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Ocean Fish (Wholesale) Limited

Annual Report and Financial Statements
Year Ended 30 November 2024

Registration number: 01478179

 

Ocean Fish (Wholesale) Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 30

 

Ocean Fish (Wholesale) Limited

Company Information

Directors

JA Lakeman

EJ Lakeman

L Genge

Registered office

Unit 2a/2b Victoria Business Park
Roche
St. Austell
PL26 8LX

Auditors

PKF Francis Clark
Statutory AuditorMelville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

 

Ocean Fish (Wholesale) Limited

Strategic Report for the Year Ended 30 November 2024

The directors present their strategic report for the year ended 30 November 2024.

Principal activity

The principal activity of the company is the processing of fish for the onward sale and distribution to UK and Global markets

Fair review of the business

Fish is sourced from South West auctions and direct boat landings, with the supply network also extending to a number of sustainable seafood partners around the world. The Company owns a fleet of fishing vessels which provides further access to raw material across certain seasons.

The Directors are pleased with the performance of the Company throughout what has been a challenging year with ongoing impacts of the Ukrainian conflict and remain excited by its growth potential. It has a strong balance sheet and is well funded with good cashflows from operating activities. The key performance indicator used by the Board is EBITDA which is assessed on a monthly basis against overall net debt levels to ensure the ongoing adherence to agreed banking covenants.

Overall turnover was largely unchanged at £28.1m with Gross profit at 22% (2023 - 23%). The Directors believe that given its economies of scale and distribution and haulage infrastructure, it is well placed to increase export market share in a post-Brexit environment. There is renewed optimism given recent Brexit renegotiations that costs associated with export will soften into 2026 which in turn will help support demand and volumes.

The Directors have continued to ensure that efficiency is achieved in the sourcing and production of all raw materials and that customers are offered best value and quality. The price of fish is an annual cost pressure which is adversely affected during periods of inconsistent supply, although with increased Group investments in the catching sector this will be mitigated to some extent. The Company is committed to supplying the best quality fish to its customers and working with industry bodies to continue to drive sustainability of the local fisheries.

Principal risks and uncertainties

The Directors have regular board meetings and ensure that senior managers are made aware of key risks facing the business.

A range of robust internal controls are continually monitored and reported to ensure that an effective level of risk management exists. The principal risks facing the group are as follows:

1. Raw material inflation - The cost of fish is increasing year on year and never more so following global economic crisis and energy market inflation. Fish is a migratory species, and the cost can fluctuate significantly depending on availability. There is also evidence that climate change is potentially impacting water temperature which is affecting the supply of aquaculture products. The Company mitigates these risks by trying to influence sales patterns to optimise the supply of certain species at key points in the trading calendar and also forms long term strategic partnerships with its supply base to ensure that procurement channels are robust. This allows for a raw material purchasing efficiency to be balanced with the supply of a high-quality product that meets the required standards set by our customers.

 

Ocean Fish (Wholesale) Limited

Strategic Report for the Year Ended 30 November 2024

2. Health and safety - It is important that we protect the health, safety and welfare of all our employees and contractors. Health and safety is very high on the agenda of the directors and is reported monthly to ensure Company standards and focus remains high. Management are provided with continual training to ensure that they continue to use best practice in the factory so that health and safety is never compromised.

3. Currency risk - The Company enters into transactions in sterling and foreign currencies. It is therefore exposed to foreign currency movements which can cause raw material inflation and subsequent losses. The Company uses a range of hedging techniques to mitigate these risks. Foreign sales are set at a budget rate which is reviewed periodically. This is to protect the business against spot market fluctuations between the point of invoice and remittance.

Prior to exchange into base currency, consideration is given to euro payment requirements to limit cost pressures for these purchases. Forward contracts and future options with varying maturity dates are used to ensure that foreign currency assets and liabilities are effectively managed in line with commercial targets.

4. Credit risk - The Company manages credit risk by using trade insurance, coupled with a strong control environment on debt collection and payment allocations. The aged debtor report is reviewed on a daily basis to ensure that any risks are identified early, allowing for payment plans to be established in the first instance.

5. Workforce - The Company values all employees and recognises the key contribution that every staff member play’s in delivering growth and fulfilling the potential of the business. The Company invests in staff training and development programmes to maximise employee retention and not compromise the supply chain. Directors continue to lobby government to ensure that our interests are fully considered in ongoing immigration policy decisions.

