Kershaws Frozen Foods Limited 31/12/2024 iXBRL

Company registration number: 01174084

Kershaws Frozen Foods Limited

Financial statements

31 December 2024

Kershaws Frozen Foods Limited

Contents

Directors and other information

Strategic report

Directors report

Independent auditor's report to the members

Statement of income and retained earnings

Statement of financial position

Statement of cash flows

Notes to the financial statements

Kershaws Frozen Foods Limited

Directors and other information


Directors	Mr Ian Baxendale	(Served 12 February 2024 to 1 April 2025)
	Mr Paul Sidebotham
	Mr David Wright
	Mr Michael Nickson


Company number	01174084


Registered office	Pool Hey Lane
	Scarisbrick
	Southport
	Merseyside
	PR8 5LD


Business address	Pool Hey Lane
	Scarisbrick
	Southport
	Merseyside
	PR8 5LD


Auditor	Forshaws Accountants Limited
	Chartered Accountans and Statutory Auditor
	Crossens Way
	Southport
	PR9 9LY

Kershaws Frozen Foods Limited

Strategic report

Year ended 31 December 2024

Business review

The Directors are pleased with the Company's performance during the year, despite recording a loss for the period. Encouraging progress continues to be made in recovering from the financial impact of the COVID-19 pandemic and related lockdowns. While turnover declined by 11.2% from £17.9 million in 2023 to £15.9 million in 2024, the pre-tax loss reduced, demonstrating improved operational efficiency.

The loss is primarily attributed to a significant rise in costs, driven by persistent increases in the price of raw materials and continued high energy costs. However, energy expenses are expected to decrease following the commencement of a new energy contract in November 2024, with reductions already being seen towards the end of the year.

The Company's earnings before interest, tax, depreciation, and amortisation (EBITDA) improved substantially to £108,635 (2023: £16,429), reflecting underlying operational resilience and a return to profitability at the EBITDA level.

Investment in the production site remained a priority during the year, with capital expenditure totalling £92,795 (2023: £119,457). This investment supports the Company's position in a highly competitive market. Despite this ongoing capital investment, the Company maintained a net debt-free position as at 31 December 2024, which the Directors view as a significant achievement.

The Board and senior management have continued to adopt a cautious, experience-led approach to financial and operational management. This strategy has proven effective in navigating recent challenges and remains critical in addressing ongoing pressures, particularly around input costs in raw materials, energy, and transport. The sector remains highly competitive, with increasing influence from budget supermarkets potentially impacting pricing strategies. Nonetheless, the Directors remain optimistic about the future, supported by a solid customer base and long-term relationships.

Looking ahead, the Company will continue to seek value-enhancing opportunities in the frozen food sector and remain committed to strong business performance that delivers value for customers and stakeholders alike.

Financial risk management objectives and policies

The Company is exposed to various financial risks including interest rate, exchange rate, credit, and liquidity risks. The Company's overall risk management approach remains consistent - to mitigate potential adverse impacts on financial performance.

The Directors and the Company's accounts team manage financial risks on a daily basis, focusing on key treasury objectives:

- Ensuring sufficient liquidity for operational and working capital needs

- Deploying surplus funds prudently

- Managing exposure to interest rate, exchange rate, and credit risks

- Maintaining robust relationships with financial institutions

Employment policy

The Company remains committed to the principles of equal opportunity in employment, opposing all forms of unlawful or unfair discrimination on the basis of race, age, nationality, religion, ethnic or national origin, sexual orientation, gender identity, marital status, or disability.

Applications from disabled individuals are welcomed and treated with fairness. The Company also supports and protects the interests of existing staff members with disabilities wherever possible.

Employee consultation continues across the business, supported by regular updates through senior management communications and face-to-face meetings, ensuring all staff remain informed and engaged with Company developments.

This report was approved by the board of directors on 23 September 2025 and signed on behalf of the board by:

Mr Paul Sidebotham

Director

Kershaws Frozen Foods Limited

Directors report

Year ended 31 December 2024

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

Directors

The directors who served the company during the year were as follows:


Mr Ian Baxendale				(Served 12 February 2024 to 1 April 2025)
Mr Paul Sidebotham
Mr David Wright
Mr Michael Nickson

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

Future developments of the company can be found on the strategic report on page 1.

