| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the period |
| 1st January 2024 to 29th December 2024 |
| for |
| Copernus Limited |
| REGISTERED NUMBER: |
| Strategic Report, Report of the Directors and |
| Financial Statements |
| for the period |
| 1st January 2024 to 29th December 2024 |
| for |
| Copernus Limited |
| Copernus Limited (Registered number: 07126122) |
| Contents of the Financial Statements |
| for the period 1st January 2024 to 29th December 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 4 |
| Report of the Independent Auditors | 6 |
| Statement of Comprehensive Income | 10 |
| Balance Sheet | 11 |
| Statement of Changes in Equity | 12 |
| Cash Flow Statement | 13 |
| Notes to the Cash Flow Statement | 14 |
| Notes to the Financial Statements | 16 |
| Copernus Limited |
| Company Information |
| for the period 1st January 2024 to 29th December 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| Statutory Auditors |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |
| BANKERS: |
| 236 Hessle Road |
| Hull |
| HU3 3YY |
| Copernus Limited (Registered number: 07126122) |
| Strategic Report |
| for the period 1st January 2024 to 29th December 2024 |
| The directors present their strategic report for the period 1st January 2024 to 29th December 2024. |
| REVIEW OF BUSINESS |
| The principal activity of the company in the period under review was that of the wholesale of white fish and salmon. |
| The key financial highlights are as follows: |
| Period | Period | Period | Period |
| 01/1/24 to | 27/3/23 to | 28/3/22 to | 29/3/21 to |
| 29/12/24 | 31/12/23 | 26/3/23 | 27/3/22 |
| £ | £ | £ | £ |
| Turnover | 67,075,876 | 52,443,666 | 63,700,157 | 58,764,576 |
| Turnover growth (pro rata on previous period) | (4.07%) | 9.77% | 8.39% | 17.5% |
| Gross profit | 9,112,522 | 5,575,850 | 3,860,534 | 2,219,794 |
| Gross profit margin | 13.59% | 10.63% | 6.06% | 3.77% |
| Net profit/(loss) before tax | 5,512,858 | 2,774,290 | 523,700 | (217,410 | ) |
| Net profit before tax margin | 8.22% | 5.29% | 0.82% | - |
| During 2024 Copernus Limited experienced favourable sales and raw material prices. Inflationary pressures eased compared to the previous 9 month financial period, which is reflected in the improved profit and margins. |
| Copernus Limited has renewed its 2025 contract of supply with its major UK retailer and sales have continued at similar levels to 2024. Copernus Limited do not expect any increased risk or price fluctuations on its major raw materials. However, there have been quota restrictions on some white fish species which is leading to higher stock levels and purchase timing differences when compared to prior periods. |
| On 4th October 2024 the company was acquired by Suempol SP. Z o.o, a large salmon supplier based in Poland. The new owners have retained the management structure of the company and are looking to further develop Copernus Limited in both the UK and export markets. |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The company's principal risks and uncertainties are shown below. |
| Price risk |
| The company sells wholesale seafood and has managed to secure some fixed price contracts on some raw materials to offset the risk element. |
| Foreign exchange risk |
| The company sells and purchases some products in foreign currencies. The risk is mitigated by monitoring foreign exchange rates on a daily basis and taking foreign exchange cover, if required. |
| Credit risk |
| Credit checks are carried out on all customers. Amounts outstanding for both time and credit limits are regularly monitored. The company has little experience of material bad debts in general. |
| Liquidity risk |
| The company's liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due and the company does not consider that liquidity poses a significant risk. |
| Interest rate and cash flow risk |
| The company had a favourable cash balance during the year and therefore does not consider that interest rates or cash flow pose a significant risk. |
| Copernus Limited (Registered number: 07126122) |
| Strategic Report |
| for the period 1st January 2024 to 29th December 2024 |
| FUTURE DEVELOPMENTS |
| Copernus Limited are actively working with their new group and parent company, Suempol SP. Z o.o, to identify synergies and opportunities both in the UK and European markets. Copernus Limited is the first UK company that Suempol SP. Z o.o, have acquired and they are looking at developing their new UK market opportunities. |
| During 2025 Copernus Limited will be exploring the opportunities available to them from Suempol SP. Z o.o, specifically in relation to their European wide purchasing structure and any export opportunities within the group's current customer portfolio. |
| ON BEHALF OF THE BOARD: |
| Copernus Limited (Registered number: 07126122) |
| Report of the Directors |
| for the period 1st January 2024 to 29th December 2024 |
