REGISTERED NUMBER: 03519154 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Sealskill Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs M D Vidal Marino

Mr F J Sampedro Garcia

REGISTERED OFFICE:

Viewlands Cottage

Coldharbour

Dorking

RH5 6HJ

REGISTERED NUMBER:

03519154 (England and Wales)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

38,231

43,546

Tangible assets

5

127,776

124,032

166,007

167,578

CURRENT ASSETS

Debtors

6

462,068

303,586

Cash at bank

1,811,599

2,048,337

2,273,667

2,351,923

CREDITORS

Amounts falling due within one year

7

166,910

36,617

NET CURRENT ASSETS

2,106,757

2,315,306

TOTAL ASSETS LESS CURRENT LIABILITIES

2,272,764

2,482,884

CAPITAL AND RESERVES

Called up share capital

329,998

329,998

Revaluation reserve

8

683,084

683,084

Retained earnings

8

1,259,682

1,469,802

SHAREHOLDERS' FUNDS

2,272,764

2,482,884

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

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:

Mrs M D Vidal Marino - Director

Mr F J Sampedro Garcia - Director

1.	STATUTORY INFORMATION

Sealskill Limited is a private company, limited by shares , registered in England and Wales. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in the currency of Euros.

Turnover

Turnover represents amounts receivable for goods (sale of fish) provided in the normal course of business, net of VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Intangible fixed assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation of the Fishing Licence is provided on a straight line basis over 10 years. (The policy was amended from 20 years to 10 years in the 2012 financial year).

Computer software costs are written down over 2 years.

Tangible fixed assets

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

Fishing vessel

-

20% on cost

Marine equipment

-

20% on cost

Computer equipment

-

50% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

The fishing vessel was fully written down as at the financial year end.

Taxation

Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Foreign currencies

The trading transactions of the company are primarily undertaken in Euros. Any transaction undertaken in other currencies, such are sterling, are converted at the rate ruling on the day the transaction takes place.

The financial statements are prepared and presented using the functional currency of the entity which is the Euro (€).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

€

COST

At 1 January 2024

1,450,810

Additions

2,500

At 31 December 2024

1,453,310

AMORTISATION

At 1 January 2024

1,407,264

Charge for year

7,815

At 31 December 2024

1,415,079

NET BOOK VALUE

At 31 December 2024

38,231

At 31 December 2023

43,546

The intangible assets comprise of fishing licence, quota and software.

5.	TANGIBLE FIXED ASSETS

Fishing

Marine

Computer

vessel

equipment

equipment

Totals

€

€

€

€

COST

At 1 January 2024

227,662

269,392

4,252

501,306

Additions

-

40,632

148

40,780

Disposals

-

(489

)

-

(489

)

At 31 December 2024

227,662

309,535

4,400

541,597

DEPRECIATION

At 1 January 2024

227,662

145,608

4,004

377,274

Charge for year

-

36,773

221

36,994

Eliminated on disposal

-

(447

)

-

(447

)

At 31 December 2024

227,662

181,934

4,225

413,821

NET BOOK VALUE

At 31 December 2024

-

127,601

175

127,776

At 31 December 2023

-

123,784

248

124,032

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

€

€

Trade debtors

66,080

69,703

Other debtors

395,988

233,883

462,068

303,586

The balance of other debtors includes loans totalling €370,000 due by related companies (2023 YE: €210,000).

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

€

€

Trade creditors

69,815

33,617

Other creditors

97,095

3,000

166,910

36,617

8.

RESERVES

Retained

Revaluation

earnings

reserve

Totals

€

€

€

At 1 January 2024

1,469,802

683,084

2,152,886

Deficit for the year

(190,120

)

(190,120

)

Dividends

(20,000

)

(20,000

)

At 31 December 2024

1,259,682

683,084

1,942,766

9.	RELATED PARTY DISCLOSURES

Trade Creditors includes the sum of €13,372 (2023: €16,760) due to Hijos de Vidal Bandin S.A., a company which owns 100% of the issued share capital of Sealskill Ltd. There are no fixed terms of repayment.

Legal & Professional costs charged against the profits of the company include the sum of €14,400 (2023: €14,400) in respect of management charges made by Hijos de Vidal Bandin S.A.

10.	ULTIMATE CONTROLLING PARTY

The company is controlled by Hijos de Vidal Bandin S.A.

11.	DEFERRED TAX

Based on the net book value of the relevant fixed assets as stated in the Balance Sheet, the directors concluded that no provision for deferred taxation required to be made for the year under report. The balance sheet values of assets are reported at original cost less accumulated depreciation but the current market value of the assets may be higher than stated. An additional taxation charge may therefore arise on disposal of such assets should the actual disposal values be significantly higher than the current written down values.