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Registered number: 05476544
| ANNUAL REPORT AND FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 27 SEPTEMBER 2025
| THE STICKLEBACK FISH COMPANY LIMITED
THE STICKLEBACK FISH COMPANY LIMITED |  |
COMPANY INFORMATION
Directors | E Arnold
| R S Arnold
| F R Emmott
| R A Hilson
Company secretary | G Tanner-Tremaine
Registered number | 05476544
Registered office | Unit 1-2 Apex Point
| Travellers Lane
| Welham Green
| Hatfield
| Herts
| AL9 7HB
Independent auditor | Menzies LLP
| Chartered Accountants & Statutory Auditor
| Ashcombe House
| 5 The Crescent
| Leatherhead
| Surrey
| KT22 8DY
THE STICKLEBACK FISH COMPANY LIMITED |  |
CONTENTS
| Page
Strategic report | 1 - 3
Directors' report | 4 - 5
Independent auditor's report | 6 - 9
Statement of income and retained earnings | 10
Statement of financial position | 11
Statement of cash flows | 12
Analysis of net debt | 13
Notes to the financial statements | 14 - 25
THE STICKLEBACK FISH COMPANY LIMITED |  |
STRATEGIC REPORT FOR THE YEAR ENDED 27 SEPTEMBER 2025
Introduction
The directors present their Strategic report for the year ended 27 September 2025.
Principal activity
Established in 2005, The Stickleback Fish Company Limited is an independent regional wholesaler based in Hertfordshire dedicated to providing an unrivalled service supplying great quality fresh and frozen seafood. The Company is totally committed to meeting individual customer needs by providing an expert knowledge of fish and seafood whilst offering quality fresh, frozen, smoked and “deli” products, and competitive pricing, With bespoke service and reliable next-day deliveries, Stickleback offer the capacity and credibility of a national supplier but with the attention and personal service of a local business.
Business review
2025 was a year of investment in systems and people for The Stickleback Fish Company Limited after our relocation to new Production and Office facilities at the end of 2023. Following the move to state of the art premises, production and distribution processes have been re-shaped to support the company’s growth aspirations, and production management software has been upgraded to increase efficiency and compliance. Revenue for 2025 amounted to £17,855,316 (compared to £14,904,929 in 2024) a growth of 19.8%. 2025 2024 Gross Margin 28.7% 29.9% Capital Investment £123,441 £307,055 Despite investment in new systems and work methods, underlying operating profit has increased from £118,584 to £162,426. The Company’s objective is to leverage the growth opportunities arising from increased production capacity whilst taking advantage of our market’s need for predictable and competitively-priced supply chains in the current economic climate. Stickleback’s lower net cash generated from operating activities reflects expansion in stock and debtors to support the growth that is being achieved. The invoice discounting facility provides a flexible source of funds to finance this growth, and at the period end there was facility headroom in excess of £800,000 which will enable the company’s growth to continue. The business is now operating at a scale where further growth will greatly contribute to profitability. The Company's significant fixed asset base remains unencumbered and the Directors believe that the Company is well positioned to deliver its strategic growth plan. Page 1
THE STICKLEBACK FISH COMPANY LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 27 SEPTEMBER 2025
Principal risks and uncertainties
Liquidity and cashflow are amongst the principal risks of the business and they are actively managed by the directors. Liquidity risk The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet these obligations through operating cashflows, a prudent dividend policy and an extremely effective credit control system. The Company has credit facilities available to support liquidity management. Customer credit risk The Company offers credit terms to many of its customers which allow payment of the debt after the delivery of product. The Company is at risk to the extent that a customer may be unable to pay the debt on a specified date. This risk is mitigated by appropriate credit terms and by maintaining strong customer relationships, vetting credit ratings and by closely monitoring and following up on outstanding debts. Interest rate risk The Company finances operations through a mixture of working capital and other borrowings. The policy of the Company is to ensure sufficient resources are available from operational cash and facilities to ensure all obligations can be met when they fall due. Foreign exchange risk The Company is indirectly exposed to currency exchange rate risk given its supplier base but none of its receivables and very few payables are denominated in non-sterling currencies. The Company does not have or require a contractual hedging policy as at 27 September 2025.
Key performance indicators
The Board meet regularly to consider management accounts and compare actual results and trends against financial objectives and budgets. Management staff continually monitor a range of key performance indicators related to gross profit and efficiency.
