IRIS Accounts Production v25.2.0.378 SC058333 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 Ordinary B 1.00000 Ordinary C 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh SC058333 2023-12-31 SC058333 2024-12-31 SC058333 2024-01-01 2024-12-31 SC058333 2022-12-31 SC058333 2023-01-01 2023-12-31 SC058333 2023-12-31 SC058333 ns15:Scotland 2024-01-01 2024-12-31 SC058333 ns14:PoundSterling 2024-01-01 2024-12-31 SC058333 ns10:Director1 2024-01-01 2024-12-31 SC058333 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 SC058333 ns10:MediumEntities 2024-01-01 2024-12-31 SC058333 ns10:Audited 2024-01-01 2024-12-31 SC058333 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 SC058333 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-01-01 2024-12-31 SC058333 ns10:FullAccounts 2024-01-01 2024-12-31 SC058333 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 SC058333 ns10:OrdinaryShareClass2 2024-01-01 2024-12-31 SC058333 ns10:OrdinaryShareClass3 2024-01-01 2024-12-31 SC058333 ns10:Director2 2024-01-01 2024-12-31 SC058333 ns10:CompanySecretary1 2024-01-01 2024-12-31 SC058333 ns10:RegisteredOffice 2024-01-01 2024-12-31 SC058333 ns5:CurrentFinancialInstruments 2024-12-31 SC058333 ns5:CurrentFinancialInstruments 2023-12-31 SC058333 ns5:ShareCapital 2024-12-31 SC058333 ns5:ShareCapital 2023-12-31 SC058333 ns5:CapitalRedemptionReserve 2024-12-31 SC058333 ns5:CapitalRedemptionReserve 2023-12-31 SC058333 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 SC058333 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 SC058333 ns5:ShareCapital 2022-12-31 SC058333 ns5:RetainedEarningsAccumulatedLosses 2022-12-31 SC058333 ns5:CapitalRedemptionReserve 2022-12-31 SC058333 ns5:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 SC058333 ns5:CapitalRedemptionReserve 2023-01-01 2023-12-31 SC058333 ns5:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 SC058333 ns5:CapitalRedemptionReserve 2024-01-01 2024-12-31 SC058333 ns15:UnitedKingdom 2024-01-01 2024-12-31 SC058333 ns15:UnitedKingdom 2023-01-01 2023-12-31 SC058333 ns15:Europe 2024-01-01 2024-12-31 SC058333 ns15:Europe 2023-01-01 2023-12-31 SC058333 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-01-01 2024-12-31 SC058333 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2023-01-01 2023-12-31 SC058333 1 2024-01-01 2024-12-31 SC058333 1 2023-01-01 2023-12-31 SC058333 ns5:OwnedAssets 2024-01-01 2024-12-31 SC058333 ns5:OwnedAssets 2023-01-01 2023-12-31 SC058333 ns5:LandBuildings 2023-12-31 SC058333 ns5:PlantMachinery 2023-12-31 SC058333 ns5:MotorVehicles 2023-12-31 SC058333 ns5:LandBuildings 2024-01-01 2024-12-31 SC058333 ns5:PlantMachinery 2024-01-01 2024-12-31 SC058333 ns5:MotorVehicles 2024-01-01 2024-12-31 SC058333 ns5:LandBuildings 2024-12-31 SC058333 ns5:PlantMachinery 2024-12-31 SC058333 ns5:MotorVehicles 2024-12-31 SC058333 ns5:LandBuildings 2023-12-31 SC058333 ns5:PlantMachinery 2023-12-31 SC058333 ns5:MotorVehicles 2023-12-31 SC058333 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 SC058333 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 SC058333 ns5:BetweenOneFiveYears 2024-12-31 SC058333 ns5:BetweenOneFiveYears 2023-12-31 SC058333 ns5:AcceleratedTaxDepreciationDeferredTax 2024-12-31 SC058333 ns5:AcceleratedTaxDepreciationDeferredTax 2023-12-31 SC058333 ns5:DeferredTaxation 2023-12-31 SC058333 ns5:DeferredTaxation 2024-01-01 2024-12-31 SC058333 ns5:DeferredTaxation 2024-12-31 SC058333 ns10:OrdinaryShareClass1 2024-12-31 SC058333 ns10:OrdinaryShareClass2 2024-12-31 SC058333 ns10:OrdinaryShareClass3 2024-12-31 SC058333 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 SC058333 ns5:CapitalRedemptionReserve 2023-12-31

