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REGISTERED NUMBER: 08811240 (England and Wales)














Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Northbay Pelagic Limited

Northbay Pelagic Limited (Registered number: 08811240)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


Northbay Pelagic Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J J Colam
Interfish Limited
I.F. Limited



REGISTERED OFFICE: FFT
Reedham House
31 King Street West
Manchester
Greater Manchester
M3 2PJ



BUSINESS ADDRESS: Kirk Square
Peterhead
AB42 1RQ



REGISTERED NUMBER: 08811240 (England and Wales)



SENIOR STATUTORY AUDITOR: I Sluckis BA FCA



AUDITORS: Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

Northbay Pelagic Limited (Registered number: 08811240)

Strategic Report
for the Year Ended 31 December 2023

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

The principal activity of the company continued to be that of wholesale supply of pelagic fish in both domestic and overseas markets.

The results for the year, and the financial position of the company are shown in the annexed financial statements.

The company regards the KPI's as turnover and profitability, both of which are stated in the financial statements.

The directors continue to pay close attention to the environmental impact of their operations by making sure that the company operates in the most efficient manner.

The directors also continue to take steps to ensure that high welfare standards are maintained for all company personnel.

The principal risks and uncertainties affecting the business include foreign currency exchange, raw material and energy prices and the actions of regulatory authorities. All these are closely monitored by the company.

ON BEHALF OF THE BOARD:





J J Colam - Director


18 September 2024

Northbay Pelagic Limited (Registered number: 08811240)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

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

J J Colam
Interfish Limited
I.F. Limited

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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J J Colam - Director


18 September 2024

Report of the Independent Auditors to the Members of
Northbay Pelagic Limited

Opinion
We have audited the financial statements of Northbay Pelagic Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 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
Northbay Pelagic Limited


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

Report of the Independent Auditors to the Members of
Northbay Pelagic Limited


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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

Audit response to risks identified
- the nature of the industry and sector, control environment and business performance;
- results of enquiries of management about their own identification and assessment of the risks of irregularities;
- any matters we identified having obtained and reviewed the Company's documentation of their policies and
procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any
instances of noncompliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or
alleged fraud;
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
- the matters discussed among the audit engagement team and involving other internal specialists including tax
regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Audit response to risks identified
As a result of performing the above, we did not identify any key audit matters related to the potential risk of fraud.

Our procedures to respond to risks identified included the following:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- enquiring of management concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- obtained an understanding of provisions and held discussions with management to understand the basis of
recognition or non-recognition of tax provisions; and
-
in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.


Report of the Independent Auditors to the Members of
Northbay Pelagic Limited

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.

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.




I Sluckis BA FCA (Senior Statutory Auditor)
for and on behalf of Freedman Frankl & Taylor
Statutory Auditors
Chartered Accountants
Reedham House
31 King Street West
Manchester
M3 2PJ

24 September 2024

Northbay Pelagic Limited (Registered number: 08811240)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 42,902,327 29,555,134

Cost of sales 40,432,742 26,990,081
GROSS PROFIT 2,469,585 2,565,053

Administrative expenses 2,381,203 2,177,586
OPERATING PROFIT and
PROFIT BEFORE TAXATION 88,382 387,467

Tax on profit 6 (734,137 ) (82,934 )
PROFIT FOR THE FINANCIAL YEAR 822,519 470,401

Northbay Pelagic Limited (Registered number: 08811240)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 822,519 470,401


OTHER COMPREHENSIVE INCOME
Revaluation reserve released
Income tax relating to other comprehensive
income

15,616

30,625
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

15,616

30,625
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

838,135

501,026

Northbay Pelagic Limited (Registered number: 08811240)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 18,106,326 15,331,814
Investments 8 190,000 190,000
18,296,326 15,521,814

CURRENT ASSETS
Stocks 9 15,975,552 15,263,265
Debtors 10 4,738,517 2,272,107
Cash at bank and in hand 1,125,139 1,075,738
21,839,208 18,611,110
CREDITORS
Amounts falling due within one year 11 11,554,172 11,687,475
NET CURRENT ASSETS 10,285,036 6,923,635
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,581,362

22,445,449

CREDITORS
Amounts falling due after more than one
year

12

(10,908,660

)

(5,595,265

)

