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REGISTERED NUMBER: 07126122 (England and Wales)














Strategic Report, Report of the Director and

Financial Statements

for the period

27th March 2023 to 31st December 2023

for

Copernus Limited

Copernus Limited (Registered number: 07126122)






Contents of the Financial Statements
for the period 27th March 2023 to 31st December 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 10

Balance Sheet 11

Statement of Changes in Equity 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 16


Copernus Limited

Company Information
for the period 27th March 2023 to 31st December 2023







DIRECTOR: D R Simpson



REGISTERED OFFICE: 35 West Dock Street
Hull
East Yorkshire
HU3 4HH



REGISTERED NUMBER: 07126122 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: National Westminster Bank plc
236 Hessle Road
Hull
HU3 3YY

Copernus Limited (Registered number: 07126122)

Strategic Report
for the period 27th March 2023 to 31st December 2023

The director presents his strategic report for the period 27th March 2023 to 31st December 2023.

REVIEW OF BUSINESS
The principal activity of the company in the period under review was that of the wholesale of white fish and salmon.


The key financial highlights are as follows:


Period Year Year Year
ended ended ended ended
31/12/23 26/3/23 27/3/22 28/3/21
£ £ £
Turnover 52,443,666 63,700,157 58,764,576 49,993,357
Turnover growth (pro rata on previous year) (17.67%) 8.39% 17.5% 31.3%
Gross profit 5,575,850 3,860,534 2,219,794 5,079,017
Gross profit margin 10.63% 6.06% 3.77% 10.16%
Net profit/(loss) before tax 2,774,290 523,700 (217,410 ) 2,419,134
Net profit before tax margin 5.29% 0.82% - 4.84%

During 2023 Copernus Ltd made the decision to change it's year end date and align its financial calendar closer to its customer base and contracts. Pro rata the results would have seen further growth in the financial year compared to March 2023. Profit and margins have improved considerably with a drive to control costs, after a period of growth, and reduced volatility across the raw material markets.

Inflationary pressures have eased during the 9 month financial period but the labour market continues to be a challenge in terms of candidate availability and wage inflation.

Customer contracts for 2025 have been renewed with all major customers at levels similar to 2024. Copernus do not expect any major fluctuations in raw materials but labour will be impacted again by the large rise in the National Minimum Wage.

PRINCIPAL RISKS AND UNCERTAINTIES
The company's principal risks and uncertainties are shown below.

Price risk
The company sells wholesale seafood and has managed to secure some fixed price contracts on some raw materials to offset the risk element.

Foreign exchange risk
The company sells and purchases some products in foreign currencies. The risk is mitigated by monitoring foreign exchange rates on a daily basis and taking foreign exchange cover, if required.

Credit risk
Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company has little experience of material bad debts in general.

Liquidity risk
The company's liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due and the company does not consider that liquidity poses a significant risk.

Interest rate and cash flow risk
The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk.


Copernus Limited (Registered number: 07126122)

Strategic Report
for the period 27th March 2023 to 31st December 2023

FUTURE DEVELOPMENTS
The Directors believe that during 2025 Copernus will see turnover and margins maintained at current levels. Any market volatility is predicted to ease and focus is to remain on efficiency measures. Copernus will continue to operate mainly in the UK market and, while not actively seeking exports, is open to new markets and customers.

ON BEHALF OF THE BOARD:





D R Simpson - Director


3rd April 2024

Copernus Limited (Registered number: 07126122)

Report of the Director
for the period 27th March 2023 to 31st December 2023

The director presents his report with the financial statements of the company for the period 27th March 2023 to 31st December 2023.

DIVIDENDS
Interim dividends totalling £15450 per share were paid during the period. The director recommends that no final dividend be paid.

The total distribution of dividends for the period ended 31st December 2023 will be £ 1,545,000 .

FUTURE DEVELOPMENTS
Details of the company's future developments have been provided in the strategic report.

DIRECTOR
D R Simpson held office during the whole of the period from 27th March 2023 to the date of this report.

His beneficial interest in the shares of the company, according to the register of directors' interests, was as follows:

31.12.23 27.3.23
Ordinary shares of £1 each 51 51

He did not hold any non-beneficial interests in the shares of the company.

FINANCIAL INSTRUMENTS
The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations.