REGISTERED NUMBER: SC058333 (Scotland)

Strategic Report, Directors' Report and

Financial Statements for the Year Ended 31 December 2024

for

Seafish U.K. Limited

| Seafish U.K. Limited (Registered number: SC058333) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Strategic Report | 2 |

| Directors' Report | 3 |

| Independent Auditors' Report | 6 |

| Income Statement | 10 |

| Other Comprehensive Income | 11 |

| Statement of Financial Position | 12 |

| Statement of Changes in Equity | 13 |

| Statement of Cash Flows | 14 |

| Notes to the Statement of Cash Flows | 15 |

| Notes to the Financial Statements | 16 |

| Seafish U.K. Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | Mr R A Carter

| Mrs C A Carter

| SECRETARY: | Mrs C A Carter

| REGISTERED OFFICE: | 2 Atlantic Square

| 31 York Street

| Glasgow

| G2 8AS

| REGISTERED NUMBER: | SC058333 (Scotland)

| AUDITORS: | Thickbroom Coventry

| Chartered Accountants

| and Statutory Auditors

| 147a High Street

| Waltham Cross

| EN8 7AP

| Seafish U.K. Limited (Registered number: SC058333) |

Strategic Report

for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

Demand for frozen fish products remains strong but the market has become very competitive.

The company's continued investment in technology and equipment has enabled it to be competitive with prices and its innovativeness with new product ranges has helped increase sales and thus overall profitability,

Product integrity and compliance is maintained through rigorous internal quality and technical control systems for both manufacturing and the supply chain. Grade AA British Retail Consortium Standard has been achieved following the company's continued commitment to all areas of its processing procedures. Responsible sourcing is core to the company's values and the majority of the company's raw materials hold a chain of custody from the Marine Stewardship Council.

European sales contributed 4.29% (2023 : 6.91%) of turnover and Brexit continues to be a concern.

The company's key financial and other performance indicators during the year were as follows:

| Unit |  | 2024 |  | 2023 |

Turnover growth |  | % |  | 9.66 |  | 8.60 |

Gross profit margin |  | % |  | 47.26 |  | 41.20 |

Net profit as a percentage of sales |  | % |  | 3.83 |  | 1.95 |

PRINCIPAL RISKS AND UNCERTAINTIES

The company has a wide range of processed seafood products. It is reliant on the uptake of these products and therefore any changes in the level of activity is likely to affect the results. At the present time these markets are flat in the United Kingdom with no significant increases or decreases. Growth can therefore only be achieved by increasing market share at the expense of other competitors. The directors believe that at the current time there is an excess supply in the market and therefore price is a sensitive factor. The company continues to supply the retail market, other suppliers to the retail market and the food service market. Cost levels are being monitored to ensure an adequate return is achieved.

Over the last few years there has been an expansion in the range of goods available and the company has a reputation for quality products. This has enabled the company to retain its market share and competitive prices. The directors are positive that outlook for the markets in the future will be good.

ON BEHALF OF THE BOARD:

Mr R A Carter - Director

17 September 2025

| Seafish U.K. Limited (Registered number: SC058333) |

Directors' Report

for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of processing of seafoods.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

RESEARCH AND DEVELOPMENT

Research and development expenditure is written off in the year in which it is incurred.

