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COMPANY REGISTRATION NUMBER: 04549850

Cardium Shellfish Limited

Filleted Financial Statements

31 May 2025

Cardium Shellfish Limited

Statement of Financial Position

31 May 2025

| 2025 | 2024
Note | £ | £ | £

Fixed assets

Tangible assets | 6 |  | 149,399 | 167,770

Current assets

Stocks | 74,056 |  | 55,320
Debtors | 7 | 1,710,671 |  | 1,678,760
Cash at bank and in hand | 3,058 |  | 3,288
| ------------ |  | ------------
| 1,787,785 |  | 1,737,368

Creditors: amounts falling due within one year | 8 | 86,588 |  | 118,303
| ------------ |  | ------------
Net current assets |  | 1,701,197 | 1,619,065
|  | ------------ | ------------
Total assets less current liabilities |  | 1,850,596 | 1,786,835

Provisions

Taxation including deferred tax |  | 21,950 | 25,289
|  | ------------ | ------------
Net assets |  | 1,828,646 | 1,761,546
|  | ------------ | ------------

Capital and reserves

Called up share capital |  | 136 | 136
Share premium account |  | 837,466 | 837,466
Profit and loss account |  | 991,044 | 923,944
|  | ------------ | ------------
Shareholders funds |  | 1,828,646 | 1,761,546
|  | ------------ | ------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

Mr V Perez De Castro |
Director |

Company registration number: 04549850

Cardium Shellfish Limited

Notes to the Financial Statements

Year ended 31 May 2025
1. General information
Cardium Shellfish Limited is a private company limited by shares and incorporated in England. Its registered office is No 3 Shed, Port of Boston, Boston, Lincolnshire, PE21 6BN. The company operates within the United Kingdom and its principal activity is the capture and selling of shellfish.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Dani Compania de Inversiones, a company registered in Spain, which can be obtained from Poligono Industrial Els Garrofers, Parcelas 32-35-37, 08340 Vilassar de Mar, Barcelona Spain. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (b) No cash flow statement has been presented for the company.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on receipt 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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | Straight line over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and 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.
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:

| Fishing Boats | - | Straight line over 20 years
| Leasehold Property Improvements | - | Straight line over 15 years
| Plant & Machinery | - | 10% reducing balance or straight line
| Fixtures & Fittings | - | 10% reducing balance or straight line
| Computer Equipment | - | 25% reducing balance or 10% straight line

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 other costs incurred in bringing the stock to its present location and condition.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).
5. Intangible assets

| Goodwill
| £
Cost |
At 1 June 2024 and 31 May 2025 | 500,000
| ---------
Amortisation |
At 1 June 2024 and 31 May 2025 | 500,000
| ---------
Carrying amount |
At 31 May 2025 | –
| ---------
At 31 May 2024 | –
| ---------

6. Tangible assets

| Fishing Boats | Short leasehold property improve-ments | Plant and machinery | Fixtures and fittings | Computer equipment | Total
| £ | £ | £ | £ | £ | £
Cost |  |  |  |  |  |
At 1 Jun 2024 and 31 May 2025 | 267,292 | 41,412 | 116,029 | 4,872 | 14,379 | 443,984
| --------- | -------- | --------- | ------- | -------- | ---------
Depreciation |  |  |  |  |  |
At 1 Jun 2024 | 192,135 | 18,440 | 52,864 | 4,073 | 8,702 | 276,214
Charge for the year | 5,030 | 2,047 | 9,906 | 80 | 1,308 | 18,371
| --------- | -------- | --------- | ------- | -------- | ---------
At 31 May 2025 | 197,165 | 20,487 | 62,770 | 4,153 | 10,010 | 294,585
| --------- | -------- | --------- | ------- | -------- | ---------
Carrying amount |  |  |  |  |  |
At 31 May 2025 | 70,127 | 20,925 | 53,259 | 719 | 4,369 | 149,399
| --------- | -------- | --------- | ------- | -------- | ---------
At 31 May 2024 | 75,157 | 22,972 | 63,165 | 799 | 5,677 | 167,770
| --------- | -------- | --------- | ------- | -------- | ---------

7. Debtors

| 2025 | 2024
| £ | £
Trade debtors | 174,659 | 176,282
Amounts owed by group undertakings and undertakings in which the company has a participating interest | 1,526,064 | 1,478,557
Other debtors | 9,948 | 23,921
| ------------ | ------------
| 1,710,671 | 1,678,760
| ------------ | ------------

8. Creditors: amounts falling due within one year

| 2025 | 2024
| £ | £
Trade creditors | 24,291 | 35,090
Corporation tax | 26,563 | 24,269
Social security and other taxes | 858 | 473
Other creditors | 34,876 | 58,471
| -------- | ---------
| 86,588 | 118,303
| -------- | ---------

9. Contingencies
Banco Santander SA had issued a charge against Cardium Shellfish Limited regarding a finance agreement of €2,500,000 between Conservas Dani SAU, a spanish group company, and Banco Santander SA. In the event of Conservas Dani SAU defaulting on the arrangement Cardium Shellfish Limited and Trevor Lineham (Shellfish) Limited, a UK group company, would on demand, satisfy the secured obligations of Banco Santander SA. In the event of these obligations not being met Banco Santander SA had a fixed and floating charge over the assets of the company. This loan was satisfied on 8 October 2024.
10. Summary audit opinion
The auditor's report dated 7 October 2025 was unqualified .
The senior statutory auditor was Mr Matthew Clements , for and on behalf of Clements Jones .
11. Related party transactions
The company has taken advantage of paragraph 1AC.35 of FRS 102 not to disclosure transactions between wholly owned members of the group. Dani Foods Limited, a UK Group Company , received £336,288 (2024: £1,038,435) of goods from the company during the financial year. Included in debtors is a loan from Dani Foods of £1,129,114 (2024: £1,119,394) still owed to the company at the end of the financial year. During the year the Dani Foods Limited charged the company management fees totalling £18,000 (2024: £18,000). Renown Fisheries Limited, a UK Group Company , have a group loan of £294,061 (2024: £281,439) still outstanding at the year end. The company recharged expenses to Renown Fisheries Limited totalling £10,460 during the year. Conservas Carnota SAU, a Spanish Group Company , have, included in trade debtors, £171,486 (2024: £171,486) that was still outstanding at the year end.
12. Controlling party
The company is controlled by Conservas Dani SAU , who own 100% of the issued share capital at the year end. The ultimate parent company of the group of which Cardium Shellfish Limited is a member is Dani Compania de Inversiones SL , a company registered in Spain. The company prepares consolidated accounts. Their address is Poligono Industrial Els Garrofers, Parcelas 32-35-37, 08340 Vilassar de Mar, Barcelona, Spain. The ultimate controlling party is Daniel Sanchez Llibre who owns 88% of the issued share capital of Dani Compania de Inversiones SL.