Company Registration No. SC336851 (Scotland)
QA FISH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
THE A9 PARTNERSHIP LIMITED
Chartered Accountants
47 Commercial Road
Lerwick
Shetland
ZE1 0NJ
QA FISH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
QA FISH LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
31 March 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
945
945
Tangible assets
5
1,377,800
920,352
Investment property
6
-
0
189,739
1,378,745
1,111,036
Current assets
Stocks
74,943
15,447
Debtors
7
721,062
688,351
Cash at bank and in hand
406,955
342,729
1,202,960
1,046,527
Creditors: amounts falling due within one year
8
(850,715)
(794,881)
Net current assets
352,245
251,646
Total assets less current liabilities
1,730,990
1,362,682
Creditors: amounts falling due after more than one year
9
(445,530)
(151,234)
Provisions for liabilities
(69,555)
(66,615)
Net assets
1,215,905
1,144,833
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
1,215,805
1,144,733
Total equity
1,215,905
1,144,833
QA FISH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2025
31 March 2025
- 2 -

For the financial period ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the period in question 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 August 2025 and are signed on its behalf by:
Mr R Williamson
Director
Company registration number SC336851 (Scotland)
QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

QA Fish Limited is a private company limited by shares incorporated in Scotland. The registered office is Unit 1, Blacksness Pier, Scalloway, Shetland, ZE1 0TQ.

1.1
Reporting period

The financial statements are presented for a period longer than one year, at the request of the directors, therefore the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue from the following major sources:

- Sale of Fish

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Sale of Fish

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
not amortised
QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -

The directors are of the opinion that the current market value of the intellectual property is higher than the original cost, therefore, no amortisation has been charged. This is a departure from company legislation but is necessary for the purpose of providing a true and fair view.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Tenant's improvements
10% straight line
Plant and equipment
20% straight line
Motor vehicles
25% reducing balance
Office equipment
33% straight line
Shellfish sites
Nil

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.

1.6
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 5 -
1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, 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.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 7 -
1.15
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2025
2023
Number
Number
Total
29
25
4
Intangible fixed assets
Other
£
Cost
At 1 January 2024 and 31 March 2025
945
Amortisation and impairment
At 1 January 2024 and 31 March 2025
-
0
Carrying amount
At 31 March 2025
945
At 31 December 2023
945
QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 8 -
5
Tangible fixed assets
Freehold land and buildings
Tenant's improvements
Plant and equipment
Motor vehicles
Office equipment
Shellfish sites
Total
£
£
£
£
£
£
£
Cost
At 1 January 2024
847,658
7,863
629,020
83,029
44,057
-
0
1,611,627
Additions
236,553
-
0
112,945
22,450
4,970
246,748
623,666
Disposals
-
0
-
0
(3,325)
(3,000)
-
0
-
0
(6,325)
At 31 March 2025
1,084,211
7,863
738,640
102,479
49,027
246,748
2,228,968
Depreciation and impairment
At 1 January 2024
102,031
7,863
508,477
39,918
32,986
-
0
691,275
Depreciation charged in the period
26,958
-
0
103,589
19,550
13,121
-
0
163,218
Eliminated in respect of disposals
-
0
-
0
(3,325)
-
0
-
0
-
0
(3,325)
At 31 March 2025
128,989
7,863
608,741
59,468
46,107
-
0
851,168
Carrying amount
At 31 March 2025
955,222
-
0
129,899
43,011
2,920
246,748
1,377,800
At 31 December 2023
745,627
-
0
120,543
43,111
11,071
-
0
920,352
QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 9 -
6
Investment property
2025
£
Fair value
At 1 January 2024
189,739
Disposals
(189,739)
At 31 March 2025
-
0

Investment property comprises one property held for rental and staff accommodation. The fair value of the investment property has been arrived at on the basis of a valuation carried out on the purchase of the property in March 2019. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are of the opinion that there has been no material change to the value of the property since this date.

7
Debtors
2025
2023
Amounts falling due within one year:
£
£
Trade debtors
684,708
658,187
Other debtors
36,354
30,164
721,062
688,351
8
Creditors: amounts falling due within one year
2025
2023
£
£
Bank loans
45,167
45,167
Trade creditors
350,007
317,907
Amounts owed to group undertakings
44,000
-
0
Corporation tax
54,972
38,360
Other taxation and social security
20,615
49,245
Other creditors
335,954
344,202
850,715
794,881

Bank loans included in creditors at the end of the financial year totalling £34,518 (2023: £34,518) and falling due within one year, are secured on the freehold and investment property held by the company.

Hire purchases included in other creditors at the end of the financial year totalling £10,505 (2023: £0) and falling due within one year, are secured on the assets purchased.