The Directors’ believe that the Company is well placed to manage its business risks and that the Company has adequate capacity to continue its operations for the foreseeable future. Accordingly, the Directors’ have continued to adopt the going concern basis in the preparation of these accounts.
 

Approved and authorised by the Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

 

Ocean Fish (Wholesale) Limited

Directors' Report for the Year Ended 30 November 2024

The directors present their report and the financial statements for the year ended 30 November 2024.

Directors of the company

The directors who held office during the year were as follows:

JA Lakeman

EJ Lakeman

L Genge

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

 

Ocean Fish (Wholesale) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Ocean Fish (Wholesale) Limited

Independent Auditor's Report to the Members of Ocean Fish (Wholesale) Limited

Opinion

We have audited the financial statements of Ocean Fish (Wholesale) Limited (the 'company') for the year ended 30 November 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its loss 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 auditor 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Ocean Fish (Wholesale) Limited

Independent Auditor's Report to the Members of Ocean Fish (Wholesale) Limited

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page 5, 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 is 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.

Auditor 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

Ocean Fish (Wholesale) Limited

Independent Auditor's Report to the Members of Ocean Fish (Wholesale) Limited

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the group and management.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our commercial and sector experience and through discussions with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance throughout the audit and have reviewed board minutes and any relevant correspondence with regulator bodies. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. This was all clearly communicated, and our team remained alert to any indications of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements, including: the Companies Act 2006; the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and UK tax legislation.

The company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, including: General Data Protection Regulation (“GDPR”); health and safety regulations; employment laws; the Fisheries Act 2020; and the Merchant Shipping Act 1995; and Food Standard Agency regulations. Non-compliance could have a material effect through the imposition of fines, litigation or the loss of licences to operate.

Based on our understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included: Enquiries of management regarding their knowledge of any non-compliance with laws and regulations; Reviewing board meeting minutes; Reviewing legal and professional costs; Searching the Information Commissioner’s Office website and enquiries with the group’s compliance officer; Reviewing filings made at Companies House; Reviewing estimates and judgments made in the accounts for any indication of management bias; and Auditing the risk of management override of controls, including testing journal entries; and Audited income with a multifaceted approach to assess whether income was complete, accurate and recognised in the correct period. We also assessed whether there was any evidence of fraud in revenue recognition.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

 

Ocean Fish (Wholesale) Limited

Independent Auditor's Report to the Members of Ocean Fish (Wholesale) 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 an auditor’s report 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.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

30 August 2025

 

Ocean Fish (Wholesale) Limited

Profit and Loss Account

Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

3

28,090,384

28,040,996

Cost of sales

 

(21,832,240)

(21,636,788)

Gross profit

 

6,258,144

6,404,208

 

Release of bad debt provision

 

-

1,015,148

Administrative expenses (excluding depreciation and amortisation)

 

(5,675,078)

(5,661,998)

Other operating income

4

37,812

308,308

EBITDA

5

620,878

2,065,666

 

Depreciation and amortisation

 

(569,809)

(641,756)

Operating profit

5

51,069

1,423,910

Other interest receivable and similar income

9

289

2,760

Interest payable and similar expenses

10

(535,113)

(458,472)

(Loss)/profit before tax

 

(483,755)

968,198

Tax on (loss)/profit

11

94,819

(211,581)

(Loss)/profit for the financial year

 

(388,936)

756,617

The above results were derived from continuing operations.

 

Ocean Fish (Wholesale) Limited

Statement of Comprehensive Income

Year Ended 30 November 2024

2024
£

2023
£

(Loss)/profit for the year

(388,936)

756,617

Revaluation of fixed assets

-

133,870

Deferred tax on revaluation of fixed assets

-

(33,468)

-

100,402

Total comprehensive income for the year

(388,936)

857,019

 

Ocean Fish (Wholesale) Limited

Balance Sheet

30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

598,719

596,910

Tangible assets

13

4,915,144

5,143,415

Investments

14

33,351

33,351

 

5,547,214

5,773,676

Current assets

 

Stocks

15

366,190

448,290

Debtors

16

11,709,117

12,374,708

Cash at bank and in hand

 

7,995

146,752

 

12,083,302

12,969,750

Creditors: Amounts falling due within one year

17

(6,455,868)

(6,942,005)

Net current assets

 

5,627,434

6,027,745

Total assets less current liabilities

 

11,174,648

11,801,421

Creditors: Amounts falling due after more than one year

17

(3,383,946)

(3,526,964)

Provisions for liabilities

20

(678,419)