FUTURE DEVELOPMENTS

It is the board's intention to grow the business and this will be achieved by continuing its investment in high quality staff and equipment to meet the challenges of its sales growth targets.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr R A Carter

Mrs C A Carter

| Seafish U.K. Limited (Registered number: SC058333) |

Directors' Report

for the Year Ended 31 December 2024

FINANCIAL INSTRUMENTS

Objectives and policies

The company aims and focuses on delivering high quality and affordable products. It prides itself on being innovative in the market always ready to produce new products for and with its customers.

Sustainable fishing is a dominant concern of the company and it aims to make certain that its products originate from sources that are constantly monitored in order to keep fish stocks at sustainable levels. The wellbeing and stability of the world's seas and oceans is paramount to foster an ecologically clean and stable planet, with responsible fishing practices playing a major role. The company has measures in place that allow it to trace exactly where each individual product it develops has originated. This gives the company the ability to maintain its own strict checks on the sources it uses, all of which are guaranteed as sustainable.

Price risk, credit risk, liquidity risk and cash flow risk

The business' activities expose it primarily to the financial risks of changes in foreign currency exchange rates.

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and finance lease agreements. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time a credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

The business is a lessee in respect of finance leased assets. The liquidity risk in respect of these is managed by ensuring that there are sufficient funds to meet the payments.

| Seafish U.K. Limited (Registered number: SC058333) |

Directors' Report

for the Year Ended 31 December 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

- | make judgements and accounting estimates that are reasonable and prudent;

- | 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Thickbroom Coventry, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr R A Carter - Director

17 September 2025

Independent Auditors' Report to the Members of

Seafish U.K. Limited

Opinion

We have audited the financial statements of Seafish U.K. Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, 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 our opinion the financial statements:

- | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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.

Other information

The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Directors' Report, but does not include the financial statements and our Auditors' Report thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Independent Auditors' Report to the Members of

Seafish U.K. Limited

Opinions on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

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.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- | the financial statements are not in agreement with the accounting records and returns; or

- | certain disclosures of directors' remuneration specified by law are not made; or

- | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Independent Auditors' Report to the Members of

Seafish U.K. Limited

Auditors' responsibilities for the audit of the financial statements

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We considered the nature of the Company's industry and its control environment, and reviewed the Company's documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management about their own identification and assessment of the risks of irregularities.

We obtained an understanding of the legal and regulatory framework that the Company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements including UK Companies Act and tax legislation and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

We assessed the opportunities and incentives that may exist within the organisation for fraud or irregularities and how and where this might occur in the financial statements.

As a result of performing the above, we identified the greatest potential for fraud or irregularities in the following areas and our specific procedures performed to address these were;

- Revenue Recognition;

ISA240 states that when identifying and assessing the risks of material misstatement due to fraud the auditor shall, based on the rebuttable presumption that there are risks of fraud in revenue recognition, evaluate which types of revenue, revenue transactions or assertions give rise to such risks. For the purposes of this audit we identified a potential risk of fraud in respect of revenue completeness and performed tests such as checking the effectiveness of controls, cut off procedures, tests of detail, cash transaction, and analytical reviews to satisfy ourselves that no fraud or irregularities had occured.

- Management Override;

In common with all audits under ISA's (UK) we are required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override controls, we tested the appropriateness of journal entries and other adjustments, assessed whether the judgements made in making accounting estimates were indicative of a potential bias and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following;

- Enquiry of management and those charged with governance around actual and potential litigation and/or claims,

- Enquiry of staff especially those in compliance functions to identify any instances of non-compliance with laws and regulations,

- Reviewing financial statement disclosures and testing to support documentation to assess compliance with applicable laws and regulations,

Independent Auditors' Report to the Members of

Seafish U.K. Limited

- Performing analytical procedures to identify any unusual of unexpected relationships that may indicate risks of material misstatement due to fraud.

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.

Use of our report

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.

