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REGISTERED NUMBER: 08356599 (England and Wales)











UNIQUE SEAFOOD HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2024






UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)






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




Page

Company information 1

Group strategic report 2

Report of the directors 3

Report of the independent auditors 4

Consolidated income statement 7

Consolidated other comprehensive income 8

Consolidated balance sheet 9

Company balance sheet 10

Consolidated statement of changes in equity 11

Company statement of changes in equity 12

Consolidated cash flow statement 13

Notes to the consolidated cash flow statement 14

Notes to the consolidated financial statements 16


UNIQUE SEAFOOD HOLDINGS 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: 08356599 (England and Wales)





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

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

GROUP STRATEGIC REPORT
for the year ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The principal activity of the group in the year under review was the wholesale and retail sale of frozen fish, and operating fish and chip restaurants.

Results

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

Group turnover on continuing operations has increased due to a upturn in market conditions from £34,825,106 in 2023 to £37,878,783 in 2024.

The group gross profit stood at £3,519,093 compared to £1,276,111 in 2023.

Net assets remain at a healthy level and stood at £6,133,664 at the year end.


Key performance indicators

Key performance indicators are turnover, margins and product mix. Non financial indicators are also used including product availability, customer returns and service levels to measure business performance in meeting the needs of our customers.

PRINCIPAL RISKS AND UNCERTAINTIES
The group 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 group's activities are credit risk, interest rate risk and liquidity risk. These are monitored by the board of directors.

The group'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 group has sufficient funds for operations.

ON BEHALF OF THE BOARD:





H Nissen - Director


29 May 2025

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

REPORT OF THE DIRECTORS
for the year ended 31 December 2024

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

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

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 Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group'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


29 May 2025

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

Opinion
We have audited the financial statements of Unique Seafood Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated income statement, Consolidated other comprehensive income, Consolidated balance sheet, Company balance sheet, Consolidated statement of changes in equity, Company statement of changes in equity, Consolidated cash flow statement and Notes to the consolidated cash flow statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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 HOLDINGS 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

29 May 2025

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

CONSOLIDATED
INCOME STATEMENT
for the year ended 31 December 2024

2024 2023
Notes £    £    £   

TURNOVER 37,878,783 34,825,106

Cost of sales 34,359,690 33,548,995
GROSS PROFIT 3,519,093 1,276,111

Administrative expenses 2,284,928 1,991,111
1,234,165 (715,000 )

Other operating income 88,525 16,107
OPERATING PROFIT/(LOSS) 4 1,322,690 (698,893 )

Income from interest in associated
undertakings

250,726

85,233
Interest receivable and similar income 23,902 -
274,628 85,233
1,597,318 (613,660 )

Interest payable and similar expenses 5 201,447 182,249
PROFIT/(LOSS) BEFORE TAXATION 1,395,871 (795,909 )

Tax on profit/(loss) 6 323,555 (121,896 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

1,072,316

(674,013

)
Profit/(loss) attributable to:
Owners of the parent 1,065,990 (678,081 )
Non-controlling interests 6,326 4,068
1,072,316 (674,013 )

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
for the year ended 31 December 2024

2024 2023
Notes £    £   

PROFIT/(LOSS) FOR THE YEAR 1,072,316 (674,013 )


OTHER COMPREHENSIVE INCOME
Foreign currency translation 21,597 (846 )
Purchase of own shares (375,890 ) (155,000 )
Non-controlling interest acquired - 35,382
Income tax relating to components of other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(354,293

)

(120,464

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

718,023

(794,477

)

Total comprehensive income attributable to:
Owners of the parent 711,697 (798,545 )
Non-controlling interests 6,326 4,068
718,023 (794,477 )

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

CONSOLIDATED BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 492,309 567,380
Tangible assets 9 353,949 457,706
Investments 10
Interest in associate undertaking 1,551,480 1,371,936
2,397,738 2,397,022

CURRENT ASSETS
Stocks 11 5,493,825 3,965,297
Debtors 12 5,049,688 4,878,522
Cash at bank and in hand 278,780 376,397
10,822,293 9,220,216
CREDITORS
Amounts falling due within one year 13 6,903,077 5,905,280
NET CURRENT ASSETS 3,919,216 3,314,936
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,316,954

