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Company No: SC076707 (Scotland)

# KLONDYKE FISHING COMPANY LIMITED

### Annual Report and Financial Statements
For the financial year ended 30 June 2025

KLONDYKE FISHING COMPANY LIMITED

## Annual Report and Financial Statements

For the financial year ended 30 June 2025

Contents

KLONDYKE FISHING COMPANY LIMITED

## COMPANY INFORMATION

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## COMPANY INFORMATION (continued)

For the financial year ended 30 June 2025

DIRECTORS | S Hansen
| P Tait
| W W Tait Jnr
| A Tait Jnr
| A P Tait
| R Tait Jnr
| N Tait
| R J Tait
| W W Tait Snr

SECRETARY | Brown & McRae LLP

REGISTERED OFFICE | Anderson House
| 9/11 Frithside Street
| Fraserburgh
| AB43 9AB
| United Kingdom

BUSINESS ADDRESS | Steamboat Quay
| North Breakwater
| Fraserburgh
| Aberdeenshire
| AB43 9EE

COMPANY NUMBER | SC076707 (Scotland)

AUDITOR | Hall Morrice LLP
| Statutory Auditor
| 6 & 7 Queens Terrace
| Aberdeen
| AB10 1XL

SOLICITORS | Brown & McRae LLP
| 9-11 Frithside Street
| Fraserburgh
| Fraserburgh
| AB43 9AB

KLONDYKE FISHING COMPANY LIMITED

## STRATEGIC REPORT

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## STRATEGIC REPORT (continued)

For the financial year ended 30 June 2025

The directors present their Strategic Report for the financial year ended 30 June 2025.

REVIEW OF THE BUSINESS

Against the background of difficult world events the Company recorded a very strong financial performance in this reporting year. The Directors are satisfied with the performance of the Company and its future prospects.

RESULTS AND PERFORMANCE

The results for the year and the financial position of the company are shown in the annexed financial statements.

KEY PERFORMANCE INDICATORS ('KPIS')

The key performance indicators used to monitor the business are as follows: -

| 2025 |  | 2024
| £ |  | £
Turnover (£) | 55,117,035 |  | 41,760,586
Gross profit margin (%) | 74 |  | 71
EBITDA (£) | 35,914,714 |  | 25,272,859
Profit before tax (£) | 36,930,911 |  | 26,460,962
Net assets (£) | 67,783,378 |  | 60,085,973

PRINCIPAL RISKS AND UNCERTAINTIES

The management of the business and execution of the company's objectives are subject to a number of risks. The key business risks and uncertainties affecting the company relate to fluctuations in annual quota allocations and market prices for mackerel and herring, both of which will have a considerable effect on the company's revenue. These risks are formally reviewed by the board and processes are put in place to monitor and mitigate them as far as possible.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The company's financial instruments comprise cash and short-term deposits, and various items such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to fund the company's operations as well as to manage its working capital, liquidity and invest surplus funds.
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company by monitoring levels of debt finance and related finance costs. The company does not use derivative financial instruments.
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

Price risk
The company is exposed to price risk due to normal inflationary increases in the purchase price of the goods and services it purchases in the UK and to fluctuations in the market price of mackerel and herring. The company has no exposure to equity securities price risk as it holds no listed or other equity investments.

Credit risk
The company has implemented policies that require appropriate credit checks on the potential customers before sales are made. The amount of exposure to any individual counterparty is subject to a limit, which is reassessed annually by the board.

Foreign currency risk
The company has exposure to foreign currency risk. The amount of exposure is closely monitored by the board in order to minimise this risk and to mitigate it as far as possible

FUTURE DEVELOPMENTS

The Board continue to believe that opportunities exist to develop the Company’s core activity
The future outlook for the pelagic fishery remains buoyant and the company is well placed to take advantage of this and expectations are for continued satisfactory trading performance.

SECTION 172 STATEMENT

This section describes how we have engaged with and had regard to the interests of our key stakeholders when exercising our duty to promote the success of the company under section 172(1) of the Companies Act 2006. Sometimes decisions must be made based on competing priorities of stakeholders. We describe below how the Directors seeks to understand what matters to stakeholders and carefully considers all the relevant factors when selecting the appropriate course of action.

