REGISTERED NUMBER: SC190378 (Scotland)

Unaudited Financial Statements for the Year Ended 31 December 2025

for

Shetland Seafood Auctions Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

B N Isbister

V I Sandison

A Crossan

R Williamson

REGISTERED OFFICE:

Lerwick Fish Market

Mairs Quay

Lerwick

Shetland

ZE1 0PW

REGISTERED NUMBER:

SC190378 (Scotland)

ACCOUNTANTS:

Mackay Johnson Ltd

2 North Ness Business Park

Lerwick

Shetland

ZE1 0LZ

FIXED ASSETS

Tangible assets

4

144,315

183,756

CURRENT ASSETS

Debtors

5

24,544

12,418

Cash at bank and in hand

421,965

328,446

446,509

340,864

CREDITORS

Amounts falling due within one year

6

75,857

73,778

NET CURRENT ASSETS

370,652

267,086

TOTAL ASSETS LESS CURRENT LIABILITIES

514,967

450,842

CREDITORS

Amounts falling due after more than one year

7

(14,576

)

(30,237

)

PROVISIONS FOR LIABILITIES

(20,681

)

(12,435

)

NET ASSETS

479,710

408,170

CAPITAL AND RESERVES

Called up share capital

393,174

393,174

Retained earnings

86,536

14,996

SHAREHOLDERS' FUNDS

479,710

408,170

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2026 and were signed on its behalf by:

B N Isbister - Director

1.	STATUTORY INFORMATION

Shetland Seafood Auctions Limited 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Office equipment

-

at varying rates on cost

Motor vehicles

-

20% on cost

Auction room equipment

-

at varying rates on cost

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2024 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Auction

Office

Motor

room

equipment

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2025

16,930

96,832

449,340

563,102

Additions

-

-

29,449

29,449

Disposals

(1,192

)

-

(20,046

)

(21,238

)

At 31 December 2025

15,738

96,832

458,743

571,313

DEPRECIATION

At 1 January 2025

13,355

57,993

307,998

379,346

Charge for year

1,741

19,313

46,081

67,135

Eliminated on disposal

(1,192

)

-

(18,291

)

(19,483

)

At 31 December 2025

13,904

77,306

335,788

426,998

NET BOOK VALUE

At 31 December 2025

1,834

19,526

122,955

144,315

At 31 December 2024

3,575

38,839

141,342

183,756

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

19,599

8,013

Other debtors

4,945

4,405

24,544

12,418

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

7,425

2,904

Taxation and social security

39,321

21,961

Other creditors

29,111

48,913

75,857

73,778

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Other creditors

14,576

30,237

Included within other creditors are grants received from central and local government. There are contingent liabilities to repay some or all of these should any of the grant conditions be breached.

8.	RELATED PARTY DISCLOSURES

Disclosure of related parties and their transactions is as follows:

Lerwick Port Authority

- During the year, the company purchased goods and services from LPA of £15,057 (2024: £15,582)

- At the balance sheet date LPA had unpaid share capital of £3 (2024: £3)

Seafood Shetland

- At the balance sheet date Seafood Shetland had unpaid share capital of £3 (2024: £3)

LHD Limited (and group companies)

- During the year, the company sold goods and services to LHD of £55,987 (2024: £51,840)

- During the year, the company purchased goods and services from LHD of £2,966 (2024: £0)

- At the balance sheet date LHD had unpaid share capital of £2 (2024: £2)

Shetland Fish Producers Organisation Limited

- During the year, the company sold goods and services to SFPO of £27,962 (2024: £35,344)

- During the year, the company purchased goods and services from SFPO of £170 (2024: £0)

- At the balance sheet date SFPO had unpaid share capital of £1 (2023: £1)