5,711,958

CREDITORS
Amounts falling due after more than one year 14 183,290 286,207
NET ASSETS 6,133,664 5,425,751

CAPITAL AND RESERVES
Called up share capital 19 90,990 101,100
Capital redemption reserve 20 10,110 -
Retained earnings 20 6,125,594 5,424,007
SHAREHOLDERS' FUNDS 6,226,694 5,525,107

NON-CONTROLLING INTERESTS 21 (93,030 ) (99,356 )
TOTAL EQUITY 6,133,664 5,425,751

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





H Nissen - Director


UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

COMPANY BALANCE SHEET
31 December 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 - -
Investments 10 702,249 702,249
702,249 702,249

CURRENT ASSETS
Debtors 12 269,248 269,248

CREDITORS
Amounts falling due within one year 13 859,336 773,336
NET CURRENT LIABILITIES (590,088 ) (504,088 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,161

198,161

CAPITAL AND RESERVES
Called up share capital 19 90,990 101,100
Capital redemption reserve 20 10,110 -
Retained earnings 20 11,061 97,061
SHAREHOLDERS' FUNDS 112,161 198,161

Company's profit for the financial year 300,000 -

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





H Nissen - Director


UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024

Called up Capital
share Retained redemption
capital earnings reserve
£    £    £   
Balance at 1 January 2023 101,100 6,222,552 -

Changes in equity
Total comprehensive income - (798,545 ) -
101,100 5,424,007 -
Acquisition of non-controlling
interest

-

-

-
Non-controlling interest arising on
business combination

-

-

-
Balance at 31 December 2023 101,100 5,424,007 -

Changes in equity
Reduction in share capital (10,110 ) - -
Total comprehensive income - 701,587 10,110
Balance at 31 December 2024 90,990 6,125,594 10,110
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1 January 2023 6,323,652 29,444 6,353,096

Changes in equity
Total comprehensive income (798,545 ) 4,068 (794,477 )
5,525,107 33,512 5,558,619
Acquisition of non-controlling
interest

-

(35,382

)

(35,382

)
Non-controlling interest arising on
business combination

-

(97,486

)

(97,486

)
Balance at 31 December 2023 5,525,107 (99,356 ) 5,425,751

Changes in equity
Reduction in share capital (10,110 ) - (10,110 )
Total comprehensive income 711,697 6,326 718,023
Balance at 31 December 2024 6,226,694 (93,030 ) 6,133,664

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

COMPANY STATEMENT OF CHANGES IN EQUITY
for the year ended 31 December 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 January 2023 101,100 97,061 - 198,161

Changes in equity
Balance at 31 December 2023 101,100 97,061 - 198,161

Changes in equity
Reduction in share capital (10,110 ) - - (10,110 )
Total comprehensive income - (86,000 ) 10,110 (75,890 )
Balance at 31 December 2024 90,990 11,061 10,110 112,161

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (360,714 ) 3,022,189
Interest paid (189,587 ) (163,577 )
Interest element of hire purchase payments
paid

(11,860

)

(18,672

)
Tax paid - (273,404 )
Net cash from operating activities (562,161 ) 2,566,536

Cash flows from investing activities
Purchase of tangible fixed assets (107,821 ) (124,286 )
Sale of tangible fixed assets 47,292 47,000
Acquisition of subsidiary - (1 )
Cash gained on acquisition - (37,620 )
Interest received 23,902 -
Dividends received 18,000 -
Net cash from investing activities (18,627 ) (114,907 )

Cash flows from financing activities
Loan repayments in year (34,808 ) (19,183 )
New hire purchase - 59,050
Hire purchase repayments in year (83,118 ) (66,522 )
Share buyback (386,000 ) (155,000 )
Net cash from financing activities (503,926 ) (181,655 )

(Decrease)/increase in cash and cash equivalents (1,084,714 ) 2,269,974
Cash and cash equivalents at beginning of
year

2

(832,658

)

(3,102,632

)

