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Company No: SC206610 (Scotland)

# SUTHERLAND GAME AND SHELLFISH LIMITED

### UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2025
PAGES FOR FILING WITH THE REGISTRAR

SUTHERLAND GAME AND SHELLFISH LIMITED

## UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025

Contents

SUTHERLAND GAME AND SHELLFISH LIMITED

## BALANCE SHEET

AS AT 31 MAY 2025
SUTHERLAND GAME AND SHELLFISH LIMITED

## BALANCE SHEET (continued)

AS AT 31 MAY 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Tangible assets | 3 | 361,472 |  | 420,039
|  | 361,472 |  | 420,039
Current assets |  |  |  |
Stocks |  | 18,614 |  | 13,892
Debtors | 4 | 718,530 |  | 675,924
Cash at bank and in hand |  | 303,206 |  | 213,866
|  | 1,040,350 |  | 903,682
Creditors: amounts falling due within one year | 5 | ( 141,146) |  | ( 108,043)
Net current assets |  | 899,204 |  | 795,639
Total assets less current liabilities |  | 1,260,676 |  | 1,215,678
Creditors: amounts falling due after more than one year | 6 | ( 47,489) |  | ( 65,729)
Provision for liabilities | 7 | ( 26,872) |  | ( 6,394)
Net assets |  | 1,186,315 |  | 1,143,555
Capital and reserves |  |  |  |
Called-up share capital | 8 | 100 |  | 100
Profit and loss account |  | 1,186,215 |  | 1,143,455
Total shareholders' funds |  | 1,186,315 |  | 1,143,555

For the financial year ending 31 May 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 financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Sutherland Game and Shellfish Limited (registered number: SC206610) were approved and authorised for issue by the Board of Directors on 23 February 2026. They were signed on its behalf by:

Brian Macleay Director |

SUTHERLAND GAME AND SHELLFISH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025
SUTHERLAND GAME AND SHELLFISH LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Sutherland Game and Shellfish Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Homelea, Achnairn, Shinness By Lairg, IV27 4DN, United Kingdom.
The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings | 25 years straight line
Plant and machinery | 25 % reducing balance
Vehicles | 25 % reducing balance
Office equipment | 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.
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.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its 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.
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. 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.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Provision is made for obsolete, slow-moving or defective items where appropriate.
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.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
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.

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 payments 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. Amounts 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.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

##### Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.
A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

##### Invoice Discounting Arrangement

The company has an invoice financing arrangement with its bankers. Discounted debts are included in full as trade debtors and the proceeds from the invoice discounting arrangement are included in other creditors.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 11 |  | 12

#### 3. Tangible assets

| Land and buildings |  | Plant and machinery |  | Vehicles |  | Office equipment |  | Total
| £ |  | £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |  |  |
At 01 June 2024 | 516,458 |  | 160,485 |  | 754,475 |  | 11,466 |  | 1,442,884
Additions | 0 |  | 975 |  | 17,500 |  | 0 |  | 18,475
Disposals | 0 |  | 0 |  | ( 49,895) |  | 0 |  | ( 49,895)
At 31 May 2025 | 516,458 |  | 161,460 |  | 722,080 |  | 11,466 |  | 1,411,464
Accumulated depreciation |  |  |  |  |  |  |  |  |
At 01 June 2024 | 289,275 |  | 118,222 |  | 607,779 |  | 7,569 |  | 1,022,845
Charge for the financial year | 20,629 |  | 10,771 |  | 39,226 |  | 2,124 |  | 72,750
Disposals | 0 |  | 0 |  | ( 45,603) |  | 0 |  | ( 45,603)
At 31 May 2025 | 309,904 |  | 128,993 |  | 601,402 |  | 9,693 |  | 1,049,992
Net book value |  |  |  |  |  |  |  |  |
At 31 May 2025 | 206,554 |  | 32,467 |  | 120,678 |  | 1,773 |  | 361,472
At 31 May 2024 | 227,183 |  | 42,263 |  | 146,696 |  | 3,897 |  | 420,039

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 356,725 |  | 332,465
Corporation tax | 78,978 |  | 75,241
Other debtors | 282,827 |  | 268,218
| 718,530 |  | 675,924

All trade debtors are subject to a factoring arrangement. Debts greater than three months old are excluded from invoice financing.
As at 31 May 2025 the amount of debt subject to factoring arrangements amounted to gross £356,725, net of provisions £356,725 (2024 - £332,465 gross, £332,465 net).

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 103,412 |  | 64,664
Taxation and social security | 8,793 |  | 7,424
Obligations under finance leases and hire purchase contracts | 12,118 |  | 20,126
Other creditors | 16,823 |  | 15,829
| 141,146 |  | 108,043

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Obligations under finance leases and hire purchase contracts | 0 |  | 12,118
Other creditors | 47,489 |  | 53,611
| 47,489 |  | 65,729

Obligations under hire purchase contracts totalling £nil (2024 - £12,118) are secured over the assets which they relate to.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Other creditors | 23,000 |  | 29,122

#### 7. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 6,394) |  | ( 24,586)
(Charged)/credited to the Profit and Loss Account | ( 20,478) |  | 18,192
At the end of financial year | ( 26,872) |  | ( 6,394)

#### 8. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
100 Ordinary shares of £ 1.00 each | 100 |  | 100

#### 9. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Key management personnel | 259,641 |  | 248,568

At the beginning of the year the directors owed the business £248,568. During the year £11,073 was advanced resulting in a closing balance of £259,641 being owed to the business by the directors. These loans are unsecured, interest free and have no fixed terms of repayment.

Other related party transactions

| 2025 |  | 2024
| £ |  | £
Other related parties | 2,200 |  | 2,200

Other related parties represent the company's shareholders. These balances are unsecured, interest free and have no fixed terms of repayment.