The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Grampian Sea Fishing Limited is a private company limited by shares incorporated in Scotland. The registered office is C/O Peter & J Johnstone Limited, Bridge Street, Peterhead, AB42 1DH.

The principal accounting policies adopted are set out below.

These financial statements have been prepared in accordance with the provisions of FRS 102 section 1A small entities. There were no material departures from the standard.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared on the historical cost convention.

The financial statements have been prepared in a going concern basis. Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

In the prior year, the financial statements were prepared on a basis other than going concern due to the expectation of a group restructure occurring, in which the investments held by the company would be transferred to another group company. During the current year, the directors made the decision not to make such a transfer and as such, the directors are satisfied that the going concern basis is now appropriate and they no longer have the intention to wind up the company. This assessment is based on the future plans of transferring investments from other group companies into Grampian Sea Fishing Limited.

The company has interests in a number of partnerships owning fishing vessels.

The company's proportion of profits, after depreciation, to the last accounting date of each partnership falling on or before 31 March 2025 is included in the company's financial statements together with profits or losses relating to the disposal of major partnership assets subsequent to the last partnership accounting date but prior to 31 March 2025.

In each partnership the fixed assets are depreciated on bases similar to those adopted by the company.

Amounts due to or from the various partnerships are separately disclosed in the company's financial statements.

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Loans and other receivables that have a fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Basic financial liabilities, including creditors, are initially and subsequently recognised at transaction price.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other liabilities in a transaction that affects neither the tax profit nor accounting profit.

Group accounts

In one partnership the company's interest was in excess of 50%. Group accounts have not been prepared as the company is a wholly owned subsidiary of another company incorporated in Great Britain which prepares consolidated accounts. These accounts therefore present information about the company as an individual undertaking and not about its group.

Fixed asset investments not carried at market value are measured at cost less impairment on the basis that they represent shares in entities that are not publicly traded and the fair value cannot otherwise be measured reliably.

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company has taken advantage of the exemption available in accordance with section 33 of FRS 102 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is a party to the transactions.

The ultimate parent company and controlling party is Andrew Marr International Limited, a company registered in England and heads the group into which the results of the company are consolidated.