Company registration number SC248931 (Scotland)
MICOFISH LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
PAGES FOR FILING WITH REGISTRAR
MICOFISH LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
MICOFISH LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2025
31 December 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,969
2,362
Tangible assets
4
388,422
459,333
Investment property
5
691,949
565,941
Investments
6
347,168
321,356
1,429,508
1,348,992
Current assets
Debtors
7
254,529
154,522
Cash at bank and in hand
718,546
473,071
973,075
627,593
Creditors: amounts falling due within one year
8
(292,142)
(140,152)
Net current assets
680,933
487,441
Total assets less current liabilities
2,110,441
1,836,433
Provisions for liabilities
(44,774)
(61,743)
Net assets
2,065,667
1,774,690
Capital and reserves
Called up share capital
200
200
Profit and loss reserves
2,065,467
1,774,490
Total equity
2,065,667
1,774,690

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account within the financial statements.true

MICOFISH LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 11 August 2026 and are signed on its behalf by:
MICHAEL TAIT
Michael Tait
Director
Company registration number SC248931 (Scotland)
MICOFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
1
Accounting policies
Company information

Micofish Limited is a private company limited by shares incorporated in Scotland. The registered office is Silveracres, Rathen, Fraserburgh, Aberdeenshire, AB43 8XB.

1.1
Accounting convention

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of investment at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover represents amounts receivable for the provision of labour services and is recognised when the service is provided during the year.

1.4
Intangible fixed assets other than goodwill

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Basic Payment Entitlement
10% straight line
1.5
Tangible fixed assets

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 over their useful lives on the following bases:

Land and buildings freehold
2% straight line
Plant and machinery
25% straight line
Fixtures and fittings
25% straight line
Computer equipment
25% straight line
Motor vehicles
25% reducing balance
MICOFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 4 -

Freehold land is not depreciated.

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.

1.6
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase price and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.

1.7
Fixed asset investments

Interests in listed entities are initially measured at transaction price excluding transaction costs and are subsequently measured at fair value at each reporting date. Transaction costs are expensed to profit or loss as incurred. Changes in fair value are recognised in other comprehensive income except to the extent that a gain reverses a loss previously recognised in profit or loss, or a loss exceeds the accumulated gains recognised in equity; such gains and loss are recognised in profit or loss.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks.

1.10
Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

1.11
Equity instruments

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.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

MICOFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

The company operates a defined contribution plan for it's employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

1.15
Leases

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.16
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

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

2025
2024
Number
Number
Total
3
3
MICOFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
3
Intangible fixed assets
Basic Payment Entitlement
£
Cost
At 1 January 2025 and 31 December 2025
3,934
Amortisation and impairment
At 1 January 2025
1,572
Amortisation charged for the year
393
At 31 December 2025
1,965
Carrying amount
At 31 December 2025
1,969
At 31 December 2024
2,362
4
Tangible fixed assets
Land and buildings freehold
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2025
263,252
186,583
35,274
6,012
134,457
625,578
Additions
-
-
-
916
-
916
At 31 December 2025
263,252
186,583
35,274
6,928
134,457
626,494
Depreciation and impairment
At 1 January 2025
288
113,852
29,709
2,868
19,528
166,245
Depreciation charged in the year
72
39,300
2,220
1,503
28,732
71,827
At 31 December 2025
360
153,152
31,929
4,371
48,260
238,072
Carrying amount
At 31 December 2025
262,892
33,431
3,345
2,557
86,197
388,422
At 31 December 2024
262,964
72,731
5,565
3,144
114,929
459,333
MICOFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
5
Investment property
2025
£
Fair value
At 1 January 2025
565,941
Additions
126,008
At 31 December 2025
691,949

The valuation of investment property was made as a t 31 December 202 5 by the directors of the company on an open market basis.

6
Fixed asset investments
2025
2024
£
£
Other investments other than loans
347,168
321,356
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2025
321,356
Additions
23,325
Valuation changes
2,487
At 31 December 2025
347,168
Carrying amount
At 31 December 2025
347,168
At 31 December 2024
321,356
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
709
722
Other debtors
253,820
153,800
254,529
154,522
MICOFISH LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
3,223
2,701
Corporation tax
159,000
60,467
Other taxation and social security
146
1,400
Other creditors
129,773
75,584
292,142
140,152
9
Related party transactions

During the year the directors operated a current account with the company. Advances of £78,547 were made, and credits of £108,418 were received which resulted in a balance due by the company of £42,449 (2024: £12,578). This loan is interest free and repayable on demand.

During the year, advances of £10,125 were made, and credits of £34,063 were received which resulted in a balance due to a shareholder of £79,126 (2024: £55,188). The loan is interest free and repayable on demand.

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