(773,238)

Net assets

 

7,112,283

7,501,219

Capital and reserves

 

Called up share capital

100

100

Revaluation reserve

205,631

205,631

Profit and loss account

6,906,552

7,295,488

Shareholders' funds

 

7,112,283

7,501,219

Approved and authorised by the Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

Company Registration Number: 01478179

 

Ocean Fish (Wholesale) Limited

Statement of Changes in Equity

Year Ended 30 November 2024

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 December 2023

100

205,631

7,295,488

7,501,219

Loss for the year

-

-

(388,936)

(388,936)

At 30 November 2024

100

205,631

6,906,552

7,112,283

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 December 2022

100

105,229

9,381,383

9,486,712

Profit for the year

-

-

756,617

756,617

Other comprehensive income

-

100,402

-

100,402

Total comprehensive income

-

100,402

756,617

857,019

Dividends

-

-

(2,842,512)

(2,842,512)

At 30 November 2023

100

205,631

7,295,488

7,501,219

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2a/2b Victoria Business Park
Roche
St. Austell
PL26 8LX

These financial statements were authorised for issue by the Board on 30 August 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Summary of disclosure exemptions

FRS102 grants a qualifying entity exemptions from the full requirements of FRS102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity:

The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and its ultimate parent company, Ocean Holdings South West Limited, includes the company's cash flows in its own consolidated financial statements.

Group accounts not prepared

The financial statements contain information about Ocean Fish (Wholesale) Limited as an individual company and do not contain consolidated financial information as the parent of a group.

The company is exempt under section 401 of the Companies Act 2006 from the requirement to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Ocean Holdings South West Limited, a company incorporated in England
.

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Going concern

The Directors have considered the ongoing effect of the global cost of living crisis and supply chain disruption and anticipates an ability to continue trading successfully. The Company is well diversified across its sales and supply channels and has successfully weathered the challenges that Brexit posed. The Directors continue to explore opportunities across the sector and monitor developments in a rapidly changing business environment.

The Directors have reviewed the Company’s current stock holdings, working capital and future trading ability, and as a result anticipate that the business will be able to continue successfully. Therefore, the Directors consider it appropriate for the financial statements to be prepared on a going concern basis.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are set out below:

i. Valuation of fishing licences
The fair value of fishing licences are based on valuations carried out by expert valuers. They contain assumptions on the values of kilowatt and gross tonnage units.

ii. Impairment of tangible and intangible assets
At each reporting date, management reviews the carrying amount of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

iii. Depreciation period for fixed assets
Depreciation is estimated, based upon the estimated useful economic life and residual value of assets.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity; and
and specific criteria have been met for each of the company's activities.

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Asset class

Depreciation method and rate

Freehold Property

2% Straight Line

Freehold Property Improvements

10% Reducing Balance

Plant and Equipment

7% and 15% Reducing Balance & 10% Straight Line

Motor Vehicles

25% Reducing Balance

Fixtures and Fittings

15% Reducing Balance

Fishing Boats and Improvements

Straight Line Over Useful Economic Life of Each Boat (11 - 31 Years)

Fish Boxes

25% Straight Line

Intangible assets

Fishing licenses are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.

Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average weighted cost method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

28,090,384

28,040,996

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

9,942,325

9,302,244

Europe

17,884,103

18,476,542

Rest of world

263,956

262,210

28,090,384

28,040,996

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Government grants

34,658

34,486

Rental income

-

90,190

Miscellaneous other operating income

3,154

183,632

37,812

308,308

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

586,060

641,756

Profit on disposal of property, plant and equipment

(16,251)

(14,778)

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

2,697,878

2,259,336

Social security costs

225,859

211,424

Pension costs, defined contribution scheme

49,616

50,494

2,973,353

2,521,254

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Production

70

59

Administration and support

19

16

89

75

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

88,215

41,923

Contributions paid to money purchase schemes

1,800

1,800

90,015

43,723

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under defined benefit pension scheme

1

1

8

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

9,800

12,600


 

9

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

289

2,760

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

10

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

238,809

300,262

Interest on obligations under finance leases and hire purchase contracts

44,989

6,956

Other finance costs

251,315

151,254

535,113

458,472

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

(94,819)

211,581

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.01%).

