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Unaudited Financial Statements Kilhorne Bay Seafoods Limited For the Year Ended 30 April 2025 Registered number: NI008124
Kilhorne Bay Seafoods Limited
Company Information
Directors | J Chambers
| E Chambers
| W Chambers
Company secretary | W Chambers
Registered number | NI008124
Registered office | Moneydarragh Road
| Annalong
| Co Down
| BT34 4TY
Accountants | Grant Thornton Advisors (NI) LLP
| Chartered Accountants
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Bankers | Ulster Bank
| 29 Upper Square
| Castlewellan
| Co Down
| BT31 9DD
Solicitors | Shean Dickson Merrick
| 14-16 High Street
| Belfast
| BT1 2BS
Kilhorne Bay Seafoods Limited
Contents
| Page
Accountants' report | 1
Balance sheet | 2
Notes to the financial statements | 3 - 8
Independent Accountant's Report to the directors of the unaudited financial statements of Kilhorne Bay Seafoods Limited for the Year Ended 30 April 2025 In order to assist you fulfil your duties under the Companies Act 2006, we have compiled the financial statements of Kilhorne Bay Seafoods Limited for the year ended 30 April 2025, which comprise the Statement of comprehensive income, the Balance sheet and the related notes to the financial statements, including a summary of significant accounting policies, from the company's accounting records and from information and explanations you have given to us. The financial statements have been prepared on the basis set out in the notes to the financial statements. This report is made solely to the directors of Kilhorne Bay Seafoods Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely that we might compile the financial statements that we have been engaged to compile, report to the company's directors that we have done so and state those matters that we have agreed to state to the directors of Kilhorne Bay Seafoods Limited, as a body, in this report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Kilhorne Bay Seafoods Limited and its directors, as a body, for our work or for this report. We have carried out this engagement in accordance with International Standard on Related Services 4410 (Revised) Compilation Engagements issued by the International Auditing and Assurance Standards Board (the ‘IAASB’’) and have complied with the ethical guidance laid down by the IESBA Code and Chartered Accountants Ireland relating to members undertaking the compilation of financial statements. You have approved the financial statements for the year ended 30 April 2025 and you have acknowledged on the Balance sheet as at 30 April 2025 your duty to ensure that Kilhorne Bay Seafoods Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view in accordance with the Companies Act 2006. You consider that Kilhorne Bay Seafoods Limited is exempt from the statutory audit requirement for the year ended 30 April 2025. We have not been instructed to carry out an audit or review the financial statements of Kilhorne Bay Seafoods Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Grant Thornton Advisors (NI) LLP |
Chartered Accountants 12 - 15 Donegall Square West Belfast BT1 6JH |
Date: 24 November 2025 Page 1
Kilhorne Bay Seafoods Limited Registered number:NI008124
Balance sheet As at 30 April 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Current assets |  |  |  |  |
Stocks | 5 | 2,153,554 |  | 3,432,405 |
Debtors: amounts falling due within one year | 6 | 1,098,274 |  | 1,666,557 |
Cash at bank and in hand | 7 | 2,791,744 |  | 625,250 |
|  | 6,043,572 |  | 5,724,212 |
Creditors: amounts falling due within one year | 8 | (408,753) |  | (572,058) |
Net current assets |  |  | 5,634,819 |  | 5,152,154
Total assets less current liabilities |  |  | 5,634,819 |  | 5,152,154
Net assets |  |  | 5,634,819 |  | 5,152,154
Capital and reserves |  |  |  |  |
Called up share capital | 10 |  | 19,000 |  | 19,000
Capital redemption reserve | 11 |  | 11,000 |  | 11,000
Profit and loss account | 11 |  | 5,604,819 |  | 5,122,154
|  |  | 5,634,819 |  | 5,152,154
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 November 2025.
