Gt Seafoods Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—5

Registered number: SC241817

		2026		2025
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		674,693		475,679

			674,693		475,679
CURRENT ASSETS
Stocks	5	15,000		-
Debtors	6	1,942,176		1,525,557
Cash at bank and in hand		805,971		1,304,899

		2,763,147		2,830,456
Creditors: Amounts Falling Due Within One Year	7	(578,644 )		(424,418 )

NET CURRENT ASSETS (LIABILITIES)			2,184,503		2,406,038

TOTAL ASSETS LESS CURRENT LIABILITIES			2,859,196		2,881,717

Creditors: Amounts Falling Due After More Than One Year	8		(462,275 )		(669,599 )

NET ASSETS			2,396,921		2,212,118

CAPITAL AND RESERVES
Called up share capital	9		2		2
Profit and Loss Account			2,396,919		2,212,116

SHAREHOLDERS' FUNDS			2,396,921		2,212,118

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Gt Seafoods Limited

Balance Sheet (continued)

As At 31 March 2026

For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

On behalf of the board

Mr G Tallis

Director

27/09/2026

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

Gt Seafoods Limited is a private company, limited by shares, incorporated in Scotland, registered number SC241817 . The registered office is Goldwells House, Grange Road, Peterhead, Aberdeenshire, AB42 1WN.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	0%
Leasehold	0%
Plant & Machinery	25% reducing balance
Motor Vehicles	25% reducing balance

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

...CONTINUED

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Gt Seafoods Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

2.5. Taxation - continued

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 9 (2025: 10)

4. Tangible Assets

	Land & Property
	Freehold	Leasehold	Plant & Machinery	Motor Vehicles	Total
	£	£	£	£	£
Cost
As at 1 April 2025	-	276,661	298,148	67,704	642,513
Additions	61,540	74,355	90,776	60,560	287,231

As at 31 March 2026	61,540	351,016	388,924	128,264	929,744

Depreciation
As at 1 April 2025	-	-	131,559	35,275	166,834
Provided during the period	-	-	64,970	23,247	88,217

As at 31 March 2026	-	-	196,529	58,522	255,051

Net Book Value
As at 31 March 2026	61,540	351,016	192,395	69,742	674,693

As at 1 April 2025	-	276,661	166,589	32,429	475,679

5. Stocks

	2026	2025
	£	£
Stock	15,000	-

6. Debtors

	2026	2025
	£	£
Due within one year
Trade debtors	1,070,677	758,021
Inter company Ellon Fish Shop	86,808	86,808
Inter co GT Sustainable Ltd	130,511	-
Inter Co GT Ventures	600,150	600,000
VAT	54,030	56,828

	1,942,176	1,501,657

...CONTINUED

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Gt Seafoods Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 March 2026

Due after more than one year
Corporation tax recoverable assets	-	23,900

	1,942,176	1,525,557

7. Creditors: Amounts Falling Due Within One Year

	2026	2025
	£	£
Trade creditors	460,523	270,219
Corporation tax	75,228	-
Other taxes and social security	5,669	4,478
Other creditors	2,442	38,880
Accruals	34,120	40,750
Directors' loan accounts	662	602
Inter Co - Sustainable	-	69,489

	578,644	424,418

8. Creditors: Amounts Falling Due After More Than One Year

	2026	2025
	£	£
P & J Johnstone loan	462,275	669,599

9. Share Capital

	2026	2025
	£	£
Allotted, Called up and fully paid	2	2

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