Financial instruments

Financial risk management objectives and policies can be found on the strategic report on page 1.

Disclosure of information in the strategic report.

In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 the company's strategic report includes information required by schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008. This includes information that would have been included in the business review and the principal risks and uncertainties.

Directors responsibilities statement

The directors are responsible for preparing the strategic report, directors 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 the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgments and accounting estimates that are reasonable and prudent; 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.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

This report was approved by the board of directors on 23 September 2025 and signed on behalf of the board by:

Mr Paul Sidebotham

Director

Kershaws Frozen Foods Limited

Independent auditor's report to the members of

Kershaws Frozen Foods Limited

Year ended 31 December 2024

Opinion

We have audited the financial statements of Kershaws Frozen Foods Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of income and retained earnings, statement of financial position, 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 FRS 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 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’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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.

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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report has 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 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 the 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 directors' responsibilities statement, 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's 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: The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 auditors 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.

Andrew Goddard (Senior Statutory Auditor)

For and on behalf of

Forshaws Accountants Limited

Chartered Accountants and Statutory Auditor

Crossens Way

Southport

PR9 9LY

23 September 2025

Kershaws Frozen Foods Limited

Statement of income and retained earnings

Year ended 31 December 2024

		2024	2023
	Note	£	£


Turnover	4	15,892,138	17,899,308
Cost of sales		( 13,425,710)	( 15,130,764)
		__________	__________
Gross profit		2,466,428	2,768,544

Distribution costs		( 1,638,856)	( 1,592,846)
Administrative expenses		( 1,072,103)	( 1,330,504)
Other operating income		248,536	73,207
		__________	__________
Operating profit/(loss)	5	4,005	( 81,599)

Other interest receivable and similar income	9	2,280	1,956
Interest payable and similar expenses	10	( 42,403)	( 39,343)
		__________	__________
Loss before taxation		( 36,118)	( 118,986)

Tax on loss	11	7,378	( 37,463)
		__________	__________
Loss for the financial year and total comprehensive income		( 28,740)	( 156,449)
		__________	__________

Dividends declared and paid or payable during the year	12	( 31,613)	-

Retained earnings at the start of the year		4,377,498	4,533,947
		__________	__________
Retained earnings at the end of the year		4,317,145	4,377,498
		__________	__________

All the activities of the company are from continuing operations.

Kershaws Frozen Foods Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	13	-		-
Tangible assets	14	859,854		871,689
		__________		__________
			859,854		871,689

Current assets
Stocks	15	2,411,361		2,916,427
Debtors	16	2,288,652		2,994,470
Cash at bank and in hand		1,059,274		711,378
		__________		__________
		5,759,287		6,622,275
Creditors: amounts falling due
within one year	18	( 2,218,978)		( 3,007,991)
		__________		__________
Net current assets			3,540,309		3,614,284
			__________		__________
Total assets less current liabilities			4,400,163		4,485,973

Creditors: amounts falling due
after more than one year	19		( 8,402)		( 26,481)

Provisions for liabilities	21		( 74,516)		( 81,894)

			__________		__________
Net assets			4,317,245		4,377,598
			__________		__________

Capital and reserves
Called up share capital	24		100		100
Profit and loss account	25		4,317,145		4,377,498
			__________		__________
Shareholders funds			4,317,245		4,377,598
			__________		__________

These financial statements were approved by the board of directors and authorised for issue on 23 September 2025 , and are signed on behalf of the board by:

Mr Paul Sidebotham

Director

Company registration number: 01174084

Kershaws Frozen Foods Limited

Statement of cash flows

Year ended 31 December 2024

		2024	2023
	Note	£	£

Cash flows from operating activities
Loss for the financial year		( 28,740)	( 156,449)

Adjustments for:
Depreciation of tangible assets		104,630	98,029
Other interest receivable and similar income		( 2,280)	( 1,956)
Interest payable and similar expenses		42,403	39,343
Tax on loss		( 7,378)	37,946
Accrued expenses/(income)		( 32,380)	( 167,953)