Cash and cash equivalents at end of year 2 (1,917,372 ) (832,658 )

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2024

1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2024 2023
£    £   
Profit/(loss) before taxation 1,395,871 (795,909 )
Depreciation charges 166,019 126,265
Loss/(profit) on disposal of fixed assets 7,947 (18,332 )
Amortisation 75,071 58,011
Finance costs 201,447 182,249
Finance income (274,628 ) (85,233 )
1,571,727 (532,949 )
(Increase)/decrease in stocks (1,528,528 ) 2,553,891
(Increase)/decrease in trade and other debtors (158,143 ) 120,557
(Decrease)/increase in trade and other creditors (245,770 ) 880,690
Cash generated from operations (360,714 ) 3,022,189

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash flow statement in respect of cash and cash equivalents are in respect of these Balance sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 278,780 376,397
Bank overdrafts (2,196,152 ) (1,209,055 )
(1,917,372 ) (832,658 )
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 376,397 121,974
Bank overdrafts (1,209,055 ) (3,224,606 )
(832,658 ) (3,102,632 )


UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
for the year ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank and in hand 376,397 (97,617 ) 278,780
Bank overdrafts (1,209,055 ) (987,097 ) (2,196,152 )
(832,658 ) (1,084,714 ) (1,917,372 )
Debt
Finance leases (218,905 ) 83,118 (135,787 )
Debts falling due within 1 year (38,619 ) 1,796 (36,823 )
Debts falling due after 1 year (98,508 ) 33,012 (65,496 )
(356,032 ) 117,926 (238,106 )
Total (1,188,690 ) (966,788 ) (2,155,478 )

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

1. STATUTORY INFORMATION

Unique Seafood Holdings 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 General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with applicable United Kingdom accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102'), and with the Companies Act 2006. The financial statements have been prepared on the historical cost basis except for the modification to a fair value
basis for certain financial instruments as specified in the accounting policies below.

Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. The group therefore continues to adopt the going concern basis in preparing its consolidated financial statements.

Basis of consolidation
The consolidated financial statements present the results of Unique Seafood Holdings Limited and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Parent company disclosure exemption
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:
- Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been presented as the reconciliations for the group and the parent company would be identical;
- No cash flow statement has been presented for the parent company;
- Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole.

Associates
Associated undertakings are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate by applying the equity method of accounting.

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.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

2. ACCOUNTING POLICIES - continued

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

The directors have made key assumptions regarding the recoverability of trade debtors and have provided accordingly.

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.

The directors consider the useful economic life of fixed assets and estimate depreciation accordingly. Depreciation rates are noted in the accounting policies and the depreciation totals for the year are included in the tangible fixed asset note.

Turnover
Turnover represents the invoiced value of sales excluding inter-company sales and value added tax.

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

Goodwill
Goodwill purchased in connection with an acquisition of a business in 2018 was amortised over two years. Goodwill on consolidation relating to the purchase of shares in an associated company in 2020 is being amortised over its useful life of 10 years. Goodwill purchased in connection with an acquisition of a business in 2023 is being amortised over its useful life of 10 years.

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

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

2. ACCOUNTING POLICIES - continued

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.
Improvements to property - 20% - 33.3% on cost
Plant and machinery - 25% on reducing balance and Straight line over 15 years
Fixtures and fittings - 25% on reducing balance, 15% on reducing balance and 15 - 25% on net book value
Motor vehicles - 25% on cost and 25% on reducing balance
Equipment - 25% on reducing balance, 25% on cost and 20% on cost

Tangible fixed assets, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised within 'other operating income or losses' in the statement of comprehensive income.

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

NOTES TO THE CONSOLIDATED 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 allowance for obsolete and slow moving items.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts and short term trade loans, when applicable, are shown within borrowings in current liabilities.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

The company provides for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

Derivative financial instruments
Derivative financial instruments are recognised at fair value using a valuation technique with any gains or losses being reported in profit or loss. Outstanding derivatives at reporting date are included under the appropriate format heading depending on the nature of the derivative.

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

2. ACCOUNTING POLICIES - continued

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.