Mr Robert Boulton (Senior Statutory Auditor)

for and on behalf of Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

EN8 7AP

17 September 2025

| Seafish U.K. Limited (Registered number: SC058333) |

Income Statement

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

TURNOVER | 3 | 18,214,239 |  | 16,609,136 |  |

Cost of sales | (9,606,932 | ) | (9,766,236 | ) |

GROSS PROFIT | 8,607,307 |  | 6,842,900 |  |

Selling, distribution and production costs | (5,708,593 | ) | (4,866,271 | ) |

Administrative expenses | (2,151,158 | ) | (1,570,747 | ) |

OPERATING PROFIT | 747,556 |  | 405,882 |  |

Interest payable and similar expenses | 5 | (49,466 | ) | (80,535 | ) |

PROFIT BEFORE TAXATION | 6 | 698,090 |  | 325,347 |  |

Tax on profit | 7 | (239,317 | ) | (77,026 | ) |

PROFIT FOR THE FINANCIAL YEAR | 458,773 |  | 248,321 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Other Comprehensive Income

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

PROFIT FOR THE YEAR | 458,773 |  | 248,321 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 458,773 |  | 248,321 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Statement of Financial Position

31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

FIXED ASSETS

Tangible assets | 8 | 605,947 |  | 553,815 |  |

CURRENT ASSETS

Stocks | 9 | 3,286,281 |  | 2,670,928 |  |

Debtors | 10 | 3,383,931 |  | 3,455,270 |  |

Cash at bank | 3,950,214 |  | 3,753,250 |  |

10,620,426 |  | 9,879,448 |  |

CREDITORS

Amounts falling due within one year | 11 | (2,071,025 | ) | (1,753,438 | ) |

NET CURRENT ASSETS | 8,549,401 |  | 8,126,010 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 9,155,348 |  | 8,679,825 |  |

PROVISIONS FOR LIABILITIES | 13 | (107,500 | ) | (90,750 | ) |

NET ASSETS | 9,047,848 |  | 8,589,075 |  |

CAPITAL AND RESERVES

Called up share capital | 14 | 1,164,208 |  | 1,164,208 |  |

Capital redemption reserve | 15 | 1,065,790 |  | 1,065,790 |  |

Retained earnings | 15 | 6,817,850 |  | 6,359,077 |  |

SHAREHOLDERS' FUNDS | 9,047,848 |  | 8,589,075 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

Mr R A Carter - Director

| Seafish U.K. Limited (Registered number: SC058333) |

Statement of Changes in Equity

for the Year Ended 31 December 2024

| Called up |  | Capital |

| share |  | Retained |  | redemption |  | Total

| capital |  | earnings |  | reserve |  | equity

£ | £ | £ | £ |

Balance at 1 January 2023 | 1,164,208 |  | 6,110,756 |  | 1,065,790 |  | 8,340,754 |  |

Changes in equity

Total comprehensive income | - |  | 248,321 |  | - |  | 248,321 |  |

Balance at 31 December 2023 | 1,164,208 |  | 6,359,077 |  | 1,065,790 |  | 8,589,075 |  |

Changes in equity

Total comprehensive income | - |  | 458,773 |  | - |  | 458,773 |  |

Balance at 31 December 2024 | 1,164,208 |  | 6,817,850 |  | 1,065,790 |  | 9,047,848 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Statement of Cash Flows

for the Year Ended 31 December 2024

| 2024 |  | 2023

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 479,372 |  | 330,918 |  |

Interest paid | (49,466 | ) | (80,535 | ) |

Tax paid | (68,876 | ) | (76,321 | ) |

Net cash from operating activities | 361,030 |  | 174,062 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (164,066 | ) | (126,190 | ) |

Net cash from investing activities | (164,066 | ) | (126,190 | ) |

Increase in cash and cash equivalents | 196,964 |  | 47,872 |  |

Cash and cash equivalents at beginning of year | 2 | 3,753,250 |  | 3,705,378 |  |

