Company No: SC624222 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	862,000		862,000
Tangible assets	4	642,649		704,670
		1,504,649		1,566,670
Current assets
Stocks		9,000		12,000
Debtors	5	0		9,273
		9,000		21,273
Creditors: amounts falling due within one year	6	( 1,897,230)		( 1,961,541)
Net current liabilities		(1,888,230)		(1,940,268)
Total assets less current liabilities		(383,581)		(373,598)
Net liabilities		( 383,581)		( 373,598)
Capital and reserves
Called-up share capital	7	200		200
Profit and loss account		( 383,781 )		( 373,798 )
Total shareholders' deficit		( 383,581)		( 373,598)

For the financial year ending 31 December 2024 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 Profit and Loss Account has not been delivered.

The financial statements of El Shaddai (Fraserburgh) Limited (registered number: SC624222) were approved and authorised for issue by the Board of Directors on 15 September 2025. They were signed on its behalf by:

David Murray Nicol 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

El Shaddai (Fraserburgh) 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 18 Strichen Court, Fraserburgh, AB43 9SZ, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Going concern

At 31 December 2024, the company had negative equity of £383,581 (2023 - £373,598). The company has net current liabilities of £1,888,230 (2023 - £1,940,268) this includes a loan from the directors of £469,427, a loan from a shareholder of £1,299,435 as well as a loan from a related company of £107,005.

The directors and shareholders have agree they will provide funds to meet the liabilities of the company as and when they fall due. In particular, the directors and shareholders, will not seek repayment of the amount due to them until all other creditors have been met. The financial statements have therefore been prepared on a going concern basis.

Turnover

Turnover represents amounts receivable for the sale of fish and related products. This is recognised at point of settling, as the risks and rewards of ownership have transferred to the customer.

Employee benefits

Short term benefits
The cost of short-term 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.

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:

Trademarks, patents and licences

not amortised

Trademarks, patents and licences

Separately acquired licences are included at cost. Provision is made for any impairment.

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 at rates calculated to write off the cost less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles	25 % reducing balance
Other property, plant and equipment	16 years straight line

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews 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).

Stocks

Stocks are stated at cost. Provision is made for obsolete, slow-moving or defective items where appropriate.

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 are measured at transaction price including transaction costs.

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, including creditors and loans 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. Amounts payable are classified as current liabilities if payment is due within one year or less.

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

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Intangible assets

	Trademarks, patents and licences		Total
	£		£
Cost
At 01 January 2024	862,000		862,000
At 31 December 2024	862,000		862,000
Accumulated amortisation
At 01 January 2024	0		0
At 31 December 2024	0		0
Net book value
At 31 December 2024	862,000		862,000
At 31 December 2023	862,000		862,000

4. Tangible assets

	Vehicles		Other property, plant and equipment		Total
	£		£		£
Cost
At 01 January 2024	6,782		985,000		991,782
At 31 December 2024	6,782		985,000		991,782
Accumulated depreciation
At 01 January 2024	4,949		282,163		287,112
Charge for the financial year	458		61,563		62,021
At 31 December 2024	5,407		343,726		349,133
Net book value
At 31 December 2024	1,375		641,274		642,649
At 31 December 2023	1,833		702,837		704,670

5. Debtors

	2024		2023
	£		£
Other debtors	0		9,273

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	13,566		80,418
Amounts owed to related parties	107,005		107,005
Other creditors	1,776,659		1,774,118
	1,897,230		1,961,541

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
200 Ordinary shares of £ 1.00 each	200		200

8. Related party transactions

Transactions with the entity's directors

	2024		2023
	£		£
Amounts Due to the Directors	469,427		484,273

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

Other related party transactions

	2024		2023
	£		£
Amounts Due to Related Parties	107,005		107,005
Amounts Due to Related Parties	1,299,435		1,284,435

These loans are interest free and there are no fixed terms of repayment.