Revenue maintenance
The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business.

Principle risks and uncertainties
These have been provided in the strategic report of the company.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.


Copernus Limited (Registered number: 07126122)

Report of the Director
for the period 27th March 2023 to 31st December 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES - continued
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





D R Simpson - Director


3rd April 2024

Report of the Independent Auditors to the Members of
Copernus Limited

Opinion
We have audited the financial statements of Copernus Limited (the 'company') for the period ended 31st December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31st December 2023 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Copernus Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Copernus Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the food manufacturing and processing sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental, health and safety legislation along with industry specific regulations and requirements.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Copernus Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

3rd April 2024

Copernus Limited (Registered number: 07126122)

Statement of Comprehensive
Income
for the period 27th March 2023 to 31st December 2023

period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
Notes £    £   

TURNOVER 52,443,666 63,700,157

Cost of sales 46,867,816 59,839,623
GROSS PROFIT 5,575,850 3,860,534

Administrative expenses 2,733,324 3,264,640
2,842,526 595,894

Other operating income 23,403 31,204
OPERATING PROFIT 4 2,865,929 627,098

Interest receivable and similar income 1,735 -
2,867,664 627,098

Interest payable and similar expenses 5 93,374 103,398
PROFIT BEFORE TAXATION 2,774,290 523,700

Tax on profit 6 787,639 90,232
PROFIT FOR THE FINANCIAL PERIOD 1,986,651 433,468

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

1,986,651

433,468

Copernus Limited (Registered number: 07126122)

Balance Sheet
31st December 2023

2023 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 6,495,129 6,465,862

CURRENT ASSETS
Stocks 9 2,884,997 2,563,244
Debtors 10 5,443,530 5,608,408
Cash at bank 32,429 95,874
8,360,956 8,267,526
CREDITORS
Amounts falling due within one year 11 8,765,316 9,049,024
NET CURRENT LIABILITIES (404,360 ) (781,498 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,090,769

5,684,364

CREDITORS
Amounts falling due after more than one year 12 (940,874 ) (1,291,724 )

PROVISIONS FOR LIABILITIES 16 (968,672 ) (653,068 )
NET ASSETS 4,181,223 3,739,572

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 4,181,123 3,739,472
SHAREHOLDERS' FUNDS 4,181,223 3,739,572

The financial statements were approved by the director and authorised for issue on 3rd April 2024 and were signed by:





D R Simpson - Director


Copernus Limited (Registered number: 07126122)

Statement of Changes in Equity
for the period 27th March 2023 to 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 28th March 2022 100 3,688,004 3,688,104

Changes in equity
Dividends - (382,000 ) (382,000 )
Total comprehensive income - 433,468 433,468
Balance at 26th March 2023 100 3,739,472 3,739,572

Changes in equity
Dividends - (1,545,000 ) (1,545,000 )
Total comprehensive income - 1,986,651 1,986,651
Balance at 31st December 2023 100 4,181,123 4,181,223

Copernus Limited (Registered number: 07126122)

Cash Flow Statement
for the period 27th March 2023 to 31st December 2023

period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 2,557,426 540,944
Interest paid (46,543 ) (32,930 )
Interest element of hire purchase payments
paid

(46,831

)

(70,468

)
Taxation refund 70,101 -
Net cash from operating activities 2,534,153 437,546

Cash flows from investing activities
Purchase of tangible fixed assets (738,884 ) (454,187 )
Sale of tangible fixed assets 91,416 95,000
Interest received 1,735 -
Net cash from investing activities (645,733 ) (359,187 )

Cash flows from financing activities
New loans in year - 790,000
Loan repayments in year (38,744 ) (61,392 )
New hire purchase in year - 86,459
Capital hire purchase repayments in year (368,121 ) (460,608 )
Equity dividends paid (1,545,000 ) (382,000 )
Net cash from financing activities (1,951,865 ) (27,541 )

(Decrease)/increase in cash and cash equivalents (63,445 ) 50,818
Cash and cash equivalents at beginning of
period

2

95,874

45,056

Cash and cash equivalents at end of period 2 32,429 95,874

Copernus Limited (Registered number: 07126122)