| The directors present their report with the financial statements of the company for the period 1st January 2024 to 29th December 2024. |
| DIVIDENDS |
| An interim dividend of £ |
| The total distribution of dividends for the period ended 29th December 2024 will be £ |
| FUTURE DEVELOPMENTS |
| Details of the company's future developments have been provided in the strategic report. |
| DIRECTORS |
| The directors set out in the table below have held office during the whole of the period from 1st January 2024 to the date of this report unless otherwise stated. |
| The beneficial interests of the directors holding office at 29th December 2024 in the shares of the company, according to the register of directors' interests, were as follows: |
| 1.1.24 |
| or date of |
| appointment |
| 29.12.24 | if later |
| Ordinary shares of £1 each |
| - | 51 |
| - | - |
| - | - |
| These directors did not hold any non-beneficial interests in the shares of the company. |
| FINANCIAL INSTRUMENTS |
| The company's principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to raise funds and finance the company's operations. |
| Revenue maintenance |
| The company actively markets and manages its portfolio of products to focus on revenue building and maintenance which, over the life cycle of the products can contribute to the future profits of the business. |
| Principle risks and uncertainties |
| These have been provided in the strategic report of the company. |
| 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. |
| Copernus Limited (Registered number: 07126122) |
| Report of the Directors |
| for the period 1st January 2024 to 29th December 2024 |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued |
| 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. |
| The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. |
| 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, Sadofskys, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
| ON BEHALF OF THE BOARD: |
| Report of the Independent Auditors to the Members of |
| Copernus Limited |
| Opinion |
| We have audited the financial statements of Copernus Limited (the 'company') for the period ended 29th December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 29th December 2024 and of its profit for the period 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 |
| Copernus 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, 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 |
| Copernus 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: |
| Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
| - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
| - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the food manufacturing and processing sector; |
| - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, UK tax legislation, and data protection, anti-bribery, employment, environmental, health and safety legislation along with industry specific regulations and requirements. |
| - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
| - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
| We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
| - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
| - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
| To address the risk of fraud through management bias and override of controls, we: |
| - performed analytical procedures to identify any unusual or unexpected relationships; |
| - tested journal entries to identify unusual transactions; |
| - assessed whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and |
| - investigated the rationale behind significant or unusual transactions. |
| In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
| - agreeing financial statement disclosures to underlying supporting documentation; |
| - reading the minutes of meetings of those charged with governance; |
| - enquiring of management as to actual and potential litigation and claims; and |
| - reviewing correspondence with HMRC, relevant regulators, and the company's legal advisors. |
| There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
| Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
| 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 |
| Copernus 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. |
| for and on behalf of |
| Statutory Auditors |
| Princes House |
| Wright Street |
| Hull |
| East Yorkshire |
| HU2 8HX |
| Copernus Limited (Registered number: 07126122) |
| Statement of Comprehensive |
| Income |
| for the period 1st January 2024 to 29th December 2024 |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| 5,567,053 | 2,842,526 |
| Other operating income |
| OPERATING PROFIT | 4 |
| Interest receivable and similar income |
| 5,599,692 | 2,867,664 |
| Interest payable and similar expenses | 5 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 6 |
| PROFIT FOR THE FINANCIAL PERIOD |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
| Copernus Limited (Registered number: 07126122) |
| Balance Sheet |