The differences are reconciled below:

2024
£

2023
£

(Loss)/profit before tax

(483,755)

968,198

Corporation tax at standard rate

(120,939)

222,792

Tax increase from effect of capital allowances and depreciation

-

41,454

Tax decrease from other short-term timing differences

-

(33,468)

Effect of revenues exempt from taxation

-

(490)

Effect of expense not deductible in determining taxable profit (tax loss)

13,188

15,520

Tax increase/(decrease) arising from group relief

12,932

(62,007)

Deferred tax expense from unrecognised temporary difference from a prior period

-

8,284

Deferred tax expense relating to changes in tax rates or laws

-

19,496

Total tax (credit)/charge

(94,819)

211,581

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

772,769

Short term timing differences

(58,794)

Losses and other deductions

(35,556)

678,419

2023

Liability
£

Fixed asset timing differences

805,575

Short term timing differences

(32,337)

773,238

12

Intangible assets

Fishing licenses
 £

Development expenditure
 £

Total
£

Cost or valuation

At 1 December 2023

596,910

-

596,910

Additions acquired separately

-

1,809

1,809

At 30 November 2024

596,910

1,809

598,719

Amortisation

At 1 December 2023

-

-

-

At 30 November 2024

-

-

-

Carrying amount

At 30 November 2024

596,910

1,809

598,719

At 30 November 2023

596,910

-

596,910

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

13

Tangible assets

Freehold land and buildings
£

Property improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Fishing boats and improvements
£

Fish boxes
£

Total
£

Cost or valuation

At 1 December 2023

1,703,629

711,092

467,577

1,654,136

5,704,887

2,482,681

206,991

12,930,993

Additions

-

11,126

14,053

228,227

141,939

12,562

-

407,907

Disposals

-

-

-

(327,180)

-

-

-

(327,180)

At 30 November 2024

1,703,629

722,218

481,630

1,555,183

5,846,826

2,495,243

206,991

13,011,720

Depreciation

At 1 December 2023

417,950

250,998

282,546

1,169,976

4,188,863

1,309,477

167,768

7,787,578

Charge for the year

34,028

47,122

29,862

165,567

224,687

84,794

-

586,060

Eliminated on disposal

-

-

-

(277,062)

-

-

-

(277,062)

At 30 November 2024

451,978

298,120

312,408

1,058,481

4,413,550

1,394,271

167,768

8,096,576

Carrying amount

At 30 November 2024

1,251,651

424,098

169,222

496,702

1,433,276

1,100,972

39,223

4,915,144

At 30 November 2023

1,285,679

460,094

185,031

484,160

1,516,024

1,173,204

39,223

5,143,415

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2024
£

2023
£

Motor vehicles

327,351

346,235

   

Included within the net book value of land and buildings above is £1,251,651 (2023 - £1,285,679) in respect of freehold land and buildings.
 

14

Investments

2024
£

2023
£

Investments in subsidiaries

33,351

33,351

Subsidiaries

£

Cost or valuation

At 1 December 2023

33,351

At 30 November 2024

33,351

Carrying amount

At 30 November 2024

33,351

At 30 November 2023

33,351

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Ocean Fish (Retail) Limited

Unit 2a/2b Victoria Business Park, Roche, St Austell, England, PL26 8LX

Ordinary share capital

100%

100%

Subsidiary undertakings

Ocean Fish (Retail) Limited

The principal activity of Ocean Fish (Retail) Limited is s the distribution of fish to retail customers.

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

15

Stocks

2024
£

2023
£

Finished goods and goods for resale

366,190

448,290

16

Debtors

2024
£

2023
£

Trade debtors

3,381,427

4,250,589

Amounts owed by related parties

6,181,904

6,003,583

Other debtors

1,931,988

1,933,869

Prepayments and accrued income

179,257

167,248

Tax recoverable

34,541

19,419

11,709,117

12,374,708

The carrying amount of existing, and future, trade debtors pledged as security for an invoice discounting facility amounted to £2,567,129 (2023 - £3,014,112).

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

392,701

1,079,391

Trade creditors

 

3,227,735

3,961,479

Amounts due to group undertakings

 

2,079,161

974,762

Social security and other taxes

 

53,520

51,195

Other creditors

 

103,407

127,440

Accruals

 

599,344

747,738

 

6,455,868

6,942,005

Due after one year

 

Loans and borrowings

18

2,667,114

2,764,915

Deferred income

 

716,832

762,049

 

3,383,946

3,526,964

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

18

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

291,461

287,235

Bank overdrafts

-

650,784

Hire purchase contracts

101,240

141,372

392,701

1,079,391

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,394,019

2,553,533

Hire purchase contracts

273,095

211,382

2,667,114

2,764,915

Bank borrowings

Bank borrowings is denominated in pounds sterling, £, with a nominal interest rate of 2.35% over the bank base rate, and the final instalment is due on 10 February 2033. The carrying amount at year end is £2,685,480 (2023 - £2,840,768).