QA FISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 10 -
9
Creditors: amounts falling due after more than one year
2025
2023
£
£
Bank loans and overdrafts
105,525
151,234
Other creditors
340,005
-
0
445,530
151,234

Bank loans included in creditors at the end of the financial year totalling £103,950 (2023: £136,946) and falling due after more than one year, are secured on the freehold and investment property held by the company.

Hire purchases included in other creditors at the end of the financial year totalling £8,989 (2024: £0) and falling due more than one year, are secured on the assets purchased.

10
Called up share capital
2025
2023
2025
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2023
£
£
Total commitments
15,282
35,820
2025-03-31 2024-01-01 false false false 18 August 2025 CCH Software CCH Accounts Production 2025.100 No description of principal activity Mr Csaba Steinbach Mrs Arlene E Williamson Mr Robert Williamson Mr R S Nicolson Mr D G Johnson Mr I G Johnson Mrs A E Williamson SC336851 2024-01-01 2025-03-31 SC336851 2025-03-31 SC336851 2023-12-31 SC336851 core:IntangibleAssetsOtherThanGoodwill 2025-03-31 SC336851 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 SC336851 core:LandBuildings core:OwnedOrFreeholdAssets 2025-03-31 SC336851 core:LandBuildings core:LeasedAssetsHeldAsLessee 2025-03-31 SC336851 core:PlantMachinery 2025-03-31 SC336851 core:MotorVehicles 2025-03-31 SC336851 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2025-03-31 SC336851 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2025-03-31 SC336851 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 SC336851 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 SC336851 core:PlantMachinery 2023-12-31 SC336851 core:MotorVehicles 2023-12-31 SC336851 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-12-31 SC336851 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2023-12-31 SC336851 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 SC336851 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 SC336851 core:ShareCapital 2025-03-31 SC336851 core:ShareCapital 2023-12-31 SC336851 core:RetainedEarningsAccumulatedLosses 2025-03-31 SC336851 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC336851 core:ShareCapitalOrdinaryShareClass1 2025-03-31 SC336851 core:ShareCapitalOrdinaryShareClass1 2023-12-31 SC336851 bus:Director2 2024-01-01 2025-03-31 SC336851 core:IntangibleAssetsOtherThanGoodwill 2024-01-01 2025-03-31 SC336851 core:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2025-03-31 SC336851 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-01 2025-03-31 SC336851 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2025-03-31 SC336851 core:PlantMachinery 2024-01-01 2025-03-31 SC336851 core:MotorVehicles 2024-01-01 2025-03-31 SC336851 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2024-01-01 2025-03-31 SC336851 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2024-01-01 2025-03-31 SC336851 2023-01-01 2023-12-31 SC336851 core:IntangibleAssetsOtherThanGoodwill 2023-12-31 SC336851 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-31 SC336851 core:LandBuildings core:LeasedAssetsHeldAsLessee 2023-12-31 SC336851 core:PlantMachinery 2023-12-31 SC336851 core:MotorVehicles 2023-12-31 SC336851 core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment 2023-12-31 SC336851 core:Non-standardPPEClass2ComponentTotalPropertyPlantEquipment 2023-12-31 SC336851 2023-12-31 SC336851 core:LandBuildings core:LeasedAssetsHeldAsLessee 2024-01-01 2025-03-31 SC336851 core:CurrentFinancialInstruments 2025-03-31 SC336851 core:CurrentFinancialInstruments 2023-12-31 SC336851 core:WithinOneYear 2025-03-31 SC336851 core:WithinOneYear 2023-12-31 SC336851 core:Non-currentFinancialInstruments 2025-03-31 SC336851 core:Non-currentFinancialInstruments 2023-12-31 SC336851 bus:OrdinaryShareClass1 2024-01-01 2025-03-31 SC336851 bus:OrdinaryShareClass1 2025-03-31 SC336851 bus:OrdinaryShareClass1 2023-12-31 SC336851 bus:PrivateLimitedCompanyLtd 2024-01-01 2025-03-31 SC336851 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2025-03-31 SC336851 bus:FRS102 2024-01-01 2025-03-31 SC336851 bus:AuditExemptWithAccountantsReport 2024-01-01 2025-03-31 SC336851 bus:Director1 2024-01-01 2025-03-31 SC336851 bus:Director3 2024-01-01 2025-03-31 SC336851 bus:Director4 2024-01-01 2025-03-31 SC336851 bus:Director5 2024-01-01 2025-03-31 SC336851 bus:Director6 2024-01-01 2025-03-31 SC336851 bus:CompanySecretary1 2024-01-01 2025-03-31 SC336851 bus:FullAccounts 2024-01-01 2025-03-31 xbrli:pure xbrli:shares iso4217:GBP