Registered number
02986582
True World Foods (UK) Ltd
Report and Financial Statements
31 March 2024
True World Foods (UK) Ltd
Report and accounts
Contents
Page
Company information 1
Directors' report 2
Strategic report 3
Independent auditor's report 7
Income statement 10
Statement of comprehensive income 11
Statement of financial position 12
Statement of changes in equity 13
Statement of cash flows 14
Notes to the financial statements 15
True World Foods (UK) Ltd
Company Information
Directors
Mr. B Jung
Mr. A J Choi
Auditors
Kaiser Nouman Nathan LLP
Unit 4
17 Plumbers Row
London
England
E1 1EQ
Bankers
BARCLAYS
1 Churchill Place
London
E14 5HP
HSBC Plc
50-52 Kilburn High Road
Kilburn
London
NW6 4HJ
Registered office
C/O Corporation Service Company (UK) Limited
5 Churchill Place, 10th Floor
London E14 5HU
United Kingdom
Registered number
02986582
True World Foods (UK) Ltd
Registered number: 02986582
Directors' Report
The directors present their report and financial statements for the year ended 31 March 2024.
Principal activities
The company's principal activity during the year continued to be fresh and frozen fish wholesalers and importers.
Directors
The following persons served as directors during the year:
Mr. B Jung
Mr. A J Choi
Directors' responsibilities
The directors are responsible for preparing the Strategic Report, the Report of the Director and 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 (Financial Reporting Standard 102 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 then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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.
Disclosure of information to auditors
Each person who was a director at the time this report was approved confirms that:
so far as he is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditor is 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 auditor is aware of that information.
This report was approved by the board on 8 August 2024 and signed on its behalf.
Mr. B Jung
Director
True World Foods (UK) Ltd
Strategic Report
The directors present their strategic report for the year ended 31 March 2024.
Review of Business

The year was not as strong as the previous year.
Our turnover was down by just over 5% on the previous year. This was mainly down to a loss of a major client.

We have however, recovered from the impact of the loss by adding onto our customer-base a lot more small and medium-sized customers whose margins are usually higher. To name but a few, we now have Harrods, Samba Scotland, SexyFish Manchester, 20 Berkeleys by Endo, Los Mochis etc.

We have continued to be innovative in securing our own-brand products such as fresh Black Cod, lobsters, Abalone and Sea Urchin from South Korea and so on. This has enhanced our customer numbers as well as securing a proportion of the market share.

Our margins (Gross and Operating Profits) were reasonably strong, our lower Sales notwithstanding.

Gross Profit (GP) was over 23% and we managed to record Net Profit (NP) of over 6%, even with all the issues mentioned above.

Our ability to withstand economic shocks continues to be strong as our cash reserves remain very positive.

We have also expanded into the South East and to places like Birmingham and Manchester as part of our drive to grow into the other locations. We are building a laboratory to facilitate and ease the burden of relying on external laboratorytechnicians. We are also planning to install Solar Panels to help with the high energy costs and also to help reduce our carbon footprint.
KPI 2024 2023 MEASURE
Gross Profit Margin 23% 23% Gross Profit/Turnover
Debtor Days 33 days 33 days Trade Debtors/Turnover
Creditor Days 23 days 34 days Trade Creditors/Cost of Sales
Principal risks and uncertainties

We are faced with varying forms of risks (as all businesses do), notable amongst them are political, economic, socio, technological and legal risks.

Many rules and regulations have been introduced post Brexit. Most have rendered our ability to export to the EU ineffectual. In fact, we have stopped exporting.

Another area of risk is economic. The Pounds Sterling (£) has been weak for a while now and as a result, prices of goods and services are high. Inflation has been stable over the last few months and interest rates are also stable but it’s not reflected on customers standard of living.

Consumer taste and expectations can also change dramatically in favour or against a product or an issue. Social norms are therefore very difficult to predict.

Technological changes and advancement can also be very important but risky at the same token. We have used this to our advantage when we set up our online business.

The risks of legal action is also an area we keep close eye on and work hard to always make the right decisions.
Risk Management

We have managed to minimise the impact of all risks by putting in place appropriate measures to help mitigate against any potential risky situation.

To try and control currency fluctuations, we hedge funds especially on dollars, Euro and Yen. This helps us when the £ weakens against any of them.

To mitigate against societal and technological risks, we partly subscribe and are members of most of the organisations working to achieve sustainable and responsible farming such as SALSA, MSC and ASC certifications.

