IRIS Accounts Production v25.1.4.42 07126122 Board of Directors 1.1.24 29.12.24 29.12.24 Medium entities wholesale of white fish and salmon. true false true true false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh071261222023-12-31071261222024-12-29071261222024-01-012024-12-29071261222023-03-26071261222023-03-272023-12-31071261222023-12-3107126122ns15:EnglandWales2024-01-012024-12-2907126122ns14:PoundSterling2024-01-012024-12-2907126122ns10:Director12024-01-012024-12-2907126122ns10:PrivateLimitedCompanyLtd2024-01-012024-12-2907126122ns10:MediumEntities2024-01-012024-12-2907126122ns10:Audited2024-01-012024-12-2907126122ns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-2907126122ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-2907126122ns10:FullAccounts2024-01-012024-12-2907126122ns10:OrdinaryShareClass12024-01-012024-12-2907126122ns10:Director22024-01-012024-12-2907126122ns10:Director32024-01-012024-12-2907126122ns10:RegisteredOffice2024-01-012024-12-2907126122ns5:CurrentFinancialInstruments2024-12-2907126122ns5:CurrentFinancialInstruments2023-12-3107126122ns5:Non-currentFinancialInstruments2024-12-2907126122ns5:Non-currentFinancialInstruments2023-12-3107126122ns5:ShareCapital2024-12-2907126122ns5:ShareCapital2023-12-3107126122ns5:RetainedEarningsAccumulatedLosses2024-12-2907126122ns5:RetainedEarningsAccumulatedLosses2023-12-3107126122ns5:ShareCapital2023-03-2607126122ns5:RetainedEarningsAccumulatedLosses2023-03-2607126122ns5:RetainedEarningsAccumulatedLosses2023-03-272023-12-3107126122ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-290712612242024-01-012024-12-290712612242023-03-272023-12-3107126122ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-2907126122ns5:PlantMachinery2024-01-012024-12-2907126122ns5:FurnitureFittings2024-01-012024-12-2907126122ns5:MotorVehicles2024-01-012024-12-2907126122ns5:ComputerEquipment2024-01-012024-12-2907126122ns10:HighestPaidDirector2024-01-012024-12-2907126122ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2024-01-012024-12-2907126122ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2023-03-272023-12-3107126122ns5:OwnedAssets2024-01-012024-12-2907126122ns5:OwnedAssets2023-03-272023-12-3107126122ns5:LeasedAssets2024-01-012024-12-2907126122ns5:LeasedAssets2023-03-272023-12-310712612212024-01-012024-12-290712612212023-03-272023-12-3107126122ns5:HirePurchaseContracts2024-01-012024-12-2907126122ns5:HirePurchaseContracts2023-03-272023-12-3107126122ns10:OrdinaryShareClass12023-03-272023-12-3107126122ns5:LandBuildings2023-12-3107126122ns5:PlantMachinery2023-12-3107126122ns5:FurnitureFittings2023-12-3107126122ns5:LandBuildings2024-01-012024-12-2907126122ns5:LandBuildings2024-12-2907126122ns5:PlantMachinery2024-12-2907126122ns5:FurnitureFittings2024-12-2907126122ns5:LandBuildings2023-12-3107126122ns5:PlantMachinery2023-12-3107126122ns5:FurnitureFittings2023-12-3107126122ns5:MotorVehicles2023-12-3107126122ns5:ComputerEquipment2023-12-3107126122ns5:MotorVehicles2024-12-2907126122ns5:ComputerEquipment2024-12-2907126122ns5:MotorVehicles2023-12-3107126122ns5:ComputerEquipment2023-12-3107126122ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-2907126122ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-3107126122ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-2907126122ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-3107126122ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-2907126122ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-3107126122ns5:WithinOneYearns5:HirePurchaseContracts2024-12-2907126122ns5:WithinOneYearns5:HirePurchaseContracts2023-12-3107126122ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2024-12-2907126122ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-12-3107126122ns5:HirePurchaseContracts2024-12-2907126122ns5:HirePurchaseContracts2023-12-3107126122ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2024-12-2907126122ns5:WithinOneYearns5:CurrentFinancialInstrumentsns5:HirePurchaseContracts2023-12-3107126122ns5:Secured2024-12-2907126122ns5:Secured2023-12-3107126122ns5:AcceleratedTaxDepreciationDeferredTax2024-12-2907126122ns5:AcceleratedTaxDepreciationDeferredTax2023-12-3107126122ns5:TaxLossesCarry-forwardsDeferredTax2024-12-2907126122ns5:TaxLossesCarry-forwardsDeferredTax2023-12-3107126122ns5:DeferredTaxation2023-12-3107126122ns5:DeferredTaxation2024-01-012024-12-2907126122ns5:DeferredTaxation2024-12-2907126122ns10:OrdinaryShareClass12024-12-29
REGISTERED NUMBER: 07126122 (England and Wales)