Changes in:
Stocks		505,066	( 707,010)
Trade and other debtors		705,818	( 170,840)
Trade and other creditors		( 687,625)	422,710
		__________	__________
Cash generated from operations		599,514	( 606,180)

Interest paid		( 42,403)	( 39,343)
Interest received		2,280	1,956
Tax paid		( 69,586)	104,378
		__________	__________
Net cash from/(used in) operating activities		489,805	( 539,189)
		__________	__________

Cash flows from investing activities
Purchase of tangible assets		( 92,795)	( 119,457)
		__________	__________
Net cash used in investing activities		( 92,795)	( 119,457)
		__________	__________

Cash flows from financing activities
Repayment of capital element of hire purchase contracts		( 17,501)	( 35,776)
Proceeds from new hire purchase contracts		-	52,501
Equity dividends paid		( 31,613)	-
		__________	__________
Net cash (used in)/from financing activities		( 49,114)	16,725
		__________	__________

Net increase/(decrease) in cash and cash equivalents		347,896	( 641,921)
Cash and cash equivalents at beginning of year	17	711,378	1,353,299
		__________	__________
Cash and cash equivalents at end of year	17	1,059,274	711,378
		__________	__________

Kershaws Frozen Foods Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Kershaws Frozen Foods Limited, Pool Hey Lane, Scarisbrick, Southport, Merseyside, PR8 5LD. The principal activity of the company is that of production and sale of frozen convenience meals.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Directors have satisfied themselves that the company is a going concern, having adequate resources to continue in operational existence for the foreseeable future. Due to the uncertainty of the current economic climate in the UK, additional stressed scenarios, reflecting different levels and timing of the potential economic impact, have been considered. In forming this view, the Directors made enquiries into the financial position and resources available to the company including those available from the parent company and a review of the budget prepared for at least 12 months from the date of approval of the financial statements. Having regard for the above, the Directors believe it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Financial instruments

Financial assets and financial liabilities are recognised in the Statement of Financial Position when the company becomes a party to the contractual provisions of the instrument. Trade and other debtors and creditors (excluding prepayments and deferred income) are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank. Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Defined contribution pension plans

Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided.

Judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions which affect reported income, expenses, assets and liabilities. The estimates and associated 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, where the revision effects only that period, or in the period of the revision and future periods, where the revision affects both current and future periods. The Directors consider that the following judgements (apart from those involving estimates) had the most significant effect on amounts recognised in the financial statements:

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Short leasehold property	-	Straight line over the term of the lease
Plant and machinery	-	15% Reducing balance / Straight line over 4-20 years
Fittings fixtures and equipment	-	15% Reducing balance
Motor vehicles	-	25% Straight line
Computer equipment	-	25% Straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and a proportion of overheads incurred in bringing the stocks to their present location and condition. Overheads included in the value of stocks include factory wages, storage and power and light.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably.

Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation.

Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

4. Turnover

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Operating loss

Operating loss is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation of tangible assets	104,630	98,028
Impairment of trade debtors	813	-
Fees payable for the audit of the financial statements	10,000	9,750
Operating rental payments in respect of land and buildings	116,000	116,000
Amortisation of government grants	( 579)	( 579)
Insurance claims receivable	(232,957)	-
	__________	__________

6. Auditors remuneration

	2024	2023
	£	£
Fees payable to Forshaws Accountants Limited
Fees payable for the audit of the financial statements	10,000	9,750
	__________	__________

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
Directors	4	4
Office and management	7	8
Production and sales	113	130
	__________	__________
	124	142
	__________	__________

The aggregate payroll costs incurred during the year were:

	2024	2023
	£	£
Wages and salaries	3,370,548	3,404,434
Social security costs	315,901	310,446
Other pension costs	62,309	61,583
	__________	__________
	3,748,758	3,776,463
	__________	__________

8. Directors remuneration

The directors aggregate remuneration in respect of qualifying services was:

	2024	2023
	£	£
Remuneration	317,274	278,750
Company contributions to pension schemes in respect of qualifying services	4,930	3,964
	__________	__________
	322,204	282,714
	__________	__________

