REGISTERED NUMBER: SC292787 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 December 2025

for

Gulfcrown Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr B Santiago Freire

Mrs M d C Santiago Santiago

Mrs E Santiago Rodriguez

REGISTERED OFFICE:

27 Finlayson street

Fraserburgh

Aberdeenshire

AB43 9JQ

REGISTERED NUMBER:

SC292787 (Scotland)

ACCOUNTANTS:

SBP

Accountants

27 Finlayson Street

Fraserburgh

Aberdeenshire

AB43 9JQ

FIXED ASSETS

Intangible assets

4

37,826

85,715

Tangible assets

5

11,132

14,392

48,958

100,107

CURRENT ASSETS

Stocks

44,120

-

Debtors

6

37,936

46,226

Investments

7

422,245

394,816

Cash at bank

2,818,274

2,766,267

3,322,575

3,207,309

CREDITORS

Amounts falling due within one year

8

624,719

602,285

NET CURRENT ASSETS

2,697,856

2,605,024

TOTAL ASSETS LESS CURRENT LIABILITIES

2,746,814

2,705,131

CAPITAL AND RESERVES

Called up share capital

100

100

Accumulated comprehensive

income

172,283

39,423

Retained earnings

2,574,431

2,665,608

SHAREHOLDERS' FUNDS

2,746,814

2,705,131

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

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

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2026 and were signed on its behalf by:

Mrs M d C Santiago Santiago - Director

1.	STATUTORY INFORMATION

Gulfcrown Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in UK £ sterling.

Turnover

Turnover represents amounts receivable for goods (sale of fish) provided in the normal course of business, net of VAT. Revenue is recognised to the extent that it is probable that economic benefit will flow to the company and when its value can be measured with a sufficient degree of certainty and reliability. All income is recognised in the accounting period to which it relates.

Intangible assets - fishing licence & quota

The Fishing licence and quota are reported on a cost model basis with the items recognised at original cost less an annual amortisation charge. The assets are amortised on a straight line basis over a 10 year period. This policy was adopted in the 2016 financial year following the introduction of the Financial Reporting Standard 102. The intangible assets were previously reported at cost with no annual amortisation charge.

Tangible fixed assets

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

Fishing vessel

-

10% on cost

Tangible fixed assets are included at cost less depreciation and impairment. The residual value is reassessed at the end of each accounting period.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current 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.

Foreign currencies

The functional currency of the company is the Euro (€) with the bulk of the day to day operating transactions being undertaken in this currency. The company is registered in Scotland and therefore the directors have opted to present the financial information in sterling (£).

Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Fixed Assets are valued at the historical rate of exchange. Transactions in currencies, other than the functional currency (€), which take place during the course of the financial year are translated at the rate of exchange ruling at the date of transaction. Any exchange differences arising during the financial year are reported through the Profit & Loss Account and are taken into account in arriving at the operating result. Exchange gains or losses which arise on conversion of the functional currency balances to the currency used for presentation in the Financial Statements are reported through the Statement of Other Comprehensive Income/Losses.

Current asset investments

The portfolio of investments is managed by professional fund managers and the investments are stated at market value as at the financial year end. The net value of any gains or losses on revaluation are declared through the Statement of Income but any such gains do not form part of the distributable profit of the company.

3.	EMPLOYEES AND DIRECTORS

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

4.	INTANGIBLE FIXED ASSETS

Fishing

licence &

quota

£

COST

At 1 January 2025

and 31 December 2025

478,884

AMORTISATION

At 1 January 2025

393,169

Amortisation for year

47,889

At 31 December 2025

441,058

NET BOOK VALUE

At 31 December 2025

37,826

At 31 December 2024

85,715

5.	TANGIBLE FIXED ASSETS

Fishing

vessel

£

COST

At 1 January 2025

and 31 December 2025

175,111

DEPRECIATION

At 1 January 2025

160,719

Charge for year

3,260

At 31 December 2025

163,979

NET BOOK VALUE

At 31 December 2025

11,132

At 31 December 2024

14,392

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade debtors

-

8,977

Other debtors

1,048

996

Tax

7,444

3,115

VAT

16,064

14,148

Prepayments

13,380

18,990

37,936

46,226

7.	CURRENT ASSET INVESTMENTS

31.12.25

31.12.24

£

£

Original cost of investments

407,474

373,094

Revaluation gain/(Loss)

14,771

21,722

Market Value as at 31 December 2025

422,245

394,816

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

171,478

136,992

Other creditors

153,303

179,918

Directors' current accounts

297,388

282,725

Accrued expenses

2,550

2,650

624,719

602,285

9.	RELATED PARTY DISCLOSURES

As reported within the creditors note, a balance of £297,388 (€340,598) was owing to the director Mr B. Santiago Freire as at 31 December 2025. There are no specific terms of repayment for this loan and no interest is accrued.

'Agents fees' of £260,020 as stated in the Profit & Loss Account includes fees charged by Pescacarino SA of £168,559 (€197,500) in respect of services provided.

'Trade creditor' balance includes a sum of £911 (€1,044) due to Ferncrown Ltd, a related company of which Mr Freire, Mrs Santiago Rodriguez and Mrs Santiago Santiago are all directors.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Pescacarino S.A.

11.	SHAREHOLDERS' FUNDS AND RESERVES

The reserve of 'Accumulated comprehensive income/loss' represents the accumulated exchange rate gains/losses on conversion of the closing financial balances from the functional currency (€) to the presentational currency (£). The value of this particular reserve is non distributable.

The balance of retained earnings of £2,574,653 includes net accumulated gains of £14,849 on the revaluation of investments. Gains which arise on revaluation of investments are non distributable.

12.	DEFERRED TAXATION

Based on the net book value of the relevant fixed assets as stated in the Balance Sheet a deferred tax asset position has been identified. The balance sheet values of the tangible fixed assets are reported at original cost less accumulated depreciation but the current market value of the assets may be higher than stated which may result in an additional tax charge on disposal should the actual disposal values be significantly higher than the current written down values. On this basis, the calculated deferred tax asset has not been recognised in the financial statements.