ACCOUNTS - Final Accounts preparation

Commitments under operating leases

At 31 March 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

Unaudited Financial Statements

Glenluce Fishing Co. Limited

For the Year Ended 31 March 2025

Registered number: NI018229


Glenluce Fishing Co. Limited

Company Information

Directors	Andrew Orr
	James Orr
	Alan Orr


Registered number	NI018229


Registered office	218 Kilkeel Road
	Annalong
	Newry
	Down
	BT34 4TW


Accountants	Grant Thornton Advisors (NI) LLP
	Chartered Accountants
	12 - 15 Donegall Square West
	Belfast
	BT1 6JH


Bankers	First Trust Bank
	33 Greencastle Street
	Kilkeel
	BT34 4BH


	Danske Bank
	42 Greencastle Street
	Kilkeel
	BT34 4BH


	AIB Bank
	Anvil House
	Main Street
	Killybegs
	Co Donegal


Glenluce Fishing Co. Limited

Contents

	Page
Accountants' Report	1
Balance Sheet	2 - 3
Statement of Changes in Equity	4
Notes to the Financial Statements	5 - 14

Independent Accountant's Report to the directors of the unaudited financial statements of Glenluce Fishing Co. Limited for the Year Ended 31 March 2025

In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Glenluce Fishing Co. Limited for the year ended 31 March 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us.

The financial statements have been prepared on the basis set out in the notes to the financial statements.

This report is made solely to the directors of Glenluce Fishing Co. Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Glenluce Fishing Co. Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Glenluce Fishing Co. Limited and its directors, as a body, for our work or for this report.

We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements.

You have approved the financial statements for the year ended 31 March 2025 and you have acknowledged on the Balance Sheet as at 31 March 2025 your duty to ensure that Glenluce Fishing Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Glenluce Fishing Co. Limited is exempt from the statutory audit requirement for the year ended 31 March 2025.

We have not been instructed to carry out an audit or review the financial statements of Glenluce Fishing Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Grant Thornton Advisors (NI) LLP
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH

Date: 28 October 2025

Page 1


Glenluce Fishing Co. Limited Registered number:NI018229

Balance Sheet

As at 31 March 2025

		2025		2024
Note		£		£

Fixed assets
Intangible assets	5		1,941,539		2,080,907
Tangible assets	6		2,465,304		2,834,065
Investments	7		250,000		-
			4,656,843		4,914,972
Current assets
Debtors: amounts falling due within one year	8	377,283		474,373
Cash at bank and in hand	9	5,943,971		3,950,208
		6,321,254		4,424,581
Creditors: amounts falling due within one year	10	(698,750)		(492,883)
Net current assets			5,622,504		3,931,698
Total assets less current liabilities			10,279,347		8,846,670
Provisions for liabilities
Deferred tax liability	11	(683,782)		(760,054)
			(683,782)		(760,054)
Net assets			9,595,565		8,086,616

Capital and reserves
Called up share capital	12	765	765
Capital redemption reserve	13	25	25
Capital reserve	13	96,746	96,746
Profit and loss account	13	9,498,029	7,989,080
		9,595,565	8,086,616

Page 2


Glenluce Fishing Co. Limited Registered number:NI018229

Balance Sheet (continued)

As at 31 March 2025

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2025.

Andrew Orr

Director

The notes on pages 5 to 14 form part of these financial statements.

Page 3


Glenluce Fishing Co. Limited

Statement of Changes in Equity

For the Year Ended 31 March 2025

	Called up share capital	Capital redemption reserve	Captial reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2024	765	25	96,746	7,989,080	8,086,616

Profit for the year	-	-	-	1,994,949	1,994,949
Dividends: Equity capital	-	-	-	(486,000)	(486,000)
At 31 March 2025	765	25	96,746	9,498,029	9,595,565

Statement of Changes in Equity

For the Year Ended 31 March 2024

	Called up share capital	Capital redemption reserve	Capital reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 April 2023	765	25	96,746	7,232,937	7,330,473

Profit for the year	-	-	-	1,272,518	1,272,518
Dividends: Equity capital	-	-	-	(516,375)	(516,375)
At 31 March 2024	765	25	96,746	7,989,080	8,086,616

The notes on pages 5 to 14 form part of these financial statements.

Page 4


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

1.	General information

Glenluce Fishing Co. Limited is a private company limited by shares and incorporated in Northern Ireland. The registered office is 218 Kilkeel Road, Annalong, Newry, BT34 4TW.
The principal activity of the company is that of marine fishing.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Going concern

The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.

