REGISTERED NUMBER: 03519154 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Sealskill Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

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

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.

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

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 (€).

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

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.