Notes to the Cash Flow Statement
for the period 27th March 2023 to 31st December 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Profit before taxation 2,774,290 523,700
Depreciation charges 514,480 613,118
Loss on disposal of fixed assets 103,721 55,232
Finance costs 93,374 103,398
Finance income (1,735 ) -
3,484,130 1,295,448
Increase in stocks (321,753 ) (689,524 )
Decrease in trade and other debtors 95,601 967,519
Decrease in trade and other creditors (700,552 ) (1,032,499 )
Cash generated from operations 2,557,426 540,944

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 31st December 2023
31/12/23 27/3/23
£    £   
Cash and cash equivalents 32,429 95,874
Period ended 26th March 2023
26/3/23 28/3/22
£    £   
Cash and cash equivalents 95,874 45,056


Copernus Limited (Registered number: 07126122)

Notes to the Cash Flow Statement
for the period 27th March 2023 to 31st December 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 27/3/23 Cash flow At 31/12/23
£    £    £   
Net cash
Cash at bank 95,874 (63,445 ) 32,429
95,874 (63,445 ) 32,429
Debt
Finance leases (1,095,779 ) 368,121 (727,658 )
Debts falling due within 1 year (61,392 ) (2,652 ) (64,044 )
Debts falling due after 1 year (667,216 ) 41,399 (625,817 )
(1,824,387 ) 406,868 (1,417,519 )
Total (1,728,513 ) 343,423 (1,385,090 )

Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements
for the period 27th March 2023 to 31st December 2023

1. STATUTORY INFORMATION

Copernus Limited is a private company, limited by shares , registered in England and Wales. 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.

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.
Freehold property - 2% on cost
Plant and machinery - 20% on cost, 5% on cost and 10% to 33% on cost
Fixtures and fittings - 33% on cost, 20% on cost, 16.67% on cost, 10% on cost and 5% on cost
Motor vehicles - 33% on cost
Computer equipment - 33% on cost and 20% on cost

Freehold land is not depreciated but is subject to impairment reviews, along with all other tangible assets, in accordance with the company's accounting policy on impairment.

Stocks
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 items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements - continued
for the period 27th March 2023 to 31st December 2023

2. ACCOUNTING POLICIES - continued
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 period 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.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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
period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Wages and salaries 6,543,525 8,003,377
Social security costs 504,923 606,940
Other pension costs 107,514 125,223
7,155,962 8,735,540

Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements - continued
for the period 27th March 2023 to 31st December 2023

3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the period was as follows:
period period
27/3/23 28/3/22
to to
31/12/23 26/3/23

Administration 30 25
Manufacturing 216 207
Sales and marketing 2 1
248 233

period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Director's remuneration 8,249 10,192

4. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Hire of plant and machinery 154,468 202,779
Other operating leases 13,230 21,964
Depreciation - owned assets 297,859 326,251
Depreciation - assets on hire purchase contracts 216,621 286,867
Loss on disposal of fixed assets 103,721 55,232
Auditors' remuneration 5,500 5,000
Foreign exchange differences (4,902 ) (36,850 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Loan interest 46,543 32,930
Hire purchase interest 46,831 70,468
93,374 103,398

Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements - continued
for the period 27th March 2023 to 31st December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Current tax:
UK corporation tax 472,035 -

Deferred taxation 315,604 90,232
Tax on profit 787,639 90,232

UK corporation tax has been charged at 24.89% .

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Profit before tax 2,774,290 523,700
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

693,573

99,503

Effects of:
Capital allowances in excess of depreciation (3,662 ) (30,556 )
Adjustments to tax charge in respect of previous periods 97,728 -
Effect of change in deferred tax rate - 21,285
Total tax charge 787,639 90,232

The Finance Bill 2021 contained provisions for increasing the main rate of UK corporation tax to 25% with effect from 1st April 2023. The bill was substantively enacted on 24th May 2021 and therefore the deferred tax charge in these financial statements takes the new rate into account.