EMPLOYEE INTERESTS

The Directors of the Company devote the relevant resources to facilitate the necessary development of its staff and the continued growth of the business. This includes close attention to succession planning.
The Company is an equal opportunities employer and maintains Company procedures that guarantees all employees with equal access to employment opportunity.
The Company policies relating to employee involvement continue to be reviewed in light of best practice. Employees and their representatives are briefed, consulted and provided with information in many ways designed to ensure that they are kept fully informed about developments in Company including health and safety

COMMUNITY AND THE ENVIRONMENT

We recognise the environmental impact of the use of energy, water and generation of waste, as well as the use and disposal of our products. We are committed to reducing our impact on the environment. The Company takes very seriously its responsibility seriously. The Company is involved in various local initiatives that are aimed at delivering tangible benefits to our community.

STAKEHOLDERS

The Directors of the Company believe it is important that the values and principles which guide the Company are clearly defined, both internally and externally, in order to ensure that all Company activities are in implemented in compliance with the relevant laws and in the context of fair competition, honesty, integrity, fairness and in good faith which would promote the success of the Company for the benefit of its members having regard to the interest of all its stakeholders; shareholders , workforce , suppliers, customers , government / tax authorities , community and environment.

Approved by the Board of Directors and signed on its behalf by:

W W Tait Snr Director |

29 September 2025

KLONDYKE FISHING COMPANY LIMITED

## DIRECTORS' REPORT

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## DIRECTORS' REPORT (continued)

For the financial year ended 30 June 2025

The directors present their annual report on the affairs of the company, together with the financial statements and auditors’ report, for the financial year ended 30 June 2025.

PRINCIPAL ACTIVITIES

The principal activity of the company continued to be that of the operation of fishing vessels.

REVIEW OF THE BUSINESS

Sales for the financial year amounted to £55,083,390 (2024: £41,760,586). The company earned a profit after taxation totalling £27,697,491 (2024: £19,845,379).
The net current asset position of the company as at the financial year end amounted to £37,590,506 (2024: net current asset £36,861,825).
The net asset position of the company as at the financial year end amounted to £67,783,464 (2024: net asset £60,085,973).

DIVIDENDS

The directors paid a dividend of £20,000,000 in the current financial year (2024: £8,000,000).

DIRECTORS

The directors, who served during the financial year and to the date of this report except as noted, were as follows:

S Hansen |
P Tait |
W W Tait Jnr |
A Tait Jnr |
A P Tait |
R Tait Jnr |
N Tait |
R J Tait |
W W Tait Snr |

ENERGY AND CARBON REPORT

Energy efficiency actions

The company has taken the following measures to increase energy efficiency:

| 2025 |  | 2024
| kWh |  | kWh
Energy consumption used to calculate emissions | 29,960,000 |  | 30,250,000
| TCO₂e |  | TCO₂e
Emissions from combustion of fuel for transport purposes | 7,096 |  | 7,431

Intensity Ratio

The chosen intensity measurement ratio 129.0 (2024: 181.2) is total gross emissions in metric tonnes CO2e per million of turnover, the recommended ratio for the sector.

Methodology

We have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.
The Company continues to seek to reduce its carbon emission by monitoring its operations closely. The new vessel contract for delivery in late 2026 with improved efficiencies will lower emissions.

Charitable Donations

During the year, the company made charitable donations of £213,222 (2024 - £210,761).

AUDITOR

Each of the persons who is a director at the date of approval of this report confirms that:
* So far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware; and
* The director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Hall Morrice LLP have expressed their willingness to continue in office as auditor and appropriate arrangements have been put in place for them to be deemed reappointed as auditors in the absence of an Annual General Meeting.

Approved by the Board of Directors and signed on its behalf by:

W W Tait Snr Director |

29 September 2025

KLONDYKE FISHING COMPANY LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## DIRECTORS' RESPONSIBILITIES STATEMENT (continued)

For the financial year ended 30 June 2025

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), including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. 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 financial 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;
* State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; 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. The directors 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.