Cash and cash equivalents at end of year | 2 | 3,950,214 |  | 3,753,250 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Statement of Cash Flows

for the Year Ended 31 December 2024

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 2024 |  | 2023

£ | £ |

| Profit before taxation | 698,090 |  | 325,347 |  |

| Depreciation charges | 111,934 |  | 112,714 |  |

| Finance costs | 49,466 |  | 80,535 |  |

859,490 |  | 518,596 |  |

| Increase in stocks | (615,353 | ) | (64,484 | ) |

| Decrease/(increase) in trade and other debtors | 71,339 |  | (432,133 | ) |

| Increase in trade and other creditors | 163,896 |  | 308,939 |  |

| Cash generated from operations | 479,372 |  | 330,918 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

| Year ended 31 December 2024

| 31/12/24 |  | 1/1/24

£ | £ |

| Cash and cash equivalents | 3,950,214 |  | 3,753,250 |  |

| Year ended 31 December 2023

| 31/12/23 |  | 1/1/23

£ | £ |

| Cash and cash equivalents | 3,753,250 |  | 3,705,378 |  |

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1/1/24 | Cash flow | At 31/12/24

£ | £ | £ |

| Net cash |

| Cash at bank | 3,753,250 |  | 196,964 |  | 3,950,214 |  |

3,753,250 |  | 196,964 |  | 3,950,214 |  |

| Total | 3,753,250 |  | 196,964 |  | 3,950,214 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Seafish U.K. Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

| The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation

| Depreciation

| Departure from Companies Act Requirements

| No depreciation is provided in respect of freehold land and buildings. The treatment as to regards to this may be a departure from the requirements of the Companies Act concerning depreciation of fixed assets. However the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amounts which might otherwise have been shown cannot be separately identified or quantified.

| Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

| Asset class |  | Depreciation method and rate |  |

| Freehold property |  | Not Depreciated |  |

| Plant and machinery |  | 3 - 10 years straight line |  |

| Motor vehicles |  | 25% on reducing balance |  |

| Stocks

| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Pension costs and other post-retirement benefits

| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. | TURNOVER

| The turnover and profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 2024 |  | 2023

£ | £ |

| United Kingdom | 17,433,264 |  | 15,468,963 |  |

| Europe | 780,975 |  | 1,140,173 |  |

18,214,239 |  | 16,609,136 |  |

4. | EMPLOYEES AND DIRECTORS

| 2024 |  | 2023

£ | £ |

| Wages and salaries | 3,965,624 |  | 3,379,154 |  |

| Social security costs | 310,752 |  | 208,607 |  |

| Other pension costs | 472,819 |  | 45,944 |  |

4,749,195 |  | 3,633,705 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

4. | EMPLOYEES AND DIRECTORS - continued

| The average number of employees during the year was as follows:

| 2024 |  | 2023

| Productions | 84 |  | 80 |  |

| Administration and support | 5 |  | 5 |  |

| Sales, marketing and distribution | 15 |  | 12 |  |

| Other departments | 2 |  | 2 |  |

106 |  | 99 |  |

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Directors' remuneration |  | 330,383 |  | 451,838 |  |

| Contributions paid to money purchase schemes |  | 146,000 |  | - |  |

| Information regarding the highest paid director is as follows:

|  | 2024 |  | 2023 |  |

|  | £ |  | £ |  |

| Remuneration |  | 215,698 |  | 332,491 |  |

5. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 2024 |  | 2023

£ | £ |

| Factoring interest | 49,466 |  | 80,535 |  |

6. | PROFIT BEFORE TAXATION

| The profit is stated after charging:

| 2024 |  | 2023

£ | £ |

| Depreciation - owned assets | 111,934 |  | 112,714 |  |

| Auditors' remuneration | 19,000 |  | 14,000 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

7. | TAXATION

| Analysis of the tax charge

| The tax charge on the profit for the year was as follows:

| 2024 |  | 2023

£ | £ |

| Current tax:

| UK corporation tax | 222,567 |  | 68,876 |  |

| Deferred tax | 16,750 |  | 8,150 |  |

| Tax on profit | 239,317 |  | 77,026 |  |

| Reconciliation of total tax charge included in profit and loss

| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

| 2024 |  | 2023

£ | £ |

| Profit before tax | 698,090 |  | 325,347 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.520%) | 174,523 |  | 76,522 |  |

| Effects of:

| Expenses not deductible for tax purposes | 64,980 |  | - |  |

| Capital allowances in excess of depreciation | (16,936 | ) | (7,646 | ) |

| Deferred tax credit from unrecognised tax loss or credit | 16,750 |  | 8,150 |  |

| Total tax charge | 239,317 |  | 77,026 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