| 29th December 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 8 |
| CURRENT ASSETS |
| Stocks | 9 |
| Debtors | 10 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
12 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Copernus Limited (Registered number: 07126122) |
| Statement of Changes in Equity |
| for the period 1st January 2024 to 29th December 2024 |
| Called up |
| share | Retained | Total |
| capital | earnings | equity |
| £ | £ | £ |
| Balance at 27th March 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 31st December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | ( |
) |
| Total comprehensive income | - |
| Balance at 29th December 2024 |
| Copernus Limited (Registered number: 07126122) |
| Cash Flow Statement |
| for the period 1st January 2024 to 29th December 2024 |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Interest element of hire purchase payments paid |
( |
) |
( |
) |
| Tax paid | ( |
) |
| Taxation refund |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) | ( |
) |
| Cash flows from financing activities |
| Loan repayments in year | ( |
) | ( |
) |
| Loans from group undertakings | 642,801 | - |
| Capital hire purchase repayments in year | ( |
) | ( |
) |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase/(decrease) in cash and cash equivalents | ( |
) |
| Cash and cash equivalents at beginning of period |
2 |
95,874 |
| Cash and cash equivalents at end of period |
2 |
1,775,246 |
32,429 |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Cash Flow Statement |
| for the period 1st January 2024 to 29th December 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 86,834 | 93,374 |
| Finance income | (1,436 | ) | (1,735 | ) |
| 6,395,575 | 3,484,130 |
| Increase in stocks | ( |
) | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Decrease in trade and other creditors | ( |
) | ( |
) |
| Cash generated from operations |
| 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: |
| Period ended 29th December 2024 |
| 29/12/24 | 1/1/24 |
| £ | £ |
| Cash and cash equivalents | 1,775,246 | 32,429 |
| Period ended 31st December 2023 |
| 31/12/23 | 27/3/23 |
| £ | £ |
| Cash and cash equivalents | 32,429 | 95,874 |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Cash Flow Statement |
| for the period 1st January 2024 to 29th December 2024 |
| 3. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
| At 1/1/24 | Cash flow | At 29/12/24 |
| £ | £ | £ |
| Net cash |
| Cash at bank and in hand | 32,429 | 1,742,817 | 1,775,246 |
| 32,429 | 1,775,246 |
| Debt |
| Finance leases | (727,658 | ) | 451,190 | (276,468 | ) |
| Debts falling due within 1 year | (64,044 | ) | 64,044 | - |
| Debts falling due after 1 year | (625,817 | ) | 625,817 | - |
| (1,417,519 | ) | 1,141,051 | (276,468 | ) |
| Total | (1,385,090 | ) | 2,883,868 | 1,498,778 |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements |
| for the period 1st January 2024 to 29th December 2024 |
| 1. | STATUTORY INFORMATION |
| Copernus Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| Computer equipment | - |
| Freehold land is not depreciated but is subject to impairment reviews, along with all other tangible assets, in accordance with the company's accounting policy on impairment. |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 period 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. |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements - continued |
| for the period 1st January 2024 to 29th 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. |
| 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 company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Wages and salaries |
| Social security costs |
| Other pension costs |
| The average number of employees during the period was as follows: |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| Administration | 24 | 30 |
| Manufacturing | 174 | 216 |
| Sales and marketing | 1 | 2 |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Directors' remuneration |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements - continued |
| for the period 1st January 2024 to 29th December 2024 |
| 3. | EMPLOYEES AND DIRECTORS - continued |
| Information regarding the highest paid director for the period ended 29th December 2024 is as follows: |
| period |
| 1/1/24 |
| to |
| 29/12/24 |
| £ |
| Emoluments etc |
| 4. | OPERATING PROFIT |
| The operating profit is stated after charging/(crediting): |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Hire of plant and machinery |
| Other operating leases |
| Depreciation - owned assets |
| Depreciation - assets on hire purchase contracts |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Foreign exchange differences | ( |
) | ( |
) |
| 5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Interest on corporation tax |
| Loan interest |
| Hire purchase interest |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements - continued |
| for the period 1st January 2024 to 29th December 2024 |
