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REGISTERED NUMBER: 04497738 (England and Wales)












Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 30 June 2024

for

Pacific West Foods (UK) Ltd

Pacific West Foods (UK) Ltd (Registered number: 04497738)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 9

Other Comprehensive Income 10

Statement of Financial Position 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Statement of Cash Flows 14

Notes to the Financial Statements 15


Pacific West Foods (UK) Ltd

Company Information
for the Year Ended 30 June 2024







DIRECTORS: G B Ng
L T Saw
H E Saw
M J Finegan





REGISTERED OFFICE: 3 Willowside Park
Canal Road
Trowbridge
Wiltshire
BA14 8RH





REGISTERED NUMBER: 04497738 (England and Wales)





AUDITORS: Venture House Business Service Limited
Chartered Accountants and
Statutory Auditors
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
In some respects, another challenging year, with the global recession impacting all areas of the business and indeed within the UK hospitality industry, the directors amended its strategy throughout the year to protect sales and profit margin.

Our companies branded value added products again performed well in a competitive marketplace, while supplementing sales with a range of quality fish and seafood products. Our long-term plan remains on track in targeting new sectors with innovative product development and reacting to the needs of our customer base. During the past 12 months we have developed sales within UK retail and anticipate further expansion in the coming year.

Global sourcing continues to be an integral part of our medium- and long-term strategy, with a focus on sustainability and ethically sourced products to support and complement our product range.



KEY PERFORMANCE INDICATORS

The company uses Key Performance Indicators (KPI's) and variance analysis to monitor the business performance against strategic goals, financial and operational targets. This timely data enables the management to evaluate business risk and assess overall performance of the business. We also have a strict schedule of regular internal audits across all aspects of our technical standards, including product quality, product specification, traceability, and health & safety. These KPI's also help to identify inefficiencies within the business and provide a point of reference to support our overall strategy.

The company's Key Performance Indicators are:

Y/E 30th June 2024 Y/E 30th June 2023
Turnover £26,535,894 £26,588,848
Gross Profit £5,652,323 £5,309,566
Profit before Taxation £2,914,220 , £2,489,907

Sales decreased by 0.19% year on year, with Gross Profits increasing by 6.46%
The overall net profit margin has improved from previous years 9.36% to 10.98%

PRINCIPAL RISKS AND UNCERTAINTIES
The company recognises the potential business risks which might affect the company's plan:
- Raw material availability and supply chain issues, these remain under constant review.
- Stock shortages and production disruption - monitoring ongoing usages to calculate forecasts required.
- Costs from 3rd parties, freight cost, storage and transport / distribution
- Volatility of pricing on fish and seafood - management look at all options to mitigate increases that may impact the business.

The company exposure to a variety of financial risk remains, from foreign currency exchange, credit risks and liquidity. A significant amount of working capital is invested in stock, albeit closely monitored to ensure minimum working stock levels are achieved.

The ongoing global political outlook will continue to place pressure on pricing and sourcing, but management do have contingency plans in place should the situation change. The company along with its customer base will continue to face economic challenges, as the signs of improvement from the recent recession period are slow, with many parts of the industry consolidating procurement to drive efficiencies. The management continue to invest in innovation to allow progression in new sectors / markets providing improved sales and general market share.


Pacific West Foods (UK) Ltd (Registered number: 04497738)

Strategic Report
for the Year Ended 30 June 2024

CORPORATE SOCIAL RESPONSIBILITY
The company takes pride on the quality of products its supplies. We are BRCGS accredited (British Retail Consortium Global Standard for Agents and Brokers), and we have rigorous policies in place to ensure we consistently meet the criteria of food safety, compliance, and traceability.

We remain committed to sourcing sustainable and ethical products. We work closely with key suppliers and pay regular visits to review the process of cultivating and manufacturing for quality assurance, ensuring our fish and seafood are sourced from sustainable and well managed fisheries.

A key focus area has been reducing the number of Allergens and May Contain across our value-added range to meet the demands of our customer base. Although these have reduced considerably in the past 12 months, this is an ongoing project where we expect to further reduce these over the next 12 months.