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
	Number	Number
Defined contribution plans	4	3
	__________	__________

Remuneration of the highest paid directors in respect of qualifying services:

	2024	2023
	£	£
Aggregate remuneration	81,720	74,445
Company contributions to pension plans in respect of qualifying services	1,321	1,321
	__________	__________
	83,041	75,766
	__________	__________

9. Other interest receivable and similar income

	2024	2023
	£	£
Bank deposits	2,280	1,956
	__________	__________

10. Interest payable and similar expenses

	2024	2023
	£	£
Interest on hire purchase contracts	1,832	3,496
Other interest payable and similar expenses	40,571	35,847
	__________	__________
	42,403	39,343
	__________	__________

11. Tax on loss

Major components of tax income/expense

	2024	2023
	£	£
Current tax:
Adjustments in respect of previous periods	-	69,103
	__________	__________

Deferred tax:
Origination and reversal of timing differences	( 7,378)	( 31,640)
	__________	__________
Tax on loss	( 7,378)	37,463
	__________	__________

Reconciliation of tax income/expense

The tax assessed on the loss for the year is higher than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 23.50%).

	2024	2023
	£	£
Loss before taxation	( 36,118)	( 118,986)
	__________	__________

Loss multiplied by rate of tax	( 9,030)	( 27,962)
Adjustments in respect of research and development	-	69,103
Effect of capital allowances and depreciation	-	( 1,893)
Group relief	1,652	-
Effect of change in tax rate	-	( 1,785)
	__________	__________
Tax on loss	( 7,378)	37,463
	__________	__________
Factors affecting future tax expense

There are no factors affecting future tax expense.

12. Dividends

Equity dividends

	2024	2023
	£	£
Dividends paid during the year	31,613	-
	__________	__________

13. Intangible assets

	Patents, trademarks & licences	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	6,000	6,000
	__________	__________
Amortisation
At 1 January 2024 and 31 December 2024	6,000	6,000
	__________	__________
Carrying amount
At 31 December 2024	-	-
	__________	__________
At 31 December 2023	-	-
	__________	__________

14. Tangible assets

	Short leasehold property	Plant and machinery	Fixtures, fittings and equipment	Motor vehicles	Computer equipment	Total
	£	£	£	£	£	£
Cost
At 1 January 2024	432,322	3,873,986	268,452	62,858	38,675	4,676,293
Additions	-	59,640	15,095	14,453	3,607	92,795
	__________	__________	__________	__________	__________	__________
At 31 December 2024	432,322	3,933,626	283,547	77,311	42,282	4,769,088
	__________	__________	__________	__________	__________	__________
Depreciation
At 1 January 2024	432,322	3,075,467	214,259	45,366	37,190	3,804,604
Charge for the year	-	77,119	10,393	15,106	2,012	104,630
	__________	__________	__________	__________	__________	__________
At 31 December 2024	432,322	3,152,586	224,652	60,472	39,202	3,909,234
	__________	__________	__________	__________	__________	__________
Carrying amount
At 31 December 2024	-	781,040	58,895	16,839	3,080	859,854
	__________	__________	__________	__________	__________	__________
At 31 December 2023	-	798,519	54,193	17,492	1,485	871,689
	__________	__________	__________	__________	__________	__________

Carrying value of assets held under finance leases

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:


		Plant and machinery
		£
	At 31 December 2024	157,927
		__________
	At 31 December 2023	146,981
		__________

15. Stocks

	2024	2023
	£	£
Raw materials	878,606	1,192,154
Finished goods	1,532,755	1,724,273
	__________	__________
	2,411,361	2,916,427
	__________	__________

16. Debtors

	2024	2023
	£	£
Trade debtors	2,055,848	2,686,763
Prepayments and accrued income	145,064	187,394
Other debtors	87,740	120,313
	__________	__________
	2,288,652	2,994,470
	__________	__________

17. Cash and cash equivalents

	2024	2023
	£	£
Cash at bank and in hand	1,059,274	711,378
	__________	__________

18. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	1,431,898	1,722,481
Bills of exchange payable	295,800	295,800
Accruals and deferred income	127,639	160,019
Corporation tax	-	69,586
Social security and other taxes	72,927	89,613
Obligations under finance leases	17,250	17,250
Other creditors	273,464	653,242
	__________	__________
	2,218,978	3,007,991
	__________	__________

The bills of exchange were unsecured and payable on 31st March 2025 to a company that is considered to exert a significant influence over the Company. They were subject to a premium of 2% for the quarter.

19. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Accruals and deferred income	6,944	7,522
Obligations under finance leases	1,458	18,959
	__________	__________
	8,402	26,481
	__________	__________

20. Obligations under finance leases

Company lessee

The total future minimum lease payments under finance lease agreements are as follows:

	2024	2023
	£	£
Not later than 1 year	17,250	17,250
Later than 1 year and not later than 5 years	1,458	18,959
	__________	__________
	18,708	36,209
	__________	__________
Present value of minimum lease payments	18,708	36,209
	__________	__________

21. Provisions

	Deferred tax (note 22)	Total
	£	£
At 1 January 2024	81,894	81,894
Charges against provisions	( 7,378)	( 7,378)
	__________	__________
At 31 December 2024	74,516	74,516
	__________	__________

22. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2024	2023
	£	£
Included in provisions (note 21)	74,516	81,894
	__________	__________

The deferred tax account consists of the tax effect of timing differences in respect of:

	2024	2023
	£	£
Accelerated capital allowances	199,561	203,418
Unused losses	( 125,045)	( 121,524)
	__________	__________
	74,516	81,894
	__________	__________

23. Government grants

The amounts recognised in the financial statements for government grants are as follows:

	2024	2023
	£	£
Recognised in creditors:
Deferred government grants due within one year	579	579
Deferred government grants due after more than one year	6,944	7,522
	__________	__________
	7,523	8,101
	__________	__________
Recognised in other operating income:
Government grants released to profit or loss	579	579
	__________	__________

24. Called up share capital

Issued, called up and fully paid

	2024		2023
	No	£	No	£
Ordinary shares of £ 1.00 each	100	100	100	100
	__________	__________	__________	__________

25. Reserves

Profit and loss account: This reserve records retained earnings less accumulated losses.

26. Analysis of changes in net debt

	At 1 January 2024	Cash flows	At 31 December 2024
	£	£	£
Cash and cash equivalents	711,378	347,896	1,059,274
Debt due within one year	(17,250)	-	(17,250)
Debt due after one year	(18,959)	17,501	(1,458)
	__________	__________	__________
	675,169	365,397	1,040,566
	__________	__________	__________

27. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	116,000	116,416
	__________	__________

The operating lease committments stated above included £116,000 relating to a rolling lease on the Company's premises.

28. Contingent assets and liabilities

The company has an intercompany guarantee with Coral Island Seafoods Limited. As at 31st December 2024, Coral Island Seafoods did not owe any liabilities to the bank.

29. Related party transactions

In line with the requirements of FRS102, the Company has not disclosed transactions with companies what are wholly owned within the Group of companies headed by Onchan Trading Company Limited. During the year, the Company traded with a Company who is considered to exert a significant influence over the company. The Company made purchases of £1,227,415 (2023: £1,532,343) to this company. At the balance sheet date, £148,708 (2023: £247,320) remained outstanding and is presented within trade creditors. This balance is unsecured, interest free and repayable on demand. At the balance sheet date, the Company owed the same company £346,976 (2023: £628,470) presented within bills of exchange and other creditors. Bills of exchange totalled £295,800 (2023: £295,800), this balance was unsecured, subject to interest at 2% for the quarter and repayable on 31st March 2025. The remaining £51,176 (2023: £332,670) is an unsecured, interest bearing loan that is repayable on demand. During the year, 4 (2023: 5) close family members of the irectors/shareholders were remunerated for their services to the Company, with remuneration totalling £218,941 (2023: £228,710). At the balance sheet date, £NIL (2023: £NIL) remained outstanding.

30. Controlling party

There is no single ultimate controlling party. The ultimate parent company is Onchan Trading Company Limited, a company registered in the Isle of Man.