Our systems are also all updated periodically and educational supplements are provided to all concerned highlighting the need to be aware of online fraudulent and scamming activities.
Future Development

We try to measure growth, performance and how efficient we have been as a business by using some Key Performance Indicators (KPI) which are relevant to our business. Some of these are GP, NP, AR days, AP days, Inventory days, Economic Value Added (EVA) and a few more.

The margins help us to compare with previous years and also other businesses in the sector.

We use the AR days to determine the length of time it takes our customers to settle their debts. This also helps us to strengthen on the debtor collection processes. Our bad debt to sales ratio has always been very low partly as a result of the use of the AR ratio analysis.

Similarly, the AP shows how soon or otherwise we are paying our suppliers.

Inventory days is measured to help determine how frequent we will have to replenish our stock, and also how soon we turn our materials into saleable conditions.

The EVA has also helped in shaping how much value we place on investing in assets and processes.

We have maintained a very strong cashflow position even when the economic conditions are not favourable.

With the achievement of the SALSA, MSC and ASC certifications, the business is getting the benefits of having the ability and opportunity to bid for seafood supply contracts with retailers and potential major customers.

We have also upgraded our operating systems, for instance we have moved from the use of Sage 50 to 200 to help enhance and improve our efficiency levels.
Impact of current issues

We acknowledge the many challenges currently impacting on our performance as well as ahead, alongside the catastrophic suffering in Ukraine and the Middle-East, there is likely to be long-lasting and significant economic fallout.

There are increased energy costs, inflationary pressures, higher food prices and so on affecting everyone in the country and worldwide.

On top of all these, we are still working through the impact of the pandemic as well as Brexit.

Individuals and businesses are obviously reconsidering their priorities with social purpose, climate change and new ways of working and doing business becoming more and more important than ever before.
Going concern

The directors have strategically assessed the ability of the company to continue as a going concern, and it’s reviewed on a regular basis.

Forecasts and cashflow projections for the period and beyond have been stressed-tested for severe constraints. The financial projections included the assessment on the impact on the liquidity (the ability of the business to meet all its financial obligations).

Reasonable adjustments to how the business is ran have been implemented and all types of scenario considered, we believe that the company is sustainable. It will be able to meet its obligations as they fall due and continue in operating for the foreseeable future.

We at True World Foods (UK) Ltd pride ourselves in embracing all challenges and have therefore secured a great position of strength with our forward-looking and proactive approach. Our finances, strong customer service record and our tried and tested staff are in great shape which we believe will stand us in good stead.
Events since the Balance Sheet date

We have implemented our growth policy of expansion by taking a lease on the property next to us (unit 10C). This is serving a dual purpose, as a retail facility and also for our online business hub.

We recognise that the online business is here to stay so we need to take advantage of that and grow the business through this means.

Expansion plans

We have put plans in place to help us achieve our growth plans.

Expanding distribution network

We are targeting the major cities within the UK (except Ireland).
Increase weekly delivery frequency to Manchester, Leeds, Brighton and Glasgow/Edinburgh.

We are also looking to find a 3rd party delivery company to cover difficult routes (currently engaging with Run-it-cool Transport company). The medium-term plan is to open a distribution hub in Manchester.

Expanding our customer-base

The plan going forward, is to increase our customer numbers by upto 25%. This would be achieved by moving to “white-table-cloth” market and fusion/pan-Asian market including Michellin-starred/premium restaurants. We believe hotels and contract caterers would be in the focus so we are highlighting these areas.
Premium Product ranges and supply source

We are introducing more high-end products to customers, examples are Caviar, Abalone, Lobsters, Chilean Sea-bass, Sea Urchin etc. We will also promote Blue-fin Tuna alternative markets such as the Italian, French and British restaurants. We are also sourcing from alternative suppliers who can provide similar/better quality products at reasonable prices.

Sales is picking up this first quarter, we believe this current trend will continue well into the year and beyond.

We have added on to our staff numbers. We can also boost of being highly-rated in terms of support to our staff.

Energy efficiency

We strive to find more tangible and yet affordable ways to cut down on our carbon emission. We have instituted electric charging points for our staff and are using more energy-saving devices. Plans are also underway to instal Solar Panels.
Employees

The company operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of service and opportunity for training and promotion regardless of gender, ethnic origin or disability.

Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the company become
disabled whilst in our employment, every step, where appropriate, will be taken to assist with rehabilitation and suitable re-training.