Due to the impact and destruction plastics are having on our oceans and environment, the company remains committed to reducing the use of plastic in all our product packaging. Since 2018 we have been reducing our plastic usage with redesigned packaging and are currently moving towards a 100% fully recyclable options across our value-added range. This is an ongoing transition with targets set for annual reduction where feasible.

The company understands the value of its people and will continue to invest, support, nurture and develop talent to ensure retention and to provide a platform for all employees to succeed with their careers with the company.

ON BEHALF OF THE BOARD:





M J Finegan - Director


13 September 2024

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale seafood supply of raw and value added seafood.

DIVIDENDS
A final dividend for the year ended 30th June 2023 of £1.36 per share was paid in December 2023. Total dividends of £700,000 were paid during the year.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

G B Ng
L T Saw
H E Saw
M J Finegan

POLITICAL DONATIONS AND EXPENDITURE
There were no political donations during the year.

DISCLOSURE IN THE STRATEGIC REPORT
The company has opted to disclose some items in the Strategic Report rather than the Directors Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The 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.

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

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Report of the Directors
for the Year Ended 30 June 2024


AUDITORS
The auditors, Venture House Business Service Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Finegan - Director


13 September 2024

Report of the Independent Auditors to the Members of
Pacific West Foods (UK) Ltd

Opinion
We have audited the financial statements of Pacific West Foods (UK) Ltd (the 'company') for the year ended 30 June 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 30 June 2024 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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

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

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

Report of the Independent Auditors to the Members of
Pacific West Foods (UK) Ltd


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

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 four, 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 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.

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

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

Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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

Report of the Independent Auditors to the Members of
Pacific West Foods (UK) Ltd


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




Christopher Baylis (Senior Statutory Auditor)
for and on behalf of Venture House Business Service Limited
Chartered Accountants and
Statutory Auditors
Venture House
Calne Road
Lyneham
Chippenham
SN15 4PP

16 September 2024

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Income Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   

REVENUE 3 26,535,894 26,588,848

Cost of sales 20,883,571 21,279,282
GROSS PROFIT 5,652,323 5,309,566

Distribution costs 981,187 919,216
Administrative expenses 1,798,183 1,891,101
2,779,370 2,810,317
OPERATING PROFIT 5 2,872,953 2,499,249

Interest receivable and similar income 41,267 -
2,914,220 2,499,249

Interest payable and similar expenses 6 - 9,342
PROFIT BEFORE TAXATION 2,914,220 2,489,907

Tax on profit 7 739,095 482,073
PROFIT FOR THE FINANCIAL YEAR 2,175,125 2,007,834

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Other Comprehensive Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

PROFIT FOR THE YEAR 2,175,125 2,007,834


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,175,125

2,007,834

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Statement of Financial Position
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 9 11,581 6,494
Investments 10 141,171 142,171
152,752 148,665

CURRENT ASSETS
Inventories 11 4,516,745 5,260,369
Debtors 12 4,602,784 3,954,847
Cash at bank and in hand 3,815,342 1,141,638
12,934,871 10,356,854
CREDITORS
Amounts falling due within one year 13 4,473,556 3,368,151
NET CURRENT ASSETS 8,461,315 6,988,703
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,614,067

7,137,368

PROVISIONS FOR LIABILITIES 16 1,706 132
NET ASSETS 8,612,361 7,137,236

CAPITAL AND RESERVES
Called up share capital 17 514,000 514,000
Retained earnings 18 8,098,361 6,623,236
SHAREHOLDERS' FUNDS 8,612,361 7,137,236

The financial statements were approved by the Board of Directors and authorised for issue on 13 September 2024 and were signed on its behalf by:





M J Finegan - Director


Pacific West Foods (UK) Ltd (Registered number: 04497738)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 514,000 4,615,402 5,129,402

Changes in equity
Total comprehensive income - 2,007,834 2,007,834
Balance at 30 June 2023 514,000 6,623,236 7,137,236