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KLONDYKE FISHING COMPANY LIMITED

For the financial year ended 30 June 2025

## INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KLONDYKE FISHING COMPANY LIMITED (continued)

For the financial year ended 30 June 2025

Opinion
We have audited the financial statements of Klondyke Fishing Company Limited for the financial year ended 30 June 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity, the Statement of Cash Flows, the accounting policies, and the related notes 1 to 22, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements of Klondyke Fishing Company Limited (the ‘company’):
* 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 financial year then ended;
* Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"; and
* Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)). Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
* The information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
* The Strategic Report and Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
* Adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
* The financial statements are not in agreement with the accounting records and returns; or
* Certain disclosures of directors’ remuneration specified by law are not made; or
* We have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Directors’ Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
In identifying and assessing the risk of material misstatement due to non-compliance with laws and regulations we have:
* Ensured that the engagement team had the appropriate competence, capabilities and skills to identify or recognise non-compliance with laws and regulations;
* Identified the laws and regulations applicable to the entity through discussions with directors and management and through our own knowledge of the sector;
* Focused on the specific laws and regulations we consider may have a direct effect on the financial statements, including FRS 102, the Companies Act 2006 and tax compliance regulations;
* Focused on the specific laws and regulations we consider may have an indirect effect on the financial statements that are central to the entity's ability to trade including those relating to fishing, marine and port safety and GDPR;
* Reviewed the financial statement disclosures and tested to supporting documentation to assess compliance with applicable laws and regulations;
* Made enquiries of management and inspected legal correspondence;
* Reviewed minutes of meetings of those charged with governance; and
* Ensured the engagement team remained alert to instances of non-compliance throughout the audit.
In identifying and assessing the risk of material misstatement due to irregularities, including fraud and how it may occur, and the potential for management bias and the override of controls we have:
* Obtained an understanding of the entity's operations, including the nature of its revenue sources and of its objectives and strategies, to understand the classes of transactions, account balances, expected financial disclosures and business risks that may result in risk of material misstatement;
* Obtained an understanding of the internal controls in place to mitigate risks of irregularities, including fraud;
* Vouched balances and reconciling items in key control account reconciliations to supporting documentation;
* Carried out detailed testing, on a sample basis, to verify the completeness, occurrence, existence and accuracy of transactions and balances;
* Carried out detailed testing to verify the completeness, occurrence, validity, existence and accuracy of income including cut-off testing and ensuring income recognition is in line with stated accounting policies;
* Made enquiries of management as to where they consider there was a susceptibility to fraud, and their knowledge of any actual, suspected or alleged fraud;
* Tested journal entries to identify any unusual transactions;
* Performed analytical procedures to identify any significant or unusual transactions;
* Investigated the business rationale behind any significant or unusual transactions; and
* Evaluated the appropriateness of accounting policies and the reasonableness of accounting estimates.
We did not identify any matters relating to non-compliance with laws and regulations, or relating to fraud.
Because of the inherent limitations of an audit, there is an unavoidable risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk of not detecting a material misstatement due to fraud is inherently more difficult than detecting those that result from error as fraud may involve intentional concealment, forgery, collusion, omission or misrepresentation. In addition, the further removed any non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Derek Petrie, CA (Senior Statutory Auditor)
For and on behalf of Hall Morrice LLP
Statutory Auditor

6 & 7 Queens Terrace
Aberdeen
AB10 1XL

29 September 2025

KLONDYKE FISHING COMPANY LIMITED

## STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## STATEMENT OF COMPREHENSIVE INCOME (continued)

For the financial year ended 30 June 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Sales | 3 | 55,083,390 |  | 41,760,586
Cost of sales |  | ( 14,330,785) |  | ( 12,204,888)
Gross profit |  | 40,752,605 |  | 29,555,698
Administrative expenses |  | ( 4,871,537) |  | ( 4,282,839)
Other operating income |  | 33,645 |  | 0
Operating profit |  | 35,914,713 |  | 25,272,859
Interest receivable and similar income | 9 | 1,016,768 |  | 1,188,103
Interest payable and similar expenses | 10 | ( 571) |  | 0
Profit before taxation | 4 | 36,930,910 |  | 26,460,962
Tax on profit | 8 | ( 9,233,419) |  | ( 6,615,583)
Profit for the financial year |  | 27,697,491 |  | 19,845,379
Other comprehensive income |  | 0 |  | 0
Total comprehensive income |  | 27,697,491 |  | 19,845,379

All amounts relate to continuing operations.

KLONDYKE FISHING COMPANY LIMITED

## BALANCE SHEET

As at 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## BALANCE SHEET (continued)

As at 30 June 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 12 | 0 |  | 25,013
Tangible assets | 13 | 33,525,458 |  | 26,521,201
|  | 33,525,458 |  | 26,546,214
Current assets |  |  |  |
Debtors | 14 | 13,390,047 |  | 13,888,381
Cash at bank and in hand |  | 26,004,094 |  | 23,685,754
|  | 39,394,141 |  | 37,574,135
Creditors: amounts falling due within one year | 15 | ( 1,803,635) |  | ( 712,310)
Net current assets |  | 37,590,506 |  | 36,861,825
Total assets less current liabilities |  | 71,115,964 |  | 63,408,039
Provision for liabilities | 16 | ( 3,332,500) |  | ( 3,322,066)
Net assets |  | 67,783,464 |  | 60,085,973
Capital and reserves | 18 |  |  |
Called-up share capital |  | 610,000 |  | 610,000
Share premium account |  | 8,363,641 |  | 8,363,641
Profit and loss account |  | 58,809,823 |  | 51,112,332
Total shareholders' funds |  | 67,783,464 |  | 60,085,973

The financial statements of Klondyke Fishing Company Limited (registered number: SC076707) were approved and authorised for issue by the Board of Directors on 29 September 2025. They were signed on its behalf by:

W W Tait Snr Director |

KLONDYKE FISHING COMPANY LIMITED

## STATEMENT OF CHANGES IN EQUITY

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## STATEMENT OF CHANGES IN EQUITY (continued)

For the financial year ended 30 June 2025

| Called-up share capital |  | Share premium account |  | Profit and loss account |  | Total
| £ |  | £ |  | £ |  | £
At 01 July 2023 | 610,000 |  | 8,363,641 |  | 39,266,953 |  | 48,240,594
Profit for the financial year | 0 |  | 0 |  | 19,845,379 |  | 19,845,379
Total comprehensive income | 0 |  | 0 |  | 19,845,379 |  | 19,845,379
Dividends paid on equity shares (note 11) | 0 |  | 0 |  | ( 8,000,000) |  | ( 8,000,000)
At 30 June 2024 | 610,000 |  | 8,363,641 |  | 51,112,332 |  | 60,085,973
At 01 July 2024 | 610,000 |  | 8,363,641 |  | 51,112,332 |  | 60,085,973
Profit for the financial year | 0 |  | 0 |  | 27,697,491 |  | 27,697,491
Total comprehensive income | 0 |  | 0 |  | 27,697,491 |  | 27,697,491
Dividends paid on equity shares (note 11) | 0 |  | 0 |  | ( 20,000,000) |  | ( 20,000,000)
At 30 June 2025 | 610,000 |  | 8,363,641 |  | 58,809,823 |  | 67,783,464

KLONDYKE FISHING COMPANY LIMITED

## STATEMENT OF CASH FLOWS

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## STATEMENT OF CASH FLOWS (continued)

For the financial year ended 30 June 2025

| 2025 |  | 2024
| £ |  | £
Net cash flows from operating activities (note 21) | 29,599,347 |  | 30,944,677
Cash flows from investing activities |  |  |
Purchase of plant and machinery | ( 8,271,413) |  | ( 1,178,933)
Interest received | 1,016,768 |  | 1,188,103
Net cash flows from investing activities | ( 7,254,645) |  | 9,170
Cash flows from financing activities |  |  |
Amounts withdrawn by directors | (26,362) |  | (6,819)
Dividends paid | (20,000,000) |  | (8,000,000)
Net cash flows from financing activities | ( 20,026,362) |  | ( 8,006,819)
Net increase in cash and cash equivalents | 2,318,340 |  | 22,947,028
Cash and cash equivalents at beginning of year | 23,685,754 |  | 738,726
Cash and cash equivalents at end of year | 26,004,094 |  | 23,685,754
Reconciliation to cash at bank and in hand: |  |  |
Cash at bank and in hand at end of year | 26,004,094 |  | 23,685,754
Cash and cash equivalents at end of year | 26,004,094 |  | 23,685,754

KLONDYKE FISHING COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025
KLONDYKE FISHING COMPANY LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2025

##### 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

Klondyke Fishing Company 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 Anderson House, 9/11 Frithside Street, Fraserburgh, AB43 9AB, United Kingdom. The principal place of business is Steamboat Quay, North Breakwater, Fraserburgh, Aberdeenshire, AB43 9EE.
The principal activities are set out in the Strategic Report.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Financial Reporting Standard 102 (FRS 102) applicable in the UK and Republic of Ireland issued by the Financial Reporting Council and the requirements of the Companies Act 2006.
The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

##### Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least twelve months from the date of signing the financial statements. Thus the directors have continued to adopt the going concern basis of accounting in preparing the financial statements.

##### Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for:
* exchange differences on transactions entered into to hedge certain foreign currency risks (see above); and
* exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

##### Sales

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of fish is recognised after landings have been weighed and deductions agreed, 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.

##### Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

##### Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet 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.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis of all available evidence, it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
When the amount that can be deducted for tax for an asset that is recognised in a business combination is less (more) than the value at which it is recognised, a deferred tax liability (asset) is recognised for the additional tax that will be paid (avoided) in respect of that difference. Similarly, a deferred tax asset (liability) is recognised for the additional tax that will be avoided (paid) because of a difference between the value at which a liability is recognised and the amount that will be assessed for tax.
Deferred tax liabilities are recognised for timing differences arising from investments in subsidiaries and associates, except where the company is able to control the reversal of the timing difference and it is probable that it will not reverse in the foreseeable future.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply to the reversal of the timing difference. Deferred tax relating to property, plant and equipment is measured using the revaluation model and investment property is measured using the tax rates and allowances that apply to the sale of the asset.
Where items recognised in the Statement of Comprehensive Income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income.
Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the company intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax assets and liabilities are offset only if: a) the company has a legally enforceable right to set off current tax assets against current tax liabilities; and b) the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on the company and the company intends either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which signiﬁcant amounts of deferred tax liabilities or assets are expected to be settled or recovered.

##### Intangible assets

Trademarks, patents and licences | 10 years straight line

###### Trademarks, patents and licences

Separately acquired patents and trademarks are included at cost and amortised in equal annual instalments over a period of 10 years which is their estimated useful economic life. An allowance is made for any impairment.
Intangible assets acquired as part of a business combination are measured at fair value at the acquisition date.

##### 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 | 5 % reducing balance
Plant and machinery | 25 % reducing balance
Other property, plant and equipment | 5 % reducing balance

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 Comprehensive Income 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.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.
For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.
Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### 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 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, 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, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

##### 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. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, which are described in note 1, the directors are required to make judgements, estimates and assumptions about the carrying amounts 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 financial year in which the estimate is revised if the revision affects only that period, or in the financial year of the revision and future periods if the revision affects both current and future periods.
Critical judgements in applying the company’s accounting policies
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Critical judgement - Impairment of debtors
The directors make an assessment at the end of each financial year of whether there is objective evidence that a debtor is impaired. When assessing impairment of debtors and other amounts receivable, the directors consider factors including the nature of the debtor, the age profile of outstanding amounts receivable, recent correspondence and historical experience in cash collected from debtors.

Key source of estimation on uncertainty – useful economic lives of tangible assets
The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. Determination of appropriate useful economic lives is a key judgement and the useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

##### 3. Sales

Turnover represents the fair value of goods/services provided to customers during the financial year excluding value added tax.

Breakdown by geographical market:

An analysis of the company's turnover by geographical market is set out below.

| 2025 |  | 2024
| £ |  | £
United Kingdom | 40,921,385 |  | 35,279,108
Europe | 14,162,005 |  | 6,481,478
| 55,083,390 |  | 41,760,586

#### 4. Profit before taxation

Profit before taxation is stated after charging/(crediting):

| 2025 |  | 2024
| £ |  | £
Depreciation of tangible fixed assets (note 13) | 1,292,169 |  | 1,333,862
Amortisation of intangible assets (note 12) | 25,013 |  | 25,013
Foreign exchange (gains)/losses | ( 256,267) |  | 514,347

#### 5. Auditor's remuneration

An analysis of the auditor's remuneration is as follows:

| 2025 |  | 2024
| £ |  | £
Fees payable to the company’s auditor and its associates for the audit of the company's annual financial statements: | 12,700 |  | 11,000
Total audit fees | 12,700 |  | 11,000
Taxation compliance services | 3,100 |  | 2,900
Total non-audit fees | 3,100 |  | 2,900