8. | TANGIBLE FIXED ASSETS

| Freehold |  | Plant and |  | Motor |

| property |  | machinery |  | vehicles |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 104,078 |  | 1,656,462 |  | 53,725 |  | 1,814,265 |  |

| Additions | - |  | 164,066 |  | - |  | 164,066 |  |

| At 31 December 2024 | 104,078 |  | 1,820,528 |  | 53,725 |  | 1,978,331 |  |

| DEPRECIATION

| At 1 January 2024 | - |  | 1,244,717 |  | 15,733 |  | 1,260,450 |  |

| Charge for year | - |  | 102,436 |  | 9,498 |  | 111,934 |  |

| At 31 December 2024 | - |  | 1,347,153 |  | 25,231 |  | 1,372,384 |  |

| NET BOOK VALUE

| At 31 December 2024 | 104,078 |  | 473,375 |  | 28,494 |  | 605,947 |  |

| At 31 December 2023 | 104,078 |  | 411,745 |  | 37,992 |  | 553,815 |  |

9. | STOCKS

2024 | 2023 |

£ | £ |

| Raw materials and consumables | 1,882,841 |  | 1,724,699 |  |

| Other inventories | 268,951 |  | 247,713 |  |

| Work-in-progress | 5,184 |  | 7,275 |  |

| Finished goods and goods for

| resale | 1,129,305 |  | 691,241 |  |

3,286,281 |  | 2,670,928 |  |

10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade debtors | 3,116,563 |  | 3,290,409 |  |

| Other debtors | 91,020 |  | 44,099 |  |

| Prepayments and accrued income | 176,348 |  | 120,762 |  |

3,383,931 |  | 3,455,270 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 791,407 |  | 968,839 |  |

| Tax | 222,567 |  | 68,876 |  |

| Social security and other taxes | 95,546 |  | 140,852 |  |

| Other creditors | 210,787 |  | 160,545 |  |

| Accruals and deferred income | 750,718 |  | 414,326 |  |

2,071,025 |  | 1,753,438 |  |

12. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Between one and five years | - |  | 63,376 |  |

13. | PROVISIONS FOR LIABILITIES

2024 | 2023 |

£ | £ |

| Deferred tax

| Accelerated capital allowances | 107,500 |  | 90,750 |  |

| Deferred |

| tax |

£ |

| Balance at 1 January 2024 | 90,750 |  |

| Provided during year | 16,750 |  |

| Balance at 31 December 2024 | 107,500 |  |

14. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 1,053,498 | Ordinary A | £1 | 1,053,498 |  | 1,053,498 |  |

| 52,500 | Ordinary B | £1 | 52,500 |  | 52,500 |  |

| 58,210 | Ordinary C | £1 | 58,210 |  | 58,210 |  |

1,164,208 |  | 1,164,208 |  |

| Seafish U.K. Limited (Registered number: SC058333) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

14. | CALLED UP SHARE CAPITAL - continued

| Ordinary B shares of £1 each have the following rights, preferences and restrictions:

| The B shares rank pari-passu with the A shares except that they do not carry any voting rights.

| Ordinary C shares of £1 each have the following rights, preferences and restrictions:

| The C shares have their own rights to dividends but no voting rights.

15. | RESERVES

| Capital |

| Retained |  | redemption |

| earnings |  | reserve |  | Totals

£ | £ | £ |

| At 1 January 2024 | 6,359,077 |  | 1,065,790 |  | 7,424,867 |  |

| Profit for the year | 458,773 |  | 458,773 |  |

| At 31 December 2024 | 6,817,850 |  | 1,065,790 |  | 7,883,640 |  |