ACCOUNTS - Final Accounts preparation

OPERATING PROFIT

The operating profit is stated after charging:

Registered number: 05850222

FLYINGFISH SEAFOODS COMPANY LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FLYINGFISH SEAFOODS COMPANY LIMITED

COMPANY INFORMATION

DIRECTORS	Mr J Godden
	Mr A Morgan (appointed 18 March 2025)


REGISTERED NUMBER	05850222


REGISTERED OFFICE	Old School Industrial Park
	Moorland Road
	Indian Queens
	Cornwall
	TR9 6JP


INDEPENDENT AUDITORS	Bishop Fleming Audit Limited
	Chartered Accountants & Statutory Auditors
	Chy Nyverow
	Newham Road
	Truro
	Cornwall
	TR1 2DP

FLYINGFISH SEAFOODS COMPANY LIMITED

CONTENTS

	Page
Strategic report	1
Directors' report	2 - 3
Directors' responsibilities statement	4
Independent auditors' report	5 - 8
Statement of income and retained earnings	9
Statement of financial position	10
Notes to the financial statements	11 - 23

FLYINGFISH SEAFOODS COMPANY LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

INTRODUCTION

The directors present their strategic review for the year ended 31 July 2025.

BUSINESS REVIEW

The directors and staff of the company aim to share their passion for fish and seafood products with their customers, supplying quality products at competitive prices.
The results for the year show a pre-tax profit of £692,073 (2024: £999,393) and sales of £22,813,607 (2024: £22,183,934).

PRINCIPAL RISKS AND UNCERTAINTIES

Ordinarily, the main risk to the company is the supply of fish. The directors seek to mitigate this risk by ensuring that the company has a good relationship with key suppliers and paying them promptly.

FINANCIAL KEY PERFORMANCE INDICATORS

The key performance indicators are the gross profit margin and wage costs as a percentage of sales. These are prepared on a monthly basis and monitored by the directors.

This report was approved by the board on 15 April 2026 and signed on its behalf.

Mr J Godden

Director

Page 1

FLYINGFISH SEAFOODS COMPANY LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 JULY 2025

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

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £453,949 (2024: £835,575).

Dividends of £524,400 (2024: £447,890) were declared during the year and no further dividends were proposed.

DIRECTORS

The directors who served during the year were:

Mr J Godden

Mr A Morgan (appointed 18 March 2025)

FUTURE DEVELOPMENTS

The Board of Directors has been strengthened during the year by the addition of Alun Morgan who has great experience in managing processes and change.
A full review has now been undertaken of the distribution network and substantial efficiencies are anticipated in the near future.
The company is continuing to expand by increasing its geographical customer base.

DISCLOSURE OF INFORMATION TO AUDITORS

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 auditors are 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 auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 2

FLYINGFISH SEAFOODS COMPANY LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2025

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

Mr J Godden

Director

Date: 15 April 2026

Old School Industrial Park

Moorland Road

Indian Queens

Cornwall

TR9 6JP

Page 3

FLYINGFISH SEAFOODS COMPANY LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

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 judgments and accounting estimates that are reasonable and prudent;

∙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.

Page 4

FLYINGFISH SEAFOODS COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED

OPINION

We have audited the financial statements of Flyingfish Seafoods Company Limited (the 'Company') for the year ended 31 July 2025, which comprise the Statement of income and retained earnings, the Statement of financial position 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 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 July 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 Auditors' 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 Directors' Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Directors' 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 5

FLYINGFISH SEAFOODS COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS 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 6

FLYINGFISH SEAFOODS COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED (CONTINUED)

AUDITORS' 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 Auditors' 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:

∙We have considered the nature of the industry and sector, control environment and business performance

∙We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities;

∙Any matters identified having obtained and reviewed the company's documentation of their policies and procedures relating to:

°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;

°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

°We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

∙As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition occurrence.

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls.
We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or avoid a material penalty. These included food safety regulations, data protection regulations, occupational health and safety regulations and employment legislation.
Our procedures to respond to the risks identified included the following:

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

∙Enquiring of management concerning actual and potential litigation and claims;

∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and

∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments, assessing whether the judgments made in making accounting

Page 7

FLYINGFISH SEAFOODS COMPANY LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED (CONTINUED)

estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Auditors' 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Oliver FCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming Audit Limited

Chartered Accountants

Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP

21 April 2026

Page 8

FLYINGFISH SEAFOODS COMPANY LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 JULY 2025

	2025	2024
Note	£	£


Turnover	4	22,813,607	22,183,934
Cost of sales		(14,538,525)	(14,038,208)
Gross profit		8,275,082	8,145,726
Distribution costs		(1,009,909)	(947,473)
Administrative expenses		(6,569,881)	(6,170,581)
Other operating income	5	14,703	9,206
Operating profit	6	709,995	1,036,878
Interest receivable and similar income		1,025	-
Interest payable and similar expenses	11	(18,947)	(37,485)
Profit before tax		692,073	999,393
Tax on profit	12	(238,124)	(163,818)
Profit after tax		453,949	835,575



Retained earnings at the beginning of the year	4,077,669	3,689,984
	4,077,669	3,689,984
Profit for the year	453,949	835,575
Dividends declared and paid	(524,400)	(447,890)
Retained earnings at the end of the year	4,007,218	4,077,669

The notes on pages 11 to 23 form part of these financial statements.

