REGISTERED NUMBER: 13768526 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 December 2024

for

Marine Gold (Europe) Ltd

Page

Company Information

1

Strategic Report

2

Report of the Director

4

Report of the Independent Auditors

6

Income Statement

10

Other Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14

DIRECTOR:

C Luesukprasert

REGISTERED OFFICE:

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

BUSINESS ADDRESS:

71-75 Shelton Street

London

WC2H 9QJ

REGISTERED NUMBER:

13768526 (England and Wales)

SENIOR STATUTORY AUDITOR:

Yvonne Miles FCCA

AUDITORS:

PKB Accountants Limited

Chartered Certified Accountants

Statutory Auditor

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

REVIEW OF BUSINESS

The period to 31st December 2024, the company continued to develop its presence in the UK and European seafood markets. Turnover decreased from £6.97m in 2023 to £3.8m in 2024 as the business shifted focus to margin improvement and streamlined sales efforts. The company identified opportunities to sell Korean food products such as kimbap, fried chicken, and corndogs. So, efforts were made to engage new customer segments to drive 2025 sales. Throughout the year, the company remained committed to growing its market presence by acquiring new customers while maintaining strong relationships with existing clients.

RISK MANAGEMENT APPROACH

Risk management is integrated into the company's operational planning. Regular financial reporting and group oversight ensure appropriate monitoring. The company uses Zoho Books for real-time access to accounting data and is supported by an experienced finance team overseas. Foreign exchange risks are reviewed periodically given the company's exposure to USD-denominated purchases.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks include supply chain concentration in Southeast Asia, currency volatility, and evolving food safety regulations. The company manages these risks through supplier diversification, currency monitoring, and continued compliance with BAP and ASC certification standards.

LIQUIDITY RISK

Liquidity risk is mitigated through active cash flow management and financial support from group entities. At year-end, the company maintained healthy cash reserves across multiple bank accounts. The intercompany loan from Marine Gold Products Ltd has decreased, reflecting stronger internal cash flows.

CREDIT RISK

Credit risk is primarily associated with trade receivables. The company monitors credit exposure through monthly review of aged debtor listings and has experienced no significant bad debt write-offs in the year. Customer relationships are managed closely to minimize exposure.

FINANCIAL KEY PERFORMANCE INDICATORS:

The company monitors key performance indicators including turnover, gross profit margin, debtor collection days, and inventory turnover. In 2024, gross profit margins showed early signs of improvement following a shift in pricing strategy. However, due to a decline in turnover, the action was taken to explore new markets and customer bases to prioritize profitability figures.

OUTLOOK

Looking ahead, the company is focused on strengthening its position in the European market, increasing turnover, leveraging group relationships to enhance logistics and operations, and managing costs efficiently. With stable supply chains, strategic partnerships, and continued focus on high-quality products, the directors remain optimistic about future growth.

ON BEHALF OF THE BOARD:

C Luesukprasert - Director

23 September 2025

The director presents his report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale of seafood and seafood products

DIVIDENDS

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

DIRECTOR

C Luesukprasert held office during the whole of the period from 1 January 2024 to the date of this report.

GOING CONCERN

The company does not prepare forecasts. However, its director reviews the position that covers the period of 12 months from the signing date of the financial statements in order to assess going concern. It is anticipated that the company's level of activity will increase over that period with better results being attained compared with the current trading period as identified in the company strategic report.

The company has also sought comfort from it parent company that they will provide financial support should it be required. Of the companies liabilities £1,688,007 is owed to Marine Gold Products Ltd a company within the group . Marine Gold Products Ltd has agreed not to demand repayment of this amount for at least one year after the balance sheet signing date.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at 12 months from the date of approval of the financial statements and consequently have prepared the financial statements on a going concern basis.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, PKB Accountants Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

C Luesukprasert - Director

23 September 2025

Opinion

We have audited the financial statements of Marine Gold (Europe) Ltd (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other 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 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on pages four and five, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. 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 concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

. We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are Food Safety Regulations, UK Health and Safety at Work Act 1974, those that relate to the reporting framework FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", Companies Act 2006, Bribery Act 2010, Money Laundering regulations and relevant tax compliance regulations in the United Kingdom.

. We understood how Marine Gold (Europe) Ltd is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through the review of the following documentation or completion of the following procedures:

. Review of all minutes of board meetings held during the period and through to the most recent meeting held prior to the approval of these financial statements;

. Review of accounting policies and completion of a disclosure checklist to assess compliance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Company law requirements;

. Review of any relevant correspondence with local tax authorities; and

. Review of any relevant correspondence received from regulatory bodies

. We assessed the susceptibility of the company's financial statements to material misstatement, including how fraud might occur by holding a discussion within the audit team which included identification of related parties, understanding the company's business, the control environment and assessing the inherent risk for relevant assertions at the significant account level. We also held discussions with management and those charged with governance to gain an understanding of those areas of the financial statements which are susceptible to fraud, as identified by management. Following these procedures, we identified a risk of management override of control and risk of inappropriate revenue recognition. We gained an understanding of the entity level of controls and policies that the company applies.

Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations. Our procedures involved testing of journal entries, with focus on journals indicating large or unusual transactions, or meeting our defined risk criteria based on our understanding of the business, reviewing accounting estimates for evidence of management bias and enquiries of senior members of the management team regarding their knowledge of any instances of non-compliance with laws and regulations that could impact the financial statements.

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

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Yvonne Miles FCCA (Senior Statutory Auditor)

for and on behalf of PKB Accountants Limited

Chartered Certified Accountants

Statutory Auditor

Beechey House

87 Church Street

Crowthorne

Berkshire

RG45 7AW

26 September 2025

TURNOVER

3,795,006

6,969,076

Cost of sales

3,387,018

6,367,342

GROSS PROFIT

407,988

601,734

Administrative expenses

408,000

664,236

(12

)

(62,502

)

Other operating income

132,130

29,319

OPERATING PROFIT/(LOSS)

4

132,118

(33,183

)

Interest payable and similar expenses

5

124,760

180,894

PROFIT/(LOSS) BEFORE TAXATION

7,358

(214,077

)

Tax on profit/(loss)

6

3,103

(52,185

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

4,255

(161,892

)

PROFIT/(LOSS) FOR THE YEAR

4,255

(161,892

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,255

(161,892

)

FIXED ASSETS

Tangible assets

7

2,825

3,932

Investments

8

4,676

4,676

7,501

8,608

CURRENT ASSETS

Stocks

9

704,780

1,260,407

Debtors

10

773,595

1,369,864

Cash at bank

312,195

462,772

1,790,570

3,093,043

CREDITORS

Amounts falling due within one year

11

1,922,495

3,230,330

NET CURRENT LIABILITIES

(131,925

)

(137,287

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(124,424

)

(128,679

)

CAPITAL AND RESERVES

Called up share capital

14

100,000

100,000

Retained earnings

15

(224,424

)

(228,679

)

SHAREHOLDERS' FUNDS

(124,424

)

(128,679

)

The financial statements were approved by the director and authorised for issue on 23 September 2025 and were signed by:

C Luesukprasert - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100,000

(66,787

)

33,213

Changes in equity

Total comprehensive income

-

(161,892

)

(161,892

)

Balance at 31 December 2023

100,000

(228,679

)

(128,679

)

Changes in equity

Total comprehensive income

-

4,255

4,255

Balance at 31 December 2024

100,000

(224,424

)

(124,424

)

1.	STATUTORY INFORMATION

Marine Gold (Europe) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

The functional currency of the company is Pound Sterling ( £ )

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 '' The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the companies Act 2006. The financial statements have been prepared under the historical cost convention.

The preparation of the financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies.

The company has taken advantage of the exemption under S400 of the Companies Act 2006 not to prepare group accounts as it is a wholly owned subsidiary of Be Better Holdings PTE Ltd . The Company's financial statements are individual entity financial statements. The Company's immediate parent does consolidate the accounts.

Going Concern

The company does not prepare forecasts. However, its director reviews the position that covers the period of 12 months from the signing date of the financial statements in order to assess going concern. It is anticipated that the company's level of activity will increase over that period with better results being attained compared with the current trading period as identified in the company strategic report.

The company has also sought comfort from it parent company that they will provide financial support should it be required. Of the companies liabilities £1,688,007 is owed to Marine Gold Products Ltd a company within the group . Marine Gold Products Ltd has agreed not to demand repayment of this amount for at least one year after the balance sheet signing date.

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at 12 months from the date of approval of the financial statements and consequently have prepared the financial statements on a going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS102 '' The Financial Reporting Standard applicable in the UK and Republic of Ireland'' :

- The requirements of Section 7 Statement of Cash Flows

Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’:

. Interest income/expense and net gains/losses for financial instruments not measured at fair value;

. basis of determining fair values;

. Section 33 ‘Related Party Disclosures’:

. Compensation for key management personnel

Significant judgements and estimates

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

a) Critical judgements in applying the entity's accounting policies

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities within the next financial year are addressed below:

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates based on physical condition and economic utilisation of the assets. See note 7 for the carrying amount of the assets and the accounting policies note Tangible Fixed Assets for the useful economic lives of each class of asset.

(ii) Impairment of debtors

The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 10 for the net carrying amount of the debtors.

(iii) Impairment of creditors

The company makes an estimate of the payable value of trade and other creditors including accruals. When assessing impairment of trade and other creditors including accruals, management considers factors including the ageing profile of the balances and historical experience. See note 11 for the net carrying amount of the creditors.

