REGISTERED NUMBER: SC292787 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Gulfcrown Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B Santiago Freire

Mrs M d C Santiago Santiago

Mrs E Santiago Rodriguez

REGISTERED OFFICE:

27 Finlayson street

Fraserburgh

Aberdeenshire

AB43 9JQ

REGISTERED NUMBER:

SC292787 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

85,715

133,603

Tangible assets

5

14,392

12,219

100,107

145,822

CURRENT ASSETS

Debtors

6

46,226

33,355

Investments

7

394,816

397,038

Cash at bank

2,766,267

2,962,551

3,207,309

3,392,944

CREDITORS

Amounts falling due within one year

8

602,285

477,588

NET CURRENT ASSETS

2,605,024

2,915,356

TOTAL ASSETS LESS CURRENT LIABILITIES

2,705,131

3,061,178

CAPITAL AND RESERVES

Called up share capital

100

100

Accumulated comprehensive

income

39,423

159,106

Retained earnings

2,665,608

2,901,972

SHAREHOLDERS' FUNDS

2,705,131

3,061,178

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2025 and were signed on its behalf by:

Mrs M d C Santiago Santiago - Director

1.	STATUTORY INFORMATION

Gulfcrown 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 assets - fishing licence & quota

The Fishing licence and quota are reported on a cost model basis with the items recognised at original cost less an annual amortisation charge. The assets are amortised on a straight line basis over a 10 year period. This policy was adopted in the 2016 financial year following the introduction of the Financial Reporting Standard 102. The intangible assets were previously reported at cost with no annual amortisation charge.

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

-

10% 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.

Taxation

Taxation for the year comprises current 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 balance sheet date.

Foreign currencies

The functional currency of the company is the Euro (€) with the bulk of the day to day operating transactions being undertaken in this currency. The company is registered in Scotland and therefore the directors have opted to present the financial information in sterling (£).

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Fixed Assets are valued at the historical rate of exchange. Transactions in currencies, other than the functional currency (€), which take place during the course of the financial year are translated at the rate of exchange ruling at the date of transaction. Any exchange differences arising during the financial year are reported through the Profit & Loss Account and are taken into account in arriving at the operating result. Exchange gains or losses which arise on conversion of the functional currency balances to the currency used for presentation in the Financial Statements are reported through the Statement of Other Comprehensive Income/Losses.

Current asset investments

The portfolio of investments is managed by professional fund managers and the investments are stated at market value as at the financial year end. The net value of any gains or losses on revaluation are declared through the Statement of Income but any such gains do not form part of the distributable profit of the company.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Fishing

licence &

quota

£

COST

At 1 January 2024

and 31 December 2024

478,884

AMORTISATION

At 1 January 2024

345,281

Amortisation for year

47,888

At 31 December 2024

393,169

NET BOOK VALUE

At 31 December 2024

85,715

At 31 December 2023

133,603

5.	TANGIBLE FIXED ASSETS

Fishing

vessel

£

COST

At 1 January 2024

169,611

Additions

5,500

At 31 December 2024

175,111

DEPRECIATION

At 1 January 2024

157,392

Charge for year

3,327

At 31 December 2024

160,719

NET BOOK VALUE

At 31 December 2024

14,392

At 31 December 2023

12,219

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

8,977

27,286

Other debtors

996

1,041

Tax

3,115

1,791

VAT

14,148

3,237

Prepayments

18,990

-

46,226

33,355

7.	CURRENT ASSET INVESTMENTS

The portfolio of investments is managed by professional fund managers and the investments are stated at market value as at the financial year end. The net value of any gains or losses on revaluation are declared through the Statement of Income but any such gains do not form part of the distributable profit of the company.

2024

2023

£

£

Original cost of investments

373,094

387,990

Revaluation gain/(Loss)

21,722

9,048

Market Value as at 31 December 2024

394,816

397,038

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

136,992

85,187

Other creditors

179,918

94,623

Directors' current accounts

282,725

295,453

Accrued expenses

2,650

2,325

602,285

477,588

9.	RELATED PARTY DISCLOSURES

As reported within the creditors note, a balance of £282,725 (€340,598) was owing to the director Mr B. Santiago Freire as at 31 December 2024. There are no specific terms of repayment for this loan and no interest is accrued.

'Agents fees' of £252,115 as stated in the Profit & Loss Account includes fees charged by Pescacarino SA of £161,167 (€190,000) in respect of services provided.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Pescacarino S.A.

11.	SHAREHOLDERS' FUNDS AND RESERVES

The reserve of 'Accumulated comprehensive income/loss' represents the accumulated exchange rate gains/losses on conversion of the closing financial balances from the functional currency (€) to the presentational currency (£). The value of this particular reserve is non distributable.

The balance of retained earnings of £2,665,608 includes net accumulated gains of £21,722 on the revaluation of investments. Gains which arise on revaluation of investments are non distributable.

12.	DEFERRED TAXATION

Based on the net book value of the relevant fixed assets as stated in the Balance Sheet a deferred tax asset position has been identified. The balance sheet values of the tangible fixed assets are reported at original cost less accumulated depreciation but the current market value of the assets may be higher than stated which may result in an additional tax charge on disposal should the actual disposal values be significantly higher than the current written down values. On this basis, the calculated deferred tax asset has not been recognised in the financial statements.