Company No: SC296578 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	101		112
Tangible assets	4	138,680		227,797
Investment property	5	47,866		0
		186,647		227,909
Current assets
Stocks		81,385		88,648
Debtors	6	509,501		322,279
Cash at bank and in hand		324,913		864,894
		915,799		1,275,821
Creditors: amounts falling due within one year	7	( 327,119)		( 836,350)
Net current assets		588,680		439,471
Total assets less current liabilities		775,327		667,380
Provision for liabilities		( 33,447)		( 43,281)
Net assets		741,880		624,099
Capital and reserves
Called-up share capital	8	20		20
Profit and loss account		741,860		624,079
Total shareholders' funds		741,880		624,099

For the financial year ending 31 January 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 Cluny Fish Limited (registered number: SC296578) were approved and authorised for issue by the Board of Directors on 29 August 2025. They were signed on its behalf by:

James Lewis Paterson 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

Cluny Fish Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 1-3 Low Street, Buckie, AB56 1UX, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover represents amounts receivable for the sale of seafood . Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets 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 profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

10 % reducing balance

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 on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	15 % reducing balance
Vehicles	25 % reducing balance
Fixtures and fittings	15 % reducing balance
Office equipment	15 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

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 includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	19		19

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 February 2024	456		456
At 31 January 2025	456		456
Accumulated amortisation
At 01 February 2024	344		344
Charge for the financial year	11		11
At 31 January 2025	355		355
Net book value
At 31 January 2025	101		101
At 31 January 2024	112		112

4. Tangible assets

	Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Total
	£		£		£		£		£
Cost
At 01 February 2024	315,908		124,370		21,230		29,810		491,318
Additions	14,972		0		0		440		15,412
Disposals	( 164,652)		( 26,558)		( 11,379)		( 18,035)		( 220,624)
At 31 January 2025	166,228		97,812		9,851		12,215		286,106
Accumulated depreciation
At 01 February 2024	159,307		68,532		16,288		19,394		263,521
Charge for the financial year	19,738		13,960		981		1,566		36,245
Disposals	( 101,219)		( 24,991)		( 10,588)		( 15,542)		( 152,340)
At 31 January 2025	77,826		57,501		6,681		5,418		147,426
Net book value
At 31 January 2025	88,402		40,311		3,170		6,797		138,680
At 31 January 2024	156,601		55,838		4,942		10,416		227,797

5. Investment property

	Investment property
	£
Valuation
As at 01 February 2024	0
Additions	47,866
As at 31 January 2025	47,866

Valuation

The fair value of the investment property has been arrived at on the basis of valuations carried out at 31 January 2025 by the directors. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.

6. Debtors

	2025		2024
	£		£
Trade debtors	210,137		312,727
Other debtors	299,364		9,552
	509,501		322,279

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	133,185		239,040
Taxation and social security	61,375		0
Other creditors	132,559		597,310
	327,119		836,350

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
20 Class 1 ordinary shares of £ 1.00 each	20		20

9. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Directors Loan Account	119,088		170,810

This loan is interest free and has no fixed repayment terms.

Other related party transactions

	2025		2024
	£		£
Amounts due to other related parties	5,000		425,000
Amounts due from other related parties	(250,000)		0

These loans are interest free and have no fixed repayment terms.