True World Foods (UK) Ltd

Registered number

02986582

Report and Financial Statements

31 March 2025

True World Foods (UK) Ltd
Report and accounts
Contents




Page

Company information	1
Directors' report	2
Strategic report	3
Independent auditor's report	5
Income statement	8
Statement of comprehensive income	9
Statement of financial position	10
Statement of changes in equity	11
Statement of cash flows	12
Notes to the financial statements	13

True World Foods (UK) Ltd

Company Information

Directors

Mr. B Jung

Mr. A J Choi

Auditors

Kaiser Nouman Nathan LLP

Unit 4

17 Plumbers Row

London

England

E1 1EQ

Bankers

BARCLAYS

1 Churchill Place

London

E14 5HP

HSBC Plc

50-52 Kilburn High Road

Kilburn

London

NW6 4HJ

Registered office

C/O CSC (UK) Limited

5 Churchill Place

10th Floor

London

E14 5HU

Registered number

02986582

True World Foods (UK) Ltd
Registered number:		02986582
Directors' Report

The directors present their report and financial statements for the year ended 31 March 2025.

Principal activities
The company's principal activity during the year continued to be fresh and frozen fish wholesalers and importers.

Directors
The following persons served as directors during the year:

	Mr. B Jung
	Mr. A J Choi

Directors' responsibilities

The directors are responsible for preparing the report and 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 (Financial Reporting Standard 102 and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
●	select suitable accounting policies and then apply them consistently;
●	make judgements and estimates that are reasonable and prudent;
●	state whether applicable UK 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 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.


Disclosure of information to auditors

Each person who was a director at the time this report was approved confirms that:
●	so far as he is aware, there is no relevant audit information of which the company's auditor is 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 auditor is aware of that information.



This report was approved by the board on 17 December 2025 and signed on its behalf.



Mr. B Jung
Director
True World Foods (UK) Ltd

True World Foods (UK) Ltd

Strategic Report

For the Year Ended 31 March 2025

The directors present the strategic report for True World Foods (UK) Ltd for the financial year ended 31 March 2025.

Review of Business Performance

The business delivered solid performance in the 2024-2025 financial year, achieving year-on-year turnover growth of nearly 7%.

This strong result was driven primarily by our strategic focus on geographic expansion into additional UK cities and diversification of our customer base.

Following the prior year’s loss of a major account, we successfully repositioned our sales strategy by onboarding a broader mix of small and mid-sized customers. This shift not only strengthened resilience but also improved overall margin levels due to generally higher yields in this segment.

We continued to innovate in product development, expanding our proprietary offerings to include premium items such as fresh black cod, lobsters, abalone and sea urchin – sourced directly from trusted suppliers in South Korea and other regions. This product innovation has contributed to increased customer acquisition and market share retention..

Despite elevated overheads due to inflationary and energy-related pressures, our profitability remained robust. Gross profit margin exceeded 22%, and net profit stood at over 4%. The company also maintained a healthy cash position, enabling us to confidently navigate economic volatility and invest in long-term infrastructure and systems upgrades.

Our physical expansion efforts continued, with increased coverage of key metropolitan areas across the UK. Investments included the establishment of a new in-house laboratory to reduce reliance on third-party testing, as well as the installation of solar panels to reduce energy costs and enhance environmental sustainability.

Principal Risks and Uncertainties

· Post-Brexit trade restrictions have significantly curtailed our ability to export to the EU, leading to the discontinuation of export operations.

· The continued weakness of Sterling has increased the cost of imported goods and services, affecting our input prices.

· Consumer preferences remain subject to rapid and unpredictable shifts, driven by changing social norms, environmental awareness, and lifestyle choices.

· Technological change, while offering opportunities, also presents risk. We have proactively responded by investing in e-commerce capabilities and digital transformation.

· Legal and regulatory compliance is a constant focus, particularly as we expand into new markets and product categories.

· Cybersecurity and fraud remain growing threats. We have implemented robust systems to monitor and mitigate these risks and continue to educate staff on best practices.

