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Registration number: 03055332

Peninsula Seafoods Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Peninsula Seafoods Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Profit and Loss Account

8

Balance Sheet

9

Statement of Changes in Equity

10

Statement of Cash Flows

11

Notes to the Financial Statements

12 to 25

 

Peninsula Seafoods Limited

Company Information

Directors

Mr S H Pell

Mr A D J Spear

Registered office

Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

Auditors

Milsted Langdon LLP
Chartered Accountants and Statutory Auditors
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

 

Peninsula Seafoods Limited

Strategic Report for the Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

Principal activity

The principal activity of the company is the wholesale of seafood.

Fair review of the business

The company's key financial and other performance indicators during the year were as follows:

 

Unit

2023

2022

Turnover

£

22,047,419

20,067,801

Gross profit margin

%

10

11

Profit after tax

£

455,150

634,384


The Board is pleased to announce a profit after tax of £460,711 for the year ended 31 December 2023. Sales to Europe have especially seen a large increase from 2022.

The reason behind the decrease in Profit after tax is due to continued inflationary pressures on direct costs, coupled with sales prices remaining subdued and putting pressure on the Gross Margin.

Principal risks and uncertainties

The company faces a number of risks. The supply of raw materials has become increasingly challenging for the company, as it has for the industry as a whole.

The company continues to derive the majority of its turnover from export sales and is therefore exposed to exchange rate risk which it seeks to mitigate through appropriate treasury management. The company manages its credit risk by combining credit insurance with a rigorous credit control process. We have no significant concentration of debtor risk.

In light of the continuing economic challenges, the directors have reviewed projections and budgets for the next twelve months. On the basis that the company has strong supply chains, excellent customer relationships and plentiful capital resources available, the directors remain very confident that the company remains a going concern and is able to continue trading for the foreseeable future.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

.........................................
Mr A D J Spear
Director

 

Peninsula Seafoods Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr S H Pell

Mr A D J Spear

Mr I J Spear (ceased 30 March 2023)

Financial instruments

Objectives and policies

The company's operations expose it to a variety of financial risks that include the effects of changes in market prices, credit risk, liquidity risk, interest rate risk and foreign exchange rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Price risk, credit risk, liquidity risk and cash flow risk

The company is exposed to foreign exchange rate risk as a result of its operations. The company uses hedge instruments to manage exposure to foreign exchange rate risk. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

The company has a continued policy that requires appropriate credit checks on potential customers before sales are made. Management have made the decision to further reduce the risk by taking out insurance cover against specific customer debts.

The company maintains facilities that are designed to ensure the company has sufficient funds for operations and planned expenses.

The company has interest bearing liabilities. However, given the size of the company's operations, the cost of managing exposure to interest rate risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

.........................................
Mr A D J Spear
Director

 

Peninsula Seafoods Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have 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 directors must not approve the financial statements unless they are 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 directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

 

Peninsula Seafoods Limited

Independent Auditor's Report to the Members of Peninsula Seafoods Limited

Opinion

We have audited the financial statements of Peninsula Seafoods Limited (the 'company') for the year ended 31 December 2023, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and 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 31 December 2023 and of its profit for the year 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 auditor 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 directors' 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 were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Peninsula Seafoods Limited

Independent Auditor's Report to the Members of Peninsula Seafoods Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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 directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor 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 an auditor’s report 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

 

Peninsula Seafoods Limited

Independent Auditor's Report to the Members of Peninsula Seafoods Limited

discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Mr Nigel Fry (Senior Statutory Auditor)
For and on behalf of Milsted Langdon LLP, Statutory Auditor
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

21 August 2024

 

Peninsula Seafoods Limited

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

3

22,047,419

20,067,801

Cost of sales

 

(19,914,953)

(17,834,728)

Gross profit

 

2,132,466

2,233,073

Distribution costs

 

(814,780)

(825,744)

Administrative expenses

 

(558,404)

(560,570)

Operating profit

4

759,282

846,759

Interest payable and similar expenses

5

(156,337)

(59,154)

Profit before tax

 

602,945

787,605

Tax on profit

9

(147,795)

(153,221)

Profit for the financial year

 

455,150

634,384

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above and
therefore a separate statement of other comprehensive income has not been presented.