Changes in equity
Dividends - (700,000 ) (700,000 )
Total comprehensive income - 2,175,125 2,175,125
Balance at 30 June 2024 514,000 8,098,361 8,612,361

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Statement of Cash Flows
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,586,069 2,494,918
Interest paid - (9,342 )
Tax paid (669,341 ) (448,708 )
Net cash from operating activities 2,916,728 2,036,868

Cash flows from investing activities
Purchase of tangible fixed assets (8,367 ) -
Interest received 41,267 -
Net cash from investing activities 32,900 -

Cash flows from financing activities
Loans introduced/(paid) in the year - (529,167 )
Net movement in inter group debt 424,076 (606,494 )
Equity dividends paid (700,000 ) -
Net cash from financing activities (275,924 ) (1,135,661 )

Increase in cash and cash equivalents 2,673,704 901,207
Cash and cash equivalents at
beginning of year

2

1,141,638

240,431

Cash and cash equivalents at end of
year

2

3,815,342

1,141,638

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Statement of Cash Flows
for the Year Ended 30 June 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
30.6.24 30.6.23
£    £   
Profit before taxation 2,914,220 2,489,907
Depreciation charges 3,280 3,036
Finance costs - 9,342
Finance income (41,267 ) -
2,876,233 2,502,285
Decrease/(increase) in inventories 743,624 (745,419 )
(Increase)/decrease in trade and other debtors (649,276 ) 993,720
Increase/(decrease) in trade and other creditors 615,488 (255,668 )
Cash generated from operations 3,586,069 2,494,918

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 3,815,342 1,141,638
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 1,141,638 240,431


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank and in hand 1,141,638 2,673,704 3,815,342
1,141,638 2,673,704 3,815,342
Total 1,141,638 2,673,704 3,815,342

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

Pacific West 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The £ is the functional and presentational currency.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 on going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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

Revenue is recognised when stock leaves the warehouse.

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 - 20% on cost
Computer equipment - 20% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Investments in subsidiaries
investments in subsidiary undertakings are recognised at cost less impairment.

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

Inventories are valued using a first in first out cost model.

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

3. REVENUE

The revenue and profit before taxation are attributable to the one principal activity of the company.

An analysis of revenue by class of business is given below:

30.6.24 30.6.23
£    £   
Sale of goods 26,535,894 26,588,848
26,535,894 26,588,848

An analysis of revenue by geographical market is given below:

30.6.24 30.6.23
£    £   
United Kingdom 24,805,103 25,173,267
Europe 1,730,791 1,415,581
26,535,894 26,588,848

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 974,403 1,091,784
Social security costs 116,332 134,952
Other pension costs 27,583 25,475
1,118,318 1,252,211

The average number of employees during the year was as follows:
30.6.24 30.6.23

Sales, management and administration 7 7
Management 3 3
Administration 6 6
16 16

30.6.24 30.6.23
£    £   
Directors' remuneration 186,472 386,496
Directors' pension contributions to money purchase schemes 5,450 3,630

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. OPERATING PROFIT

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

30.6.24 30.6.23
£    £   
Other operating leases 43,529 43,529
Depreciation - owned assets 3,280 3,036
Auditors' remuneration 7,500 6,800
Auditors' remuneration for non audit work 5,700 5,200
Foreign exchange differences (5,459 ) 3,967

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank loan interest - 9,342

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax 737,521 482,408

Deferred tax 1,574 (335 )
Tax on profit 739,095 482,073

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

30.6.24 30.6.23
£    £   
Profit before tax 2,914,220 2,489,907
Profit multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

728,555

473,082

Effects of:
Expenses not deductible for tax purposes 8,251 4,234
Capital allowances in excess of depreciation - (335 )
Depreciation in excess of capital allowances 1,574 -
Adjustments to tax charge in respect of previous periods 715 (23,353 )
Increase in taxation % - 28,445
Total tax charge 739,095 482,073