Risk Management

We adopt a structured and proactive approach to managing risk:

· To mitigate currency risks, we employ foreign exchange hedging, particularly with key currencies such as USD, EUR and JPY.

· We are active participants in industry standards and sustainability certifications including SALSA, MSC and ASC, helping us meet client expectations and regulatory requirements.

· Regular system updates, internal controls, and awareness campaigns are in place to safeguard against digital threats and scams.

Key Performance Indicators (KPI)

We track several KPIs to monitor operational and financial performance:

· Gross and Net Profit Margins – to assess profitability and compare with prior periods and industry benchmarks

· Accounts Receivables (AR) Days – to evaluate customer payment cycles and enhance credit control efficiency

· Accounts Payable (AP) Days – to monitor our payment practices and cash flow planning.

· Inventory Turnover/ Inventory Days – to manage stock levels and streamline supply chain operations.

· Economic value Added (EVA) – to assess the return on investment in assets and infrastructure.

We have consistently maintained a strong cash position, which supports operational flexibility and investment capability even under adverse economic conditions.

The achievement of SALSA, MSC and ASC certifications has enabled us to access new market opportunities, including bids for seafood supply contracts with national retailers and large-scale catering operations.

Additionally, the upgrade from Sage 50 to Sage 200 represents a significant step in enhancing system efficiency, automation, and scalability in line with our growth ambitions.

Impact of Macroeconomic Conditions

Ongoing macroeconomic challenges – including high energy prices, inflation, exchange rate volatility, and the residual effects of Brexit – have influenced our cost structure and operational decisions. These matters have been discussed in greater detail in the Directors’ Report.

This report was approved by the board on 17 December 2025 and signed on its behalf.

Mr. B Jung

Director

True World Foods (UK) Ltd

True World Foods (UK) Ltd
Independent auditor's report
to the members of True World Foods (UK) Ltd

Opinion

We have audited the financial statements of True World Foods (UK) Ltd (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity, the Statement of Cash Flows and notes to the financial statements, including 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 the 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 March 2025 and of its profit for the year then ended;
●	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
●	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 contained within the annual report. 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. 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 course of 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 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 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 directors’ report.
We have nothing to report in respect of the following matters in relation to which 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 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: "- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with the director and other management, and from our commercial knowledge and experience of the company's sector; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, employment, health and safety legislation. - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence where necessary." "We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: - making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations." "To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected transactions; - tested the appropriateness of journal entries; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions." "To address the risk that revenue could be misstated due to fraud, we: - obtained an understanding of the company's revenue recognition policies and compared these to the accounting standard; - performed a walkthrough to confirm our understanding of the processes and controls through which the business initiates, records, processes and reports revenue transactions; - tested a sample of revenue transactions to supporting evidence; and - tested, on a sample basis, revenue related balances in the balance sheet." "In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing financial statement disclosures to underlying supporting documentation; - enquiring of management as to actual and potential litigation and claims; "There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion."

A further description of our responsibilities for the audit of the financial statements is available on the Financial Reporting Council’s website at 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.


Dinesh Bathmanathan Nathan
(Senior Statutory Auditor)		Unit 4
for and on behalf of		17 Plumbers Row
Kaiser Nouman Nathan LLP		London
Statutory Auditor		England
17 December 2025		E1 1EQ

True World Foods (UK) Ltd
Income Statement
for the year ended 31 March 2025


Notes		2025		2024
£			£

Turnover	2	37,008,473		34,599,343

Cost of sales		(28,990,854)		(26,516,555)

Gross profit		8,017,619		8,082,788

Administrative expenses		(6,726,812)		(6,065,468)
Other operating income		-		51,097

Operating profit	3	1,290,807		2,068,417

Profit/(loss) on sale of fixed assets		1,235		(12,036)
Interest receivable		239,176		26,568

Profit on ordinary activities before taxation		1,531,218		2,082,949

Tax on profit on ordinary activities	5	(295,152)		(525,368)

Profit for the financial year		1,236,066		1,557,581

True World Foods (UK) Ltd
Statement of Comprehensive Income
for the year ended 31 March 2025


