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REGISTERED NUMBER: 14283723 (England and Wales)












LEROY SEAFOOD UK LIMITED

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






LEROY SEAFOOD UK LIMITED (REGISTERED NUMBER: 14283723)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


LEROY SEAFOOD UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C P Boardman
I Wulff





REGISTERED OFFICE:
1 Eastgate
Louth
Lincolnshire
LN11 9NB





REGISTERED NUMBER: 14283723 (England and Wales)





AUDITORS: Dexter & Sharpe
Chartered Certified Accountants
& Registered Auditors
Rollestone House
20-22 Bridge Street
Horncastle
Lincolnshire
LN9 5HZ

LEROY SEAFOOD UK LIMITED (REGISTERED NUMBER: 14283723)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 350 -
Tangible assets 5 9,084 2,766
9,434 2,766

CURRENT ASSETS
Stocks 1,587,564 -
Debtors 6 188,563 28,737
Cash at bank 153,043 399,663
1,929,170 428,400
CREDITORS
Amounts falling due within one year 7 1,614,383 24,926
NET CURRENT ASSETS 314,787 403,474
TOTAL ASSETS LESS CURRENT
LIABILITIES

324,221

406,240

CREDITORS
Amounts falling due after more than one year 8 (250,000 ) -

PROVISIONS FOR LIABILITIES (2,137 ) (609 )
NET ASSETS 72,084 405,631

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Share premium 499,000 499,000
Retained earnings (427,916 ) (94,369 )
72,084 405,631

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2024 and were signed on its behalf by:





C P Boardman - Director


LEROY SEAFOOD UK LIMITED (REGISTERED NUMBER: 14283723)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Leroy Seafood UK 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Although the company has made losses to date, it is still in the early stages of trading and is receiving significant support from its parent company, Leroy Seafood ASA. The directors therefore believe that it is correct to prepare the accounts on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LEROY SEAFOOD UK LIMITED (REGISTERED NUMBER: 14283723)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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.

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

The average number of employees during the year was 3 (2022 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
Additions 350
At 31 December 2023 350
NET BOOK VALUE
At 31 December 2023 350

5. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 - 3,068 3,068
Additions 3,646 4,395 8,041
At 31 December 2023 3,646 7,463 11,109
DEPRECIATION
At 1 January 2023 - 302 302
Charge for year 350 1,373 1,723
At 31 December 2023 350 1,675 2,025
NET BOOK VALUE
At 31 December 2023 3,296 5,788 9,084
At 31 December 2022 - 2,766 2,766

LEROY SEAFOOD UK LIMITED (REGISTERED NUMBER: 14283723)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 49,302 -
Other debtors 139,261 28,737
188,563 28,737

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,582,650 15,207
Taxation and social security 11,914 6,901
Other creditors 19,819 2,818
1,614,383 24,926

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Amounts owed to group undertakings 250,000 -

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

The Report of the Auditors was unqualified.

Mrs Nicola Michelle Lenton F.C.C.A. (Senior Statutory Auditor)
for and on behalf of Dexter & Sharpe

10. POST BALANCE SHEET EVENTS

In February 2024, Leroy Seafood Group ASA, the parent company, extended a working capital loan of $1.26 million to Leroy Seafood UK Ltd, repayable in December 2026.

11. ULTIMATE CONTROLLING PARTY

Leroy Seafood UK Limited is controlled by Leroy Seafood Group ASA, a group incorporated in Norway.