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REGISTERED NUMBER: 01535700 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

BHJ UK SEAFOOD LIMITED

BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


BHJ UK SEAFOOD LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTORS: Mrs A M H Hansen
T Matzen
J P Constable
M Roach
P Denn
T Bendix





SECRETARY: Ms L Prest





REGISTERED OFFICE: Minster House
23 Flemingate
Beverley
East Yorkshire
HU17 0NP





REGISTERED NUMBER: 01535700 (England and Wales)





AUDITORS: Sowerby
Chartered Accountants and Statutory Auditors
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,246,153 1,363,938

CURRENT ASSETS
Stocks 220,887 410,736
Debtors 5 1,149,091 661,890
Cash at bank 280,139 128,369
1,650,117 1,200,995
CREDITORS
Amounts falling due within one year 6 691,986 847,651
NET CURRENT ASSETS 958,131 353,344
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,204,284

1,717,282

CREDITORS
Amounts falling due after more than one year 7 (4,884 ) (25,086 )

PROVISIONS FOR LIABILITIES (281,000 ) (175,165 )
NET ASSETS 1,918,400 1,517,031

CAPITAL AND RESERVES
Share capital 150,000 150,000
Retained earnings 1,768,400 1,367,031
SHAREHOLDERS' FUNDS 1,918,400 1,517,031

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 27 February 2024 and were signed on its behalf by:





J P Constable - Director


BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023


1. GENERAL INFORMATION

BHJ UK Seafood Limited is a private company limited by shares and incorporated and domiciled in England. It has its registered office and principal place of business at Minster House, 23 Flemingate, Beverley, East Yorkshire, England, HU17 0NP.

The principal activity of the company is the manufacture of prepared pet foods.

The presentational currency of the financial statements is 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.

Going concern

The directors have assessed the going concern status of the company and although Brexit has had an impact on the business to Europe, with difficulties in export paperwork, the company has been able to look at new domestic and global markets, this continues in 2024. BHJ UK Seafood is 100% serving the pet food industry and demand for raw material remains strong, the directors are exploring new opportunities within the sector and continue to develop the company's strong global customers. The company continues to take by-products from the filleting and slaughtering industry and sees itself as a key partner to suppliers and customers to utilise animal by-products. BHJ UK Seafood have implemented a new 5 year business plan and continue to grow within the sector. The company are investing in technology, R&D and people to develop a strong business for the future within the petfood industry.

Having prepared and reviewed detailed forecasts for the company, considering liquidity risk, current market conditions and other factors affecting the company, the use of the going concern basis of accounting is appropriate as, in the opinion of the directors, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Turnover from the sale of goods is recognised at the point of sale.

Sales are recognised at the point which the company has fulfilled its contracted obligations and the risks and rewards attached to the product, have been transferred to the customer.

BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, whichever is the shorter.

Long-term leasehold property - over 15 years
Plant and machinery - over 3 - 10 years
Computer equipment - over 3 years

Tangible fixed assets are held under the historical cost model.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carry amount of an asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow moving items. 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.

Stock is calculated on the first in first out basis. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of completion.

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.

BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included within creditors due less than one year and creditors due in more than one year as appropriate.

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

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.

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such case the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the balance sheet, bank overdrafts are shown within borrowings or current liabilities.

BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Trade and other creditors
Trade and other creditors are initially recognised at the transaction price and are thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Impairment of financial assets

Financial assets, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that have occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

Interest bearing borrowings

Interest-bearing borrowings are recognised initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of comprehensive income over the period of the borrowings, together with any interest and fees payable, using the effective interest method.

Related parties

For the purposes of these financial statements, a party is considered to be related to the company if:

(i) the party has the ability, directly or indirectly, through one or more intermediaries, to control the company or exercise significant influence over the company in making financial and operating policy decisions, or has joint control over the company;

(ii) the company and the party are subject to common control;

(iii) the party is an associate of the company or a joint venture in which the company is a venture

(iv) the party is a member of key management personnel of the company or the company's parent, or a close family member of such an individual, or is an entity under the control, joint control or significant influence of such individuals;

(v) the party is a close family member of a party referred to in (i) or is an entity under the control, joint control or significant influence of such individuals; or

(vi) the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company.

(vii) the party, or any member of a group of which it is part, provides key management personnel services to the company or its parent.

Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2022 - 22 ) .

BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2023 2,045,336 928,670 2,974,006
Additions 7,796 206,953 214,749
Disposals - (80,775 ) (80,775 )
At 31 December 2023 2,053,132 1,054,848 3,107,980
DEPRECIATION
At 1 January 2023 1,053,222 556,846 1,610,068
Charge for year 1,597 317,346 318,943
Eliminated on disposal - (67,184 ) (67,184 )
At 31 December 2023 1,054,819 807,008 1,861,827
NET BOOK VALUE
At 31 December 2023 998,313 247,840 1,246,153
At 31 December 2022 992,114 371,824 1,363,938

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 635,240 454,741
Amounts owed by group undertakings 369,519 106,844
Other debtors 38,891 21,767
Tax 54,423 38,630
Prepayments 51,018 39,908
1,149,091 661,890

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 329,505 285,953
Amounts owed to group undertakings 36,011 120,977
Social security and other taxes 27,344 14,315
Other creditors 43,417 32,177
Accrued expenses 235,708 374,161
Government grants 20,001 20,068
691,986 847,651

BHJ UK SEAFOOD LIMITED (REGISTERED NUMBER: 01535700)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Government grants 4,884 25,086

8. OPERATING LEASES

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 100,112 106,245
Between one and five years 364,399 391,330
In more than five years 17,688 88,438
482,199 586,013

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

The Report of the Auditors was unqualified.

Elizabeth Blanchard BA(Hons) BFP ACA PGCE (Senior Statutory Auditor)
for and on behalf of Sowerby

10. CONTROLLING PARTY

The company is controlled by Danexport Limited, the company's immediate parent company. The ultimate parent company is The Lauridsen Group Inc., a company registered in the USA, and the results of the company are consolidated within that company's financial statements.

The largest group in which the results of the company are consolidated is that headed by the Lauridsen Group Inc., incorporated in the USA. The smallest group in which they are consolidated is that headed by LGI International Holding S.á.r.l., incorporated in Luxembourg. The consolidated accounts of LGI International S.á.r.l. are available to the public and may be obtained from Ulsnaes 33-DK 6300 Gråsten, Denmark.