Notes		2025		2024
£			£

Profit for the financial year		1,236,066		1,557,581

Other comprehensive income
Gain on revaluation of land and buildings	6	220,000		250,000
Deferred taxation arising on the revaluation of land and buildings	10	(55,000)		(62,500)

Total comprehensive income for the year		1,401,066		1,745,081

True World Foods (UK) Ltd
Statement of Financial Position
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	6		4,530,444			4,288,954

Current assets
Stocks	7	6,039,285			4,805,430
Debtors	8	8,659,526			6,438,679
Cash at bank and in hand		1,849,109			3,910,832
		16,547,920			15,154,941

Creditors: amounts falling due within one year	9	(2,628,970)			(1,910,753)

Net current assets			13,918,950			13,244,188

Total assets less current liabilities			18,449,394			17,533,142


Provisions for liabilities
Deferred taxation	10		(544,550)			(511,287)

Net assets			17,904,844			17,021,855

Capital and reserves
Called up share capital	11		3			3
Share premium	12		164,157			164,157
Other reserves	13		1,256,656			1,091,656
Profit and loss account	14		16,484,028			15,766,039

Total equity			17,904,844			17,021,855




Mr. B Jung
Director
Approved by the board on 17 December 2025

True World Foods (UK) Ltd
Statement of Changes in Equity
for the year ended 31 March 2025

Share		Share		Other		Profit		Total
capital		premium		reserves		and loss
account
£		£		£		£		£

At 1 April 2023	3		164,157		904,156		14,208,458		15,276,774

Profit for the financial year							1,557,581		1,557,581

Gain on revaluation of land and buildings					250,000				250,000
Deferred taxation arising on the revaluation of land and buildings					(62,500)				(62,500)
Other comprehensive income for the financial year	-		-		187,500		-		187,500
Total comprehensive income for the financial year	-		-		187,500		1,557,581		1,745,081


At 31 March 2024	3		164,157		1,091,656		15,766,039		17,021,855



At 1 April 2024	3		164,157		1,091,656		15,766,039		17,021,855

Profit for the financial year							1,236,066		1,236,066

Gain on revaluation of land and buildings					220,000				220,000
Deferred taxation arising on the revaluation of land and buildings					(55,000)				(55,000)
Other comprehensive income for the financial year	-		-		165,000		-		165,000
Total comprehensive income for the financial year	-		-		165,000		1,236,066		1,401,066

Dividends							(518,077)		(518,077)

At 31 March 2025	3		164,157		1,256,656		16,484,028		17,904,844

True World Foods (UK) Ltd
Statement of Cash Flows
for the year ended 31 March 2025

Notes	2025		2024
£		£
Operating activities
Profit for the financial year	1,236,066		1,557,581

Adjustments for:
(Profit)/loss on sale of fixed assets	(1,235)		12,036
Interest receivable	(239,176)		(26,568)
Tax on profit on ordinary activities	295,152		525,368
Depreciation	390,102		417,024
(Increase)/decrease in stocks	(1,233,855)		903,994
Increase in debtors	(2,220,847)		(1,456,941)
Increase/(decrease) in creditors	718,217		(808,371)
	(1,055,576)		1,124,123

Interest received	239,176		26,568
Corporation tax paid	(316,889)		(566,596)

Cash (used in)/generated by operating activities	(1,133,289)		584,095

Investing activities
Payments to acquire tangible fixed assets	(437,033)		(213,924)
Proceeds from sale of tangible fixed assets	26,676		9,715

Cash used in investing activities	(410,357)		(204,209)

Financing activities
Equity dividends paid	(518,077)		-

Cash used in financing activities	(518,077)		-

Net cash (used)/generated
Cash (used in)/generated by operating activities	(1,133,289)		584,095
Cash used in investing activities	(410,357)		(204,209)
Cash used in financing activities	(518,077)		-

Net cash (used)/generated	(2,061,723)		379,886

Cash and cash equivalents at 1 April	3,910,832		3,530,946
Cash and cash equivalents at 31 March	1,849,109		3,910,832	-

Cash and cash equivalents comprise:
Cash at bank	1,849,109		3,910,832

True World Foods (UK) Ltd
Notes to the Accounts
for the year ended 31 March 2025

1	Summary of significant accounting policies

	Statutory information
	True World Foods (UK) 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 (£).




