Company Registration No. SC164816 (Scotland)
Scrabster Seafoods Limited
Unaudited financial statements
for the year ended 30 April 2025
Pages for filing with the registrar
Scrabster Seafoods Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Scrabster Seafoods Limited
Balance sheet
As at 30 April 2025
30 April 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
284,658
845,521
Investment property
4
877,590
-
0
Investments
5
13,994
5,012
1,176,242
850,533
Current assets
Stocks
-
5,600
Debtors
6
642,655
642,875
Cash at bank and in hand
269,192
257,563
911,847
906,038
Creditors: amounts falling due within one year
7
(684,468)
(603,520)
Net current assets
227,379
302,518
Total assets less current liabilities
1,403,621
1,153,051
Creditors: amounts falling due after more than one year
8
(47,953)
(15,844)
Net assets
1,355,668
1,137,207
Capital and reserves
Called up share capital
300,000
300,000
Profit and loss reserves
1,055,668
837,207
Total equity
1,355,668
1,137,207
Scrabster Seafoods Limited
Balance sheet (continued)
As at 30 April 2025
30 April 2025
2

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

For the financial year ended 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 23 January 2026 and are signed on its behalf by:
William Calder Snr
Director
Company Registration No. SC164816
Scrabster Seafoods Limited
Notes to the financial statements
For the year ended 30 April 2025
3
1
Accounting policies
Company information

Scrabster Seafoods Limited is a private company limited by shares incorporated in Scotland. The registered office is Seafood Park, Scrabster, Thurso, Caithness, KW14 7UJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents amounts receivable for undertaking the wholesale distribution of fish and shellfish. Turnover is shown net of VAT and trade discounts. All turnover is accounted for on an accruals basis.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings
2% straight line
Plant and machinery
10% straight line
Motor vehicles
25% straight line
Fishing boat and licence
10% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value a t the reporting end date. Changes in fair value are recognised in profit or loss.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
1
Accounting policies (continued)
4
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

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.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
1
Accounting policies (continued)
5
Basic financial assets

Basic financial assets, which include debtors, 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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.10
Taxation

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

Current 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.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
1
Accounting policies (continued)
6
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax 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 assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
1.13
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
1
Accounting policies (continued)
7
1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
2
8
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
8
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Fishing boat and licence
Total
£
£
£
£
Cost
At 1 May 2024
731,069
166,242
372,595
1,269,906
Additions
52,957
147,858
-
0
200,815
Disposals
-
0
(130,445)
-
0
(130,445)
Transfers to investment property
(784,026)
-
0
-
0
(784,026)
At 30 April 2025
-
0
183,655
372,595
556,250
Depreciation and impairment
At 1 May 2024
125,804
113,096
185,485
424,385
Depreciation charged in the year
-
0
20,911
24,260
45,171
Eliminated in respect of disposals
-
0
(72,160)
-
0
(72,160)
Transfers to investment property
(125,804)
-
0
-
0
(125,804)
At 30 April 2025
-
0
61,847
209,745
271,592
Carrying amount
At 30 April 2025
-
0
121,808
162,850
284,658
At 30 April 2024
605,265
53,146
187,110
845,521

During the year the company reclassified a land and building from tangible fixed assets to investment property following a change in its use.

4
Investment property
2025
£
Fair value
At 1 May 2024
-
0
Additions
97,590
Transfers
780,000
At 30 April 2025
877,590

The fair value of the investment properties has been arrived at on the basis of a valuation carried out as at 30 April 2025 by the board of directors.

Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
9
5
Fixed asset investments
2025
2024
£
£
Other investments other than loans
13,994
5,012
Fixed asset investments revalued
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 May 2024
5,012
Valuation changes
8,982
At 30 April 2025
13,994
Carrying amount
At 30 April 2025
13,994
At 30 April 2024
5,012
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
508,900
356,109
Corporation tax recoverable
18,181
65,982
Other debtors
115,574
220,784
642,655
642,875
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
4,409
923
Trade creditors
535,592
408,636
Corporation tax
-
0
37,363
Other taxation and social security
2,452
4,249
Other creditors
142,015
152,349
684,468
603,520
Scrabster Seafoods Limited
Notes to the financial statements (continued)
For the year ended 30 April 2025
10
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
47,953
15,844
9
Financial commitments, guarantees and contingent liabilities

The company's bankers hold a transaction related guarantee in favour of a trade association for £1 25,000.

10
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within one year
2,550
2,469
Between two and five years
10,199
9,876
In over five years
178,729
181,601
191,478
193,946
11
Related party transactions
Balances with related parties

The following amounts were outstanding at the reporting end date:

2025
2024
£
£
Amounts owed by related parties
45,958
55,958
12
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Advances to directors
-
96,309
30,418
(125,704)
1,023
96,309
30,418
(125,704)
1,023

The above loan is interest free and repayable on demand.

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