REGISTERED NUMBER: SC467133 (Scotland)

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

G & J JACK LIMITED

Page

Company Information

1

Group Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

to

6

Consolidated Income Statement

7

Consolidated Other Comprehensive Income

8

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

to

27

DIRECTOR:

Mr M Jack

REGISTERED OFFICE:

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

REGISTERED NUMBER:

SC467133 (Scotland)

AUDITORS:

Bain Henry Reid

Statutory Auditors

Chartered Accountants

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

BANKERS:

The Royal Bank of Scotland Plc

62 Broad Street

Fraserburgh

Aberdeenshire

AB43 9AS

SOLICITORS:

Brown & McRae

Anderson House

9-11 Frithside Street

Fraserburgh

Aberdeenshire

AB43 9AB

The director presents his strategic report of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of fish processing and related transport services.

REVIEW OF BUSINESS

The results for the year and financial position of the group and company are as shown in the annexed financial statements.

Key Performance Indicators

The director consider the key performance indicators to be as follows:

Movement

2025

2024

%

£'000

£'000

Turnover

27,997

27,862

0.48

Gross profit

1,513

1,362

11.09

Net (loss)/profit before tax

313

175

78.86

Net assets

1,488

1,559

(4.53

)

FUTURE OUTLOOK

Turnover has increased slightly, as have expenses mainly due to increases in wages. The group has increased its profits in the year.The group is expected to continue trading profitably and will be therefore will able to continue to take advantage of the economies of scale and further positive results are anticipated going forward.

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the group's objectives are subject to a number of risks. The key business risks and uncertainties affecting the group relate to fluctuations in market demand for fish products and competition from other fish processing companies. These risks are formally reviewed by the board and processes are put in place to monitor and to mitigate them as far as possible.

FINANCIAL RISK MANAGEMENT

The group's financial investments comprise cash at bank, invoice factoring and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the group's operations as well as to manage its working capital and liquidity.

Price Risk

The group is exposed to price risk due to normal inflationary risk and other fluctuations in the price of goods and services purchased, and fluctuations in selling prices both in the UK and overseas.

Liquidity Risk

The group actively maintains a mixture of long-term and short-term debt finance designed to ensure that it has sufficient funds available for current and future operations.

Credit Risk

The group has implemented policies that require appropriate credit checks on potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board.

Foreign Currency Risk

The company has exposure to foreign currency risk. The amount of exposure is closely monitored by the board in order to minimise this risk as much as possible.

ON BEHALF OF THE BOARD:

Mr M Jack - Director

22 December 2025

The director presents his report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTOR

Mr M Jack held office during the whole of the period from 1 April 2024 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, Bain Henry Reid, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr M Jack - Director

22 December 2025

Opinion

We have audited the financial statements of G & J Jack Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for unqualified opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of director's remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatement can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

-

we identified the laws and regulations applicable to the group and company through discussions with directors, and from our commercial knowledge and experience of the fishing sector;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group and company including the Companies Act 2006, FRS 102 requirements, taxation, food hygiene and HSE regulations. We also considered those with an indirect effect including employment, data protection, anti-money laundering and other environmental and health and safety legislation; and

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, review of financial statement disclosures, inspecting any tax/legal or regulatory correspondence, and review of legal invoices.

We assessed the susceptibility of the company's and parent's group financial statements to material misstatement including obtaining an understanding of how fraud might occur, by;

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate the risks of fraud and of non-compliance with laws and regulations; and

-

exercised professional judgement and maintained professional scepticism throughout the audit.

To address the risk of fraud through management bias and override of controls, we:

-

conducted a review of large or unusual items, and transactions outwith the normal course of business;

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

considered the possibility of undisclosed related party transactions;

-

tested journal entries to identify unusual transactions;

-

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-

investigated the rationale behind significant or unusual transactions.

Auditors' responsibilities for the audit of the financial statements (cont'd)

To address the risk of fraud through revenue recognition we:

-

conducted audit procedures to confirm that it was being recognised in line with the accounting policy; and

-

carried out substantive procedures to confirm the accuracy of completion and cut-off.

In response to the risk of irregularities and non-compliance with laws and regulations we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims; and

-

reviewing correspondence with HMRC, relevant regulators and the company's legal advisers

There are inherent limitations in our audit procedures described above. The more removed the laws and regulations are from financial statements, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Iain Arthur FCCA (Senior Statutory Auditor)

for and on behalf of Bain Henry Reid

Statutory Auditors

Chartered Accountants

28 Broad Street

Peterhead

Aberdeenshire

AB42 1BY

22 December 2025

TURNOVER

3

27,996,589

27,861,979

Cost of sales

26,483,458

26,500,171

GROSS PROFIT

1,513,131

1,361,808

Administrative expenses

1,099,860

1,052,485

413,271

309,323

Other operating income

62,962

32,185

OPERATING PROFIT

5

476,233

341,508

Interest receivable and similar income

636

1,741

476,869

343,249

Interest payable and similar expenses

6

163,952

168,405

PROFIT BEFORE TAXATION

312,917

174,844

Tax on profit

7

37,843

71,639

PROFIT FOR THE FINANCIAL YEAR

275,074

103,205

Profit attributable to:

Owners of the parent

213,184

74,547

Non-controlling interests

61,890

28,658

275,074

103,205

PROFIT FOR THE YEAR

275,074

103,205

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

275,074

103,205

Total comprehensive income attributable to:

