IRIS Accounts Production v25.1.0.734 03307693 Board of Directors 1.1.24 31.12.24 31.12.24 Medium entities wholesale sales of frozen fish and other seafood products, as well as direct sales to fish and chip outlets. true true false true true false false false true true true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 1.00000 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REGISTERED NUMBER: 03307693 (England and Wales)











UNIQUE SEAFOOD LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024






UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 December 2024




Page

Company information 1

Strategic report 2

Report of the directors 3

Report of the independent auditors 4

Statement of income and retained earnings 7

Balance sheet 8

Notes to the financial statements 9


UNIQUE SEAFOOD LIMITED

COMPANY INFORMATION
for the year ended 31 December 2024







DIRECTORS: H Nissen
K Sperre
Ms I M Sperre





REGISTERED OFFICE: Lygon House
50 London Road
Bromley
Kent
BR1 3RA





REGISTERED NUMBER: 03307693 (England and Wales)





AUDITORS: Berringers LLP
Chartered Accountants
and Statutory Auditors
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

STRATEGIC REPORT
for the year ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal activity of the company in the year under review was the wholesale of frozen fish and related products.

Results

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

The directors consider the results for the year satisfactory given the challenging market conditions, and have included the key figures below:

Turnover on continuing operations increased due to an upturn in market conditions from £29,187,962 in 2023 to £30,592,937 in 2024.

The gross profit for the year stood at £2,209,472 compared to £652,546 in 2023.

Net assets remain at a healthy level and stood at £5,016,771.

Key performance indicators

There are key performance indicators to be considered, both financial and non-financial; an increase in turnover, improvement in efficiencies and a happier workforce.

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a sophisticated market and its performance is related to ensuring it holds the correct stocks at competitive prices to satisfy all its customers requirements at any one time.

The main financial risks arising from the company's activities are credit risk, interest rate risk and liquidity risk. These are monitored by the board of directors.

The company's policy in respect of interest rate and liquidity risk is to maintain a mixture of long term and short-term debt finance and readily accessible bank deposit accounts to ensure that the company has sufficient funds for operations.

ON BEHALF OF THE BOARD:





H Nissen - Director


22 April 2025

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £ 300,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

H Nissen
K Sperre
Ms I M Sperre

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.

AUDITORS
The auditors, Berringers LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





H Nissen - Director


22 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
UNIQUE SEAFOOD LIMITED

Opinion
We have audited the financial statements of Unique Seafood Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of income and retained earnings, Balance sheet 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 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
UNIQUE SEAFOOD 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.

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:

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and error, we considered the following:

- the nature of the industry, control environment and business performance;
- results of our enquiries to management about their own assessment of the risks of fraud and error;
- the matters discussed among the audit engagement team regarding how and where fraud may occur in the financial statements and any potential indicators of fraud.

Our procedures to respond to risk include the following:

- reviewing the financial statement disclosures and testing to supporting documentation;
- performing analytical procedures to identify any unusual or unexpected areas that may indicate risks of material misstatement due to fraud or error;
- addressing the risk of fraud and error through management override of controls, testing the appropriateness of journals, assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

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
UNIQUE SEAFOOD LIMITED


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.




Ricky Hutson BSc FCCA ACA (Senior Statutory Auditor)
for and on behalf of Berringers LLP
Chartered Accountants
and Statutory Auditors
Lygon House
50 London Road
Bromley
Kent
BR1 3RA

22 April 2025

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

STATEMENT OF INCOME AND
RETAINED EARNINGS
for the year ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 3 30,592,937 29,187,962

Cost of sales 28,383,465 28,535,416
GROSS PROFIT 2,209,472 652,546

Administrative expenses 1,152,532 1,136,698
OPERATING PROFIT/(LOSS) 5 1,056,940 (484,152 )

Income from associated
undertakings 18,000 -
Interest receivable and similar income 56,307 37,121
74,307 37,121
1,131,247 (447,031 )

Interest payable and similar expenses 6 186,861 157,261
PROFIT/(LOSS) BEFORE TAXATION 944,386 (604,292 )

Tax on profit/(loss) 7 236,372 (104,662 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

708,014

(499,630

)

