The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Fiskebas Fishing Company Limited is a private company limited by shares incorporated in Scotland. The registered office is Mair's Quay, Holmsgarth, Lerwick, Shetland, ZE1 0PW.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

During the year, an adjustment was identified in relation to a prior period classification of £13,034,100 included within assets under construction. These amounts did not meet the criteria for capitalisation and have been reclassified to debtors.

Comparative figures and associated changes to the tax charge and balances have been restated accordingly.

The company has achieved high profits in the year, remaining in a net current assets position. The company does not currently intend to change the nature, scale or focus of operations. Quota arrangements are in place to allow the company to continue fishing for at least the next 12 months. For at least the next 12 months from the signing of this report adequate banking facilities have been secured and net cash flows from fishing are expected to be positive and sufficient to allow us to meet our debt servicing requirements, tax obligation and remain compliant with our debt covenants.true

It is the opinion of the directors that the company is a going concern. Accordingly, the financial statements do not include any adjustments that would result from the going concern basis not being appropriate.

Turnover is recognised at the fair value of the consideration received or receivable for sale of goods or services to external customers in the ordinary nature of the business. Turnover is shown net of Value Added Tax.

Fish sales

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is generally when fish has been landed and sold at the fish processor.

Quota transfer income

Revenue from the transfer of quota is recognised when the use of the quota is transferred to another company.

Other income

Other income represents income not generated from the principal activity of fishing. Other income is recognised at the fair value of the consideration received or receivable for sale of goods to external customers in the ordinary nature of the business. Other income is shown net of Value Added Tax.

Intangible assets acquired separately from a business are recognised at cost or valuation and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values evenly over their useful lives on the following bases:

Fish licences and track record are written off evenly over 20 years as in the opinion of the directors this represents the best estimate of the useful life of the assets.

The directors believe that the residual value of the fishing licences and track record held is higher than the carrying value of the licences, therefore the licences have not been amortised in the year.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values, on a straight line basis, over their useful lives on the following bases:

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.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method.

Other financial assets, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

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.

Basic financial liabilities, including other creditors and bank loans are initially recognised at transaction price.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

All leases are operating leases and the annual rentals are charged to profit or loss on a straight line basis over the lease term.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:

Management have to make estimates of the useful economic lives, residual values and impairment of tangible fixed assets and intangible fixed assets including fishing licences, fishing quota (Fixed Quota Allocation units) and the boat. These estimates affect the depreciation charge and the carrying value of fixed assets. The depreciation charge and carrying values of fixed assets are shown in the notes to the financial statements. The directors believe that the residual value of the fishing licences and FQA's held is higher than the carrying value of the licences, therefore the licences have not been amortised in the year.

On an annual basis management review indicators to assess whether an asset may be impaired or the residual value or useful life has changed. These indicators include factors such as a change in how an asset is used, technological advancement, and changes in market prices. Only if these factors indicate a change in useful life or residual value do previous accounting estimates need to be reviewed. The net book value of the assets are shown in notes 7 and 8.

If there is no indication of impairment, it is not necessary to estimate the recoverable amount.

Management have not identified any indicators of impairment or changes in the residual value of useful lives of the fishing licences, fishing quota (Fixed Quota Allocation Units - FQA's) or boat.

The average monthly number of persons (including directors) employed by the company during the year was:

Share fishermen are self-employed and by concession their crew share is charged to tax as trading profits under Part 2 of Income Tax (Trading and Other Income) Act 2005, therefore the company has no employees.

All fishing licences and track record acquired were previously held at valuation. On transition to FRS102 these were held at deemed cost.

The directors believe that the residual value of the fishing licences and track record held is higher than the

carrying value of the licences, therefore the licences have not been amortised in the year.

Foreign Exchange Forward Contracts

The Company uses fixed interest rate and foreign currency contracts to manage the foreign exchange risk of future commitments and cash flows.

The contracts are valued based on available market data. The Company does not adopt hedge accounting for forward exchange contracts and, consequently, fair value gains and losses are recognised in profit or loss.

Bank loans and overdrafts were secured as follows:

• By a marine mortgage over 64/64 shares in the MFV Antarctic.

• By a Deed of Covenants supplemental to the first priority mortgage by the leasing company in favour of the bank over 64/64 shares in the ship containing a fixed charge and negative pledge.

• By a Deed of Assignation in security over the whole right, title and interest of the company in and to the time charter authorisations containing a fixed charge and negative pledge.

• By a Deed of Assignation in security over the whole right, title and interest of the company in and to the licences, quota, allocation, quota units and authorisations, together with all rights attaching to the licenses, quota allocation, quota units and authorisations containing a fixed charge and negative pledge.

• By two floating charges over the assets and undertakings of the company.

• By Deed of Assignation and Covenant in connection with the rights, title and interest (but not the obligations) over the ship, insurances, fishing licences, fishing rights, all earnings and any requisition compensation.

• By Deed of Undertakings (incorporation Assignation) over the vessel, licences, quotas etc.

• By a Deed of Covenant collateral to a ship mortgage containing a negative pledge.

• By a Deed of Assignation in security containing a fixed charge and negative pledge over the whole right, title and interest of the company in and to the insurance policy and proceeds.

• By a Deed of Assignment in security over the build contract dated 7 September 2021 for the new boat containing a fixed charge and negative pledge.

• By a Floating Charge covering the whole of the property, assets and rights (including uncalled capital) of the company and containing a negative pledge.

• By a pledge over shares of Naviera Cabieces, S.L containing a fixed charge and a negative pledge.

• By a pledge over credit rights arising from the AIE quotas containing a fixed charge and negative pledge.

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

The revaluation reserve relates to the historic intangible assets valuation before changing to deemed cost under FRS 102. The reserve is not amortised in line with the intangibles as the carrying value is deemed higher than the cost.

Amounts contracted for but not provided in the financial statements:

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The following amounts were outstanding at the reporting end date:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion, the financial statements:

• give a true and fair view of the state of the company's affairs as at 30 June 2025 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.