Future developments
The principal activity is expected to remain consistent for the foreseeable future, and growth is expected to continue by virtue of improving the quality of customers served and by strengthening strategic partnerships for procurement and sales.
Health and safety, employees and environment
As wholesale fish suppliers, safety and hygiene are extremely important to us. We work closely with our local authority and take great care to ensure that we comply with all legal food safety requirements throughout all aspects of our business operation, using a fully documented Hazard Analysis & Critical Control Points (HACCP) system and a Quality Management System (QMS). Stickleback is an approved fresh fish processor and cold store. We are fully compliant with the Safe and Local Supplier Approval (SALSA) standard. We are proud to hold the Marine Stewardship Chain of Custody Standard and ensure our Food Safety & Quality Policy is subject to constant review. All our Suppliers provide full traceability, and our fish comes from sustainable sources wherever possible. The directors believe that every work-related incident, illness, and injury is preventable. The Company aims to identify, assess, and control occupational health hazards. Every new case of a work-related injury is reported to the Board, including outcomes and corrective action resulting from regular Health and Safety inspections and reviews. Page 2
THE STICKLEBACK FISH COMPANY LIMITED |  |
STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 27 SEPTEMBER 2025
Summary
The Board is pleased with the company’s development and the progress that has been made in 2025, and feels the company is well-placed to grow revenue and profitability in 2026. This report was approved by the board and signed on its behalf.
R S Arnold Director
Date: 4 February 2026
Page 3
THE STICKLEBACK FISH COMPANY LIMITED |  |
DIRECTORS' REPORT FOR THE YEAR ENDED 27 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 27 September 2025.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic report, the 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting 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; 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 to 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.
Results and dividends
The profit for the year, after taxation, amounted to £86,549 (2024 - £59,831). A dividend of £50,000 (2024 - £130,000) was declared and paid during the year.
Directors
The directors who served during the year were:
E Arnold
R S Arnold
F R Emmott
R A Hilson
Matters covered in the Strategic Report
The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report the Information Required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the future developments and financial management sections. Page 4
THE STICKLEBACK FISH COMPANY LIMITED |  |
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 27 SEPTEMBER 2025
Disclosure of information to auditor
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Auditor
The auditor, Menzies LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
R S Arnold Director
Date: 4 February 2026
Unit 1-2 Apex Point
Travellers Lane
Welham Green
Hatfield
Herts
AL9 7HB
Page 5
THE STICKLEBACK FISH COMPANY LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED
Opinion
We have audited the financial statements of The Stickleback Fish Company Limited (the 'Company') for the year ended 27 September 2025, which comprise the Statement of income and retained earnings, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 27 September 2025 and of its profit for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 United Kingdom, including the Financial Reporting Council'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. Page 6
THE STICKLEBACK FISH COMPANY LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED)
Opinion 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 set out on page 4, 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. Page 7
THE STICKLEBACK FISH COMPANY LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED)
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 Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including; ∙The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant, including: −The Companies Act 2006; −Financial Reporting Standard 102; −UK employment legislation; −UK health and safety legislation; −UK tax legislation; −Applicable UK food safety standards and accreditations; and −General Data Protection Regulations. ∙We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. ∙We understood how the Company is complying with those legal and regulatory frameworks by, making enquiries to management, those responsible for legal and compliance procedures and the company secretary. ∙The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognize non-compliance with laws and regulations. The assessment did not identify any issues in this area. ∙We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: −Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; −Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; −Challenging assumptions and judgements made by management in its significant accounting estimates; and −Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. ∙As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: −The application of inappropriate judgements or estimation to manipulate the Company's financial position; −Posting of unusual journals and complex transactions; −The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests. Page 8
THE STICKLEBACK FISH COMPANY LIMITED |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED) Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our 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. Anna Johnston ACA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor Ashcombe House 5 The Crescent Leatherhead Surrey KT22 8DY 4 February 2026 Page 9
THE STICKLEBACK FISH COMPANY LIMITED |  |
STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 27 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 17,855,316 | 14,904,929
Cost of sales |  | (12,724,844) | (10,451,902)
Gross profit |  | 5,130,472 | 4,453,027
Administrative expenses |  | (4,968,046) | (4,334,443)
Operating profit | 5 | 162,426 | 118,584
Interest payable and similar expenses | 9 | (45,330) | (38,144)
Profit before tax |  | 117,096 | 80,440
Tax on profit | 10 | (30,547) | (20,609)
Profit after tax |  | 86,549 | 59,831
Retained earnings at the beginning of the year |  | 876,697 | 946,866
|  | 876,697 | 946,866
Profit for the year |  | 86,549 | 59,831
Dividends declared and paid |  | (50,000) | (130,000)
Retained earnings at the end of the year |  | 913,246 | 876,697
There were no recognised gains and losses for 2025 or 2024 other than those included in the Statement of income and retained earnings.