PROVISIONS FOR LIABILITIES 15 (199,564 ) (215,181 )
NET ASSETS 17,473,138 16,635,003

CAPITAL AND RESERVES
Called up share capital 16 14,000,000 14,000,000
Revaluation reserve 17 2,432,050 2,478,902
Retained earnings 17 1,041,088 156,101
SHAREHOLDERS' FUNDS 17,473,138 16,635,003

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





J J Colam - Director


Northbay Pelagic Limited (Registered number: 08811240)

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

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2022 14,000,000 (375,589 ) 2,509,566 16,133,977

Changes in equity
Total comprehensive income - 531,690 (30,664 ) 501,026
Balance at 31 December 2022 14,000,000 156,101 2,478,902 16,635,003

Changes in equity
Total comprehensive income - 884,987 (46,852 ) 838,135
Balance at 31 December 2023 14,000,000 1,041,088 2,432,050 17,473,138

Northbay Pelagic Limited (Registered number: 08811240)

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

1. STATUTORY INFORMATION

Northbay Pelagic 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.

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 as modified by the revaluation of certain assets.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Significant judgements and estimates
In applying the company's accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision 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.

Significant accounting Judgements
The significant accounting judgements that the director has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of fixed assets as discussed below.

Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment
In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairments identified during the current financial year.

Tangible fixed assets
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover
Turnover represents the amount derived from the provision of goods and services falling within the company's ordinary activities after deduction of trade discounts and value added tax.

Northbay Pelagic Limited (Registered number: 08811240)

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

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are initially recorded at cost less accumulated depreciation and accumulated impairment losses.

Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows :

Leasehold propertyover the period of the lease
Improvements to propertyover the period of the lease
Plant and machinery10% reducing balance
Motor vehicles25% reducing balance
Fixtures and fittings15% reducing balance
Computer equipment33% reducing balance

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

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

Financial instruments
The company finances its activities with a combination of borrowings,cash and short term deposits. Other financial assets and liabilities, such as trade receivables and trade payables, arise directly from the company's operating activities.

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.

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

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.

Northbay Pelagic Limited (Registered number: 08811240)

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

2. ACCOUNTING POLICIES - continued

Operating leases
Rentals paid under operating leases are charged to income as incurred.

Government grants
Government grants received are credited to the profit and loss account as the related expenditure is incurred.

Going concern
The company is reliant on the financial support of Interfish Limited who have indicated their financial support for the foreseeable future.

On this basis, the directors have a reasonable expectation that the company has adequate resources and thus have adopted the going concern basis of accounting in preparing the annual financial statements.

3. TURNOVER

Turnover represents the amount derived from the provision of goods and services which fall due within the company's ordinary activities, stated net of value added tax. In the opinion of the directors it would be seriously prejudicial to the company's interest to provide an analysis of turnover between geographical areas or class of business.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,628,930 2,304,846
Social security costs 187,197 171,921
Other pension costs 33,539 30,645
2,849,666 2,507,412

The average number of employees during the year was as follows:
2023 2022

Production staff 46 46
Administration staff 8 8
54 54

2023 2022
£    £   
Directors' remuneration - -

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 947,978 978,760
Loss/(profit) on disposal of fixed assets 460,668 (4,499 )
Auditors' remuneration 32,200 29,000
Foreign exchange differences (190,162 ) 57,561
Operating lease - other 86,579 84,705
Operating lease - land & buildings 114,346 114,346

Northbay Pelagic Limited (Registered number: 08811240)

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

6. TAXATION

Analysis of the tax credit
The tax credit on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
Group relief (734,137 ) (82,934 )
Tax on profit (734,137 ) (82,934 )

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

2023 2022
£    £   
Profit before tax 88,382 387,467
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

22,096

73,619

Effects of:
Expenses not deductible for tax purposes 25 -
Capital allowances in excess of depreciation (756,258 ) (156,553 )



Total tax credit (734,137 ) (82,934 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Revaluation reserve released - 15,616 15,616

2022
Gross Tax Net
£    £    £   
Revaluation reserve released - 30,625 30,625

Northbay Pelagic Limited (Registered number: 08811240)

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

7. TANGIBLE FIXED ASSETS
Improvements
Leasehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 9,258,782 26,806 13,230,119
Additions 495,756 - 3,621,945
Disposals (520,000 ) - -
At 31 December 2023 9,234,538 26,806 16,852,064
DEPRECIATION
At 1 January 2023 1,166,459 2,441 6,168,417
Charge for year 147,179 464 747,116
Eliminated on disposal (59,332 ) - -
At 31 December 2023 1,254,306 2,905 6,915,533
NET BOOK VALUE
At 31 December 2023 7,980,232 23,901 9,936,531
At 31 December 2022 8,092,323 24,365 7,061,702