	Basis of preparation
	The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.

	Going Concern
	The director has assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The director has made this assessment in respect to a period of at least twelve months from when the financial statements are authorised for issue. The director has concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as going concern. The director is of the opinion that the company will have sufficient resources to meet its liabilities as they fall due with the continued support of the group companies.








	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Significant judgements and estimates
	In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. 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 affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.









	Tangible fixed assets

	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings			2% on cost
	Leasehold land and buildings			over the lease term
	Plant and machinery			20% reducing balance
	Fixtures, fittings, tools and equipment			20% reducing balance


	Revaluation of tangible fixed assets
	Individual leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the Balance Sheet date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.










	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
	Cash and cash equivalents
	Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.






	Critical accounting judgements and key sources of estimation uncertainty

	Hire purchase and leasing commitments
	Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.






	Provisions and liabilities
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Foreign currency translation
	Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Analysis of turnover					2025		2024
£							£

	Sale of goods					37,008,473		34,599,343

	By geographical market:

	UK					36,976,363		34,470,732
	Europe					32,110		128,611
						37,008,473		34,599,343


3	Operating profit					2025		2024
£							£
	This is stated after charging:

	Depreciation of owned fixed assets					390,102		417,024
	Carrying amount of stock sold					27,250,821		25,190,652


4	Staff costs					2025		2024
£							£

	Wages and salaries					3,448,823		2,885,847
	Social security costs					363,615		296,438
	Other pension costs					104,694		112,507
						3,917,132		3,294,792


	Average number of employees during the year					Number	Number

	Administration					10		10
	Development					4		3
	Distribution					27		23
	Manufacturing					27		25
	Marketing					2		2
	Sales					22		19
						92		82


5	Taxation					2025		2024
£							£
	Analysis of charge in period
	Current tax:
	UK corporation tax on profits of the period					316,889		566,596

	Deferred tax:
	Origination and reversal of timing differences					(21,737)		(41,228)


	Tax on profit on ordinary activities					295,152		525,368


	Factors affecting tax charge for period
	The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:

						2025		2024
£							£
	Profit on ordinary activities before tax					1,531,218		2,082,949

	Standard rate of corporation tax in the UK					25%		25%

£							£
	Profit on ordinary activities multiplied by the standard rate of corporation tax					382,805		520,737

	Effects of:
	Expenses not deductible for tax purposes					(65,916)		45,859

	Current tax charge for period					316,889		566,596






6	Tangible fixed assets
		Land and buildings		Plant and machinery		Motor Vehicles		Total
		At valuation		At cost		At cost
£			£		£		£
	Cost or valuation
	At 1 April 2024	2,750,000		3,405,072		736,120		6,891,192
	Additions	-		298,397		138,636		437,033
	Revaluation	220,000		-		-		220,000
	Disposals	-		(102,015)		(49,868)		(151,883)
	At 31 March 2025	2,970,000		3,601,454		824,888		7,396,342

	Depreciation
	At 1 April 2024	-		2,284,264		317,974		2,602,238
	Charge for the year	-		306,424		83,678		390,102
	On disposals	-		(93,509)		(32,933)		(126,442)
	At 31 March 2025	-		2,497,179		368,719		2,865,898

	Carrying amount
	At 31 March 2025	2,970,000		1,104,275		456,169		4,530,444
	At 31 March 2024	2,750,000		1,120,808		418,146		4,288,954


	Freehold property was valued on open market basis on 31 March 2025 by Cluttons LLP.