The company maintains its own health, safety and environmental policies covering all aspects of its operations. Regular
meetings and inspections take place to ensure all legal requirements are adhered to and that the company is responsive to the
needs of the employees and the environment.
This report was approved by the board on 8 August 2024 and signed on its behalf.
Mr. B Jung
Director
True World Foods (UK) Ltd
Independent auditor's report
to the members of True World Foods (UK) Ltd
Opinion
We have audited the financial statements of True World Foods (UK) Ltd (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 the 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 March 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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’s 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 are 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 other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the 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 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 directors’ report.
We have nothing to report in respect of the following matters in relation to which 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 directors’ responsibilities statement, 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’s 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.
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 the director and other management, and from our commercial knowledge and experience of the company's 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, taxation legislation and data protection, employment, health and safety legislation.
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary."
"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 transactions;
- tested the appropriateness of journal entries;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions."
"To address the risk that revenue could be misstated due to fraud, we:
- obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard;
- performed a walkthrough to confirm our understanding of the processes and controls through which the business
initiates, records, processes and reports revenue transactions;
- tested a sample of revenue transactions to supporting evidence; and
- tested, on a sample basis, revenue related balances in the balance sheet."

"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;
- enquiring of management as to actual and potential litigation and claims;
"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 director 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 available on the Financial Reporting Council’s website at 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.
Dinesh Bathmanathan Nathan
(Senior Statutory Auditor) Unit 4
for and on behalf of 17 Plumbers Row
Kaiser Nouman Nathan LLP London
Statutory Auditor England
9 August 2024 E1 1EQ
True World Foods (UK) Ltd
Income Statement
for the year ended 31 March 2024
Notes 2024 2023
£ £
Turnover 2 34,599,343 36,432,534
Cost of sales (26,516,555) (28,046,245)
Gross profit 8,082,788 8,386,289
Administrative expenses (6,065,468) (5,206,046)
Other operating income 51,097 -
Operating profit 3 2,068,417 3,180,243
Loss on sale of fixed assets (12,036) (7,486)
Interest receivable 26,568 384
Interest payable 5 - (30,224)
Profit on ordinary activities before taxation 2,082,949 3,142,917
Tax on profit on ordinary activities 6 (525,368) (531,084)
Profit for the financial year 1,557,581 2,611,833
True World Foods (UK) Ltd
Statement of Comprehensive Income
for the year ended 31 March 2024
Notes 2024 2023
£ £
Profit for the financial year 1,557,581 2,611,833
Other comprehensive income
Gain on revaluation of land and buildings 7 250,000 290,317
Deferred taxation arising on the revaluation of land and buildings 11 (62,500) (79,620)
Total comprehensive income for the year 1,745,081 2,822,530
True World Foods (UK) Ltd
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 7 4,288,954 4,263,805
Current assets
Stocks 8 4,805,430 5,709,424
Debtors 9 6,438,679 4,981,738
Cash at bank and in hand 3,910,832 3,530,946
15,154,941 14,222,108
Creditors: amounts falling due within one year 10 (1,910,753) (2,719,124)
Net current assets 13,244,188 11,502,984
Total assets less current liabilities 17,533,142 15,766,789
Provisions for liabilities
Deferred taxation 11 (511,287) (490,015)
Net assets 17,021,855 15,276,774
Capital and reserves
Called up share capital 12 3 3
Share premium 13 164,157 164,157
Revaluation reserves 14 1,091,656 904,156
Profit and loss account 15 15,766,039 14,208,458
Total equity 17,021,855 15,276,774
Mr. B Jung
Director
Approved by the board on 8 August 2024
True World Foods (UK) Ltd
Statement of Changes in Equity
for the year ended 31 March 2024
Share Share Other Profit Total
capital premium reserves and loss
account
£ £ £ £ £
At 1 April 2022 3 164,157 693,459 11,596,625 12,454,244
Profit for the financial year 2,611,833 2,611,833
Gain on revaluation of land and buildings 290,317 290,317
Deferred taxation arising on the revaluation of land and buildings (79,620) (79,620)
