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COMPANY REGISTRATION NUMBER: SC059708

Scottish Pelagic Processors Association Limited

Company Limited by Guarantee

Filleted Unaudited Financial Statements

For the year ended

31 March 2025

Scottish Pelagic Processors Association Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2025

| 2025 | 2024
Note | £ | £

Current assets

Debtors | 6 | 33,189 | 24,735
Cash at bank and in hand | 139,862 | 131,884
| --------- | ---------
| 173,051 | 156,619

Creditors: amounts falling due within one year | 7 | 19,953 | 19,120
| --------- | ---------
Net current assets | 153,098 | 137,499
| --------- | ---------
Total assets less current liabilities | 153,098 | 137,499
| --------- | ---------
Net assets | 153,098 | 137,499
| --------- | ---------

Capital and reserves

Profit and loss account | 153,098 | 137,499
| --------- | ---------
Members funds | 153,098 | 137,499
| --------- | ---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 9 February 2026 , and are signed on behalf of the board by:

R P Duthie
Director

Company registration number: SC059708

Scottish Pelagic Processors Association Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2025
1. General information
The company is a private company limited by guarantee, registered in Scotland. The address of the registered office is 31-33 Union Grove, Aberdeen, AB10 6SD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, rounded to the nearest pound, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. The directors have assessed the company's ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
Revenue recognition
Turnover relates to subscription charges to members of the Association, less any rebates payable to members, net of Value Added Tax.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors, taxes receivable and cash at bank, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, bank and other loans and taxes due are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.
4. Company limited by guarantee
Each member undertakes to contribute an amount not exceeding £50, in the event of the company being wound up.
5. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2024: Nil).
6. Debtors

| 2025 | 2024
| £ | £

Trade debtors | 31,750 | 22,500
Other debtors | 1,439 | 2,235
| -------- | --------
| 33,189 | 24,735
| -------- | --------

7. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £

Other creditors | 19,953 | 19,120
| -------- | --------

8. Related party transactions
The ultimate controlling parties of the company are the member bodies whom the directors represent. The income of the company relates to subscriptions received from the member bodies. During the year the company made a contribution of £6,875 (2024: £7,500) to the Scottish Pelagic Sustainability Group Limited, a company in which R P Duthie is a director. During the year the company incurred management costs of £16,000 (2024: £16,000) from Denholm Seafoods Limited, a company in which R A Duthie and R P Duthie are directors.