Retained earnings at beginning of year 4,508,757 5,008,387

Dividends 8 (300,000 ) -

RETAINED EARNINGS AT END OF
YEAR

4,916,771

4,508,757

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 9 207,390 253,384
Investments 10 44,584 44,584
251,974 297,968

CURRENT ASSETS
Stocks 11 4,941,581 3,064,084
Debtors 12 5,835,999 5,944,770
Cash at bank and in hand 4,742 27,800
10,782,322 9,036,654
CREDITORS
Amounts falling due within one year 13 5,907,771 4,540,770
NET CURRENT ASSETS 4,874,551 4,495,884
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,126,525

4,793,852

CREDITORS
Amounts falling due after more than one
year

14

(90,883

)

(150,378

)

PROVISIONS FOR LIABILITIES 18 (18,871 ) (34,717 )
NET ASSETS 5,016,771 4,608,757

CAPITAL AND RESERVES
Called up share capital 19 100,000 100,000
Retained earnings 20 4,916,771 4,508,757
SHAREHOLDERS' FUNDS 5,016,771 4,608,757

The financial statements were approved by the Board of Directors and authorised for issue on 22 April 2025 and were signed on its behalf by:





H Nissen - Director


UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2024

1. STATUTORY INFORMATION

Unique Seafood 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.

Going concern
The directors have reviewed the post year end financial information available at the time of approving these financial statements and have concluded that the financial statements should be prepared on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions 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;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and
11.48(c);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Unique Seafood Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Unique Seafood Holdings Limited, Lygon House, 50 London Road, Bromley, Kent, United Kingdom, BR1 3RA.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements and estimates.

Stock valuation is reviewed at the end of the year, and key assumptions are made in relation to net realisable values and obsolete or slow-moving stocks. Where necessary the directors include a provision against the stock value.

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

Turnover is derived from the sale of goods and is recognised when the significant risks and rewards of ownership of the goods are transferred to the buyer, the price is fixed or determinable and the collection of the amount due is reasonably assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures and fittings - 15% on reducing balance and 15 - 25% on net book value
Motor vehicles - 25% on reducing balance
Equipment - 25% on reducing balance and 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowances 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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. TURNOVER

The turnover and profit (2023 - loss) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 30,580,846 29,155,581
Europe 12,091 32,381
30,592,937 29,187,962

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 575,373 618,454
Social security costs 73,407 77,570
Other pension costs 30,457 14,818
679,237 710,842

The average number of employees during the year was as follows:
2024 2023

Sales 5 6
Administration 5 6
Accounts 3 4
13 16

2024 2023
£    £   
Directors' remuneration 100,000 100,000

5. OPERATING PROFIT/(LOSS)

The operating profit (2023 - operating loss) is stated after charging/(crediting):

2024 2023
£    £   
Depreciation - owned assets 18,041 16,694
Depreciation - assets on hire purchase contracts 48,239 52,125
Loss/(profit) on disposal of fixed assets 7,947 (18,332 )
Auditors remuneration 14,291 13,618
Auditors' remuneration for non audit work 5,580 5,555
Foreign exchange differences 14,168 (11,893 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 8,097 8,031
Finance charges 169,237 136,965
Hire purchase 9,527 12,265
186,861 157,261

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 252,218 (95,755 )

Deferred taxation (15,846 ) (8,907 )
Tax on profit/(loss) 236,372 (104,662 )

Reconciliation of total tax charge/(credit) 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:

2024 2023
£    £   
Profit/(loss) before tax 944,386 (604,292 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 19%)

236,097

(114,815

)

Effects of:
Expenses not deductible for tax purposes 6,762 2,145
Income not taxable for tax purposes (4,500 ) -
Depreciation in excess of capital allowances 13,859 16,915
Deferred tax movement (15,846 ) (8,907 )

Total tax charge/(credit) 236,372 (104,662 )

8. DIVIDENDS
2024 2023
£    £   
Final 300,000 -

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

9. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Equipment Totals
£    £    £    £   
COST
At 1 January 2024 34,855 281,568 255,642 572,065
Additions - 67,107 8,418 75,525
Disposals - (76,603 ) (1,499 ) (78,102 )
At 31 December 2024 34,855 272,072 262,561 569,488
DEPRECIATION
At 1 January 2024 21,282 52,104 245,295 318,681
Charge for year 3,889 52,979 9,412 66,280
Eliminated on disposal - (21,364 ) (1,499 ) (22,863 )
At 31 December 2024 25,171 83,719 253,208 362,098
NET BOOK VALUE
At 31 December 2024 9,684 188,353 9,353 207,390
At 31 December 2023 13,573 229,464 10,347 253,384