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: D R Simpson
M Jaworowski
Mrs M Siecinska-Jaworowska



REGISTERED OFFICE: 35 West Dock Street
Hull
East Yorkshire
HU3 4HH



REGISTERED NUMBER: 07126122 (England and Wales)



AUDITORS: Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX



BANKERS: National Westminster Bank plc
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:





D R Simpson - Director


7th April 2025

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 £1500 per share was paid on 30th September 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the period ended 29th December 2024 will be £ 150,000 .

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
D R Simpson - 51
M Jaworowski - appointed 4/10/24 - -
Mrs M Siecinska-Jaworowska - appointed 4/10/24 - -

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:





D R Simpson - Director


7th April 2025

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.




Alan Brocklehurst (Senior Statutory Auditor)
for and on behalf of Sadofskys
Statutory Auditors
Princes House
Wright Street
Hull
East Yorkshire
HU2 8HX

7th April 2025

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 67,075,876 52,443,666

Cost of sales 57,963,354 46,867,816
GROSS PROFIT 9,112,522 5,575,850

Administrative expenses 3,545,469 2,733,324
5,567,053 2,842,526

Other operating income 31,203 23,403
OPERATING PROFIT 4 5,598,256 2,865,929

Interest receivable and similar income 1,436 1,735
5,599,692 2,867,664

Interest payable and similar expenses 5 86,834 93,374
PROFIT BEFORE TAXATION 5,512,858 2,774,290

Tax on profit 6 1,403,233 787,639
PROFIT FOR THE FINANCIAL PERIOD 4,109,625 1,986,651

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

4,109,625

1,986,651

Copernus Limited (Registered number: 07126122)

Balance Sheet
29th December 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 6,294,232 6,495,129

CURRENT ASSETS
Stocks 9 4,015,386 2,884,997
Debtors 10 6,143,739 5,443,530
Cash at bank and in hand 1,775,246 32,429
11,934,371 8,360,956
CREDITORS
Amounts falling due within one year 11 9,002,916 8,765,316
NET CURRENT ASSETS/(LIABILITIES) 2,931,455 (404,360 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,225,687

6,090,769

CREDITORS
Amounts falling due after more than one
year

12

(90,819

)

(940,874

)

PROVISIONS FOR LIABILITIES 16 (994,020 ) (968,672 )
NET ASSETS 8,140,848 4,181,223

CAPITAL AND RESERVES
Called up share capital 17 100 100
Retained earnings 8,140,748 4,181,123
SHAREHOLDERS' FUNDS 8,140,848 4,181,223

The financial statements were approved by the Board of Directors and authorised for issue on 7th April 2025 and were signed on its behalf by:





D R Simpson - Director


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 100 3,739,472 3,739,572

Changes in equity
Dividends - (1,545,000 ) (1,545,000 )
Total comprehensive income - 1,986,651 1,986,651
Balance at 31st December 2023 100 4,181,123 4,181,223

Changes in equity
Dividends - (150,000 ) (150,000 )
Total comprehensive income - 4,109,625 4,109,625
Balance at 29th December 2024 100 8,140,748 8,140,848

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 4,020,862 2,557,426
Interest paid (29,874 ) (46,543 )
Interest element of hire purchase payments
paid

(56,960

)

(46,831

)
Tax paid (947,975 ) -
Taxation refund - 70,101
Net cash from operating activities 2,986,053 2,534,153

Cash flows from investing activities
Purchase of tangible fixed assets (954,955 ) (738,884 )
Sale of tangible fixed assets 358,533 91,416
Interest received 1,436 1,735
Net cash from investing activities (594,986 ) (645,733 )

Cash flows from financing activities
Loan repayments in year (689,861 ) (38,744 )
Loans from group undertakings 642,801 -
Capital hire purchase repayments in year (451,190 ) (368,121 )
Equity dividends paid (150,000 ) (1,545,000 )
Net cash from financing activities (648,250 ) (1,951,865 )

Increase/(decrease) in cash and cash equivalents 1,742,817 (63,445 )
Cash and cash equivalents at beginning of
period

2

32,429

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 5,512,858 2,774,290
Depreciation charges 729,487 514,480
Loss on disposal of fixed assets 67,832 103,721
Finance costs 86,834 93,374
Finance income (1,436 ) (1,735 )
6,395,575 3,484,130
Increase in stocks (1,130,389 ) (321,753 )
(Increase)/decrease in trade and other debtors (700,209 ) 95,601
Decrease in trade and other creditors (544,115 ) (700,552 )
Cash generated from operations 4,020,862 2,557,426

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 1,742,817 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 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.

