REGISTERED NUMBER: SC101009 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements

for the Period 1 October 2023 to 31 December 2024

for

Altaire Fishing Company Limited

Page

Company Information

1

Strategic Report

3

Report of the Directors

4

Report of the Independent Auditors

5

Statement of Income and Retained Earnings

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTORS:

J J Colam

Interfish Limited

I.F. Limited

Scerene Fishing Company Limited

C Duncan

I Ramsay

SECRETARY:

I Ramsay

REGISTERED OFFICE:

C/O RSM

Third Floor, Centenary House

69 Wellington Street

Glasgow

G2 6HG

BUSINESS ADDRESS:

Wallsend Industrial Estate

Cattedown Road, Cattedown

Plymouth

Devon

PL4 0RW

REGISTERED NUMBER:

SC101009 (Scotland)

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

The Directors present their strategic report for the period ended 31 December 2024.

Business Review

The principle activity of the company continued to be that of fishing.

The results of the period, and the financial position of the company are shown in the annexed financial statements.

The company regards the KPI's as turnover and profitability, both of which are stated in the financial statements. Results are influenced by the availability of fishing opportunities, market prices and other general items including fuel.

The company is committed to a long term, sustainable fishing industry. Where possible the company engages with independent sustainable certification providers for its fisheries and is engaged in data collection programmes for wild fish stocks.

The directors continue to pay close attention to vesulatory environmental considerations including low emission machinery and ensuring the company operates in the most efficient manner possible.

The directors also continue to take steps to ensure that high safety and welfare standards are maintained for all company personnel and use third parties to independently verify this against company policies..

The principle risks and uncertainties affecting the business include:

Foreign currency exchange, raw material and fuel prices and the actions of regulatory authorities. All these are closely monitored by the company.

ON BEHALF OF THE BOARD:

J J Colam - Director

3 September 2025

The directors present their report with the financial statements of the company for the period 1 October 2023 to 31 December 2024.

DIVIDENDS

The total distribution of dividends for the period ended 31 December 2024 will be £ 9,000,000 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 October 2023 to the date of this report.

J J Colam

Interfish Limited

I.F. Limited

Scerene Fishing Company Limited

C Duncan

I Ramsay

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies 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.

ON BEHALF OF THE BOARD:

J J Colam - Director

3 September 2025

Opinion

We have audited the financial statements of Altaire Fishing Company Limited (the 'company') for the period ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and 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 period 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 Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors 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 Report of the Directors.

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 four, 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.

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 a Report of the Auditors 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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-

the nature of the industry and sector, control environment and business performance;

-

results of enquiries of management about their own identification and assessment of the risks of irregularities;

-

any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

-

the matters discussed among the audit engagement team and involving other internal specialists including tax regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

-

enquiring of management concerning actual and potential litigation and claims;

-

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

-

in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 a Report of the Auditors 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.

I Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

15 September 2025

TURNOVER

3

48,332,281

23,701,200

Cost of sales

(15,892,844

)

(11,601,567

)

GROSS PROFIT

32,439,437

12,099,633

Administrative expenses

(2,481,942

)

2,854,126

OPERATING PROFIT

5

29,957,495

14,953,759

Interest receivable and similar income

131,987

25,664

30,089,482

14,979,423

Interest payable and similar expenses

6

(98,034

)

-

PROFIT BEFORE TAXATION

29,991,448

14,979,423

Tax on profit

7

(7,496,435

)

(3,760,139

)

PROFIT FOR THE FINANCIAL PERIOD

22,495,013

11,219,284

Retained earnings at beginning of period

64,649,657

57,430,373

Dividends

8

(9,000,000

)

(4,000,000

)

RETAINED EARNINGS AT END OF PERIOD

78,144,670

64,649,657

FIXED ASSETS

Intangible assets

9

30,086,936

30,086,936

Tangible assets

10

32,609,840

34,569,452

Investments

11

4,172,200

4,172,200

66,868,976

68,828,588

CURRENT ASSETS

Debtors

12

15,764,734

5,556,102

Cash at bank

9,048,576

2,243,088

24,813,310

7,799,190

CREDITORS

Amounts falling due within one year

13

(4,172,287

)

(2,662,885

)

NET CURRENT ASSETS

20,641,023

5,136,305

TOTAL ASSETS LESS CURRENT LIABILITIES

87,509,999

73,964,893

PROVISIONS FOR LIABILITIES

15

(9,266,329

)

(9,216,236

)

NET ASSETS

78,243,670

64,748,657

CAPITAL AND RESERVES

Called up share capital

16

99,000

99,000

Retained earnings

17

78,144,670

64,649,657

SHAREHOLDERS' FUNDS

78,243,670

64,748,657

The financial statements were approved by the Board of Directors and authorised for issue on 3 September 2025 and were signed on its behalf by:

J J Colam - Director

1.	STATUTORY INFORMATION

Altaire Fishing Company 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.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates

In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Significant accounting Judgements

The significant accounting judgements that the directors have made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of intangible fixed assets as discussed below.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets

Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover is measured at fair value of the consideration received or receivable, excluding discounts, rebates and value added tax from the provision of goods and services which fall within the company's ordinary activity. The directors consider the business to comprise a single activity.

Bank interest is recognised in the period in which it was received.