Functional currency and presentation currency
The financial statements are presented in sterling (£), the currency of the primary economic environment in which the company operates (its functional currency).

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.

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 trading companies within the group operate defined contribution pension schemes compliant with local legislation. Contributions payable to the relevant pension schemes are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,025,918 877,955
Social security costs 104,297 91,136
Other pension costs 30,457 14,818
1,160,672 983,909

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

Sales 14 19
Administration 6 6
Accounts 3 4
Production 7 2
Drivers 2 -
32 31

The average number of employees by undertakings that were proportionately consolidated during the year was 32 (2023 - 31 ) .

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

3. EMPLOYEES AND DIRECTORS - continued

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

4. OPERATING PROFIT/(LOSS)

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

2024 2023
£    £   
Hire of plant and machinery 10,852 7,843
Depreciation - owned assets 117,780 66,825
Depreciation - assets on hire purchase contracts 48,239 59,437
Loss/(profit) on disposal of fixed assets 7,947 (18,332 )
Goodwill amortisation 75,071 58,010
Auditors remuneration 23,412 18,668
Auditors' remuneration for non audit work 5,580 5,555
Foreign exchange differences 42,251 (438 )

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 20,350 26,612
Finance charges 169,237 136,965
Hire purchase 11,860 18,672
201,447 182,249

6. 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 285,036 (98,133 )
Tax on share of profit
from associated company 53,181 20,382
Total current tax 338,217 (77,751 )

Deferred taxation (14,662 ) (44,145 )
Tax on profit/(loss) 323,555 (121,896 )

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

6. TAXATION - continued

Reconciliation of total tax charge/(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:

2024 2023
£    £   
Profit/(loss) before tax 1,395,871 (795,909 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25
% (2023 - 19 %)

348,968

(151,223

)

Effects of:
Expenses not deductible for tax purposes 13,461 2,153
Income not taxable for tax purposes (43,914 ) (5,172 )
Depreciation in excess of capital allowances 14,790 19,103
Utilisation of tax losses (25,799 ) -

Share of tax from associate 53,181 20,382
Deferred tax movement (14,662 ) (44,145 )
Tax losses c/fwd - 37,006
Foreign tax adjustments (22,000 ) -
Marginal relief (470 ) -
Total tax charge/(credit) 323,555 (121,896 )

Tax effects relating to effects of other comprehensive income

2024
Gross Tax Net
£    £    £   
Foreign currency translation 21,597 - 21,597
Purchase of own shares (375,890 ) - (375,890 )
Non-controlling interest acquired
(354,293 ) - (354,293 )

2023
Gross Tax Net
£    £    £   
Foreign currency translation (846 ) - (846 )
Purchase of own shares (155,000 ) - (155,000 )
Non-controlling interest acquired 35,382 - 35,382
(120,464 ) - (120,464 )

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income statement of the parent company is not presented as part of these financial statements.


8. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 January 2024
and 31 December 2024 795,709
AMORTISATION
At 1 January 2024 228,329
Amortisation for year 75,071
At 31 December 2024 303,400
NET BOOK VALUE
At 31 December 2024 492,309
At 31 December 2023 567,380

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

9. TANGIBLE FIXED ASSETS

Group
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2024 75,215 247,116 53,045
Additions 22,038 - 538
Disposals - - -
Exchange differences - (26,191 ) (227 )
Reclassification/transfer - - (1,722 )
At 31 December 2024 97,253 220,925 51,634
DEPRECIATION
At 1 January 2024 63,471 101,634 37,306
Charge for year 5,938 42,322 4,845
Eliminated on disposal - - -
Exchange differences - (19,440 ) (163 )
Reclassification/transfer - - (1,348 )
At 31 December 2024 69,409 124,516 40,640
NET BOOK VALUE
At 31 December 2024 27,844 96,409 10,994
At 31 December 2023 11,744 145,482 15,739

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

9. TANGIBLE FIXED ASSETS - continued

Group

Motor
vehicles Equipment Totals
£    £    £   
COST
At 1 January 2024 334,972 274,433 984,781
Additions 95,413 8,418 126,407
Disposals (76,603 ) (1,499 ) (78,102 )
Exchange differences (5,722 ) - (32,140 )
Reclassification/transfer - 1,722 -
At 31 December 2024 348,060 283,074 1,000,946
DEPRECIATION
At 1 January 2024 60,573 264,091 527,075
Charge for year 103,128 9,786 166,019
Eliminated on disposal (21,364 ) (1,499 ) (22,863 )
Exchange differences (3,631 ) - (23,234 )
Reclassification/transfer - 1,348 -
At 31 December 2024 138,706 273,726 646,997
NET BOOK VALUE
At 31 December 2024 209,354 9,348 353,949
At 31 December 2023 274,399 10,342 457,706

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 HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

10. FIXED ASSET INVESTMENTS

Group
Interest
in
associate
undertaking
£   
COST
At 1 January 2024 1,371,936
Share of profit/(loss) 179,544
At 31 December 2024 1,551,480
NET BOOK VALUE
At 31 December 2024 1,551,480
At 31 December 2023 1,371,936
Company
Interest
Shares in in
group associate
undertakings undertaking Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 173,001 529,248 702,249
NET BOOK VALUE
At 31 December 2024 173,001 529,248 702,249
At 31 December 2023 173,001 529,248 702,249

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

Subsidiaries

Unique Seafood Limited
Registered office: Lygon House, 50 London Road, Bromley, Kent, BR1 3RA
Nature of business: Wholesale of frozen fish and associated products
%
Class of shares: holding
Ordinary 100.00

Unique Seafood (Properties) Limited
Registered office: Lygon House, 50 London Road, Bromley, Kent, BR1 3RA
Nature of business: Property management
%
Class of shares: holding
Ordinary 100.00

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

10. FIXED ASSET INVESTMENTS - continued

Catch Limited
Registered office: Lygon House, 50 London Road, Bromley, Kent, BR1 3RA
Nature of business: Fish and chip restaurant operator
%
Class of shares: holding
Ordinary 100.00

North Cape Seafoods Limited
Registered office: Lower Drumaweir, Greencastle, Co.Donegal
Nature of business: Wholesale of frozen fish and associated products
%
Class of shares: holding
Ordinary 75.00

Unique Seafood Pelagic Limited
Registered office: Lygon House, 50 London Road, Bromley, Kent, BR1 3RA
Nature of business: Wholesale of frozen fish and associated products
%
Class of shares: holding
Ordinary 100.00

Unique Seafood Ireland Limited
Registered office: Ground Floor, 71 Lower Baggot Street, Dublin 2, Ireland
Nature of business: Wholesale of frozen fish and associated products
%
Class of shares: holding
Ordinary 100.00

Associated companies

Unique Atlantic Seafood Limited
Registered office: Lygon House, 50 London Road, Bromley, Kent, BR1 3RA
Nature of business: Dormant
%
Class of shares: holding
Ordinary 39.50
2024 2023
£    £   
Aggregate capital and reserves 211,137 221,438

Unique Atlantic Seafood A/S
Registered office: Hansborggade 30, 2. 11. 6100 Haderslev, Denmark
Nature of business: The processing and wholesale of frozen fish
%
Class of shares: holding
Ordinary 39.50
2024 2023
£    £   
Aggregate capital and reserves 3,077,552 2,798,342
Profit for the year 409,383 180,621

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

10. FIXED ASSET INVESTMENTS - continued

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


On 1 June 2023, the company acquired the remaining 20% of the share capital in Unique Seafood Pelagic Limited, a company in which the group previously held a 80% shareholding and is fully consolidated in these financial statements in the current and prior reporting period.

On 31 July 2023, the company acquired 75% of the share capital in North Cape Seafoods Limited (a private limited liability company registered in Ireland - registration number 528375) for consideration of €1. The company had net liabilities of €449,766 at the date of acquisition as summarised below:

Fixed assets 244,761
Current assets (other than cash and cash equivalents) 216,451
Current liabilities (other than cash and cash equivalents) (685,229 )
Long term creditors (182,358 )
Cash and cash equivalents (43,391 )
(449,766 )

At the date of acquisition, €449,766 was equivalent to £389,944 at an exchange rate of 1.1534 Euros to GBP.

