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REGISTERED NUMBER: SC239465 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

M V Silver Fern Ltd.

| M V Silver Fern Ltd. (Registered number: SC239465) |

Contents of the Financial Statements

for the Year Ended 31 December 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 4 |

| M V Silver Fern Ltd. |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | A G Wiseman

| J T Wiseman

| REGISTERED OFFICE: | 75 Strichen Road

| Fraserburgh

| Aberdeenshire

| AB43 9QJ

| REGISTERED NUMBER: | SC239465 (Scotland)

| ACCOUNTANTS: | SBP

| Accountants

| Glebefield House

| 21 Links Terrace

| Peterhead

| Aberdeenshire

| AB42 2XA

| M V Silver Fern Ltd. (Registered number: SC239465) |

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 980,000 |  | 1,250,000 |  |

Investment property | 5 | 90,000 |  | 90,000 |  |

1,070,000 |  | 1,340,000 |  |

CURRENT ASSETS

Debtors | 6 | 4,200 |  | 635 |  |

Cash at bank | 387,843 |  | 435,410 |  |

392,043 |  | 436,045 |  |

CREDITORS

Amounts falling due within one year | 7 | 26,917 |  | 34,484 |  |

NET CURRENT ASSETS | 365,126 |  | 401,561 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,435,126 |  | 1,741,561 |  |

PROVISIONS FOR LIABILITIES | 210,201 |  | 278,024 |  |

NET ASSETS | 1,224,925 |  | 1,463,537 |  |

CAPITAL AND RESERVES

Called up share capital | 64 |  | 64 |  |

Other reserves | 8 | 633,539 |  | 835,716 |  |

Retained earnings | 8 | 591,322 |  | 627,757 |  |

SHAREHOLDERS' FUNDS | 1,224,925 |  | 1,463,537 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 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.

| M V Silver Fern Ltd. (Registered number: SC239465) |

Balance Sheet - continued

31 December 2025

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 21 April 2026 and were signed on its behalf by:

A G Wiseman - Director

| M V Silver Fern Ltd. (Registered number: SC239465) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| M V Silver Fern Ltd. is a private company, limited by shares , registered in Scotland. 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 as modified by the revaluation of certain assets.

| Turnover

| Turnover represents the amounts (excluding value added tax) derived from the rental of quota.

| Intangible fixed assets

| Intangible fixed assets, representing fishing licences and quota, acquired on incorporation are carried at a revalued amount being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent accumulated impairment losses provided that the fair value can be determined in an active market.The quota is deemed to have an infinite life.

| Investment property

| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

| 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.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 1 (2024 - 1 ) .

| M V Silver Fern Ltd. (Registered number: SC239465) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

£ |

| COST OR VALUATION

| At 1 January 2025 | 1,250,000 |  |

| Revaluations | (270,000 | ) |

| At 31 December 2025 | 980,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 980,000 |  |

| At 31 December 2024 | 1,250,000 |  |

| Cost or valuation at 31 December 2025 is represented by:

| Other

| intangible

| assets

£ |

| Valuation in 2017 | 545,427 |  |

| Valuation in 2021 | 550,000 |  |

| Valuation in 2025 | (270,000 | ) |

| Cost | 154,573 |  |

980,000 |  |

| The quota was valued at fair value on 31 December 2025 by the company directors. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the quota is sold.

5. | INVESTMENT PROPERTY

| Total

£ |

| FAIR VALUE

| At 1 January 2025

| and 31 December 2025 | 90,000 |  |

| NET BOOK VALUE

| At 31 December 2025 | 90,000 |  |

| At 31 December 2024 | 90,000 |  |

| The investment property was valued at fair value on 31 December 2025 by the director Mr A G Wiseman , a director of the company. Gains are recognised in the income statement. Deferred taxation is provided where required on these gains at the rate expected to apply when the property is sold.

| M V Silver Fern Ltd. (Registered number: SC239465) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

5. | INVESTMENT PROPERTY - continued

| Fair value at 31 December 2025 is represented by:

£ |

| Valuation in 2021 | 18,313 |  |

| Cost | 71,687 |  |

90,000 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Other debtors | 4,200 |  | 635 |  |

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

| 31.12.25 |  | 31.12.24

£ | £ |

| Trade creditors | - |  | 2,190 |  |

| Taxation and social security | 14,807 |  | 22,797 |  |

| Other creditors | 12,110 |  | 9,497 |  |

26,917 |  | 34,484 |  |

8. | RESERVES

| Retained |  | Other |

| earnings |  | reserves |  | Totals

£ | £ | £ |

| At 1 January 2025 | 627,757 |  | 835,716 |  | 1,463,473 |  |

| Deficit for the year | (148,412 | ) | - |  | (148,412 | ) |

| Dividends | (90,200 | ) | - |  | (90,200 | ) |

| Transfer | 202,177 |  | (202,177 | ) | - |  |

| At 31 December 2025 | 591,322 |  | 633,539 |  | 1,224,861 |  |

9. | ULTIMATE CONTROLLING PARTY

| The company is controlled by the shareholders.