REGISTERED NUMBER: SC785678 (Scotland)

Financial Statements for the Year Ended 31 August 2025

for

Orkney Crab Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

P D Knight

REGISTERED OFFICE:

Crab Factory

Garson Food Park

Stromness

Orkney

KW16 3BL

REGISTERED NUMBER:

SC785678 (Scotland)

AUDITORS:

McLay McAlister & McGibbon LLP

Chartered Accountants and Statutory Auditors

145 St Vincent Street

Glasgow

G2 5JF

FIXED ASSETS

Intangible assets

4

148,089

158,929

Tangible assets

5

509,040

406,044

657,129

564,973

CURRENT ASSETS

Stocks

1,000,019

813,508

Debtors

6

760,153

938,454

Cash at bank and in hand

545

59,647

1,760,717

1,811,609

CREDITORS

Amounts falling due within one year

7

(1,864,288

)

(2,755,775

)

NET CURRENT LIABILITIES

(103,571

)

(944,166

)

TOTAL ASSETS LESS CURRENT LIABILITIES

553,558

(379,193

)

CREDITORS

Amounts falling due after more than one year

8

(175,732

)

-

PROVISIONS FOR LIABILITIES

(34,256

)

-

NET ASSETS/(LIABILITIES)

343,570

(379,193

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

343,569

(379,194

)

343,570

(379,193

)

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 August 2026 and were signed by:

P D Knight - Director

1.	STATUTORY INFORMATION

Orkney Crab 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), 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.

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses in 2023 over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit

from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at

least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable

amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is

allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets

of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

1.5% on reducing balance

Plant and machinery etc

-

20% on reducing balance

The company's policy is to review the remaining useful lives and residual value of all tangible fixed assets on an on-going basis and to adjust the depreciation charge to reflect the remaining useful economic life and residual value.

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

Government grants

Government grants are recognised when there is reasonable assurance that the company will comply with the conditions attaching to the grant and the grant will be received.

Government grants received specifically to meet hire purchase instalments are recognised in the profit and loss account on a systematic basis over the periods in which the related hire purchase finance costs to which the grant relates are recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost

comprises direct materials and, where applicable, direct labour costs and those overheads that have been

incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement

cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks

over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or

loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Debtors

Trade debtors and other debtors are recognised at the settlement amount due with appropriate allowances for any irrecoverable amounts when there is objective evidence the asset is impaired.

Cash and cash equivalents

Cash and cash equivalent in the balance sheet comprise cash in hand and bank overdrafts. In the balance sheet bank overdrafts are shown in creditors amounts falling due within one year.

Creditors

Trade creditors and other creditors are recognised where the company has a present obligation resulting from a past event and are recognised at the settlement amount due after allowing for any trade discounts due.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 73 (2024 - 60 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2024

and 31 August 2025

173,382

AMORTISATION

At 1 September 2024

14,453

Charge for year

10,840

At 31 August 2025

25,293

NET BOOK VALUE

At 31 August 2025

148,089

At 31 August 2024

158,929

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2024

95,000

354,915

449,915

Additions

-

298,090

298,090

Disposals

(95,000

)

-

(95,000

)

At 31 August 2025

-

653,005

653,005

DEPRECIATION

At 1 September 2024

1,306

42,565

43,871

Charge for year

1,281

101,400

102,681

Eliminated on disposal

(2,587

)

-

(2,587

)

At 31 August 2025

-

143,965

143,965

NET BOOK VALUE

At 31 August 2025

-

509,040

509,040

At 31 August 2024

93,694

312,350

406,044

Included within the net book value above are assets held under hire purchase agreements of £275,847 (2024: £nil).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Trade debtors

649,550

620,254

Other debtors

110,603

318,200

760,153

938,454

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.25

31.8.24

£

£

Hire purchase contracts

77,797

-

Trade creditors

753,045

1,423,448

Amounts owed to group undertakings

283,549

894,993

Taxation and social security

117,714

109,288

Other creditors

632,183

328,046

1,864,288

2,755,775

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.25

31.8.24

£

£

Hire purchase contracts

175,732

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.25

31.8.24

£

£

Invoice discounting

415,693

-

Hire purchase contracts

253,529

-

669,222

-

Invoice discounting is secured by a floating charge over the company's assets. This facility is further supported by a cross-guarantee provided by the parent company in favour of Lloyds Banking Group.

Hire purchase liabilities are secured over the assets to which they relate.

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

The financial statements for the year ended 31 August 2024 were unaudited as the company was entitled to, and availed of, the exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Accordingly, the corresponding figures for the prior period were not subject to audit. Our opinion is not modified in respect of this matter.

Fiona Russell (Senior Statutory Auditor)

for and on behalf of McLay McAlister & McGibbon LLP

11.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.

12.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is PDK Shellfish Limited, a company incorporated in Scotland, due to their 100% holding of the company's ordinary share capital.

The ultimate controlling party is the Director, P D Knight.

PDK Shellfish Limited is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements can be obtained from the registered office:

2 South Pier

Gallanach Road

Oban

PA34 4LS