| 6. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the period was as follows: |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Taxation adjustment for prior periods | 2,032 | - |
| Total current tax |
| Deferred taxation |
| Tax on profit |
| UK corporation tax has been charged at 25% (2023 - 24.89%). |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Adjustments to tax charge in respect of previous periods |
| tax rate |
| Depreciation on non-qualifying assets | 11,700 | (3,662 | ) |
| Adjustment to non-qualifying assets in respect of previous periods | 10,364 | - |
| Total tax charge | 1,403,233 | 787,639 |
| The Finance Bill 2021 contained provisions for increasing the main rate of UK corporation tax to 25% with effect from 1st April 2023. The bill was substantively enacted on 24th May 2021 and therefore the deferred tax charge in these financial statements takes the new rate into account. |
| 7. | DIVIDENDS |
| period | period |
| 1/1/24 | 27/3/23 |
| to | to |
| 29/12/24 | 31/12/23 |
| £ | £ |
| Interim |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements - continued |
| for the period 1st January 2024 to 29th December 2024 |
| 8. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Freehold | Plant and | and |
| property | machinery | fittings |
| £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| Disposals | ( |
) |
| At 29th December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) |
| At 29th December 2024 |
| NET BOOK VALUE |
| At 29th December 2024 |
| At 31st December 2023 |
| Motor | Computer |
| vehicles | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 29th December 2024 |
| DEPRECIATION |
| At 1st January 2024 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) |
| At 29th December 2024 |
| NET BOOK VALUE |
| At 29th December 2024 |
| At 31st December 2023 |
| The net book value of tangible fixed assets includes £ 1,105,510 (2023 - £ 1,994,612 ) in respect of assets held under hire purchase contracts. |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements - continued |
| for the period 1st January 2024 to 29th December 2024 |
| 9. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Raw materials |
| Work-in-progress |
| Finished goods |
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 13) |
| Hire purchase contracts (see note 14) |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation |
| Social security and other taxes |
| Other creditors |
| Invoice financing account | - | 1,369,950 |
| Net wages due | 77,984 | 116,657 |
| Directors' current accounts | 827 | 827 |
| Accrued expenses |
| 12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 13) |
| Hire purchase contracts (see note 14) |
| 13. | LOANS |
| An analysis of the maturity of loans is given below: |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements - continued |
| for the period 1st January 2024 to 29th December 2024 |
| 13. | LOANS - continued |
| 2024 | 2023 |
| £ | £ |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| Amounts falling due between two and five years: |
| Bank loans - 2-5 years |
| 14. | LEASING AGREEMENTS |
| Minimum lease payments under hire purchase fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Gross obligations repayable: |
| Within one year |
| Between one and five years |
| Finance charges repayable: |
| Within one year |
| Between one and five years |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| 15. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Invoice financing account | - | 1,369,950 |
| Bank Loan | - | 689,861 |
| The invoice financing account is secured by way of a fixed and floating charge over the assets of the company and by a personal guarantee from D.R. Simpson. |
| The bank loan was repaid in full and the charge satisfied on 18th November 2024. |
| Copernus Limited (Registered number: 07126122) |
| Notes to the Financial Statements - continued |
| for the period 1st January 2024 to 29th December 2024 |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Tax losses carried/brought |
| forward |
| 994,020 | 968,672 |
| Deferred |
| tax |
| £ |
| Balance at 1st January 2024 |
| Provided during period |
| Balance at 29th December 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 18. | RELATED PARTY DISCLOSURES |
| D.R. Simpson is a director of Copernus Limited. |
| W. Simpson Pension Scheme is a pension scheme set up for the benefit of D.R. Simpson. During the period rents were charged from the pension scheme of £Nil (2023: £10,096). At the period end the company owed £Nil (2023: £Nil) to the pension scheme. |
| At the balance sheet date £642,801 was owed to the ultimate controlling party and parent company, Suempol. This loan is not interest bearing and is repayable at the request of the parent. |
| 19. | ULTIMATE CONTROLLING PARTY |
| On 4th October 2024 the company was acquired by Suempol Spolka Z Ograniczona Odpowiedzialnoscia, a company registered in Poland (Reg. No. 0000145087). |