Company No: SC095061 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	4,143,102		4,259,389
Investment property	4	310,000		477,370
		4,453,102		4,736,759
Current assets
Stocks		145,726		248,010
Debtors	5	181,894		253,532
Cash at bank and in hand		21,399		11,792
		349,019		513,334
Creditors: amounts falling due within one year	6	( 839,756)		( 733,163)
Net current liabilities		(490,737)		(219,829)
Total assets less current liabilities		3,962,365		4,516,930
Creditors: amounts falling due after more than one year	7	( 1,166,644)		( 1,263,773)
Provision for liabilities	8	( 64,095)		( 167,996)
Net assets		2,731,626		3,085,161
Capital and reserves
Called-up share capital	9	50,000		50,000
Profit and loss account		2,681,626		3,035,161
Total shareholders' funds		2,731,626		3,085,161

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Piper Seafoods Limited (registered number: SC095061) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

Robert Fraser 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

Piper Seafoods 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 28 Albyn Place, Aberdeen, AB10 1YL, United Kingdom. The principal place of business is South Esplanade West, Torry, Aberdeen, AB11 9AA.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

At the balance sheet date, the company had net current liabilities as shown in the balance sheet.

Included within creditors is a balance due to the directors and shareholders. The directors have agreed that the loan will not be repaid to the detriment of the company’s ability to operate and they will continue to support the company for the next 12 months. They believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements and therefore believe it is appropriate to prepare the accounts on a going concern basis

Turnover

Turnover represents net invoiced sales of shellfish products and other fish processing activities, excluding value added tax. Turnover is recognised on an accruals basis.

Revenue from the sale of shellfish is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, 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.

Employee benefits

Short term benefits
The cost 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 services are received.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	50 years straight line
Plant and machinery	10 % reducing balance
Vehicles	20 % reducing balance
Fixtures and fittings	4 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
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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

At each reporting 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).

Investment property

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

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity.

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

Cash and cash equivalents

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

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 measured at transaction price.

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 bank 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. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

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	16		17

3. Tangible assets

	Land and buildings		Plant and machinery		Vehicles		Fixtures and fittings		Total
	£		£		£		£		£
Cost
At 01 January 2024	4,791,112		424,397		26,745		47,481		5,289,735
Additions	0		1,285		0		0		1,285
Disposals	0		( 10,196)		0		0		( 10,196)
At 31 December 2024	4,791,112		415,486		26,745		47,481		5,280,824
Accumulated depreciation
At 01 January 2024	704,307		269,181		11,055		45,803		1,030,346
Charge for the financial year	96,379		15,706		3,138		910		116,133
Disposals	0		( 8,757)		0		0		( 8,757)
At 31 December 2024	800,686		276,130		14,193		46,713		1,137,722
Net book value
At 31 December 2024	3,990,426		139,356		12,552		768		4,143,102
At 31 December 2023	4,086,805		155,216		15,690		1,678		4,259,389

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	477,370
Fair value movement	(167,370)
As at 31 December 2024	310,000

Valuation

The fair value of the investment property has been arrived at on the basis of valuations carried out at 7 April 2025 by Graham + Sibbald LLP, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The directors are satisfied that the fair value of the properties at 31 December 2024 are not materially different to this valuation.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	477,370		477,370

5. Debtors

	2024		2023
	£		£
Trade debtors	160,464		219,460
Other debtors	21,430		34,072
	181,894		253,532

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	96,539		83,361
Trade creditors	276,015		359,398
Taxation and social security	16,381		23,355
Other creditors	450,821		267,049
	839,756		733,163

Bank loans are secured by a floating charge and standard security over the company properties.

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	1,166,644		1,263,773

The bank loans are secured by a floating charge and standard security over the company properties.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2024		2023
	£		£
Bank loans	459,224		612,014

8. Provision for liabilities

	2024		2023
	£		£
Deferred tax	64,095		167,996

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
49,000 Ordinary shares of £ 1.00 each	49,000		49,000
1,000 A ordinary shares of £ 1.00 each	1,000		1,000
	50,000		50,000

10. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	8,079		7,686

The above annual financial commitment relates to an operating lease.

11. Related party transactions

Transactions with owners holding a participating interest in the entity

	2024		2023
	£		£
Amount due from shareholder	0		15,000

There are no fixed repayment terms and the loan is interest free.

Transactions with the entity's directors

	2024		2023
	£		£
Amounts due to directors	426,278		242,908

There are no fixed repayment terms and the loan is interest free.