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.
Freehold property - 2% on cost
Plant and machinery - 33% on cost, 20% on cost, 10% on cost and 5% on cost
Fixtures and fittings - 33% on cost, 20% on cost, 16.67% on cost, 10% on cost and 5% on cost
Motor vehicles - 33% on cost and 25% on cost
Computer equipment - 33% on cost and 20% on cost

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 7,029,738 6,543,525
Social security costs 589,613 504,923
Other pension costs 119,367 107,514
7,738,718 7,155,962

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
199 248

period period
1/1/24 27/3/23
to to
29/12/24 31/12/23
£    £   
Directors' remuneration 287,868 8,249

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 287,868

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 110,135 154,468
Other operating leases - 13,230
Depreciation - owned assets 462,660 297,859
Depreciation - assets on hire purchase contracts 266,827 216,621
Loss on disposal of fixed assets 67,832 103,721
Auditors' remuneration 6,000 5,500
Foreign exchange differences (47,530 ) (4,902 )

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 1,044 -
Loan interest 28,830 46,543
Hire purchase interest 56,960 46,831
86,834 93,374

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 1,375,853 472,035
Taxation adjustment for prior periods 2,032 -
Total current tax 1,377,885 472,035

Deferred taxation 25,348 315,604
Tax on profit 1,403,233 787,639

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 5,512,858 2,774,290
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 25%)

1,378,215

693,573

Effects of:
Expenses not deductible for tax purposes 922 -
Adjustments to tax charge in respect of previous periods 2,032 97,728
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 150,000 1,545,000

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 2,259,768 6,074,639 586,195
Additions 150,000 668,004 25,003
Disposals - (509,267 ) -
At 29th December 2024 2,409,768 6,233,376 611,198
DEPRECIATION
At 1st January 2024 169,310 2,087,822 452,639
Charge for period 46,651 563,302 39,665
Eliminated on disposal - (199,034 ) -
At 29th December 2024 215,961 2,452,090 492,304
NET BOOK VALUE
At 29th December 2024 2,193,807 3,781,286 118,894
At 31st December 2023 2,090,458 3,986,817 133,556

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1st January 2024 183,697 312,253 9,416,552
Additions 4,850 107,098 954,955
Disposals (171,692 ) - (680,959 )
At 29th December 2024 16,855 419,351 9,690,548
DEPRECIATION
At 1st January 2024 55,768 155,884 2,921,423
Charge for period 14,951 64,918 729,487
Eliminated on disposal (55,560 ) - (254,594 )
At 29th December 2024 15,159 220,802 3,396,316
NET BOOK VALUE
At 29th December 2024 1,696 198,549 6,294,232
At 31st December 2023 127,929 156,369 6,495,129

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 939,441 1,109,510
Work-in-progress 2,831,578 1,356,695
Finished goods 244,367 418,792
4,015,386 2,884,997

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 5,226,344 5,120,232
Other debtors 668,190 113,338
Prepayments 249,205 209,960
6,143,739 5,443,530

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 13) - 64,044
Hire purchase contracts (see note 14) 185,649 412,601
Trade creditors 5,674,824 5,490,135
Amounts owed to group undertakings 642,801 -
Taxation 901,945 472,035
Social security and other taxes 192,992 216,371
Other creditors 20,609 32,708
Invoice financing account - 1,369,950
Net wages due 77,984 116,657
Directors' current accounts 827 827
Accrued expenses 1,305,285 589,988
9,002,916 8,765,316

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 13) - 625,817
Hire purchase contracts (see note 14) 90,819 315,057
90,819 940,874

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 - 64,044

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 - 128,088

Amounts falling due between two and five years:
Bank loans - 2-5 years - 497,729

14. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£    £   
Gross obligations repayable:
Within one year 211,689 473,034
Between one and five years 106,154 372,930
317,843 845,964

Finance charges repayable:
Within one year 26,040 60,433
Between one and five years 15,335 57,873
41,375 118,306

Net obligations repayable:
Within one year 185,649 412,601
Between one and five years 90,819 315,057
276,468 727,658

15. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Invoice financing account - 1,369,950
Bank Loan - 689,861
- 2,059,811

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 994,020 773,350
Tax losses carried/brought
forward - 195,322
994,020 968,672

Deferred
tax
£   
Balance at 1st January 2024 968,672
Provided during period 25,348
Balance at 29th December 2024 994,020

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 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).