11. STOCKS

Group
2024 2023
£    £   
Stocks 5,493,825 3,965,297

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Trade debtors 4,721,248 4,546,043 - -
Amounts owed by group undertakings - - 269,148 269,148
Other debtors 148,600 188,344 100 100
VAT 6,756 12,373 - -
Deferred tax asset 13,544 521 - -
Prepayments 159,540 131,241 - -
5,049,688 4,878,522 269,248 269,248

Deferred tax asset
Group Company
2024 2023 2024 2023
£    £    £    £   
Deferred taxation 13,544 521 - -

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
£    £    £    £   
Bank loans and overdrafts (see note 15) 2,232,975 1,247,674 - -
Hire purchase contracts (see note 16) 33,820 41,854 - -
Trade creditors 4,023,841 4,319,875 - -
Amounts owed to group undertakings - - 768,836 682,836
Taxation 284,967 - - -
Social security and other taxes 52,784 80,533 - -
Other creditors 184,208 174,898 90,500 90,500
Accrued expenses 88,178 29,663 - -
Deferred government grants 2,304 10,783 - -
6,903,077 5,905,280 859,336 773,336

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loan (see note 15) 65,496 98,508
Hire purchase contracts (see note 16) 101,967 177,051
Deferred government grants 15,827 10,648
183,290 286,207

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

15. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 2,196,152 1,209,055
Bank loan 36,823 38,619
2,232,975 1,247,674
Amounts falling due between one and two years:
Bank loans - 1-2 years 36,823 31,108
Amounts falling due between two and five years:
Bank loans - 2-5 years 28,673 67,400

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 33,820 41,854
Between one and five years 101,967 177,051
135,787 218,905

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 29,358 29,358
Between one and five years 19,358 48,716
48,716 78,074

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

17. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank overdrafts 2,196,152 1,209,055
Bank loan 102,319 137,127
2,298,471 1,346,182

The bank overdrafts 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.

The bank loan above is secured by way of fixed charges over the real property, land and other assets of North Cape Seafoods Limited.

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

18. DEFERRED TAX

Group
£   
Balance at 1 January 2024 (521 )
Provided during year (14,662 )
Foreign currency translation 1,639
Balance at 31 December 2024 (13,544 )

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
90,990 Ordinary £1 90,990 101,100

On 19 February 2024, Unique Seafood Holdings Limited repurchased 10% of its own shares for consideration of £386,000.

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

20. RESERVES

Group
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 5,424,007 - 5,424,007
Profit for the year 1,065,990 1,065,990
Purchase of own shares (386,000 ) 10,110 (375,890 )
Foreign exchange differences 21,597 - 21,597
At 31 December 2024 6,125,594 10,110 6,135,704

Company
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 January 2024 97,061 - 97,061
Profit for the year 300,000 300,000
Purchase of own shares (386,000 ) 10,110 (375,890 )
At 31 December 2024 11,061 10,110 21,171


21. NON-CONTROLLING INTERESTS

The amounts owing to minority interests are as follows:

2024 2023
£ £

North Cape Seafoods Limited (93,030 ) (99,356 )
(93,030 ) (99,356 )

22. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the group
2024 2023
£    £   
Purchases 14,566,540 14,417,841
Amount due from related party 121,759 184,357
Amount due to related party 1,869,579 3,102,175

UNIQUE SEAFOOD HOLDINGS LIMITED (REGISTERED NUMBER: 08356599)

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

22. RELATED PARTY DISCLOSURES - continued

Entities over which the group has control, joint control or significant influence
2024 2023
£    £   
Sales 2,406,519 2,151,146
Purchases 5,428,630 6,968,376
Amount due from related party 453,236 183,382
Amount due to related party 227,434 484,050

During the year, a total of key management personnel compensation of £ 100,000 (2023 - £ 100,000 ) was paid.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling parties are Funder Nissen Holdings APS and Sperrefish A/S, due to their ownership of the parent company's share capital.