Other comprehensive income for the financial year - - 210,697 - 210,697
Total comprehensive income for the financial year - - 210,697 2,611,833 2,822,530
At 31 March 2023 3 164,157 904,156 14,208,458 15,276,774
At 1 April 2023 3 164,157 904,156 14,208,458 15,276,774
Profit for the financial year 1,557,581 1,557,581
Gain on revaluation of land and buildings 250,000 250,000
Deferred taxation arising on the revaluation of land and buildings (62,500) (62,500)
Other comprehensive income for the financial year - - 187,500 - 187,500
Total comprehensive income for the financial year - - 187,500 1,557,581 1,745,081
At 31 March 2024 3 164,157 1,091,656 15,766,039 17,021,855
True World Foods (UK) Ltd
Statement of Cash Flows
for the year ended 31 March 2024
Notes 2024 2023
£ £
Operating activities
Profit for the financial year 1,557,581 2,611,833
Adjustments for:
Loss on sale of fixed assets 12,036 7,486
Interest receivable (26,568) (384)
Interest payable - 30,224
Tax on profit on ordinary activities 525,368 531,084
Depreciation 417,024 433,010
Decrease/(increase) in stocks 903,994 (1,848,800)
Increase in debtors (1,456,941) (222,319)
Decrease in creditors (808,371) (290,820)
1,124,123 1,251,314
Interest received 26,568 384
Interest paid - (30,224)
Corporation tax paid (566,596) (458,790)
Cash generated by operating activities 584,095 762,684
Investing activities
Payments to acquire tangible fixed assets (213,924) (884,073)
Proceeds from sale of tangible fixed assets 9,715 6,004
Cash used in investing activities (204,209) (878,069)
Financing activities
Repayment of loans - (729,017)
Capital element of finance lease payments - (774)
Cash used in financing activities - (729,791)
Net cash generated/(used)
Cash generated by operating activities 584,095 762,684
Cash used in investing activities (204,209) (878,069)
Cash used in financing activities - (729,791)
Net cash generated/(used) 379,886 (845,176)
Cash and cash equivalents at 1 April 3,530,946 4,376,122
Cash and cash equivalents at 31 March 3,910,832 3,530,946
Cash and cash equivalents comprise:
Cash at bank 3,910,832 3,530,946
True World Foods (UK) Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Statutory information
True World Foods (UK) Ltd 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 (£).
Basis of preparation
The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Going Concern
The director has assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The director has made this assessment in respect to a period of at least twelve months from when the financial statements are authorised for issue.
The director has concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as going concern. The director is of the opinion that the company will have sufficient resources to meet its liabilities as they fall due with the continued support of the group companies.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Significant judgements and estimates
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilites that are not readily apparent from other sources.
The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revison affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings 2% on costs
Plant and machinery 20% reducing balance
Motor Vehicles 20% reducing balance
Revaluation of tangible fixed assets
Individual leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk ofchange in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.
Critical accounting judgements and key sources of estimation uncertainty
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Provisions and liabilites
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Analysis of turnover 2024 2023
£ £
Sale of goods 34,599,343 36,432,534
By geographical market:
UK 34,470,732 36,341,197
Europe 128,611 30,629
Rest of world - 60,708
34,599,343 36,432,534
By category:
Wholesale/retail of seafood 34,599,343 36,432,534
3 Operating profit 2024 2023
£ £
This is stated after charging:
Depreciation of owned fixed assets 417,024 433,010
Carrying amount of stock sold 25,190,652 26,634,421
4 Staff costs 2024 2023
£ £
Wages and salaries 2,885,847 2,577,426
Social security costs 296,438 275,715
Other pension costs 112,507 92,181
3,294,792 2,945,322
Average number of employees during the year Number Number
Administration 10 10
Development 3 3
Distribution 23 20
Manufacturing 25 23
Marketing 2 2
Sales 19 17
82 75
5 Interest payable 2024 2023
£ £
Bank loans and overdrafts - 30,224
6 Taxation 2024 2023
£ £
Analysis of charge in period
Current tax:
UK corporation tax on profits of the period 566,596 458,790
Deferred tax:
Origination and reversal of timing differences (41,228) 72,294
Tax on profit on ordinary activities 525,368 531,084
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2024 2023
£ £
Profit on ordinary activities before tax 2,082,949 3,142,917
Standard rate of corporation tax in the UK 20% 20%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 416,590 628,583
Effects of:
Expenses not deductible for tax purposes 150,006 (169,793)
Current tax charge for period 566,596 458,790