7	Stocks					2025		2024
£							£

	Finished goods and goods for resale					6,039,285		4,805,430


8	Debtors					2025		2024
£							£

	Trade debtors					3,717,526		3,175,334
	Amounts owed by group undertakings and undertakings in which the company has a participating interest					4,412,314		3,057,575
	Other debtors					442,792		97,733
	Prepayments and accrued income					86,894		108,037
						8,659,526		6,438,679


9	Creditors: amounts falling due within one year					2025		2024
£							£

	Trade creditors					2,325,150		1,692,885
	Amounts owed to group undertakings and undertakings in which the company has a participating interest					179,686		87,193
	Other taxes and social security costs					87,462		95,912
	Other creditors					36,672		34,763
						2,628,970		1,910,753


10	Deferred taxation					2025		2024
£							£

	Accelerated capital allowances					544,550		511,287


						2025		2024
£							£

	At 1 April					511,287		490,015
	Credited to the profit and loss account					(21,737)		(41,228)
	Charged to other comprehensive income					55,000		62,500

	At 31 March					544,550		511,287



11	Share capital	Nominal		2025		2025		2024
value			Number		£		£
	Allotted, called up and fully paid:
	Ordinary shares	£1 each		3		3		3


12	Share premium					2025		2024
£							£

	At 1 April					164,157		164,157

	At 31 March					164,157		164,157


13	Revaluation reserves					2025		2024
	Revaluation reserve					£	£

	At 1 April					1,091,656		904,156
	Gain on revaluation of land and buildings					220,000		250,000
	Deferred taxation arising on the revaluation of land and buildings					(55,000)		(62,500)

	At 31 March					1,256,656		1,091,656


14	Profit and loss account					2025		2024
£							£

	At 1 April					15,766,039		14,208,458
	Profit for the financial year					1,236,066		1,557,581
	Dividends					(518,077)		-

	At 31 March					16,484,028		15,766,039


15	Dividends					2025		2024
£							£

	Dividends on ordinary shares (note 14)					518,077		-



16	Other financial commitments

	Total future minimum lease payments under non-cancellable operating leases:

		Land and buildings		Land and buildings	Other		Other
		2025		2024		2025		2024
£			£		£		£
	Falling due:
	within one year	-		-		162,800		162,800
	in over five years	-		-		814,000		814,000
		-		-		976,800		976,800


17	Related party transactions


	True World Foods Limited			2025		2024
	Parent company	£			£


	Amount due (to)/from the related party			-		-

	True World Japan Inc
	Fellow subsidiary
	Purchase of fresh food and wholesale fish			1,527,602		1,224,195

	Amount due (to)/from the related party			(179,686)		(87,193)

	True World Foods Spain S.L.
	Fellow subsidiary
	Sale of wholesale fish			32,110		128,611

	Amount due (to)/from the related party			200,568		432,695


	True World Korea Co., Ltd
	Fellow subsidiary
	Purchase of frozen fish			297,294		107,974

	Amount due (to)/from the related party			-		-

	True World Foods Germany
	Fellow subsidiary
	Purchase of frozen fish			-		-
	During the year, interest bearing loans were made.
	Loan			1,376,809		2,526,820
	Loan Interest			210,057		104,895

	Amount due (to)/from the related party			4,219,581		2,632,715


18	Leasing Agreements

	Minimum lease payments under non-cancellable operating leases fall due as follows:

				2025		2024
£					£
	Within one year			162,800		162,800
	Between one and five years			814,000		814,000
				976,800		976,800

19	Controlling party

	The company is wholly owned subsidiary of True World Foods Limited a company registered in the Republic of Ireland, company number 393077 up until 6 May 2023. The new and the ultimate parent company is True World Holdings LLC incorporated in the United States which is controlled by Family Federation for World Peace & Unification, a not for profit organisation based in the USA.

20	Pension commitments
	The company operates a fully insured defined contribution pension scheme for certain members of staff and the director. The pension charge represents the amounts paid by the company to the fund during the year. Payments during the year, amounted to £104,694 (2024 - £112,507). These contributions are invested separately from the company's assets.




21	Contingent liabilities
	There were no contingent liabilities at either the beginning or the end of the financial year

22	Presentation currency

	The financial statements are presented in Sterling.


23	Legal form of entity and country of incorporation

	True World Foods (UK) Ltd is a private company limited by shares and incorporated in England.


24	Principal place of business

	The address of the company's principal place of business and registered office is:

	Unit 10b Beaver Industrial Estate
	Brent Road
	Southall
	UB2 5FB
	United Kingdom