W Chambers
Director
The notes on pages 3 to 8 form part of these financial statements. Page 2
Kilhorne Bay Seafoods Limited
Notes to the financial statements For the Year Ended 30 April 2025
1. | General information
Kilhorne Bay Seafoods Limited is a private company limited company incorporated in Northern Ireland. The registered office is Moneydarragh Road, Annalong, Newry, Co. Down, BT34 4TY. The principal activity of the company is the processing and preserving of fish, crustaceans and molluscs. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The financial statements are presented in Sterling (£). The following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have assessed that there are adequate resources to meet the ongoing costs of the business for a minimum of 12 months from the date of signing the financial statements. For this reason the financial statements have been prepared on a going concern basis which presumes the realisation of assets and liabilities in the normal course of business.
| 2.3 | Revenue
The turnover shown in the statement of comprehensive income represents income from the sale of scampi, scallops and other foodstuffs. Turnover from the sale of scampi and scallops is recognised on delivery.
| 2.4 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.5 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. Page 3
Kilhorne Bay Seafoods Limited
Notes to the financial statements For the Year Ended 30 April 2025 2.Accounting policies (continued)
| 2.6 | 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.
| 2.7 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.8 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
| 2.10 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 4
Kilhorne Bay Seafoods Limited
Notes to the financial statements For the Year Ended 30 April 2025 2.Accounting policies (continued)
| 2.11 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.12 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Page 5
Kilhorne Bay Seafoods Limited
Notes to the financial statements For the Year Ended 30 April 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
Estimates and judgements are required when applying accounting policies. These are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of judgement or complexity. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below: a) Recoverability of debtors Estimates are made in respect of the recoverable value of trade and other debtors. When assessing the level of provisions required, factors including current trading experience, historical experience and the ageing profile of debtors are considered. b) Carrying value of stock Stock represents goods for resale and is measured at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs necessary to make the sale. Provision is made for obsolete and slow moving stock based on historical experience.
4. | Employees
| The average monthly number of employees, including directors, during the year was 21 (2024 - 21).
5. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,522,469 | 3,274,141
| Finished goods and goods for resale | 631,085 | 158,264
|  | 2,153,554 | 3,432,405
6. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 810,349 | 1,330,233
| Other debtors | 4,799 | 10,577
| Prepayments and accrued income | 280,026 | 321,967
| Deferred tax asset | 3,100 | 3,780
|  | 1,098,274 | 1,666,557
Page 6
Kilhorne Bay Seafoods Limited
Notes to the financial statements For the Year Ended 30 April 2025
7. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 2,791,744 | 625,250
|  | 2,791,744 | 625,250
8. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 84,532 | 309,101
| Amounts owed to related party | 190,000 | 190,000
| Corporation tax | 77,685 | 10,134
| Other taxation and social security | 16,549 | 12,555
| Accruals and deferred income | 39,987 | 50,268
|  | 408,753 | 572,058
9. | Deferred tax asset
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 3,780 | 4,610
| Charged to the profit or loss | (680) | (830)
| At end of year | 3,100 | 3,780
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | 3,100 | 3,780
|  | 3,100 | 3,780
Page 7
Kilhorne Bay Seafoods Limited
Notes to the financial statements For the Year Ended 30 April 2025
10. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 19,000 (2024 - 19,000) Ordinary shares of £1.00 each | 19,000 | 19,000
11. | Reserves
Capital redemption reserve This represents the nominal value of share repurchased by the company Profit & loss account Includes all current and prior period retained profits and losses.
12. | Pension commitments
The company operates a defined contribution pension scheme for the benefit of the directors and employees. The assets of the scheme are administrated by trustees in a fund independent from those of the company. The pension cost charge represents contributions payable to the fund and amounted to £351,492 (2024: £29,591).
13. | Related party transactions
| The company had the following related party transactions: During the year the company had net transactions with a company related by virtue of common directorship of £Nil. At the balance sheet date the amount owed to the related party was £150,000 (2024: £150,000). During the year the company had net transactions with a company related by virtue of common directorship of £Nil. At the balance sheet date the amount owed from the related party was £40,000 (2024: £40,000).
14. | Controlling party
The company is under the control of Bonumcorpus (No.52) Limited by virtue of its shareholding.
Page 8