Page 9

FLYINGFISH SEAFOODS COMPANY LIMITED

REGISTERED NUMBER:05850222

STATEMENT OF FINANCIAL POSITION

AS AT 31 JULY 2025

		2025		2024
Note		£		£

Fixed assets
Tangible assets	14		2,450,400		2,680,109
			2,450,400		2,680,109
Current assets
Stocks	15	354,002		238,681
Debtors: amounts falling due within one year	16	3,384,916		2,935,723
Cash at bank and in hand	17	686,114		137,223
		4,425,032		3,311,627
Creditors: amounts falling due within one year	18	(2,399,598)		(1,306,214)
Net current assets			2,025,434		2,005,413
Total assets less current liabilities			4,475,834		4,685,522
Creditors: amounts falling due after more than one year	19		(1,086)		(109,075)
Provisions for liabilities
Deferred tax	21		(465,964)		(497,212)
Net assets			4,008,784		4,079,235

Capital and reserves
Called up share capital	22	1,566	1,566
Profit and loss account		4,007,218	4,077,669
		4,008,784	4,079,235

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr J Godden

Director

Date: 15 April 2026

The notes on pages 11 to 23 form part of these financial statements.

Page 10

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1.	GENERAL INFORMATION

Flyingfish Seafoods Company Limited (company number 05850222) is a private limited liability company incorporated and registered in England. The registered office is Old School Industrial Park, Moorland Road, Indian Queens, Cornwall, TR9 6JP.

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 judgment in applying the Company's accounting policies (see note 3).

The financial statements use British Pounds Sterling as the presentational currency, and are rounded to the nearest £1 throughout.

The following principal accounting policies have been applied:

2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of J R G Properties (Cornwall) Limited as at 31 July 2025 and these financial statements may be obtained from Companies House.

2.3

GOING CONCERN

The company has a business continuity plan in place which is aimed to reduce the impact of any unforeseen events.
The risk has been assessed by the directors and they believe there are more than sufficient financial resources available. The directors have concluded it is appropriate that the financial statements have been prepared on a going concern basis. The director's assumptions and outlook is supported by post balance sheet events.
The financial statements do not reflect the adjustments that would be necessary should the long term ability of the company to trade be jeopardised. Current circumstances clearly demonstrate that no such adjustments will be necessary and that the company can continue to trade successfully even at a much reduced level.

Page 11

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.ACCOUNTING POLICIES (continued)

2.4

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.7

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.

2.8

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 12

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.ACCOUNTING POLICIES (continued)

2.9

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.

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.

2.10

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, on either the reducing balance basis or the straight-line basis.

Depreciation is provided on the following basis:

Short-term leasehold property	-	10 years straight line
Plant and machinery	-	15% reducing balance
Motor vehicles	-	25% straight line
Fixtures and fittings	-	10% reducing balance
Computer equipment	-	3 years straight line

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.

Page 13

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

2.ACCOUNTING POLICIES (continued)

2.11

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 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.

2.12

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.

2.13

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.

2.14

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.

2.15

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.

2.16

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, loans to related parties and investments in ordinary shares.

2.17

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.

Page 14

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgments and estimates have been identified in preparing the financial statements.

TURNOVER

All turnover arose within the United Kingdom.

5.	OTHER OPERATING INCOME
		2025	2024
		£	£

	Sundry income	14,703	9,206

	Other operating lease rentals	149,238	145,476
	Depreciation of tangible fixed assets	669,982	656,874

Fees payable to the Company's auditors for the audit of the Company's financial statements

24,350

23,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 15

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Wages and salaries	4,030,102	3,798,029
Social security costs	422,417	342,593
Cost of defined contribution scheme	151,228	118,955
	4,603,747	4,259,577

The average monthly number of employees, including the directors, during the year was as follows:

	2025	2024
	No.	No.

Management	34	39
Operations	95	88

	129	127

9.	DIRECTORS' REMUNERATION
		2025	2024
		£	£

Directors' emoluments	33,944	17,107
Company contributions to defined contribution pension schemes	9,800	10,000
	43,744	27,107

During the year retirement benefits were accruing to 1 director (2024: NIL) in respect of defined contribution pension schemes.

