Company No: SC156998 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Intangible assets	3	0		270,000
Tangible assets	4	28,797		46,016
Investments	5	24,853,180		23,509,251
		24,881,977		23,825,267
Current assets
Debtors	6	1,013,322		653,512
Investments		11,887,864		9,961,630
Cash at bank and in hand		3,534,066		2,417,196
		16,435,252		13,032,338
Creditors: amounts falling due within one year	7	( 1,312,196)		( 856,856)
Net current assets		15,123,056		12,175,482
Total assets less current liabilities		40,005,033		36,000,749
Provision for liabilities		( 1,171,251)		( 1,248,133)
Net assets		38,833,782		34,752,616
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		38,833,682		34,752,516
Total shareholders' funds		38,833,782		34,752,616

For the financial 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 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements of Freedom Fish Limited (registered number: SC156998) were approved and authorised for issue by the Board of Directors on 06 May 2026. They were signed on its behalf by:

Ernest Simpson Director

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

Freedom Fish 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 1 Centenary Crescent, Cairnbulg, Fraserburgh, AB43 8ZG, Scotland, 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 £.

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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) 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.

Intangible assets

Fish quota is stated at cost or purchase less a provision to reduce its carrying value to its recoverable amount.

Fish licence is stated at cost of purchase less a provision to reduce its carrying value to its recoverable amount.

Other intangible assets

not amortised

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	4 - 50 years straight line
Plant and machinery etc.	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.

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 Statement of Income and Retained Earnings 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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and includes deposits held at call with banks.

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 bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	3		3

3. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 April 2024	476,000		476,000
Disposals	( 476,000)		( 476,000)
At 31 March 2025	0		0
Accumulated amortisation
At 01 April 2024	206,000		206,000
Disposals	( 206,000)		( 206,000)
At 31 March 2025	0		0
Net book value
At 31 March 2025	0		0
At 31 March 2024	270,000		270,000

4. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 April 2024	59,109		67,158		126,267
At 31 March 2025	59,109		67,158		126,267
Accumulated depreciation
At 01 April 2024	51,630		28,621		80,251
Charge for the financial year	3,206		14,013		17,219
At 31 March 2025	54,836		42,634		97,470
Net book value
At 31 March 2025	4,273		24,524		28,797
At 31 March 2024	7,479		38,537		46,016

5. Fixed asset investments

Investments in subsidiaries

	2025
	£
Cost
At 01 April 2024	805,000
At 31 March 2025	805,000
Carrying value at 31 March 2025	805,000
Carrying value at 31 March 2024	805,000

	Investments in associates		Total
	£		£
Cost or valuation before impairment
At 01 April 2024	22,704,251		22,704,251
Share of profit	5,050,359		5,050,359
Drawings	(3,706,430)		(3,706,430)
At 31 March 2025	24,048,180		24,048,180
Carrying value at 31 March 2025	24,048,180		24,048,180
Carrying value at 31 March 2024	22,704,251		22,704,251

The carrying value of investments and the balance on the profit and loss account as at 1 April 2021 have been reduced by £4,692,651 to reflect the loss resulting from a part-disposal of an investment in associates during the year ended 31 March 2016.

6. Debtors

	2025		2024
	£		£
Amounts owed by related parties	340,000		0
Corporation tax	404,867		280,529
Other debtors	268,455		372,983
	1,013,322		653,512

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	64,440		0
Taxation and social security	1,222,901		806,001
Other creditors	24,855		50,855
	1,312,196		856,856

8. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
90 Ordinary shares of £ 1.00 each	90		90
10 Ordinary A shares of £ 1.00 each	10		10
	100		100

9. Related party transactions

Transactions with the entity's directors

	2025		2024
	£		£
Amounts owed to/(from) Directors	4,854		10,854

The above loan is interest free and has no fixed repayment terms in place.