 

Peninsula Seafoods Limited

(Registration number: 03055332)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

8,911

4,255

Current assets

 

Stocks

11

2,597,910

2,288,123

Debtors

12

3,717,855

5,768,645

Cash at bank and in hand

 

550,992

526,976

 

6,866,757

8,583,744

Creditors: Amounts falling due within one year

14

(4,899,416)

(6,725,694)

Net current assets

 

1,967,341

1,858,050

Total assets less current liabilities

 

1,976,252

1,862,305

Creditors: Amounts falling due after more than one year

14

(141,297)

-

Net assets

 

1,834,955

1,862,305

Capital and reserves

 

Called up share capital

840

1,200

Capital redemption reserve

360

-

Retained earnings

1,833,755

1,861,105

Shareholders' funds

 

1,834,955

1,862,305

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

.........................................
Mr A D J Spear
Director

 

Peninsula Seafoods Limited

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Capital redemption reserve
£

Retained earnings
£

Total
£

At 1 January 2023

1,200

-

1,861,105

1,862,305

Profit for the year

-

-

455,150

455,150

Purchase of own share capital

-

-

(482,500)

(482,500)

Other share capital movements

(360)

-

-

(360)

Other capital redemption reserve movements

-

360

-

360

At 31 December 2023

840

360

1,833,755

1,834,955

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

1,200

1,763,105

1,764,305

Profit for the year

-

634,384

634,384

Dividends

-

(536,384)

(536,384)

At 31 December 2022

1,200

1,861,105

1,862,305

 

Peninsula Seafoods Limited

Statement of Cash Flows for the Year Ended 31 December 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

455,150

634,384

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

4

1,586

1,380

Finance costs

5

156,337

59,154

Income tax expense

9

147,795

153,221

 

760,868

848,139

Working capital adjustments

 

Increase in stocks

11

(309,787)

(666,244)

Decrease/(increase) in trade debtors

12

2,050,790

(1,899,190)

Decrease in trade creditors

14

(306,924)

(525,162)

Increase in deferred income, including government grants

 

275,349

1,570

Cash generated from operations

 

2,470,296

(2,240,887)

Income taxes paid

9

(150,144)

(99,924)

Net cash flow from operating activities

 

2,320,152

(2,340,811)

Cash flows from investing activities

 

Acquisitions of tangible assets

(6,242)

(645)

Cash flows from financing activities

 

Interest paid

5

(156,337)

(59,154)

Payments for purchase of own shares

 

(482,500)

-

Proceeds from bank borrowing draw downs

 

(230,541)

-

Proceeds from other borrowing draw downs

 

312,476

2,858,782

Repayment of other borrowing

 

(1,732,992)

-

Dividends paid

19

-

(536,384)

Net cash flows from financing activities

 

(2,289,894)

2,263,244

Net increase/(decrease) in cash and cash equivalents

 

24,016

(78,212)

Cash and cash equivalents at 1 January

 

526,976

605,188

Cash and cash equivalents at 31 December

 

550,992

526,976

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

These financial statements were authorised for issue by the Board on 6 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The
Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

Based on the above and information available to the directors at the date of approval, the directors condsider it appropriate to continue to adopt the going concern basis in preparing these financial statements and that the company has adequate resource to continue to trade with a foreseeable future being 12 months from approval of these financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Government grants

Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.

Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate of the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates. All exchange differences are included in the profit and loss account.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

25% reducing balance

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprise the purchase price, import duties and other taxes not recoverable and transport, handling and other costs directly attributed to the acquisition of stock.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any compnent that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.
 Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss accounts.

