REGISTERED NUMBER: SC423669 (Scotland)

Sea Harvest Scotland Ltd.

Audited Financial Statements

for the Year Ended 28th February 2025

Page

Company information

1

Balance sheet

2

Notes to the financial statements

3

to

6

Directors:

Mrs J Callander

J G Callander

J C Cook

P J Virtue

Mrs S A Wilson

Secretary:

R Mark

Registered office:

Unit 1

Coldingham Road Industrial Estate

Eyemouth

Berwickshire

TD14 5AN

Business address:

Morlich Steading

17 The Square

Grantown on Spey

Morayshire

PH26 3JH

Registered number:

SC423669 (Scotland)

Auditors:

Rennie Welch Audit Limited

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Fixed assets

Tangible assets

4

77,732

79,046

Current assets

Stocks

1,630

2,653

Debtors

5

275,017

347,937

Cash at bank

449,372

390,306

726,019

740,896

Creditors

Amounts falling due within one year

6

249,051

240,004

Net current assets

476,968

500,892

Total assets less current liabilities

554,700

579,938

Provisions for liabilities

253

66

Net assets

554,447

579,872

Capital and reserves

Called up share capital

100

100

Retained earnings

554,347

579,772

Shareholders' funds

554,447

579,872

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 17th November 2025 and were signed on its behalf by:

Mrs J Callander - Director

Mrs S A Wilson - Director

1.	Statutory information

Sea Harvest Scotland Ltd. 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 is the amount derived from ordinary activities, and is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.

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

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

- 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 economic benefits associated with the transaction will flow to the company; and

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

Tangible fixed assets

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

Freehold property

-

2% on reducing balance

Improvements to property

-

8% on reducing balance

I.T. equipment

-

20% on cost

Office equipment

-

20% on cost

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

Stocks

Stock consists of finished goods which are valued at the lower of cost and estimated selling price less costs to sell.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, other creditors, accruals, directors' loans and related party current accounts.

Trade debtors, trade creditors, other creditors, accruals, directors' loans and related party current accounts (both being repayable on demand) are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

Taxation

Taxation for the year comprises current and deferred 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.

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 the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Employee benefits

Short-term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Provisions

Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Going concern

The directors have considered the company's financial position for a period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements.

3.	Employees and directors

The average number of employees during the year was 4 (2024 - 4 ) .

4.	Tangible fixed assets

Improvements

Freehold

to

I.T.

Office

property

property

equipment

equipment

Totals

£

£

£

£

£

Cost

At 1st March 2024

88,113

3,155

11,812

11,226

114,306

Additions

-

-

-

1,540

1,540

At 28th February 2025

88,113

3,155

11,812

12,766

115,846

Depreciation

At 1st March 2024

13,150

1,395

11,812

8,903

35,260

Charge for year

1,499

141

-

1,214

2,854

At 28th February 2025

14,649

1,536

11,812

10,117

38,114

Net book value

At 28th February 2025

73,464

1,619

-

2,649

77,732

At 29th February 2024

74,963

1,760

-

2,323

79,046

5.

Debtors: amounts falling due within one year

2025

2024

£

£

Trade debtors

261,301

336,012

Amounts owed by group undertakings

2,201

1,554

Other debtors

11,515

10,371

275,017

347,937

6.

Creditors: amounts falling due within one year

2025

2024

£

£

Trade creditors

130,632

148,683

Amounts owed to group undertakings

54,378

28,422

Taxation and social security

37,493

36,026

Other creditors

26,548

26,873

249,051

240,004

7.	Secured debts

HSBC UK Bank PLC holds a floating charge over all assets and undertaking of the company.

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Gillian Adamson BSC (Hons) CA CTA (Senior Statutory Auditor)

for and on behalf of Rennie Welch Audit Limited

9.	Directors' advances, credits and guarantees

Included within other debtors is the following loan to a director:

at 29 Feb

Amount

Amount

at 28 Feb

2024

Advanced

Repaid

2025

Director 1

5,891

-

1,157

7,048

Total

5,891

-

1,157

7,048

This loan is unsecured and repayable on demand with interest being charged on the overdrawn balance once exceeding the HMRC beneficial loan interest requirements, charged at the official rate of interest.

10.	Related party disclosures

During the year, the company paid management charges to D.R. Collin & Son Ltd (the parent of the group) to the value of £39,370 (2024 - £37,930) for an apportionment of overhead costs and management fees.

11.	Post balance sheet events

Since the year end, the following dividends have been declared...

- 8th April 2025, a dividend of £53,300 per ordinary A share was declared.

- 31st October 2025, a dividend of £2,000 per ordinary share and A ordinary share was declared.

12.	Name of parent of group

These financial statement are consolidated in the financial statements of D. R. Collin & Son Ltd. The registered office of D. R. Collin & Son Ltd is Unit 1 Coldingham Road Industrial Estate, Eyemouth, Scotland, TD14 5AN.