Registered number: SC138829
FOR THE YEAR ENDED 28 DECEMBER 2024
WHITELINK SEAFOODS LIMITED
COMPANY INFORMATION
WHITELINK SEAFOODS LIMITED
CONTENTS
WHITELINK SEAFOODS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 28 DECEMBER 2024
Whitelink Seafoods Limited is based in Scotland and operates throughout the UK and Europe. The company also has branches in Germany, France and Spain. The principal activities are the catching, processing and sale of fish.
The financial performance of the company during the year was satisfactory. The results for the year are presented on page 11 and show turnover of £70.6m (2023 - £76.0m), reflecting the demand for and supply of quality products. Profit before tax is £1.5m (2023 - £1.3m).
The company's net assets are £16.1m (2023 - £15.2m) at the year end, reflecting the policy of retaining profits and re-investing them in the business.
The financial performance of the company during the year was satisfactory. The results for the year are presented on page 11 and show turnover of £70.6m (2023 - £76.0m), reflecting the demand for and supply of quality products. Profit before tax is £1.5m (2023 - £1.3m).
The company's net assets are £16.1m (2023 - £15.2m) at the year end, reflecting the policy of retaining profits and re-investing them in the business.
Market and economic risk
The company is exposed to foreign currency risk on sales to Europe and seeks to manage this risk by appropriate treasury management.
The company is exposed to risks associated with the wider fishing industry.
Financial risk
The company has working capital and loan funding in place which the directors consider provides sufficient working capital as well as funding for growth and capital expenditure.
The company is exposed to foreign currency risk on sales to Europe and seeks to manage this risk by appropriate treasury management.
The company is exposed to risks associated with the wider fishing industry.
Financial risk
The company has working capital and loan funding in place which the directors consider provides sufficient working capital as well as funding for growth and capital expenditure.
The company recognises the importance of its environmental responsibilities, and has policies in place to manage its impact on the environment.
The directors consider the company's key performance indicators to be turnover, gross margin, profit before tax and overall cash generation of the business.
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WHITELINK SEAFOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2024
The directors have acted in a way that they considered, in good faith, to be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so had regard, amongst other matters, to:
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly as between shareholders of the company.
• the likely consequences of any decision in the long term;
• the interests of the company’s employees;
• the need to foster the company’s business relationships with suppliers, customers and others;
• the impact of the company’s operations on the community and the environment;
• the desirability of the company maintaining a reputation for high standards of business conduct; and
• the need to act fairly as between shareholders of the company.
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WHITELINK SEAFOODS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2024
The vast majority of stakeholder engagement is carried out by the Board.
The Board considers and discusses information from across the organisation to help it understand the impact of the company’s operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance. As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.
The Board considers and discusses information from across the organisation to help it understand the impact of the company’s operations, and the interests and views of our key stakeholders. It also reviews strategy, financial and operational performance as well as information covering areas such as key risks, and legal and regulatory compliance. As a result of these activities, the Board has an overview of engagement with stakeholders, and other relevant factors, which enables the directors to comply with their legal duty under section 172 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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WHITELINK SEAFOODS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 DECEMBER 2024
The directors present their report and the financial statements for the year ended 28 December 2024.
The profit for the year, after taxation, amounted to £1,070,811 (2023 - £918,982).
Dividends of £200,000 were paid in the year (2023: £200,000).
The directors who served during the year were:
The directors will continue to seek new opportunities for the company both in the UK and overseas.
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WHITELINK SEAFOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2024
This is the third year the company has been required to report greenhouse gas (‘GHG’) emissions in the Directors’ report, in line with the Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. GHG emissions are reported in tonnes of carbon dioxide equivalent (TCO2e), and this submission covers the year 29 December 2023 – 28 December 2024.
The company’s approach to reporting is based on the GHG Protocol Corporate Accounting and Reporting Standard. In line with the guidance on SECR, the company has included the energy and emissions for the buildings owned and operated (those within its financial control boundary) and other leased facilities, where the company is responsible for the energy consumption (but which are outside its financial control).