There was no other comprehensive income for 2025 (2024 - £Nil). The notes on pages 14 to 25 form part of these financial statements.
Page 10
THE STICKLEBACK FISH COMPANY LIMITED REGISTERED NUMBER:05476544 |  |
STATEMENT OF FINANCIAL POSITION AS AT 27 SEPTEMBER 2025
|  | 27 September 2025 |  | 28 September 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 2,034,553 |  | 2,173,372
|  |  | 2,034,553 |  | 2,173,372
Current assets |  |  |  |  |
Stocks | 13 | 880,988 |  | 535,321 |
Debtors: amounts falling due within one year | 14 | 2,462,701 |  | 1,812,865 |
Cash at bank and in hand |  | 20,454 |  | 18,405 |
|  | 3,364,143 |  | 2,366,591 |
Creditors: amounts falling due within one year | 15 | (3,670,674) |  | (2,781,019) |
Net current liabilities |  |  | (306,531) |  | (414,428)
Total assets less current liabilities |  |  | 1,728,022 |  | 1,758,944
Creditors: amounts falling due after more than one year | 16 |  | (253,736) |  | (351,754)
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (235,940) |  | (205,393) |
Other provisions | 19 | (325,000) |  | (325,000) |
|  |  | (560,940) |  | (530,393)
Net assets |  |  | 913,346 |  | 876,797
Capital and reserves |  |  |  |  |
Called up share capital | 20 |  | 100 |  | 100
Profit and loss account | 21 |  | 913,246 |  | 876,697
|  |  | 913,346 |  | 876,797
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
R S Arnold
Director
Date: 4 February 2026
The notes on pages 14 to 25 form part of these financial statements. Page 11
THE STICKLEBACK FISH COMPANY LIMITED |  |
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 27 SEPTEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 86,549 | 59,831
Adjustments for: |  |
Depreciation of tangible assets | 262,260 | 419,574
Profit on disposal of tangible assets | (3,925) | (543)
Interest paid | 45,330 | 38,144
Taxation charge | 30,547 | 20,609
(Increase) in stocks | (345,667) | (116,472)
(Increase) in debtors | (649,836) | (107,030)
Increase/(decrease) in creditors | 577,549 | (66,432)
Net cash generated from operating activities | 2,807 | 247,681
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (123,441) | (307,055)
Sale of tangible fixed assets | 3,925 | 18,795
Net cash from investing activities | (119,516) | (288,260)
Cash flows from financing activities |  |
Repayment of/new finance leases | (102,250) | 47,512
Invoice discounting | 316,338 | 127,451
Dividends paid | (50,000) | (130,000)
Interest paid | (30,465) | (21,607)
HP interest paid | (14,865) | (16,537)
Net cash used in financing activities | 118,758 | 6,819
Net increase/(decrease) in cash and cash equivalents | 2,049 | (33,760)
Cash and cash equivalents at beginning of year | 18,405 | 52,165
Cash and cash equivalents at the end of year | 20,454 | 18,405
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 20,454 | 18,405
| 20,454 | 18,405
Page 12
THE STICKLEBACK FISH COMPANY LIMITED |  |
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 27 SEPTEMBER 2025
| At 28 September 2024 | Cash flows | At 27 September 2025
| £ | £ | £
Cash at bank and in hand | 18,405 | 2,049 | 20,454
Debt due within 1 year | (312,186) | (316,338) | (628,524)
Finance leases | (259,321) | 102,250 | (157,071)
| (553,102) | (212,039) | (765,141)
The notes on pages 14 to 25 form part of these financial statements.