 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impariment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount repoarted in the Balance Sheet when there is an enforceable right to set of the recognised amount and there is an interntion to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Derivative financial instruments and hedging

Derivatives
The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivatives are initially measured at fair value on the date which a derivative contract is entered into. They are subsequently measured at fair value through the profit and loss. Derivatives are carried as assets when the fair value is positive and liabilities when the fair value is negative. The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles.
 Hedging
The company applies hedge accounting for transactions entered into to manage the fair value exposure of trade debts. Forward contracts are held to manage the foreign exchange exposure and are designated as fair value hedges. Changes in the fair value of derivatives designated as fair value hedges, and which are effective, are recognised in the profit and loss account.
 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

22,045,463

20,063,636

Other revenue

1,956

4,165

22,047,419

20,067,801

The analysis of the company's Turnover for the year by market is as follows:

2023
£

2022
£

UK

10,957,876

9,850,954

Europe

9,083,373

9,672,533

Rest of world

2,006,170

544,314

22,047,419

20,067,801

4

Operating profit

Arrived at after charging/(crediting):

2023
£

2022
£

Depreciation expense

1,586

1,380

5

Interest payable and similar expenses

2023
£

2022
£

Interest on bank overdrafts and borrowings

141,335

59,154

Interest expense on other finance liabilities

15,002

-

156,337

59,154

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

228,641

220,865

Social security costs

27,204

27,331

Pension costs, defined contribution scheme

23,529

23,678

Other employee expense

14,622

13,341

293,996

285,215

The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:

2023
No.

2022
No.

Administration and support

7

7

Sales

1

1

8

8

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

120,000

104,917

Contributions paid to money purchase schemes

21,383

21,321

141,383

126,238

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

1

1

8

Auditors' remuneration

2023
£

2022
£

Audit of the financial statements

9,000

8,250

Other fees to auditors

All other non-audit services

12,046

5,322

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023


 

9

Taxation

Tax charged/(credited) in the income statement:

2023
£

2022
£

Current taxation

UK corporation tax

147,651

150,000

UK corporation tax adjustment to prior periods

144

3,221

147,795

153,221

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - the same as the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

602,945

787,605

Corporation tax at standard rate

141,816

149,645

Tax decrease from effect of capital allowances and depreciation

-

(109)

Effect of expense not deductible in determining taxable profit (tax loss)

1,089

-

Other tax effects for reconciliation between accounting profit and tax expense (income)

4,890

3,685

Total tax charge

147,795

153,221

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

10

Tangible assets

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

32,232

32,232

Additions

6,242

6,242

At 31 December 2023

38,474

38,474

Depreciation

At 1 January 2023

27,977

27,977

Charge for the year

1,586

1,586

At 31 December 2023

29,563

29,563

Carrying amount

At 31 December 2023

8,911

8,911

At 31 December 2022

4,255

4,255

11

Stocks

2023
£

2022
£

Goods in transit

1,036,560

539,088

Finished goods and goods for resale

1,560,350

1,748,035

Other inventories

1,000

1,000

2,597,910

2,288,123

12

Debtors

Current

2023
£

2022
£

Trade debtors

3,632,745

5,727,934

Other debtors

19,751

22,896

Prepayments

65,359

17,815

 

3,717,855

5,768,645

Trade debtors includes £3,598,444 (2022 - £5,606,402) covered by an invoice financing facility.

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

13

Cash and cash equivalents

2023
£

2022
£

Cash on hand

411

411

Cash at bank

550,581

526,565

550,992

526,976

14

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

15

2,826,573

4,618,927

Trade creditors

 

1,130,562

1,327,031

Social security and other taxes

 

10,766

9,253

Outstanding defined contribution pension costs

 

1,117

843

Other creditors

 

253,246

427,053

Accruals

 

244,602

183,037

Corporation tax liability

9

147,651

150,000

Deferred income

 

284,899

9,550

 

4,899,416

6,725,694

Due after one year

 

Loans and borrowings

15

141,297

-

15

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

141,297

-

Current loans and borrowings

2023
£

2022
£

Other borrowings

2,826,573

4,618,927

The invoice discounting facility is secured by way of a fixed and floating charge over all assets of the
company.

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

16

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £23,529 (2022 - £23,678).

Contributions totalling £1,117 (2022 - £843) were payable to the scheme at the end of the year and are included in creditors.