Emissions from vehicles that the company is obliged to report have also been considered.
Emissions from vehicles that the company is obliged to report have also been considered.
The following gross emissions / intensity ratios are noted below for the current and prior year:
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WHITELINK SEAFOODS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2024
Energy efficiency action
The company recognises the importance of energy efficiency and has previously implemented a number of initiatives to monitor, manage and decrease energy usage. However, the directors acknowledge there is more that can be done to reduce the company’s carbon footprint and are therefore committed to identifying and implementing new initiatives, whenever possible.
The company recognises the importance of energy efficiency and has previously implemented a number of initiatives to monitor, manage and decrease energy usage. However, the directors acknowledge there is more that can be done to reduce the company’s carbon footprint and are therefore committed to identifying and implementing new initiatives, whenever possible.
There have been no significant events affecting the company since the year end.
A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next general meeting.
This report was approved by the board and signed on its behalf.
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WHITELINK SEAFOODS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 28 DECEMBER 2024
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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WHITELINK SEAFOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITELINK SEAFOODS LIMITED
We have audited the financial statements of Whitelink Seafoods Limited (the 'Company') for the year ended 28 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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WHITELINK SEAFOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITELINK SEAFOODS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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WHITELINK SEAFOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITELINK SEAFOODS LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
∙Timing and completeness of revenue recognition
∙Compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading
∙Management judgements applied in calculating provisions
∙Management override of controls to manipulate the Company’s key performance indicators to meet
We discussed these risks with client management, designed audit procedures to address these risks including:
∙Reviewed internal documentation and correspondence with regulators for evidence or irregularities
∙Testing a sample of sales transactions to source documents and vouching recognition is in the correct period
∙Consideration of the assumptions applied whether the judgements applied in calculation of provisions appropriate
∙Reviewed areas of judgement and tested a sample of journal entries for indicators of management bias
∙Performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material misstatement due to fraud
∙Testing of journal entries and other adjustments for appropriateness
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
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WHITELINK SEAFOODS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITELINK SEAFOODS LIMITED (CONTINUED)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Prime Four Business Park
Kingswells
AB15 8PU
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WHITELINK SEAFOODS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
REGISTERED NUMBER: SC138829
BALANCE SHEET
AS AT 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
REGISTERED NUMBER: SC138829
BALANCE SHEET (CONTINUED)
AS AT 28 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 39 form part of these financial statements.
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WHITELINK SEAFOODS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
Whitelink Seafoods Limited is a limited liability company registered in Scotland. The registered office is Maxwell Place, Fraserburgh, AB43 9SX. The company's registration number is SC138829.
2.Accounting policies
The following principal accounting policies have been applied:
As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
Functional and presentation currency
Transactions and balances
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on the following bases:.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
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 the profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
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 the deduction of all its liabilities.
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
2.Accounting policies (continued)
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Stock valuation
Certain items of stock are valued based on directors judgement and knowledge of the industry. Full details are explained in note 2.16 and these items of stock are included in the stock value of £7,818,405 (2023: £8,355,189).
Estimated useful life
The estimated useful economic life of each class of asset is a judgemental exercised by management. depreciation and amortisation in the period was £1,215,613 (2023: £1,006,012).
Fair value of investment properties
Investment properties are valued by the directors of the company at the period end on an open market basis. The directors consider cost as representative of fair value at the period end.
Valuation of intangible fixed assets
Fishing Licences (note 14) are valued at market value and the accounts include a revaluation adjustment in 2018. Some of the licences were valued by independent valuers and these valuations have been reviewed by the directors who believe these valuations represent the market value of the licences at 28 December 2024.
Analysis of turnover by country of destination:
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
12.Taxation (continued)
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
12.Taxation (continued)
There are no factors identified that may affect future tax charges.
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
15.Tangible fixed assets (continued)
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
Page 36
WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
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WHITELINK SEAFOODS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 DECEMBER 2024
The company operates a defined contribution pension scheme. There was £26,333 unpaid contributions outstanding at the year end and these are included in creditors at year end (2023: £nil).
The company is controlled by the directors.
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