#### 6. Staff number and costs

| 2025 |  | 2024
| Number |  | Number
The average monthly number of employees (including directors) was: |  |  |
Office and management | 9 |  | 9

Their aggregate remuneration comprised:

| 2025 |  | 2024
| £ |  | £
Wages and salaries | 180,000 |  | 180,000
Social security costs | 20,912 |  | 14,200
| 200,912 |  | 194,200

#### 7. Directors' remuneration

| 2025 |  | 2024
| £ |  | £
Directors' emoluments | 188,396 |  | 189,596

#### 8. Tax on profit

| 2025 |  | 2024
| £ |  | £
Current tax on profit |  |  |
UK corporation tax | 9,223,071 |  | 6,733,744
Adjustments in respect of prior periods | ( 86) |  | 0
Total current tax | 9,222,985 |  | 6,733,744
Deferred tax |  |  |
Origination and reversal of timing differences | 10,434 |  | ( 118,161)
Total deferred tax | 10,434 |  | ( 118,161)
Total tax on profit | 9,233,419 |  | 6,615,583

Changes to the UK corporation tax rates were substantively enacted as part of Finance Bill 2023 (on 10 January 2023). These changes included an increase in the main rate to 25% from April 2023. Deferred taxes at the balance sheet date, in relation to UK companies, are measured using tax rates enacted as at the balance sheet date (25%).

Tax reconciliation

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in the UK:

| 2025 |  | 2024
| £ |  | £
Profit before taxation | 36,930,910 |  | 26,460,962
Tax on profit at standard UK corporation tax rate of 25% (2024: 25%) | 9,232,728 |  | 6,615,241
Effects of: |  |  |
Adjustments in respect of prior years | ( 86) |  | 0
Tax effect of expenses that are not deductible in determining taxable profit | 580 |  | 135
Fixed asset differences | 197 |  | 207
Total tax charge for year | 9,233,419 |  | 6,615,583

#### 9. Interest receivable and similar income

Interest income

| 2025 |  | 2024
| £ |  | £
Interest on bank deposits | 1,016,768 |  | 1,179,776
Other interest income | 0 |  | 8,327
| 1,016,768 |  | 1,188,103

#### 10. Interest payable and similar expenses

Other finance costs:

| 2025 |  | 2024
| £ |  | £
Other interest | (571) |  | 0

#### 11. Dividends on equity shares

| 2025 |  | 2024
| £ |  | £
Amounts recognised as distributions to equity holders in the financial year: |  |  |
Final paid | 20,000,000 |  | 8,000,000

#### 12. Intangible assets

| Trademarks, patents and licences |  | Total
| £ |  | £
Cost |  |  |
At 01 July 2024 | 9,204,152 |  | 9,204,152
At 30 June 2025 | 9,204,152 |  | 9,204,152
Accumulated amortisation |  |  |
At 01 July 2024 | 9,179,139 |  | 9,179,139
Charge for the financial year | 25,013 |  | 25,013
At 30 June 2025 | 9,204,152 |  | 9,204,152
Net book value |  |  |
At 30 June 2025 | 0 |  | 0
At 30 June 2024 | 25,013 |  | 25,013

#### 13. Tangible assets

| Land and buildings |  | Plant and machinery |  | Other property, plant and equipment |  | Total
| £ |  | £ |  | £ |  | £
Cost |  |  |  |  |  |  |
At 01 July 2024 | 77,058 |  | 30,594 |  | 44,987,942 |  | 45,095,594
Additions | 0 |  | 0 |  | 8,271,413 |  | 8,271,413
At 30 June 2025 | 77,058 |  | 30,594 |  | 53,259,355 |  | 53,367,007
Accumulated depreciation |  |  |  |  |  |  |
At 01 July 2024 | 49,942 |  | 30,382 |  | 18,494,069 |  | 18,574,393
Charge for the financial year | 1,356 |  | 53 |  | 1,265,747 |  | 1,267,156
At 30 June 2025 | 51,298 |  | 30,435 |  | 19,759,816 |  | 19,841,549
Net book value |  |  |  |  |  |  |
At 30 June 2025 | 25,760 |  | 159 |  | 33,499,539 |  | 33,525,458
At 30 June 2024 | 27,116 |  | 212 |  | 26,493,873 |  | 26,521,201

Included within other property, plant and equipment are assets under construction totalling £9,450,346 (2024 - £1,178,933).

