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REGISTERED NUMBER: 03519154 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Sealskill Limited

| Sealskill Limited (Registered number: 03519154) |

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 |

| Sealskill Limited |

Company Information

for the Year Ended 31 December 2025

| DIRECTORS: | Mrs M D Vidal Marino

| Mr F J Sampedro Garcia

| REGISTERED OFFICE: | Viewlands Cottage

| Coldharbour

| Dorking

| RH5 6HJ

| REGISTERED NUMBER: | 03519154 (England and Wales)

| ACCOUNTANTS: | SBP

| Accountants

| 27 Finlayson Street

| Fraserburgh

| Aberdeenshire

| AB43 9JQ

| Sealskill Limited (Registered number: 03519154) |

Balance Sheet

31 December 2025

| 31.12.25 | 31.12.24 |

| Notes | € | € | € | € |

FIXED ASSETS

Intangible assets | 4 | 29,789 |  | 38,231 |  |

Tangible assets | 5 | 117,291 |  | 127,776 |  |

147,080 |  | 166,007 |  |

CURRENT ASSETS

Stocks | 38,884 |  | - |  |

Debtors | 6 | 732,109 |  | 462,068 |  |

Cash at bank | 1,257,814 |  | 1,811,599 |  |

2,028,807 |  | 2,273,667 |  |

CREDITORS

Amounts falling due within one year | 7 | 117,685 |  | 166,910 |  |

NET CURRENT ASSETS | 1,911,122 |  | 2,106,757 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 2,058,202 |  | 2,272,764 |  |

CAPITAL AND RESERVES

Called up share capital | 329,998 |  | 329,998 |  |

Revaluation reserve | 8 | - |  | 683,084 |  |

Retained earnings | 8 | 1,728,204 |  | 1,259,682 |  |

SHAREHOLDERS' FUNDS | 2,058,202 |  | 2,272,764 |  |

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.

| Sealskill Limited (Registered number: 03519154) |

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 June 2026 and were signed on its behalf by:

Mrs M D Vidal Marino - Director

Mr F J Sampedro Garcia - Director

| Sealskill Limited (Registered number: 03519154) |

Notes to the Financial Statements

for the Year Ended 31 December 2025

1. | STATUTORY INFORMATION

| Sealskill Limited is a private company, limited by shares , registered in England and Wales. 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.

| The financial statements have been prepared in the currency of Euros.

| Turnover

| Turnover represents amounts receivable for goods (sale of fish) provided in the normal course of business, net of VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

| Intangible fixed assets

| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

| Amortisation of the Fishing Licence is provided on a straight line basis over 10 years. (The policy was amended from 20 years to 10 years in the 2012 financial year).

| Computer software costs are written down over 2 years.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fishing vessel | - | 20% on cost

| Marine equipment | - | 20% on cost

| Computer equipment | - | 50% on cost

| Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

| The fishing vessel was fully written down as at the financial year end.

| Stocks

| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

| Taxation

| Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

| Foreign currencies

| The trading transactions of the company are primarily undertaken in Euros. Any transaction undertaken in other currencies, such are sterling, are converted at the rate ruling on the day the transaction takes place.

| The financial statements are prepared and presented using the functional currency of the entity which is the Euro (€).

| Sealskill Limited (Registered number: 03519154) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

3. | EMPLOYEES AND DIRECTORS

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

4. | INTANGIBLE FIXED ASSETS

| Other

| intangible

| assets

€ |

| COST

| At 1 January 2025

| and 31 December 2025 | 1,453,310 |  |

| AMORTISATION

| At 1 January 2025 | 1,415,079 |  |

| Charge for year | 8,442 |  |

| At 31 December 2025 | 1,423,521 |  |

| NET BOOK VALUE

| At 31 December 2025 | 29,789 |  |

| At 31 December 2024 | 38,231 |  |

| The intangible assets comprise of fishing licence, quota and software.

5. | TANGIBLE FIXED ASSETS

| Fishing |  | Marine |  | Computer |

| vessel |  | equipment |  | equipment |  | Totals

€ | € | € | € |

| COST

| At 1 January 2025 | 227,662 |  | 309,535 |  | 4,400 |  | 541,597 |  |

| Additions | - |  | 33,349 |  | 726 |  | 34,075 |  |

| Disposals | - |  | (276 | ) | - |  | (276 | ) |

| At 31 December 2025 | 227,662 |  | 342,608 |  | 5,126 |  | 575,396 |  |

| DEPRECIATION

| At 1 January 2025 | 227,662 |  | 181,934 |  | 4,225 |  | 413,821 |  |

| Charge for year | - |  | 44,148 |  | 333 |  | 44,481 |  |

| Eliminated on disposal | - |  | (197 | ) | - |  | (197 | ) |

| At 31 December 2025 | 227,662 |  | 225,885 |  | 4,558 |  | 458,105 |  |

| NET BOOK VALUE

| At 31 December 2025 | - |  | 116,723 |  | 568 |  | 117,291 |  |

| At 31 December 2024 | - |  | 127,601 |  | 175 |  | 127,776 |  |

| Sealskill Limited (Registered number: 03519154) |

Notes to the Financial Statements - continued

for the Year Ended 31 December 2025

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

| 31.12.25 |  | 31.12.24

€ | € |

| Trade debtors | 39,042 |  | 66,080 |  |

| Other debtors | 693,067 |  | 395,988 |  |

732,109 |  | 462,068 |  |

| The balance of other debtors includes loans totalling €685,000 due by related companies (2024 YE: €370,000).

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

| 31.12.25 |  | 31.12.24

€ | € |

| Trade creditors | 77,454 |  | 69,815 |  |

| Other creditors | 40,231 |  | 97,095 |  |

117,685 |  | 166,910 |  |

8. | RESERVES

| Retained |  | Revaluation |

| earnings |  | reserve |  | Totals

€ | € | € |

| At 1 January 2025 | 1,259,682 |  | 683,084 |  | 1,942,766 |  |

| Deficit for the year | (214,562 | ) | (214,562 | ) |

| Transfer between reserves | 683,084 |  | (683,084 | ) | - |  |

| At 31 December 2025 | 1,728,204 |  | - |  | 1,728,204 |  |

9. | RELATED PARTY DISCLOSURES

| Trade Creditors includes the sum of €14,236 (2024: €13,372) due to Hijos de Vidal Bandin S.A., a company which owns 100% of the issued share capital of Sealskill Ltd. There are no fixed terms of repayment.

| Legal & Professional costs charged against the profits of the company include the sum of €14,400 (2024: €14,400) in respect of management charges made by Hijos de Vidal Bandin S.A.

10. | ULTIMATE CONTROLLING PARTY

| The company is controlled by Hijos de Vidal Bandin S.A.

11. | DEFERRED TAX

| Based on the net book value of the relevant fixed assets as stated in the Balance Sheet, the directors concluded that no provision for deferred taxation required to be made for the year under report. The balance sheet values of assets are reported at original cost less accumulated depreciation but the current market value of the assets may be higher than stated. An additional taxation charge may therefore arise on disposal of such assets should the actual disposal values be significantly higher than the current written down values.