SCOTTISH SEA FARMS LIMITED

• ⚠

  Material uncertainty over going concern

  The directors have concluded that these conditions represent a material uncertainty that may cast significant doubt on the company's and Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter. As detailed in Note 17 Loans and Borrowings, Facility A, Facility B (RCF) and Facility C mature on 21 July 2026 and Facility D matures on 15 December 2026. The Group's financial forecasts show that it will have insufficient funds to make the scheduled repayments of these facilities at their maturity dates. Management is currently in the process of preparing longer term forecasts and associated funding requirements before commercial discussions take place to renew/replace existing facilities. The directors have every confidence that current facilities will be renewed or replaced through refinancing before their maturity dates. However, no commitment to such refinancing from existing or new lenders has yet been received. The directors have concluded that these conditions represent a material uncertainty that may cast significant doubt on the company's and Group's ability to continue as a going concern.

1. SCOTTISH SEA FARMS LIMITED 2002-01-21 → present
2. HYDRO SEAFOOD GSP LIMITED 1995-09-27 → 2002-01-21
3. GOLDEN SEA PRODUCE LIMITED 1969-07-10 → 1995-09-27

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The directors have concluded that these conditions represent a material uncertainty that may cast significant doubt on the company's and Group's ability to continue as a going concern. Our opinion is not modified in respect of this matter. As detailed in Note 17 Loans and Borrowings, Facility A, Facility B (RCF) and Facility C mature on 21 July 2026 and Facility D matures on 15 December 2026. The Group's financial forecasts show that it will have insufficient funds to make the scheduled repayments of these facilities at their maturity dates. Management is currently in the process of preparing longer term forecasts and associated funding requirements before commercial discussions take place to renew/replace existing facilities. The directors have every confidence that current facilities will be renewed or replaced through refinancing before their maturity dates. However, no commitment to such refinancing from existing or new lenders has yet been received. The directors have concluded that these conditions represent a material uncertainty that may cast significant doubt on the company's and Group's ability to continue as a going concern.”

Group structure

1. SCOTTISH SEA FARMS LIMITED · parent
   1. SSF Shetland Limited 100% · Scotland · farming and sale of salmon
   2. SSF Hjatland UK Limited 100% · Scotland · farming and sale of salmon
   3. Orkney Sea Farms Ltd 100% · Scotland · farming and sale of salmon
   4. GSP Farms Limited 100% · Scotland · farming and sale of salmon
   5. Scottish Sea Farms Sales Limited 100% · Scotland · farming and sale of salmon
   6. Kerrera Fisheries Limited 100% · Scotland · farming and sale of salmon
   7. MJM (Salmon) Ltd 100% · Scotland · farming and sale of salmon
   8. Dury Salmon Ltd 100% · Scotland · farming and sale of salmon
   9. Terregles Salmon Company Ltd 100% · Scotland · farming and sale of salmon
   10. Ettrick Trout Co Ltd 100% · Scotland · farming and sale of salmon
   11. Isle of Skye Salmon Limited 100% · Scotland · farming and sale of salmon

Significant events

• “In 2024 there was no dividend paid with the decision to leave funds in the business for re-investment.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +61.9%

  £197,048,000 → £319,097,000

• Cash

  +119.5%

  -£39,606,000 → £7,734,000

• Net assets

  +12.3%

  £134,852,000 → £151,499,000

• Employees

  -1.8%

  611 → 600

• Operating profit

  +370%

  -£15,655,000 → £42,261,000

• Profit before tax

  +177.6%

  -£31,159,000 → £24,175,000

• Wages

  +8.5%

  £27,181,000 → £29,481,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers