Peninsula Seafoods Limited - Period Ending 2024-12-31

Registration number: 03055332

Peninsula Seafoods Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Peninsula Seafoods Limited

Contents

Company Information	1
Strategic Report	2
Directors' Report	3
Statement of Directors' Responsibilities	4
Independent Auditor's Report	5 to 7
Profit and Loss Account	8
Balance Sheet	9
Statement of Changes in Equity	10
Statement of Cash Flows	11
Notes to the Financial Statements	12 to 25

Peninsula Seafoods Limited

Company Information

Directors

Mr S H Pell

Mr A D J Spear

Registered office

Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

Auditors

ML Audit LLP
Statutory Auditors
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

Peninsula Seafoods Limited

Strategic Report for the Year Ended 31 December 2024

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

Principal activity

The principal activity of the company is the wholesale of seafood.

Fair review of the business

The company's key financial and other performance indicators during the year were as follows:

	Unit	2024	2023
Turnover	£	16,383,688	22,047,419
Gross profit margin	%	11	10
Profit after tax	£	502,774	455,150

The Board is pleased to announce a profit after tax of £502,774 for the year ended 31 December 2024, an increase of 10% on the previous year.

Principal risks and uncertainties

The company faces a number of risks. The supply of raw materials has become increasingly challenging for the company, as it has for the industry as a whole.

The company continues to derive the majority of its turnover from export sales and is therefore exposed to exchange rate risk which it seeks to mitigate through appropriate treasury management. The company manages its credit risk by combining credit insurance with a rigorous credit control process. We have no significant concentration of debtor risk.

In light of the continuing economic challenges, the directors have reviewed projections and budgets for the next twelve months. On the basis that the company has strong supply chains, excellent customer relationships and plentiful capital resources available, the directors remain very confident that the company remains a going concern and is able to continue trading for the foreseeable future.

Approved and authorised by the Board on 8 September 2025 and signed on its behalf by:

.........................................
Mr A D J Spear
Director

Peninsula Seafoods Limited

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

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

Mr S H Pell

Mr A D J Spear

Financial instruments

Objectives and policies

The company's operations expose it to a variety of financial risks that include the effects of changes in market prices, credit risk, liquidity risk, interest rate risk and foreign exchange rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.

Price risk, credit risk, liquidity risk and cash flow risk

The company is exposed to foreign exchange rate risk as a result of its operations. The company uses hedge instruments to manage exposure to foreign exchange rate risk. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

The company has a continued policy that requires appropriate credit checks on potential customers before sales are made. Management have made the decision to further reduce the risk by taking out insurance cover against specific customer debts.

The company maintains facilities that are designed to ensure the company has sufficient funds for operations and planned expenses.

The company has interest bearing liabilities. However, given the size of the company's operations, the cost of managing exposure to interest rate risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.

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 8 September 2025 and signed on its behalf by:

.........................................
Mr A D J Spear
Director

Peninsula Seafoods 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.

Peninsula Seafoods Limited

Independent Auditor's Report to the Members of Peninsula Seafoods Limited

Opinion

We have audited the financial statements of Peninsula Seafoods Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
•	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
•	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 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 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.

Peninsula Seafoods Limited

Independent Auditor's Report to the Members of Peninsula Seafoods 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 4, 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.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:

•	obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework;

•	inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud;

Peninsula Seafoods Limited

Independent Auditor's Report to the Members of Peninsula Seafoods Limited

•	discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud;

•	undertook a review of manual journals processed in the accounting systems, applying professional sceptism to ensure they are in line with our expectations that they are not unusual in the normal course of business.

However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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

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.

......................................
Mr Nigel Fry (Senior Statutory Auditor)
For and on behalf of ML Audit LLP, Statutory Auditor
Winchester House
Deane Gate Avenue
Taunton
Somerset
TA1 2UH

8 September 2025

Peninsula Seafoods Limited

Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	16,383,688	22,047,419
Cost of sales		(14,511,412)	(19,914,953)
Gross profit		1,872,276	2,132,466
Distribution costs		(529,143)	(814,780)
Administrative expenses		(575,822)	(558,404)
Operating profit	4	767,311	759,282
Other interest receivable and similar income	5	6,083	-
Interest payable and similar expenses	6	(101,534)	(156,337)
		(95,451)	(156,337)
Profit before tax		671,860	602,945
Tax on profit	10	(169,086)	(147,795)
Profit for the financial year		502,774	455,150

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above and
therefore a separate statement of other comprehensive income has not been presented.

Peninsula Seafoods Limited

(Registration number: 03055332)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	11	17,689	8,911
Current assets
Stocks	12	2,446,250	2,597,910
Debtors	13	4,045,144	3,717,855
Cash at bank and in hand		79,894	550,992
		6,571,288	6,866,757
Creditors: Amounts falling due within one year	15	(4,428,620)	(4,899,416)
Net current assets		2,142,668	1,967,341
Total assets less current liabilities		2,160,357	1,976,252
Creditors: Amounts falling due after more than one year	15	-	(141,297)
Provisions for liabilities	17	(2,628)	-
Net assets		2,157,729	1,834,955
Capital and reserves
Called up share capital		840	840
Capital redemption reserve		360	360
Retained earnings		2,156,529	1,833,755
Shareholders' funds		2,157,729	1,834,955

Approved and authorised by the Board on 8 September 2025 and signed on its behalf by:

.........................................
Mr A D J Spear
Director

Peninsula Seafoods Limited

Statement of Changes in Equity for the Year Ended 31 December 2024

	Share capital £	Capital redemption reserve £	Retained earnings £	Total £
At 1 January 2024	840	360	1,833,755	1,834,955
Profit for the year	-	-	502,774	502,774
Dividends	-	-	(180,000)	(180,000)
At 31 December 2024	840	360	2,156,529	2,157,729

	Share capital £	Capital redemption reserve £	Retained earnings £	Total £
At 1 January 2023	1,200	-	1,861,105	1,862,305
Profit for the year	-	-	455,150	455,150
Purchase of own share capital	-	-	(482,500)	(482,500)
Other share capital movements	(360)	-	-	(360)
Other capital redemption reserve movements	-	360	-	360
At 31 December 2023	840	360	1,833,755	1,834,955

Peninsula Seafoods Limited

Statement of Cash Flows for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Cash flows from operating activities
Profit for the year		502,774	455,150
Adjustments to cash flows from non-cash items
Depreciation and amortisation	4	4,767	1,586
Finance income	5	(6,083)	-
Finance costs	6	101,534	156,337
Income tax expense	10	169,086	147,795
		772,078	760,868
Working capital adjustments
Decrease/(increase) in stocks	12	151,660	(309,787)
(Increase)/decrease in trade debtors	13	(327,289)	2,050,790
Increase/(decrease) in trade creditors	15	(52,801)	(306,924)
Increase in deferred income, including government grants		312,731	275,349
Cash generated from operations		856,379	2,470,296
Income taxes paid	10	(147,662)	(150,144)
Net cash flow from operating activities		708,717	2,320,152
Cash flows from investing activities
Interest received	5	6,083	-
Acquisitions of tangible assets		(13,545)	(6,242)
Net cash flows from investing activities		(7,462)	(6,242)
Cash flows from financing activities
Interest paid	6	(101,534)	(156,337)
Payments for purchase of own shares		-	(482,500)
Proceeds from bank borrowing draw downs		-	(230,541)
Proceeds from other borrowing draw downs		-	312,476
Repayment of other borrowing		(1,070,819)	(1,732,992)
Net cash flows from financing activities		(1,172,353)	(2,289,894)
Net (decrease)/increase in cash and cash equivalents		(471,098)	24,016
Cash and cash equivalents at 1 January		550,992	526,976
Cash and cash equivalents at 31 December		79,894	550,992

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Riverside Road
Pottington Business Park
Barnstaple
Devon
EX31 1QN

These financial statements were authorised for issue by the Board on 8 September 2025.

2	Accounting policies

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.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

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.

Going concern

Based on the above and information available to the directors at the date of approval, the directors condsider it appropriate to continue to adopt the going concern basis in preparing these financial statements and that the company has adequate resource to continue to trade with a foreseeable future being 12 months from approval of these financial statements.

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.

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 specific criteria have been met for each of the Company's activities.

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Government grants

Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.

Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate of the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates. All exchange differences are included in the profit and loss account.

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

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income 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:

Asset class	Depreciation method and rate
Fixtures, fittings and equipment	25% reducing balance

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprise the purchase price, import duties and other taxes not recoverable and transport, handling and other costs directly attributed to the acquisition of stock.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any compnent that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss account.
Recognition and measurement
An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as an interest expense in the profit and loss accounts.

Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impariment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount repoarted in the Balance Sheet when there is an enforceable right to set of the recognised amount and there is an interntion to settle on a net basis or to realise the asset and settle the liability simultaneously.

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Derivative financial instruments and hedging

Derivatives
The company uses forward foreign currency contracts to reduce exposure to foreign exchange rates. Derivatives are initially measured at fair value on the date which a derivative contract is entered into. They are subsequently measured at fair value through the profit and loss. Derivatives are carried as assets when the fair value is positive and liabilities when the fair value is negative. The fair value of the forward currency contracts is calculated by reference to current forward exchange contracts with similar maturity profiles.
Hedging
The company applies hedge accounting for transactions entered into to manage the fair value exposure of trade debts. Forward contracts are held to manage the foreign exchange exposure and are designated as fair value hedges. Changes in the fair value of derivatives designated as fair value hedges, and which are effective, are recognised in the profit and loss account.

3

Turnover

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

	2024 £	2023 £
Sale of goods	16,380,559	22,045,463
Other revenue	3,129	1,956
	16,383,688	22,047,419

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

	2024 £	2023 £
UK	8,704,826	10,957,876
Europe	5,635,478	9,083,373
Rest of world	2,043,384	2,006,170
	16,383,688	22,047,419

4	Operating profit

Arrived at after charging/(crediting):

	2024 £	2023 £
Depreciation expense	4,767	1,586

5	Other interest receivable and similar income

	2024 £	2023 £
Interest income on bank deposits	6,083	-
Foreign exchange gains	27,317	-
	33,400	-

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6	Interest payable and similar expenses

	2024 £	2023 £
Interest on bank overdrafts and borrowings	92,393	141,335
Interest expense on other finance liabilities	9,141	15,002
Foreign exchange losses	-	17,637
	101,534	173,974

7	Staff costs

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

	2024 £	2023 £
Wages and salaries	247,022	228,641
Social security costs	29,553	27,204
Pension costs, defined contribution scheme	73,802	23,529
Other employee expense	19,076	14,622
	369,453	293,996

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

	2024 No.	2023 No.
Administration and support	7	7
Sales	1	1
	8	8

8	Directors' remuneration

The directors' remuneration for the year was as follows:

	2024 £	2023 £
Remuneration	120,000	120,000
Contributions paid to money purchase schemes	71,321	21,383
	191,321	141,383

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

	2024 No.	2023 No.
Accruing benefits under money purchase pension scheme	1	1

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

9	Auditors' remuneration

	2024 £	2023 £
Audit of the financial statements	11,070	9,000
Other fees to auditors
All other non-audit services	6,771	12,046

10

Taxation

Tax charged/(credited) in the income statement:

	2024 £	2023 £
Current taxation
UK corporation tax	166,458	147,651
UK corporation tax adjustment to prior periods	2,628	144
	169,086	147,795

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 - 23.52%).

The differences are reconciled below:

	2024 £	2023 £
Profit before tax	671,860	602,945
Corporation tax at standard rate	167,965	141,816
Effect of expense not deductible in determining taxable profit (tax loss)	807	1,089
Other tax effects for reconciliation between accounting profit and tax expense (income)	314	4,890
Total tax charge	169,086	147,795

Deferred tax

Deferred tax assets and liabilities

2024	Asset £	Liability £
Accelerated capital allowances	-	2,711
Other short term timing differences	83	-
	83	2,711

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11	Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 January 2024

38,476

38,476

Additions

13,545

13,545

Disposals

(5,110)

(5,110)

At 31 December 2024

46,911

46,911

Depreciation

At 1 January 2024

29,565

29,565

Charge for the year

4,767

4,767

Eliminated on disposal

(5,110)

(5,110)

At 31 December 2024

29,222

29,222

Carrying amount

At 31 December 2024

17,689

17,689

At 31 December 2023

8,911

8,911

Restriction on title and pledged as security

Fixtures fittings and equipment with a carrying amount of £17,689 (2023 - £8,911) has been pledged as security for liabilities.

12

Stocks

	2024 £	2023 £
Goods in transit	1,452,190	1,036,560
Finished goods and goods for resale	993,060	1,560,350
Other inventories	1,000	1,000
	2,446,250	2,597,910

The carrying amount of stocks pledged as security for liabilities amounted to £2,446,250 (2023 - £2,597,910).

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

13

Debtors

Current	Note	2024 £	2023 £
Trade debtors		2,451,788	3,632,745
Amounts owed by related parties	24	1,275,000	-
Other debtors		39,458	19,751
Prepayments		278,336	65,359
Accrued income		562	-
		4,045,144	3,717,855

Trade debtors includes £2,437,161 (2023 - £3,598,444) covered by an invoice financing facility.

The carrying amount of debtors pledged as security for liabilities amounted to £3,766,808 (2023 - £3,717,855).

14	Cash and cash equivalents

	2024 £	2023 £
Cash on hand	394	411
Cash at bank	79,500	550,581
	79,894	550,992

15

Creditors

	Note	2024 £	2023 £
Due within one year
Loans and borrowings	16	1,897,051	2,826,573
Trade creditors		1,505,170	1,130,562
Social security and other taxes		10,367	10,766
Outstanding defined contribution pension costs		1,080	1,117
Other creditors		157,610	253,246
Accruals		93,265	244,602
Corporation tax liability	10	166,447	147,651
Deferred income		597,630	284,899
		4,428,620	4,899,416
Due after one year
Loans and borrowings	16	-	141,297

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

16	Loans and borrowings

Non-current loans and borrowings

	2024 £	2023 £

Other borrowings	-	141,297

Current loans and borrowings

	2024 £	2023 £

Other borrowings	1,897,051	2,826,573

The invoice discounting facility liabilities of £1,831,841 (2023: £2,737,329) included in other borrowings are secured by way of a fixed and floating charge over all assets of the company.

17	Provisions for liabilities

	Deferred tax £	Total £
Additional provisions	2,628	2,628
At 31 December 2024	2,628	2,628

18	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 £73,802 (2023 - £23,529).

Contributions totalling £1,080 (2023 - £1,117) were payable to the scheme at the end of the year and are included in creditors.

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

19	Share capital

Allotted, called up and fully paid shares

	2024		2023
	No.	£	No.	£
Ordinary shares of £1 each	700	700	700	700
AA shares of £1 each	-	-	-	-
AB shares of £1 each	23	23	23	23
AC shares of £1 each	35	35	35	35
AD shares of £1 each	12	12	12	12
AE shares of £1 each	13	13	13	13
AF shares of £1 each	22	22	22	22
AG shares of £1 each	35	35	35	35
AH shares of £1 each	-	-	-	-
	840	840	840	840

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
These shares carry voting rights and are entitled to receive dividends. There are no restrictions in place.

Ordinary AA to AH shares have the following rights, preferences and restrictions:
These shares do not carry voting rights but are entitled to dividends. On winding up of the company the shares have a right of repayment of capital only.

20

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	24,540	9,540
Later than one year and not later than five years	64,984	14,525
Later than five years	1,250	-
	90,774	24,065

The amount of non-cancellable operating lease payments recognised as an expense during the year was £24,861 (2023 - £23,858).

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

21

Dividends

Interim dividends paid

	2024 £	2023 £
Interim dividend of £3,913.00 (2023 - £Nil) per each AB shares	90,000	-
Interim dividend of £2,571.00 (2023 - £Nil) per each AG shares	90,000	-
	180,000	-

22	Contingent liabilities

In 2021 the company provided a guarantee of up to £300,000 in respect of the bank debt of a connected company. This guarantee remains in place.

23	Analysis of changes in net debt

	At 1 January 2024 £	Financing cash flows £	At 31 December 2024 £
Cash and cash equivalents
Cash	550,992	(471,097)	79,895
Borrowings
Invoice financing facilities	(2,737,329)	905,487	(1,831,842)
	(2,186,337)	434,390	(1,751,947)

24	Related party transactions

Summary of transactions with other related parties

Other related parties include other entities controlled by the directors and the immediate families of directors.

During the year the company made purchases from and sales to other related parties, these transactions were carried out under normal trading terms.

During the year the company provided an interest free loan to a related party.

Coombe Fisheries Limited provides a cross guarantee of up to £300,000 for Peninsula Seafoods Limited in respect of the company's bank debt. In addition, a guarantee of up to £300,000 has been given by Peninsula Seafoods Limited in respect of the bank debt of Coombe Fisheries Limited.

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Income and receivables from related parties

2024	Other related parties £
Sale of goods	86,926

2023	Other related parties £
Sale of goods	19,856
Amounts receivable from related party	948

Expenditure with and payables to related parties

2024	Other related parties £
Purchase of goods	7,134,722
Leases	15,955
	7,150,677

2023	Other related parties £
Purchase of goods	12,674,409
Leases	13,932
	12,688,341
Amounts payable to related party	11,128

Loans to related parties

2024	Other related parties £	Total £
Advanced	5,197,000	5,197,000
Repaid	(3,922,000)	(3,922,000)
At end of period	1,275,000	1,275,000

Terms of loans to related parties

Loans to related parties are interest free and repayable on demand.

Peninsula Seafoods Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Loans from related parties

2024	Key management £	Other related parties £	Total £
At start of period	(143,741)	(91,706)	(235,447)
Advanced	(180,000)	-	(180,000)
Repaid	168,486	91,706	260,192
At end of period	(155,255)	-	(155,255)

2023	Key management £	Other related parties £	Total £
At start of period	(268,927)	(91,706)	(360,633)
Advanced	(37,526)	-	(37,526)
Repaid	162,712	-	162,712
At end of period	(143,741)	(91,706)	(235,447)

Terms of loans from related parties

Loans from related parties are interest free and repayable on demand.

25	Financial instruments

Financial assets measured at fair value

Foreign currency forward contracts
Foreign currency forward contracts are valued using the rate of the contract compared to the rate available were a similar contract to have been entered into at the period end.

The fair value is £22,448 (2023 - £(15,832)) and the change in value included in profit or loss is £(38,281) (2023 - £(49,004)).

	Fixtures, fittings and equipment £	Total £
Cost or valuation
At 1 January 2024	38,476	38,476
Additions	13,545	13,545
Disposals	(5,110)	(5,110)
At 31 December 2024	46,911	46,911
Depreciation
At 1 January 2024	29,565	29,565
Charge for the year	4,767	4,767
Eliminated on disposal	(5,110)	(5,110)
At 31 December 2024	29,222	29,222
Carrying amount
At 31 December 2024	17,689	17,689
At 31 December 2023	8,911	8,911