Page 13
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025
1. | General information
The Stickleback Fish Company is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is disclosed on the Company Information page. The financial statements are rounded to the nearest £. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The Company meets its day-to-day working capital requirements through its trading activities and through access to a flexible invoice discounting facility. As at 27 September 2025 the Company had net current liabilities of £306,531 (2024 - £414,428), which is in line with the directors' expectation given significant capital investment in recent periods financed from cash reserves. At the end of the period there was unutilised headroom in excess of £800,000 available within the existing flexible facility, with options to increase this substantially if required. This, together with an unencumbered fixed asset register and expected improvements from profitable trading in the period ending 26 September 2026 gives the directors a confident expectation that the Company has adequate resources to continue in operational existence for at least 12 months from approval of the financial statements. The Company therefore continues to adopt the going concern basis in preparing its financial statements.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentation 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.
| 2.4 | Revenue
Revenue is derived from the provision of wholesale fish to customers and is recognised on the dispatch date of the product to the customer. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Page 14
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.5 | Operating leases: the Company as lessee
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.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | 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 other creditors as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.8 | 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 reporting 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 reporting 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. Page 15
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025 2.Accounting policies (continued)
| 2.8 | Current and deferred taxation (continued)
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 reporting date.
| 2.9 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Leasehold improvements | - | Over the life of the lease
|  |  |  | IT & other assets | - | 3-10 years
|  |  |  | Motor vehicles | - | 4 years
|  |  |  | Equipment | - | 4-10 years
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. During the year ended 27 September 2025, management reassessed the estimated useful lives of certain items of property, plant, and equipment based on updated information regarding expected usage. As a result, the estimated useful lives of these assets were revised. This change has been accounted for as a change in accounting estimate and has been applied prospectively from 1 October 2024. The change resulted in a decrease in depreciation expense of £171,873 for the current period. There was no impact on prior periods.
| 2.10 | 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 weighted average basis. At each reporting 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. Page 16
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 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 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties and investments in ordinary shares.
| 2.13 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. | Judgements in applying accounting policies 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. Critical judgements A provision is made for Dilapidations, this requires management's best estimate of the expenditure that will be incurred based on contractual requirements. In addition, the timing of the cash flows and the discount rates used to establish the net present value of the obligations require management's judgement. Estimation uncertainty The Company makes an estimation on the useful life of assets in order to determine the rates of depreciation. During the year ended 27 September 2025, management reassessed the estimated useful lives of certain items of property, plant, and equipment based on updated information regarding expected usage. As a result, the estimated useful lives of these assets were revised. This change has been accounted for as a change in accounting estimate and has been applied prospectively from 1 October 2024.
4. | Turnover
All turnover is attributable to the principal activity of the business, which arose in the United Kingdom. Page 17
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025
5. | Operating profit
| The operating profit is stated after charging/(crediting):
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on sale of tangible fixed assets | (3,925) | (543)
| Exchange differences | 89 | -
| Motor vehicle leases | 27,347 | 43,873
| Other operating lease rentals | 269,624 | 271,184
| Depreciation | 262,260 | 419,574
6. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 28,460 | 27,900
7. | Employees
| Staff costs, including the directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,842,212 | 2,412,003
| Social security costs | 325,007 | 235,430
| Cost of defined contribution scheme | 49,436 | 41,109
|  | 3,216,655 | 2,688,542
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 34 | 28
|  | Selling and distribution | 31 | 32
|  | Administration | 18 | 19
|  |  | 83 | 79
Page 18
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025
8. | Directors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 270,800 | 226,245
| Company contributions to defined contribution pension schemes | 1,321 | 1,321
|  | 272,121 | 227,566
| During the year retirement benefits were accruing to 1 director (2024 - 1) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £131,770 (2024 - £154,784).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2024 - £1,321).
9. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other loan interest payable | 30,465 | 21,607
| Finance leases and hire purchase contracts | 14,865 | 16,537
|  | 45,330 | 38,144
10. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Total current tax | - | -
| Deferred tax |  |
| Origination and reversal of timing differences | 30,547 | 20,609
| Total deferred tax | 30,547 | 20,609
|  | 30,547 | 20,609
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THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025 10.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 117,096 | 80,440
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 -25%) | 29,274 | 20,110
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 1,273 | 313
| Other permanent differences | - | 186
| Total tax charge for the year | 30,547 | 20,609
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
11. | Dividends
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 50,000 | 130,000
|  | 50,000 | 130,000
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THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025
12. | Tangible fixed assets
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 28 September 2024 | 1,908,770 | 441,187 | 520,255 | 252,022 | 3,122,234
| Additions | 107,088 | 6,473 | - | 9,880 | 123,441
| Disposals | - | - | (188,624) | - | (188,624)
| At 27 September 2025 | 2,015,858 | 447,660 | 331,631 | 261,902 | 3,057,051
| Depreciation |  |  |  |  |
| At 28 September 2024 | 207,585 | 186,760 | 357,886 | 196,631 | 948,862
| Charge for the year | 109,552 | 37,675 | 93,153 | 21,880 | 262,260
| Disposals | - | - | (188,624) | - | (188,624)
| At 27 September 2025 | 317,137 | 224,435 | 262,415 | 218,511 | 1,022,498
| Net book value |  |  |  |  |
| At 27 September 2025 | 1,698,721 | 223,225 | 69,216 | 43,391 | 2,034,553
| At 28 September 2024 | 1,701,185 | 254,427 | 162,369 | 55,391 | 2,173,372
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 69,216 | 162,370
| Plant and machinery | 150,368 | 168,317
|  | 219,584 | 330,687
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THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025
13. | Stocks
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
| Raw materials | 880,988 | 535,321
|  | 880,988 | 535,321
14. | Debtors
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
| Trade debtors | 2,217,053 | 1,519,754
| Other debtors | 91,821 | 70,498
| Prepayments and accrued income | 153,827 | 222,613
|  | 2,462,701 | 1,812,865
| The Company has an invoice discounting facility in place with The Royal Bank of Scotland, which is secured against the Company's trade debtors.
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
| Trade creditors | 2,504,819 | 2,047,048
| Other taxation and social security | 69,135 | 58,558
| Obligations under finance lease and hire purchase contracts | 69,096 | 87,954
| Other creditors | 934,008 | 526,931
| Accruals and deferred income | 93,616 | 60,528
|  | 3,670,674 | 2,781,019
| Included within other creditors is an amount attributable to an invoice discounting facility of £628,524 (2024 - £312,186). The Royal Bank of Scotland holds a fixed and floating charge in relation to the invoice discounting facility with The Stickleback Fish Company Limited, which is secured against the assets and undertakings of the Company.
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THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 87,975 | 171,367
| Accruals and deferred income | 165,761 | 180,387
|  | 253,736 | 351,754
17. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
| Within one year | 69,096 | 87,954
| Between 1-5 years | 87,975 | 171,367
|  | 157,071 | 259,321
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (205,393)
| Charged to profit or loss | (30,547)
| At end of year | (235,940)
Page 23
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025 18.Deferred taxation (continued)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (405,732) | (441,184)
| Tax losses carried forward | 164,515 | 234,075
| Short term timing differences | 5,277 | 1,716
|  | (235,940) | (205,393)
19. | Provisions
|  | Dilapidations
|  | £
| At 28 September 2024 | 325,000
| At 27 September 2025 | 325,000
| This provision is in relation to costs of carrying out work to remove and reinstate additions or alterations to the leasehold property at the end of the lease term.
20. | Called up share capital
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 200 (2024 - 200) Ordinary shares of £0.50 each | 100 | 100
| Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.
21. | Reserves
Profit and loss account The profit and loss account reserve records retained earnings and accumulated losses. Page 24
THE STICKLEBACK FISH COMPANY LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 27 SEPTEMBER 2025
22. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totaling £21,109 (2024 - £18,349) were payable to the fund at the reporting date and are included in creditors.
23. | Commitments under operating leases
| At 27 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 27 September 2025 | 28 September 2024
|  |  |  |  | £ | £
| Not later than 1 year | 375,150 | 375,149
| Later than 1 year and not later than 5 years | 1,780,302 | 1,780,303
| Later than 5 years | 1,924,782 | 2,185,856
|  | 4,080,234 | 4,341,308
24. | Post balance sheet events
Subsequent to the year-end, the company issued 50 class A ordinary shares with an aggregate value of £25. All shares were fully allotted to an employee of the company. As of 14 November 2025, there is considered to be no ultimate controlling party.
25. | Controlling party
The controlling party during the year is the director, R S Arnold, by virtue of a majority shareholding.
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