10.	INTEREST RECEIVABLE
		2025	2024
		£	£

Other interest receivable

1,025

Page 16

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

11.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2025	2024
		£	£

Bank interest payable	-	14,107
Finance leases and hire purchase contracts	18,947	23,378
	18,947	37,485

CORPORATION TAX
Current tax on profits for the year	252,112	255,915
Adjustments in respect of previous periods	17,260	(126,261)
	269,372	129,654

TOTAL CURRENT TAX	269,372	129,654

DEFERRED TAX
Origination and reversal of timing differences	(31,248)	34,164
TOTAL DEFERRED TAX	(31,248)	34,164


	TAX ON PROFIT	238,124	163,818

Page 17

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

12.TAXATION (CONTINUED)

Profit on ordinary activities before tax

692,073

999,393

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)	173,018	249,848
EFFECTS OF:
Expenses not deductible for tax purposes	25,722	38,829
Fixed asset differences	22,124	1,402
Adjustments to tax charge in respect of prior periods	17,260	(126,261)
TOTAL TAX CHARGE FOR THE YEAR	238,124	163,818

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

13.	DIVIDENDS
		2025	2024
		£	£

Dividends paid on equity capital

524,400

447,890

Page 18

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025

	14.	TANGIBLE FIXED ASSETS

	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Website	Total
	£	£	£	£	£	£
COST OR VALUATION
At 1 August 2024	2,219,117	568,400	1,882,261	299,706	13,764	4,983,248
Additions	-	42,279	381,679	27,461	-	451,419
Disposals	-	-	(141,216)	-	-	(141,216)
At 31 July 2025	2,219,117	610,679	2,122,724	327,167	13,764	5,293,451
DEPRECIATION
At 1 August 2024	1,071,216	253,840	871,783	99,166	7,134	2,303,139
Charge for the year on owned assets	198,457	47,621	141,974	20,820	3,060	411,932
Charge for the year on financed assets	-	-	258,050	-	-	258,050
Disposals	-	-	(130,070)	-	-	(130,070)
At 31 July 2025	1,269,673	301,461	1,141,737	119,986	10,194	2,843,051
NET BOOK VALUE
At 31 July 2025	949,444	309,218	980,987	207,181	3,570	2,450,400
At 31 July 2024	1,147,901	314,560	1,010,478	200,540	6,630	2,680,109

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FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

14.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2025	2024
	£	£


	Motor vehicles	109,074	308,527

15.	STOCKS
		2025	2024
		£	£

	Finished goods and goods for resale	354,002	238,681

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FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

16.

DEBTORS

					2025	2024
					£	£


Trade debtors	2,903,174	2,366,289
Other debtors	272,196	395,243
Prepayments and accrued income	209,546	174,191
	3,384,916	2,935,723

17.	CASH AND CASH EQUIVALENTS
		2025	2024
		£	£

	Cash at bank and in hand	686,114	137,223

18.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2025	2024
		£	£

Trade creditors	1,108,528	884,006
Corporation tax	124,154	-
Other taxation and social security	84,996	64,959
Obligations under finance lease and hire purchase contracts	107,988	199,452
Other creditors	711,303	20,267
Accruals and deferred income	262,629	137,530
	2,399,598	1,306,214

Included within other creditors at 31 July 2025 is a balance of £685,533 regarding invoice financing. At 31 July 2024, the equivalent balance totalled £164,166 and was included within other debtors.

19.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		2025	2024
		£	£

	Net obligations under finance leases and hire purchase contracts	1,086	109,075

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FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Within one year	107,988	199,452
Between 1-5 years	1,086	109,075
	109,074	308,527

21.	DEFERRED TAXATION

		2025
		£

	At beginning of year	(497,212)
	Charged to profit or loss	31,248
	AT END OF YEAR	(465,964)

The provision for deferred taxation is made up as follows:
	2025	2024
	£	£

Accelerated capital allowances

(465,964)

(497,212)

22.	SHARE CAPITAL
		2025	2024
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

1,380 (2024: 1,380) Ordinary shares of £1.00 each	1,380	1,380
186 (2024: 186) Ordinary A shares of £1.00 each	186	186

	1,566	1,566

Ordinary A shares have no rights to dividends or voting rights attached to them.

23.	PENSION COMMITMENTS

The company operates a defined contributions pension scheme. the pension cost charge for the year was £151,228 (2024: £118,955). Contributions totaling £Nil (2024: £Nil) were payable to the fund at the balance sheet date and are included in creditors.

Page 22

FLYINGFISH SEAFOODS COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Not later than 1 year	133,152	133,152
Later than 1 year and not later than 5 years	478,586	501,737
Later than 5 years	861,666	971,667
	1,473,404	1,606,556

25.

RELATED PARTY TRANSACTIONS

In the year the company paid rent of £110,000 (2024: £110,000) to JRG Properties (Cornwall) Limited. An amount of £15,024 was owed to Flyingfish Seafoods Company Limited at 31 July 2025 (2024: £14,805 was owed to J R G Properties (Cornwall) Limited).
At the year end, £10,844 was owed to Mr J Godden by the company (2024: £9,745).
Key management personnel
The total remuneration paid to Key Management Personnel was £379,373 (2024: £400,809).

26.	CONTROLLING PARTY

During the year the company was under the control of J R G Properties (Cornwall) Limited.
J R G Properties (Cornwall) Limited is the immediate and ultimate parent undertaking and controlling party. The consolidated financial statements of J R G Properties (Cornwall) Limited may be obtained from Companies House.

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