7. DIVIDENDS
period period
27/3/23 28/3/22
to to
31/12/23 26/3/23
£    £   
Interim 1,545,000 382,000

Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements - continued
for the period 27th March 2023 to 31st December 2023

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 27th March 2023 2,248,892 5,778,364 585,776
Additions 10,876 534,703 419
Disposals - (238,428 ) -
At 31st December 2023 2,259,768 6,074,639 586,195
DEPRECIATION
At 27th March 2023 134,366 1,790,955 412,783
Charge for period 34,944 385,025 39,856
Eliminated on disposal - (88,158 ) -
At 31st December 2023 169,310 2,087,822 452,639
NET BOOK VALUE
At 31st December 2023 2,090,458 3,986,817 133,556
At 26th March 2023 2,114,526 3,987,409 172,993

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 27th March 2023 193,213 208,149 9,014,394
Additions 88,782 104,104 738,884
Disposals (98,298 ) - (336,726 )
At 31st December 2023 183,697 312,253 9,416,552
DEPRECIATION
At 27th March 2023 86,857 123,571 2,548,532
Charge for period 22,342 32,313 514,480
Eliminated on disposal (53,431 ) - (141,589 )
At 31st December 2023 55,768 155,884 2,921,423
NET BOOK VALUE
At 31st December 2023 127,929 156,369 6,495,129
At 26th March 2023 106,356 84,578 6,465,862

The net book value of tangible fixed assets includes £ 1,994,612 (2023 - £ 2,421,925 ) in respect of assets held under hire purchase contracts.

Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements - continued
for the period 27th March 2023 to 31st December 2023

9. STOCKS
2023 2023
£    £   
Raw materials 1,109,510 1,271,754
Work-in-progress 1,356,695 965,492
Finished goods 418,792 325,998
2,884,997 2,563,244

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Trade debtors 5,120,232 5,054,030
Other debtors 113,338 451,329
Prepayments 209,960 103,049
5,443,530 5,608,408

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2023
£    £   
Bank loans and overdrafts (see note 13) 64,044 61,392
Hire purchase contracts (see note 14) 412,601 471,271
Trade creditors 5,490,135 5,493,671
Taxation 472,035 -
Social security and other taxes 216,371 150,588
Other creditors 32,708 27,116
Invoice financing account 1,369,950 2,210,143
Net wages due 116,657 106,304
Directors' current accounts 827 -
Accrued expenses 589,988 528,539
8,765,316 9,049,024

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2023
£    £   
Bank loans (see note 13) 625,817 667,216
Hire purchase contracts (see note 14) 315,057 624,508
940,874 1,291,724

Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements - continued
for the period 27th March 2023 to 31st December 2023

13. LOANS

An analysis of the maturity of loans is given below:

2023 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 64,044 61,392

Amounts falling due between one and two years:
Bank loans - 1-2 years 128,088 122,784

Amounts falling due between two and five years:
Bank loans - 2-5 years 497,729 544,432

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2023
£    £   
Gross obligations repayable:
Within one year 473,034 533,081
Between one and five years 372,930 727,814
845,964 1,260,895

Finance charges repayable:
Within one year 60,433 61,810
Between one and five years 57,873 103,306
118,306 165,116

Net obligations repayable:
Within one year 412,601 471,271
Between one and five years 315,057 624,508
727,658 1,095,779

Copernus Limited (Registered number: 07126122)

Notes to the Financial Statements - continued
for the period 27th March 2023 to 31st December 2023

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2023
£    £   
Invoice financing account 1,369,950 2,210,143
Bank Loan 689,861 728,608
2,059,811 2,938,751

The invoice financing account is secured by way of a fixed and floating charge over the assets of the company and by a personal guarantee from D.R. Simpson.

The bank loan is secured by way of legal charge over the property in which it relates and a debenture over all assets of the company.

16. PROVISIONS FOR LIABILITIES
2023 2023
£    £   
Deferred tax
Accelerated capital allowances 773,350 875,531
Tax losses carried/brought
forward 195,322 (222,463 )
968,672 653,068

Deferred
tax
£   
Balance at 27th March 2023 653,068
Charge to Statement of Comprehensive Income during period 120,282
Utilised during period 195,322
Balance at 31st December 2023 968,672

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2023
value: £    £   
100 Ordinary £1 100 100

18. RELATED PARTY DISCLOSURES

D.R. Simpson is the director and controlling party of Copernus Limited.

W. Simpson Pension Scheme is a pension scheme set up for the benefit of D.R. Simpson. During the period rents were charged from the pension scheme of £10,096 (2023: £15,000). At the period end the company owed £Nil (2023: £Nil) to the pension scheme.