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REGISTERED NUMBER: NI684242 (Northern Ireland)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Global Fisheries Limited

| Global Fisheries Limited (Registered number: NI684242) |

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| Global Fisheries Limited |

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | Mr D Minihane

| Mr R Hermida

| Miss M D C Hermida.

| Mr A I Lodeiro

| Mr C Minihane

| Mr R Minihane

| REGISTERED OFFICE: | 53 Chimera Wood

| Helens Bay

| Bangor

| Co. Down

| BT19 1XX

| REGISTERED NUMBER: | NI684242 (Northern Ireland)

| ACCOUNTANTS: | SBP

| Accountants

| 27 Finlayson Street

| Fraserburgh

| Aberdeenshire

| AB43 9JQ

| Global Fisheries Limited (Registered number: NI684242) |

Balance Sheet

31 December 2024

| 31.12.24 | 31.12.23 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 600,000 |  | 600,000 |  |

Tangible assets | 5 | 2,493,309 |  | 2,687,370 |  |

3,093,309 |  | 3,287,370 |  |

CURRENT ASSETS

Debtors | 6 | 725,101 |  | 483,575 |  |

Cash at bank | 511,111 |  | 220,556 |  |

1,236,212 |  | 704,131 |  |

CREDITORS

Amounts falling due within one year | 7 | 2,256,921 |  | 1,705,115 |  |

NET CURRENT LIABILITIES | (1,020,709 | ) | (1,000,984 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,072,600 |  | 2,286,386 |  |

CREDITORS

Amounts falling due after more than one year | 8 | (1,647,505 | ) | (1,981,556 | ) |

PROVISIONS FOR LIABILITIES | (116,926 | ) | (97,724 | ) |

NET ASSETS | 308,169 |  | 207,106 |  |

CAPITAL AND RESERVES

Called up share capital | 100 |  | 100 |  |

Accumulated comprehensive income | 9 | (27,751 | ) | (76,454 | ) |

Retained earnings | 9 | 335,820 |  | 283,460 |  |

308,169 |  | 207,106 |  |

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.

| Global Fisheries Limited (Registered number: NI684242) |

Balance Sheet - continued

31 December 2024

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 25 November 2025 and were signed on its behalf by:

Mr D Minihane - Director

| Global Fisheries Limited (Registered number: NI684242) |

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Global Fisheries Limited is a private company, limited by shares , registered in Northern Ireland. 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.

| The financial statements have been prepared in UK £ sterling.

| Turnover

| Turnover represents amounts receivable for fish sales provided in the normal course of business, net of discounts and 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

| Intangible assets comprise fishing licence and quota. After initial recognition, the licence and quota is measured at estimated market valuation. Any gains and losses on revaluation are recognised through the profit & loss account or as other comprehensive income in line with relevant accounting standards.

| 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 | - | 12.5% on cost and 5% on cost

| Marine equipment | - | 12.5% 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 and deferred 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.

| 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 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.

| Global Fisheries Limited (Registered number: NI684242) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| 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.

3. | EMPLOYEES AND DIRECTORS

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

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 600,000 |  |

| NET BOOK VALUE

| At 31 December 2024 | 600,000 |  |

| At 31 December 2023 | 600,000 |  |

| Intangible assets comprise fishing licence and quota which is stated at current market valuation. Following due consideration, the directors were of the view that there was no material change in the licence valuation in the current year.

5. | TANGIBLE FIXED ASSETS

| Fishing |  | Marine |

| vessel |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024

| and 31 December 2024 | 2,996,038 |  | 61,642 |  | 3,057,680 |  |

| DEPRECIATION

| At 1 January 2024 | 357,688 |  | 12,622 |  | 370,310 |  |

| Charge for year | 186,356 |  | 7,705 |  | 194,061 |  |

| At 31 December 2024 | 544,044 |  | 20,327 |  | 564,371 |  |

| NET BOOK VALUE

| At 31 December 2024 | 2,451,994 |  | 41,315 |  | 2,493,309 |  |

| At 31 December 2023 | 2,638,350 |  | 49,020 |  | 2,687,370 |  |

| Global Fisheries Limited (Registered number: NI684242) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Trade debtors | 682,301 |  | 466,991 |  |

| Other debtors | 42,800 |  | 16,584 |  |

725,101 |  | 483,575 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans and overdrafts | 334,051 |  | 175,667 |  |

| Trade creditors | 1,907,664 |  | - |  |

| Other creditors | 15,206 |  | 1,529,448 |  |

2,256,921 |  | 1,705,115 |  |

8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.12.24 |  | 31.12.23

£ | £ |

| Bank loans | 1,647,505 |  | 1,981,556 |  |

| Amounts falling due in more than five years:

| Repayable by instalments

| Bank loans more 5 yr by instal | 645,354 |  | 1,278,888 |  |

9. | RESERVES

| Accumulated |

| Retained |  | comprehensive |

| earnings |  | income |  | Totals

£ | £ | £ |

| At 1 January 2024 | 283,460 |  | (76,454 | ) | 207,006 |  |

| Profit for the year | 52,360 |  | 52,360 |  |

| Accumulated comprehensive income | - |  | 48,703 |  | 48,703 |  |

| At 31 December 2024 | 335,820 |  | (27,751 | ) | 308,069 |  |

| The balance of Other Comprehensive Income Reserve represents unrealised gains/(losses) on the revaluation of currency carrying values as at the financial year end.

| Global Fisheries Limited (Registered number: NI684242) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

10. | RELATED PARTY DISCLOSURES

| The balance of creditors includes amounts owing to the owners of the company totalling £1,714,001 (2023: £1,447,210) comprising: Dawn Ross Fishing Limited £1,589,345, Seacombe Limited £62,222 and Global Pesca Limited £62,434. Whilst the loans are considered short term there are no fixed terms of repayment and no interest is accrued.

| During the course of the reporting period goods and services were provided to the company by the company owner related party entities and the value of the transactions were as follows:

| Dawn Ross Fishing Ltd: Vessel and licence hire £175,000

| Dawn Ross Fishing Ltd: Personnel services £35,000

| Global Pesca Limited: Quota rental costs £130,708

| Seacombe Ltd: Quota rental costs £159,000

| All transactions were undertaken on normal commercial terms.

11. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the company of Dawn Ross Fishing Limited.