8. DIVIDENDS
30.6.24 30.6.23
£    £   
Ordinary shares of £1 each
Final 700,000 -

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

9. PROPERTY, PLANT AND EQUIPMENT
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 July 2023 130,900 30,730 161,630
Additions - 8,367 8,367
At 30 June 2024 130,900 39,097 169,997
DEPRECIATION
At 1 July 2023 130,900 24,236 155,136
Charge for year - 3,280 3,280
At 30 June 2024 130,900 27,516 158,416
NET BOOK VALUE
At 30 June 2024 - 11,581 11,581
At 30 June 2023 - 6,494 6,494

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 1,315,282
Disposals (1,000 )
At 30 June 2024 1,314,282
PROVISIONS
At 1 July 2023
and 30 June 2024 1,173,111
NET BOOK VALUE
At 30 June 2024 141,171
At 30 June 2023 142,171

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Edgars Foods Ltd
Registered office: 3 Willowside Park, Canal Road, Trowbridge, Wiltshire, BA14 8RH
Nature of business: Seafood retail
%
Class of shares: holding
Ordinary

This subsidiary was struck off 16 January 2024 and dissolved 23 January 2024.

The balance due of £1,339 has been written off this year.

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

10. FIXED ASSET INVESTMENTS - continued

Aqua Blue Seafoods Limited
Registered office: 3 Willowside Park, Canal Road, Trowbridge, Wiltshire, BA14 8RH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00

This dormant company was reclassified from current investments during a prior year and the value written down following a dividend distribution of the reserves. Consolidated accounts are no longer required.

11. INVENTORIES
30.6.24 30.6.23
£    £   
Goods for resale 4,516,745 5,260,369

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 4,164,686 3,764,137
Amounts owed by group undertakings - 1,339
Other debtors 284,137 46,439
VAT 86,771 87,166
Prepayments 67,190 55,766
4,602,784 3,954,847

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade creditors 1,668,828 1,219,709
Amounts owed to group undertakings 1,567,106 1,145,369
Corporation tax 319,506 251,326
Social security and other taxes 26,060 22,903
Other creditors 96,778 47,387
Accrued expenses 795,278 681,457
4,473,556 3,368,151

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 33,730 33,730
Between one and five years 2,983 36,805
36,713 70,535

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

15. SECURED DEBTS

There is an invoice finance facility with HSBC Invoice Finance (UK) Ltd. This is secured by two fixed and floating charges over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant and machinery.

There is a HSBC Bank Plc debenture including a fixed charge over all present freehold and leasehold property and first fixed and floating charges over all assets and undertakings. There is a cross guarantee between the company and Aqua Blue Seafoods Limited.

16. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax 1,706 132

Deferred
tax
£   
Balance at 1 July 2023 132
Accelerated capital allowances 1,574
Balance at 30 June 2024 1,706

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
514,000 Ordinary £1 514,000 514,000

18. RESERVES
Retained
earnings
£   

At 1 July 2023 6,623,236
Profit for the year 2,175,125
Dividends (700,000 )
At 30 June 2024 8,098,361

19. ULTIMATE PARENT COMPANY

Butterworth Iceworks Sdn Bhd (incorporated in Malaysia ) is regarded by the directors as being the company's ultimate parent company.

The immediate parent company is Golden Fresh Sdn. Bhd.

There is no ultimate controlling party. The parent undertaking of the largest group that the company belongs and for which group accounts are prepared is Butterworth Iceworks Sdn Bhd. the registered address from which copies of the group accounts are available is 4572, Jalan Chain Ferry, 12100 Butterworth, Pulau Pinang, Malaysia.

The parent undertaking of the smallest group that the company belongs and for which group accounts are prepared is Pacific West Foods (UK) Limited. the registered address from which copies of the group accounts are available is 3 Willowside Park, Canal Road, Trowbridge, Wiltshire, BA14 8RH.

Pacific West Foods (UK) Ltd (Registered number: 04497738)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

20. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity

Company Nature of transaction Amount £

Golden Fresh Sdn Bhd Creditor 1,567,106
Purchases 7,502,456

The amount due to Golden Fresh Sdn Bhd are creditors on trade terms.