#### 14. Debtors

| 2025 |  | 2024
| £ |  | £
Amounts owed by related parties (note 22) | 13,375,668 |  | 13,842,568
Corporation tax | 0 |  | 32,556
Other debtors | 14,379 |  | 13,257
| 13,390,047 |  | 13,888,381

#### 15. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 1,490,581 |  | 438,010
Amounts owed to related parties (note 22) | 23,089 |  | 25,102
Corporation tax | 54,429 |  | 0
Accruals | 31,240 |  | 18,540
Other creditors | 204,296 |  | 230,658
| 1,803,635 |  | 712,310

HSBC UK Bank PLC hold security in the form of a floating charge over all assets and undertakings.

#### 16. Provision for liabilities

| Deferred taxation |  | Total
| £ |  | £
At 01 July 2024 | 3,322,066 |  | 3,322,066
Charged to the Profit and Loss Account | 10,434 |  | 10,434
At 30 June 2025 | 3,332,500 |  | 3,332,500

Deferred tax

| 2025 |  | 2024
| £ |  | £
Accelerated capital allowances | 3,322,066 |  | 3,440,227
Tax losses available | 10,434 |  | ( 118,161)
Provision for deferred tax | 3,332,500 |  | 3,322,066

#### 17. Deferred tax

| 2025 |  | 2024
| £ |  | £
At the beginning of financial year | ( 3,322,066) |  | ( 3,440,227)
(Charged)/credited to the Profit and Loss Account | ( 10,434) |  | 118,161
At the end of financial year | ( 3,332,500) |  | ( 3,322,066)

#### 18. Called-up share capital and reserves

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
610,000 Oridinary ordinary shares of £ 1.00 each | 610,000 |  | 610,000
Presented as follows: |  |  |
Called-up share capital presented as equity | 610,000 |  | 610,000

The company's other reserves are as follows:
The share premium reserve contains the premium arising on issue of equity shares, net of issue expenses.
The profit and loss reserve represents cumulative profits or losses, net of dividends paid and other adjustments.

#### 19. Financial commitments

Commitments

Capital commitments are as follows:

| 2025 |  | 2024
| £ |  | £
Contracted for but not provided for: |  |  |
Tangible fixed assets | 29,131,234 |  | 37,256,818

#### 20. Net debt reconciliation

| Balance at 01 July 2024 |  | Cash flows |  | Balance at 30 June 2025
| £ |  | £ |  | £
Cash at bank and in hand | 23,685,754 |  | 2,318,340 |  | 26,004,094
| 23,685,754 |  | 2,318,340 |  | 26,004,094
Net debt | 23,685,754 |  | 2,318,340 |  | 26,004,094

#### 21. Statement of Cash Flows

| 2025 |  | 2024
| £ |  | £
Operating profit | 35,914,713 |  | 25,272,859
Adjustment for: |  |  |
Depreciation and amortisation | 1,292,169 |  | 1,358,875
Operating cash flows before movement in working capital | 37,206,882 |  | 26,631,734
Decrease in debtors | 465,778 |  | 10,687,894
Increase in creditors | 1,063,258 |  | 175,048
Cash generated by operations | 38,735,918 |  | 37,494,676
Income taxes paid | ( 9,136,000) |  | ( 6,549,999)
Interest paid | ( 571) |  | 0
Net cash flows from operating activities | 29,599,347 |  | 30,944,677

#### 22. Related party transactions

Transactions with related parties or connected persons

Amounts owed by related parties

| 2025 |  | 2024
| £ |  | £
OFS - Settlements | 13,375,668 |  | 13,842,568

Amounts owed to related parties

| 2025 |  | 2024
| £ |  | £
Klondyke Quota Management Group | 23,089 |  | 25,102

Transactions with the entity’s directors (or members of its governing body)

Amounts owed by directors

As at 30 June 2025, the company was due the directors £204,296 (2024 - £230,658). The loans are interest free and there are no set repayment terms.
All the directors are crew members on the company's fishing vessels and they were paid a total of £2,089,447 (2024 - £1,722,708) for their services as crew members.