2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 5


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Intangible assets

Licenses and quotas acquired by the Company are stated at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is charged to the profit or loss on a straight line basis over the estimated useful lives of the licences and quotas to their residual values. Intangible assets are amortised from the date they are available for use. The estimated useful life is 10 years.
Amortisation methods, useful lives and residual values are reviewed if there is an indication of a significant change in any of these since the last annual reporting date.

Page 7


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

2.Accounting policies (continued)

2.12

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using both the straight line and reducing balance methods.

Depreciation is provided on the following basis:

Long-term leasehold property	-	2%	straight line
Vessels and equipment	-	15%	reducing balance
Motor vehicles	-	25%	reducing balance
Office equipment	-	25%	reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.13

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 8


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

2.Accounting policies (continued)

2.17

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:
a) Recoverability of debtors
Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered.
b) Useful economic lives of tangible assets and intangible assets
The annual depreciation/amortisation charge for tangible/intangible assets is sensitive to changes in the
estimated useful economic lives and residual values of the assets. The useful economic lives and residual
values are re-assessed annually. They are amended when necessary to reflect current estimates, based on
future investments, economic utilisation and the physical condition of the assets

Employees

The average monthly number of employees, including directors, during the year was 21 (2024 - 18).

Page 9


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

5.	Intangible assets

		Licences and quotas
		£
	Cost
	At 1 April 2024	2,744,069
	At 31 March 2025	2,744,069
	Amortisation
	At 1 April 2024	663,162
	Charge for the year	139,368
	At 31 March 2025	802,530
	Net book value
	At 31 March 2025	1,941,539
	At 31 March 2024	2,080,907

Page 10


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

6.	Tangible fixed assets

	Leasehold property	Vessels and equipment	Motor vehicles	Office equipment	Total
	£	£	£	£	£
Cost or valuation
At 1 April 2024	91,929	6,949,312	155,685	25,046	7,221,972
Additions	-	12,972	40,050	873	53,895
At 31 March 2025	91,929	6,962,284	195,735	25,919	7,275,867
Depreciation
At 1 April 2024	1,226	4,290,417	74,166	22,098	4,387,907
Charge for the year	1,839	399,645	20,380	792	422,656
At 31 March 2025	3,065	4,690,062	94,546	22,890	4,810,563
Net book value
At 31 March 2025	88,864	2,272,222	101,189	3,029	2,465,304
At 31 March 2024	90,703	2,658,895	81,519	2,948	2,834,065

7.	Fixed asset investments

		Unlisted investments
		£
	Cost or valuation
	Additions	250,000
	At 31 March 2025	250,000

Page 11


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

Debtors

					2025	2024
					£	£


Trade debtors	252,541	365,217
Other debtors	25,781	18,421
Prepayments and accrued income	98,961	90,735
	377,283	474,373

9.	Cash and cash equivalents
		2025	2024
		£	£

Cash at bank and in hand	5,943,971	3,950,208
	5,943,971	3,950,208

10.	Creditors: Amounts falling due within one year
		2025	2024
		£	£

Trade creditors	328,639	236,973
Corporation tax	353,742	244,960
Other taxation and social security	4,669	-
Accruals and deferred income	11,700	10,950
	698,750	492,883

11.	Deferred tax liability

	2025	2024
	£	£

At beginning of year	760,054	851,389
Charged to profit or loss	(76,272)	(91,335)
At end of year	683,782	760,054

Page 12


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

11.Deferred tax liability (continued)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances	649,203	725,475
Rolled over capital gains	34,579	34,579
	683,782	760,054

12.	Share capital
		2025	2024
		£	£

Allotted, called up and fully paid

75 (2024 - 75) 'A' Ordinary shares of £1.00 each	75	75
15 (2024 - 15) 'B' Ordinary shares of £1.00 each	15	15
675 (2024 - 675) 'C' Ordinary shares of £1.00 each	675	675

	765	765

13.

Reserves

Capital redemption reserve

Includes the nominal value of shares repurchased by the company.

Profit and loss account

This includes all current and prior period retained profit and losses.

14.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £184,480 (2024 - £200,480).

Page 13


Glenluce Fishing Co. Limited

Notes to the Financial Statements

For the Year Ended 31 March 2025

	Not later than 1 year	-	8,752
		-	8,752

During the year £11,417 was recognised as an expense in the profit and loss account in respect of vessel and equipment's operating lease (2024: £34,250).

16.	Related party transactions
	There are no related party transactions requiring disclosure in these financial statements.

17.	Controlling party

The ultimate controlling party is Andrew Orr by virtue of his shareholding.

Page 14