Marine’s revenue for Aug 2026. 201,708 was written off over Aug 2026, across 1 lot in 1 of 1 months. Every write-down in these books is the whole of what the lot cost to land, taken on the day the register says it expired — so this is not a judgement anybody made about the fish, it is the assumed shelf life running out. The charge goes to the inventory provision and never touches the stock account, which is why the cost of an expired lot is still on the balance sheet.