Factors that may affect future tax charges
From 1 April 2023, the corporation tax main rate for non-ring fenced profits has been increased to 25% applying to profits over £250,000. A small profits rate (SPR) has also been introduced for companies with profits of £50,000 or less so that they will continue to pay corporation tax at 19%. Companies with profits between £50,000 and £250,000 will pay tax at the main rate reduced by a marginal relief providing a gradual increase in the effective corporation tax rate.
7 Tangible fixed assets
Land and buildings Plant and machinery Motor Vehicles Total
At valuation At cost At cost
£ £ £ £
Cost or valuation
At 1 April 2023 2,500,000 3,352,059 643,230 6,495,289
Additions - 73,344 140,580 213,924
Revaluation 250,000 - - 250,000
Disposals - (20,331) (47,690) (68,021)
At 31 March 2024 2,750,000 3,405,072 736,120 6,891,192
Depreciation
At 1 April 2023 - 1,953,328 278,156 2,231,484
Charge for the year - 339,319 77,705 417,024
On disposals - (8,383) (37,887) (46,270)
At 31 March 2024 - 2,284,264 317,974 2,602,238
Carrying amount
At 31 March 2024 2,750,000 1,120,808 418,146 4,288,954
At 31 March 2023 2,500,000 1,398,731 365,074 4,263,805
Freehold property was valued on open market basis on 31 March 2024 by Cluttons LLP.
8 Stocks 2024 2023
£ £
Finished goods and goods for resale 4,805,430 5,709,424
9 Debtors 2024 2023
£ £
Trade debtors 3,175,334 3,297,540
Amounts owed by group undertakings and undertakings in which the company has a participating interest 3,057,575 1,292,943
Other debtors 97,733 324,304
Prepayments and accrued income 108,037 66,951
6,438,679 4,981,738
10 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 1,692,885 2,611,260
Amounts owed to group undertakings and undertakings in which the company has a participating interest 87,193 7,835
Other taxes and social security costs 95,912 76,363
Other creditors 34,763 23,666
1,910,753 2,719,124
11 Deferred taxation 2024 2023
£ £
Accelerated capital allowances 511,287 490,015
2024 2023
£ £
At 1 April 490,015 338,101
(Credited)/charged to the profit and loss account (41,228) 72,294
Charged to other comprehensive income 62,500 79,620
At 31 March 511,287 490,015
12 Share capital Nominal 2024 2024 2023
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 3 3 3
13 Share premium 2024 2023
£ £
At 1 April 164,157 164,157
At 31 March 164,157 164,157
14 Revalution reserves 2024 2023
Revaluation reserve £ £
At 1 April 904,156 693,459
Gain on revaluation of land and buildings 250,000 290,317
Deferred taxation arising on the revaluation of land and buildings (62,500) (79,620)
At 31 March 1,091,656 904,156
15 Profit and loss account 2024 2023
£ £
At 1 April 14,208,458 11,596,625
Profit for the financial year 1,557,581 2,611,833
At 31 March 15,766,039 14,208,458
16 Related party transactions
True World Foods Limited 2024 2023
Parent company £ £
Amount due (to)/from the related party - (7,835)
True World Japan Inc
Fellow subsidiary
Purchase of fresh food and wholesale fish 1,224,195 1,734,914
Amount due (to)/from the related party (87,193) -
True World Foods Spain S.L.
Fellow subsidiary
Sale of wholesale fish 128,611 30,629
Amount due (to)/from the related party 432,695 556,441
IKKO International Trading LLC
Fellow subsidiary
Purchase of fresh food and whole fish - 23,377
Amount due (to)/from the related party - -
True World Korea Co., Ltd
Fellow subsidiary
Purchase of frozen fish 107,974 275,654
Amount due (to)/from the related party - -
True World Foods Germany
Fellow subsidiary
Purchase of frozen fish - -
During the year, interest bearing loans were made.
Amount due (to)/from the related party 2,632,715 736,501
17 Leasing Agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year 162,800 162,800
Between one and five years 814,000 814,000
976,800 976,800
18 Controlling party
The company is wholly owned subsidiary of True World Foods Limited a company registered in the Republic of Ireland, company number 393077. The ultimate parent company is True World Holdings LLC incorporated in the United States which is controlled by Family Federation for World Peace & Unification, a not for profit organisation based in the USA.
19 Pension commitments
The company operates a fully insured defined contribution pension scheme for certain members of staff and the director. The pension charge represents the amounts paid by the company to the fund during the year. Payments during the year, amounted to £112,507 (2023 - £92,181). These contributions are invested separately from the company's assets.
20 Contingent liabilities
There were no contingent liabilities at either the beginning or the end of the financial year
21 Presentation currency
The financial statements are presented in Sterling.
22 Legal form of entity and country of incorporation
True World Foods (UK) Ltd is a private company limited by shares and incorporated in England.
23 Principal place of business
The address of the company's principal place of business is:
Unit 10b Beaver Industrial Estate
Brent Road
Southall
UB2 5FB
United Kingdom
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