17

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

700

700

1,000

1,000

AA shares of £1 each

-

-

23

23

AB shares of £1 each

23

23

23

23

AC shares of £1 each

35

35

35

35

AD shares of £1 each

12

12

20

20

AE shares of £1 each

13

13

20

20

AF shares of £1 each

22

22

22

22

AG shares of £1 each

35

35

35

35

AH shares of £1 each

-

-

22

22

840

840

1,200

1,200

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
These shares carry voting rights and are entitled to receive dividends. There are no restrictions in place.

Ordinary AA to AH shares have the following rights, preferences and restrictions:
These shares do not carry voting rights but are entitled to dividends. On winding up of the company the shares have a right of repayment of capital only.

During the year, the company purchased some of its own shares for an aggregate cost of £482,500.

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

18

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

9,540

2,240

Later than one year and not later than five years

14,525

-

24,065

2,240

The amount of non-cancellable operating lease payments recognised as an expense during the year was £23,858 (2022 - £20,980).

19

Dividends

2023

2022

£

£

Interim dividend of £Nil (2022 - £446.99) per ordinary share

-

536,384

 

 

20

Contingent liabilities

In 2021 the company provided a guarantee of up to £300,000 in respect of the bank debt of a connected company. This guarantee remains in place.

21

Analysis of changes in net debt

At 1 January 2023
£

Financing cash flows
£

At 31 December 2023
£

Cash and cash equivalents

Cash

526,976

24,016

550,992

Borrowings

Invoice financing facilities

(4,618,927)

1,881,598

(2,737,329)

 

(4,091,951)

1,905,614

(2,186,337)

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

22

Related party transactions

Transactions with directors

2022

At 1 January 2022
£

Repayments by director
£

At 31 December 2022
£

Mr S H Pell

-

-

-

Interest free loan repayable on demand

10,865

(10,865)

-

-

-

-

-

-

-

10,865

(10,865)

-

Summary of transactions with other related parties

Other related parties include other entities controlled by the directors and the immediate families of directors.
 
During the year the company made purchases from and sales to other related parties, these transactions were carried out under normal trading terms.

During the year the interest free loan that the company provided to its other related parties was repaid.

Coombe Fisheries Limited provides a cross guarantee for Peninsula Seafoods Limited in respect of the company's bank debt. In addition, a guarantee of up to £300,000 has been given by Peninsula Seafoods Limited in respect of the bank debt of Coombe Fisheries Limited.

 

Income and receivables from related parties

2023

Other related parties
£

Sale of goods

19,856

Amounts receivable from related party

948

2022

Other related parties
£

Sale of goods

8,089

Amounts receivable from related party

3,748

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

Expenditure with and payables to related parties

2023

Other related parties
£

Purchase of goods

12,674,409

Leases

19,169

12,693,578

Amounts payable to related party

11,128

2022

Key management
£

Other related parties
£

Purchase of goods

-

9,392,008

Leases

-

15,392

Ordinary dividends paid

436,678

99,706

436,678

9,507,106

Amounts payable to related party

-

31,665

Loans to related parties

2022

Other related parties
£

Total
£

At start of period

500,000

500,000

Repaid

(500,000)

(500,000)

At end of period

-

-

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

(268,927)

(91,706)

(360,633)

Advanced

(37,526)

-

(37,526)

Repaid

162,712

-

162,712

At end of period

(143,741)

(91,706)

(235,447)

2022

Key management
£

Other related parties
£

Total
£

At start of period

(50,486)

-

(50,486)

Advanced

(306,830)

127,000

(179,830)

Repaid

88,389

(218,706)

(130,317)

At end of period

(268,927)

(91,706)

(360,633)

 

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2023

23

Financial instruments

Financial assets measured at fair value

Foreign currency forward contracts
Foreign currency forward contracts are valued using the rate of the contract compared to the rate available were a similar contract to have been entered into at the period end.

The fair value is £(15,832) (2022 - £(64,836)) and the change in value included in profit or loss is £(49,004) (2022 - £54,705).