Owners of the parent

213,184

74,547

Non-controlling interests

61,890

28,658

275,074

103,205

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,729,732

1,681,699

Investments

11

-

92

1,729,732

1,681,791

CURRENT ASSETS

Stocks

12

829,332

626,885

Debtors

13

3,060,796

2,954,998

Cash at bank

172,836

248,817

4,062,964

3,830,700

CREDITORS

Amounts falling due within one year

14

3,535,028

3,210,318

NET CURRENT ASSETS

527,936

620,382

TOTAL ASSETS LESS CURRENT LIABILITIES

2,257,668

2,302,173

CREDITORS

Amounts falling due after more than one year

15

(375,704

)

(336,221

)

PROVISIONS FOR LIABILITIES

19

(326,494

)

(352,147

)

ACCRUALS AND DEFERRED INCOME

20

(67,447

)

(55,208

)

NET ASSETS

1,488,023

1,558,597

CAPITAL AND RESERVES

Called up share capital

21

186,668

266,668

Revaluation reserve

22

362,488

362,488

Capital redemption reserve

22

80,000

-

Retained earnings

22

656,657

775,121

SHAREHOLDERS' FUNDS

1,285,813

1,404,277

NON-CONTROLLING INTERESTS

23

202,210

154,320

TOTAL EQUITY

1,488,023

1,558,597

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

Mr M Jack - Director

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

-

-

Investments

11

509,202

509,202

509,202

509,202

CURRENT ASSETS

Debtors

13

51

51

CREDITORS

Amounts falling due within one year

14

62,674

62,674

NET CURRENT LIABILITIES

(62,623

)

(62,623

)

TOTAL ASSETS LESS CURRENT LIABILITIES

446,579

446,579

CAPITAL AND RESERVES

Called up share capital

21

186,668

266,668

Capital redemption reserve

22

80,000

-

Retained earnings

22

179,911

179,911

SHAREHOLDERS' FUNDS

446,579

446,579

Company's profit for the financial year

331,648

-

The financial statements were approved by the director and authorised for issue on 22 December 2025 and were signed by:

Mr M Jack - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£

£

£

Balance at 1 April 2023

266,668

700,574

362,488

Changes in equity

Total comprehensive income

-

74,547

-

Balance at 31 March 2024

266,668

775,121

362,488

Changes in equity

Issue of share capital

(80,000

)

-

-

Total comprehensive income

-

(118,464

)

-

Balance at 31 March 2025

186,668

656,657

362,488

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£

£

£

£

Balance at 1 April 2023

-

1,329,730

139,662

1,469,392

Changes in equity

Total comprehensive income

-

74,547

28,658

103,205

Payments to non controlling interests

-

-

(14,000

)

(14,000

)

Balance at 31 March 2024

-

1,404,277

154,320

1,558,597

Changes in equity

Issue of share capital

-

(80,000

)

-

(80,000

)

Total comprehensive income

80,000

(38,464

)

61,890

23,426

Payments to non controlling interests

-

-

(14,000

)

(14,000

)

Balance at 31 March 2025

80,000

1,285,813

202,210

1,488,023

Called up

Capital

share

Retained

redemption

Total

capital

earnings

reserve

equity

£

£

£

£

Balance at 1 April 2023

266,668

179,911

-

446,579

Changes in equity

Balance at 31 March 2024

266,668

179,911

-

446,579

Changes in equity

Issue of share capital

(80,000

)

-

-

(80,000

)

Total comprehensive income

-

-

80,000

80,000

Balance at 31 March 2025

186,668

179,911

80,000

446,579

Cash flows from operating activities

Cash generated from operations

1

316,643

895,571

Interest paid

(150,888

)

(163,175

)

Interest element of hire purchase payments paid

(13,064

)

(5,230

)

Tax paid

34,126

-

Net cash from operating activities

186,817

727,166

Cash flows from investing activities

Purchase of tangible fixed assets

(315,974

)

(593,339

)

Sale of tangible fixed assets

2,999

583

Sale of fixed asset investments

92

-

Interest received

636

-

Net cash from investing activities

(312,247

)

(592,756

)

Cash flows from financing activities

New loans in year

-

150,000

Loan repayments in year

(64,171

)

(121,667

)

New HP in year

212,871

139,694

Capital repayments in year

(77,718

)

(33,489

)

Amount introduced by directors

165,000

-

Share buyback

(331,648

)

-

Movement in balance owed to factors

125,115

(377,847

)

Capital grants received

20,000

57,608

Net cash from financing activities

49,449

(185,701

)

Decrease in cash and cash equivalents

(75,981

)

(51,291

)

Cash and cash equivalents at beginning of year

2

248,817

300,108

Cash and cash equivalents at end of year

2

172,836

248,817

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Profit before taxation

312,917

174,844

Depreciation charges

263,349

215,973

Loss/(profit) on disposal of fixed assets

1,592

(583

)

Government grants

(7,761

)

(2,400

)

Finance costs

163,952

168,405

Finance income

(636

)

(1,741

)

733,413

554,498

(Increase)/decrease in stocks

(202,447

)

13,746

(Increase)/decrease in trade and other debtors

(145,090

)

407,160

Decrease in trade and other creditors

(69,233

)

(79,833

)

Cash generated from operations

316,643

895,571

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31/3/25

1/4/24

£

£

Cash and cash equivalents

172,836

248,817

Year ended 31 March 2024

31/3/24

1/4/23

£

£

Cash and cash equivalents

248,817

300,108

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1/4/24

Cash flow

At 31/3/25

£

£

£

Net cash

Cash at bank

248,817

(75,981

)

172,836

248,817

(75,981

)

172,836

Debt

Finance leases

(180,903

)

(135,152

)

(316,055

)

Debts falling due within 1 year

(70,208

)

5,208

(65,000

)

Debts falling due after 1 year

(215,000

)

58,963

(156,037

)

(466,111

)

(70,981

)

(537,092

)

Total

(217,294

)

(146,962

)

(364,256

)