(iv) Impairment of Investments

The company makes an estimate of the recoverable value of investments held. When assessing impairment of the investments held, management considers the current financial health of the subsidiaries, and their future forecast results. See Note 8 for the net carrying amount of Investments held.

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The following revenue recognition policies are in place :-

Sale of seafood products is recognised once the goods are despatched.

Tangible fixed assets

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

Depreciation is charged so as to allocate the cost of the assets less their residual value over their estimated useful lives on the following basis:

Office equipment

- 15% on reducing balance

Computer equipment

- 3 years straight line

At the balance sheet date, the Company reviews the carrying amounts of its Tangible Fixed Assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals are recognised immediately in the income statement.

Stocks

Stocks are value at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. At each reporting date, an assessment is made for impairment.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profits differs from net profit as reported in the profit and loss account as it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred Tax

Deferred tax is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Foreign currencies

Transactions in currencies other than the functional currency of the Company are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. Gains and losses arising on translation in the period are included in the income statement.

Financial instruments

The company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 ' Other Financial Instruments Issues ' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset abd substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities and equity

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic Financial liabilities

Basic financial liabilities, including trade and other creditors, amounts due to fellow group companies, accruals, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and on hand, deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities when applicable.

Equity Instruments

Equity instruments issued by the company are recorded at the proceeds received, net of the direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Impairment of financial assets

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

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an 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 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 the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

At each reporting date non-financial assets not carried at face value are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Inventories are also assessed for impairment at each reporting date, the carrying amount of each item of inventory, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of inventory or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

3.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

271,852

408,307

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

31.12.24

31.12.23

Office and management

2

2

Directors

1

1

3

3

31.12.24

31.12.23

£

£

Director's remuneration

-

-

The Director of Marine Gold (Europe) Limited did not receive any remuneration from the company.

The Director also serves as a Director of other companies within the group, and their remuneration is borne by those other group companies.

The services provided by the Director to Marine Gold (Europe) Limited are incidental to their main employment.

4.	OPERATING PROFIT/(LOSS)

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

31.12.24

31.12.23

£

£

Depreciation - owned assets

1,572

932

Auditors' remuneration

15,000

15,000

Auditors' remuneration for non audit work

4,766

10,010

Foreign exchange differences

(132,130

)

19,993

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Loan interest

124,760

180,894

6.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the profit for the year was as follows:

31.12.24

31.12.23

£

£

Deferred tax

3,103

(52,185

)

Tax on profit/(loss)

3,103

(52,185

)

UK corporation tax has been charged at 25% (2023 - 25%).

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24

31.12.23

£

£

Profit/(loss) before tax

7,358

(214,077

)

Profit/(loss) multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 25%)

1,840

(53,519

)

Effects of:

Expenses not deductible for tax purposes

1,263

2,404

Capital allowances in excess of depreciation

-

(40,296

)

Depreciation in excess of capital allowances

11,565

-

Utilisation of tax losses

(11,565

)

-

Tax losses carried forward

-

39,226

Total tax charge/(credit)

3,103

(52,185

)

Factors that may affect future tax charges

The deferred tax asset and liability are measured at the rates that are expected to apply in the period when the asset is realised or the liability is settled, based on tax rates (and the tax laws) that have been enacted or substantively enacted by the balance sheet date.

The deferred tax is calculated at rate of 25% (2023: 25%)

7.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

702

4,421

5,123

Additions

465

-

465

At 31 December 2024

1,167

4,421

5,588

DEPRECIATION

At 1 January 2024

216

975

1,191

Charge for year

95

1,477

1,572

At 31 December 2024

311

2,452

2,763

NET BOOK VALUE

At 31 December 2024

856

1,969

2,825

At 31 December 2023

486

3,446

3,932

8.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

4,676

NET BOOK VALUE

At 31 December 2024

4,676

At 31 December 2023

4,676

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

Marine Gold (Europe) ApS

Registered office: Vinkelvej 13 , DK-6710 Esbjerg V

Nature of business: Wholesale of seafood products

%

Class of shares:

holding

Ordinary

100.00

31.12.24

31.12.23

£

£

Aggregate capital and reserves

(155,000

)

(61,506

)

Loss for the year

(91,980

)

(65,987

)

Fair Value of financial assets carried at amortised cost

Unlisted investments are measured at cost less impairment on the basis that they represent shares in entities that are not publically traded and the fair value cannot otherwise be measured reliably.

9.

STOCKS

31.12.24

31.12.23

£

£

Stocks

704,780

1,260,407

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

649,708

936,953

Amounts owed by group undertakings

-

357,591

Other debtors

-

323

VAT

10,322

4,444

Deferred tax asset

65,841

68,943

Prepayments

47,724

1,610

773,595

1,369,864

Deferred tax asset

31.12.24

31.12.23

£

£

Deferred tax

(706

)

(983

)

Deferred tax on losses

66,547

69,926

65,841

68,943