Bank borrowings are secured by first legal charges over the company's freehold property; fixed charges over book and other debts, chattels, goodwill, uncalled capital, both present and future; and over intellectual property; and floating charges over all assets, both present and future.

Hire purchases contracts are secured against the assets to which they relate.

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

357,500

467,500

-

-

19

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

84,268

4,258

Later than one year and not later than five years

267,538

1,959

351,806

6,217

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

The amount of non-cancellable operating lease payments recognised as an expense during the year was £87,691 (2023 - £11,151).

20

Provisions for liabilities

Deferred tax
£

At 1 December 2023

773,238

Increase (decrease) in existing provisions

(94,819)

At 30 November 2024

678,419

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

22

Contingent liabilities

There is an unlimited multilateral guarantee between the company and the following companies within the group: Ocean Holdings South West Ltd; Ocean Fish Group Limited; Ocean Fish (Retail) Limited; Ocean Fleet (SW) Ltd; and W. Stevenson & Sons Limited. The maximum full potential liability at year end is £4,523,059 (2023 - £4,257,247).

23

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £49,616 (2023 - £50,494).

Contributions totalling £5,475 (2023 - £4,164) were payable to the scheme at the end of the year and are included in creditors.

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

24

Related party transactions

The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from
disclosing transactions with wholly owned members of the group.

Transactions with directors

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

Director 1

Interest free, unsecured and repayable on demand loan account

44,636

15,000

(15,000)

44,636

Director 2

Interest free, unsecured and repayable on demand loan account

4,508

42,453

(23,835)

23,126

Director 3

Interest free, unsecured and repayable on demand loan account

1,591

935

(2,526)

-

2023

At 1 December 2022
£

Advances to director
£

Repayments by director
£

At 30 November 2023
£

Director 1

Interest free, unsecured and repayable on demand loan account

79,407

245,348

(280,119)

44,636

Director 2

Interest free, unsecured and repayable on demand loan account

6,312

114,379

(116,183)

4,508

Director 3

Interest free, unsecured and repayable on demand loan account

1,591

-

-

1,591

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Summary of transactions with subsidiaries

The company entered into the following transactions with non wholly owned group companies in the year.

Summary of transactions with associates

The company entered into the following transactions with associate companies in the year.

Summary of transactions with other related parties

The company entered into the following transactions with companies with common directors and / or shareholders in the year.

Income and receivables from related parties

2024

Subsidiaries
£

Associates
£

Other related parties
£

Sale of goods

257,810

-

3,447

Amounts receivable from related party

-

296,490

1,650,595

2023

Subsidiaries
£

Associates
£

Other related parties
£

Sale of goods

271,163

-

529,652

Amounts receivable from related party

-

316,490

1,666,309

Expenditure with and payables to related parties

2024

Subsidiary
£

Associates
£

Other related parties
£

Purchase of goods

2,382,021

-

-

Rendering of services

-

765,035

43,101

Amounts payable to related party

2,333

-

-

2023

Subsidiary
£

Associates
£

Other related parties
£

Purchase of goods

2,390,674

-

-

Rendering of services

-

-

116,042

Amounts payable to related party

37,836

-

-

 

Ocean Fish (Wholesale) Limited

Notes to the Financial Statements

Year Ended 30 November 2024

Loans from related parties

2024

Other related parties
£

At start of period

89,276

Repaid

(273)

At end of period

89,003

2023

Other related parties
£

At start of period

93,776

Repaid

(4,500)

At end of period

89,276

Terms of loans from related parties

A close family member of a director has an interest free, unsecured and repayable on demand loan account.

25

Parent and ultimate parent undertaking

The company's immediate parent is Ocean Fish Group Limited , incorporated in England and Wales.

 The ultimate parent is Ocean Holdings South West Ltd, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Ocean Holdings South West Ltd. These financial statements are available upon request from Companies House.

 The ultimate controlling party is EJ Lakeman.

The parent of the smallest, and largest, group in which these financial statements are consolidated is Ocean Holdings South West Limited, incorporated in England and Wales.

The address of Ocean Holdings South West Limited is:
Units 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, United Kingdom, PL26 8LX