Intangible fixed assets

No amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the directors there has been no impairment in their value during the period and the directors do not envisage any impairment arising in the foreseeable future. The directors have based their assessment on the grounds that the licences, entitlements and associated benefits have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

The company has also rebutted the presumption that intangible assets should be amortised on the grounds that this is necessary to give a true and fair view.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

2% on cost

Boat

-

20% on cost, 5% on cost and 2.5% on cost

Nets & gear

-

33% on cost

Tangible fixed assets are recorded at cost less accumulated depreciation and accumulated impairment losses.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 period 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Investment in associates

Investments in associates are accounted for at cost less impairment in the financial statements of the company.

Hire purchase and leasing commitments

Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each lease or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the outstanding liability.

Rentals paid under operating leases are charged to income as incurred.

Going concern

The company's financial statements have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company is expected to generate positive cash flows on its own account and has adequate resources to continue in operational existence for the foreseeable future.

3.

TURNOVER

Turnover represents the amount derived from the provision of goods and services which fall due within the company's ordinary activities, stated net of value added tax. In the opinion of the directors it would be seriously prejudicial to the company's interests to provide an analysis of turnover between geographical areas or class of business.

4.	EMPLOYEES AND DIRECTORS

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

£

£

Wages and salaries

4,654,024

1,846,586

The average number of employees during the period was as follows:

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

Directors

4

4

Share fishermen are self-employed and their earnings are taxed under the provisions of the Income Tax (Trading and Other Income) Act 2005 (ITTOI Act 2005).

By agreement with HM Revenue & Customs, the directors, some of whom are share fishermen, are entitled to have their crew share of profit taxed under the provisions of ITTOI Act 2005 rather than as directors' emoluments under the provisions of the Income Tax (Earnings and Pensions) Act 2003. The total of such transactions for the year amounted to £1,219,017 (2023: £483,495).

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

£

£

Directors' remuneration

-

-

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

£

£

Depreciation - owned assets

1,991,612

543,410

Profit on disposal of fixed assets

-

(3,837,879

)

Auditors' remuneration

14,000

13,500

Foreign exchange differences

175,017

91,461

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

£

£

Other interest

98,034

-

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the period was as follows:

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

£

£

Current tax:

UK corporation tax

6,080,216

823,045

Group relief

1,366,126

34,567

Total current tax

7,446,342

857,612

Deferred tax

50,093

2,902,527

Tax on profit

7,496,435

3,760,139

Reconciliation of total tax charge included in profit and loss

The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

£

£

Profit before tax

29,991,448

14,979,423

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

7,497,862

3,744,856

Effects of:

Expenses not deductible for tax purposes

280

-

Capital allowances in excess of depreciation

(1,707

)

-

Depreciation in excess of capital allowances

-

138,083

differences

Tax rate change

-

(122,800

)

Total tax charge

7,496,435

3,760,139

8.

DIVIDENDS

Period

1.10.23

to

Year Ended

31.12.24

30.9.23

£

£

Interim

9,000,000

4,000,000

9.	INTANGIBLE FIXED ASSETS

Boat

licences

and

entitlements

£

COST

At 1 October 2023

and 31 December 2024

30,086,936

NET BOOK VALUE

At 31 December 2024

30,086,936

At 30 September 2023

30,086,936

Other intangible fixed assets acquired at no cost have not been valued at the balance sheet date.

10.	TANGIBLE FIXED ASSETS

Land and

Nets &

buildings

Boat

gear

Totals

£

£

£

£

COST

At 1 October 2023

543,896

33,166,148

1,976,977

35,687,021

Additions

-

-

32,000

32,000

At 31 December 2024

543,896

33,166,148

2,008,977

35,719,021

DEPRECIATION

At 1 October 2023

1,830

193,050

922,689

1,117,569

Charge for period

13,597

1,447,886

530,129

1,991,612

At 31 December 2024

15,427

1,640,936

1,452,818

3,109,181

NET BOOK VALUE

At 31 December 2024

528,469

31,525,212

556,159

32,609,840

At 30 September 2023

542,066

32,973,098

1,054,288

34,569,452

11.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 October 2023

and 31 December 2024

4,172,200

NET BOOK VALUE

At 31 December 2024

4,172,200

At 30 September 2023

4,172,200

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Associated company

Northbay Pelagic Limited

Registered office: United Kingdom

Nature of business: Wholesale supply of pelagic fish

%

Class of shares:

holding

Ordinary

41.68

2024

2023

£

£

Aggregate capital and reserves

17,806,103

17,473,138

Profit for the period/year

332,965

838,135

The company also holds 32.15% of the issued ordinary share capital of Ollaberry Community Enterprise Limited, a company registered in Scotland.

The company regards itself as a benefactor in this community enterprise and does not exercise any significant influence over its financial and operating policies. Although the proportion of its shareholding indicates a participating interest, it is treated as an investment and not as an associated company.

12.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

10,726,532

2,013,425

Other debtors

-

137,707

Prepayments

98,511

146,839

10,825,043

2,297,971

Amounts falling due after more than one year:

Amounts owed by group undertakings

4,939,691

3,258,131

Aggregate amounts

15,764,734

5,556,102

13.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

308,164

568,564

Amounts owed to group undertakings

2,842

2,381,563

Tax

3,783,269

(367,970

)

Other creditors

60,445

-

Accruals & deferred income

17,567

80,728

4,172,287

2,662,885

14.	LEASING AGREEMENTS

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

2024

2023

£

£

Within one year

5,400

8,101

Between one and five years

-

7,426

5,400

15,527