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 January 2023 54,421 131,995 90,999 22,793,122
Additions - 34,404 31,053 4,183,158
Disposals - - - (520,000 )
At 31 December 2023 54,421 166,399 122,052 26,456,280
DEPRECIATION
At 1 January 2023 40,533 46,083 37,375 7,461,308
Charge for year 2,083 22,913 28,223 947,978
Eliminated on disposal - - - (59,332 )
At 31 December 2023 42,616 68,996 65,598 8,349,954
NET BOOK VALUE
At 31 December 2023 11,805 97,403 56,454 18,106,326
At 31 December 2022 13,888 85,912 53,624 15,331,814

Northbay Pelagic Limited (Registered number: 08811240)

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

7. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 31 December 2023 is represented by:

Improvements
Leasehold to Plant and
property property machinery
£    £    £   
Valuation in 2014 3,248,330 - -
Cost 5,986,208 26,806 16,852,064
9,234,538 26,806 16,852,064

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2014 - - - 3,248,330
Cost 54,421 166,399 122,052 23,207,950
54,421 166,399 122,052 26,456,280

If leasehold property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 5,743,907 5,768,150
Aggregate depreciation 836,675 781,129

The leasehold property was valued on the 29 August 2013 on a depreciated replacement cost basis by Hickman Shearer, Chartered Surveyors. The directors do not consider the market value to be materially different as at 31 December 2023.

8. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
At 1 January 2023
and 31 December 2023 190,000
NET BOOK VALUE
At 31 December 2023 190,000
At 31 December 2022 190,000

Alisrose Limited
Nature of business:Water treatment
% holding
Class of shares:
Ordinary 20.00

As the company does not exercise any significant influence over the financial and operating policies of Alisrose Limited, it is treated as an investment and not an associated company.

Northbay Pelagic Limited (Registered number: 08811240)

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

9. STOCKS
2023 2022
£    £   
Goods for resale 15,975,552 15,263,265

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,934,671 1,575,947
Amounts owed by group undertakings 1,119,624 48,367
Other debtors 183,755 214,188
Prepayments 500,467 433,605
4,738,517 2,272,107

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 6,850,713 6,130,101
Amounts owed to group undertakings 3,856,765 5,332,101
Social security and other taxes 46,356 36,902
Other creditors 28,015 25,830
Accrued expenses 772,323 162,541
11,554,172 11,687,475

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts owed to group undertakings 10,908,660 5,595,265

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
In more than five years 5,831,646 5,945,992

14. SECURED DEBTS

The bank facilities are secured by a legal mortgage debenture incorporating a fixed and floating charge over all of the company assets.

15. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 199,564 215,181

Northbay Pelagic Limited (Registered number: 08811240)

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

15. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2023 215,181
Transfer revaluation reserve (15,617 )
Balance at 31 December 2023 199,564

16. CALLED UP SHARE CAPITAL

Allotted,issued and fully paid:
Number: Class: Nominal 2022 2021
Value £ £
420,000 A Ordinary £1 420,000 420,000
11,200,000 B Ordinary £1 11,200,000 11,200,000
2,100,000 C Ordinary £1 2,100,000 2,100,000
280,000 D Ordinary £1 280,000 280,000
14,000,000 14,000,000

17. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 156,101 2,478,902 2,635,003
Profit for the year 822,519 822,519
Transfer of deferred tax - 15,616 15,616
Transfer from revaluation reserve 62,468 (62,468 ) -
At 31 December 2023 1,041,088 2,432,050 3,473,138

18. ULTIMATE PARENT COMPANY

The company's parent undertaking at the balance sheet date was Interfish Limited, a company incorporated and registered in England.

The company's ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey but tax resident in England so that all income is taxed and paid in the United Kingdom.

Copies of the financial statements of Interfish Limited can be obtained from Wallsend Industrial Estate, Cattedown Road, Plymouth, Devon PL4 0RW.

19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Sales 8,074,099 5,559,832
Purchases 19,923,244 21,647,022
Amount due to related party 18,572,045 15,932,399