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2024 267,844
Disposals (62,879 )
At 31 December 2024 204,965
DEPRECIATION
At 1 January 2024 48,030
Charge for year 48,239
Eliminated on disposal (15,883 )
At 31 December 2024 80,386
NET BOOK VALUE
At 31 December 2024 124,579
At 31 December 2023 219,814

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 44,584
NET BOOK VALUE
At 31 December 2024 44,584
At 31 December 2023 44,584

The company's investments at the Balance sheet date in the share capital of companies include the following:

Subsidiaries


Unique Seafood Pelagic Ltd
Registered office: Lygon House, 50 London Road, Bromley, Kent, BR1 3RA
Nature of business: Wholesale frozen fish and associated products
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 10,183 14,423
Loss for the year (4,240 ) (27,895 )

Unique Seafood Ireland Limited
Registered office: Ground Floor, 71 Lower Baggot Street, Dublin 2, Ireland
Nature of business: Wholesale frozen fish and associated products
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 158,090 (99,325 )
Profit/(loss) for the year 253,845 (152,050 )

Associated company

Unique Seafood (East) Limited
Registered office: Lygon House, 50 London Road, Bromley, Kent, BR1 3RA
Nature of business: Wholesale frozen fish and other seafood products.
%
Class of shares: holding
Ordinary shares 30.00
2024 2023
£    £   
Aggregate capital and reserves 525,849 526,389
Profit/(loss) for the year 59,460 (21,647 )

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

11. STOCKS
2024 2023
£    £   
Stocks 4,941,581 3,064,084

During the year an impairment loss of £nil (2023: £84,298) was recognised against stock.

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 4,164,871 4,145,755
Amounts owed by group undertakings 1,405,832 1,497,966
Other debtors 124,923 156,848
VAT 13,176 28,538
Prepayments 127,197 115,663
5,835,999 5,944,770

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) 1,868,324 999,756
Hire purchase contracts (see note 16) 17,139 23,562
Trade creditors 3,632,834 3,454,883
Amounts owed to group undertakings - 13,400
Taxation 252,150 -
Social security and other taxes 18,089 22,705
Other creditors 40,475 5,947
Accrued expenses 78,760 20,517
5,907,771 4,540,770

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 16) 90,883 150,378

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,868,324 999,756

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 17,139 23,562
Between one and five years 90,883 150,378
108,022 173,940

Non-cancellable operating leases
2024 2023
£    £   
Within one year 29,358 29,358
Between one and five years 29,358 58,716
58,716 88,074

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdrafts 1,868,324 999,756

The debts detailed above are secured by way of a fixed charge on non-vesting debts and a floating charge on the assets of the company and its subsidiary undertakings.

Cross guarantees exist between Unique Seafood Holdings Limited, Catch Limited, Unique Seafood (Properties) Limited, Unique Seafood Limited and Unique Seafood Pelagic Limited, in respect of banking facilities available to the group.

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 18,871 34,717

Deferred
tax
£   
Balance at 1 January 2024 34,717
Provided during year (15,846 )
Balance at 31 December 2024 18,871

UNIQUE SEAFOOD LIMITED (REGISTERED NUMBER: 03307693)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 December 2024

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100,000 Ordinary A £1 100,000 100,000

20. RESERVES
Retained
earnings
£   

At 1 January 2024 4,508,757
Profit for the year 708,014
Dividends (300,000 )
At 31 December 2024 4,916,771

21. ULTIMATE PARENT COMPANY

Unique Seafood Holdings Limited is regarded by the directors as being the company's ultimate parent company.

22. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Purchases 11,851,146 11,228,090
Amount due from related party 121,759 184,357
Amount due to related party 1,572,676 2,467,564

Entities over which the entity has control, joint control or significant influence
2024 2023
£    £   
Sales 2,590,227 2,330,462
Purchases - 246,892
Amount due from related party 1,064,041 972,857
Amount due to related party - 13,400

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Funder Nissen Holdings APS and Brodrene Sperre A/S, due to their joint control over the parent company.