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Registered number: 12699528 SALPEN LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 30 NOVEMBER 2025
SALPEN LIMITED REGISTERED NUMBER: 12699528 STATEMENT OF FINANCIAL POSITION AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 715,535 |  | 740,752
|  |  | 715,535 |  | 740,752
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 45,936 |  | 30,773 |
Cash at bank and in hand |  | 20,229 |  | 10,318 |
|  | 66,165 |  | 41,091 |
Creditors: amounts falling due within one year | 6 | (117,827) |  | (75,989) |
Net current liabilities |  |  | (51,662) |  | (34,898)
Total assets less current liabilities |  |  | 663,873 |  | 705,854
Net assets |  |  | 663,873 |  | 705,854
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 750,000 |  | 750,000
Profit and loss account |  |  | (86,127) |  | (44,146)
|  |  | 663,873 |  | 705,854
Page 1
SALPEN LIMITED REGISTERED NUMBER: 12699528 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 NOVEMBER 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
................................................ S J Appleby
Director
Date: 3 July 2026
The notes on pages 3 to 9 form part of these financial statements. Page 2
SALPEN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | General information
Salpen Limited is a private company limited by shares and incorporated in England and Wales, registration number 12699528. The registered office is Progress Way, Mid Suffolk Business Park, Langton Green, Eye, Suffolk, IP23 7HU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
| 2.2 | Going concern
The Directors have considered the Company’s position at the time of signing the financial statements, and in particular the effects on the Company of the wider economy. As part of their assessment, they have taken into consideration a number of possible trading performance, profitability and cash flow scenarios. Based on this and the on-going support of the Directors, the Directors have concluded that they have a reasonable expectation that the Company will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements. Page 3
SALPEN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.3 | Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Sale of goods Turnover 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 turnover 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. Rendering of services Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method. Page 4
SALPEN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.5 | 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.
| 2.6 | 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 and reducing balance methods. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 2% | straight line
|  |  |  | Fixtures & fittings | - | 25% | reducing balance
|  |  |  | Office equipment | - | 25% | 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 5
SALPEN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.Accounting policies (continued)
| 2.7 | 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.
| 2.8 | 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.
| 2.9 | 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.
| 2.10 | Financial instruments
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
3. | Employees
| The average monthly number of employees, including directors, during the year was 3 (2024 - 3).
Page 6
SALPEN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
4. | Tangible fixed assets
|  | Freehold property | Fixtures & fittings | Office equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 December 2024 | 749,999 | 66,615 | 1,728 | 818,342
| Additions | - | - | 2,975 | 2,975
| At 30 November 2025 | 749,999 | 66,615 | 4,703 | 821,317
| Depreciation |  |  |  |
| At 1 December 2024 | 60,000 | 16,654 | 936 | 77,590
| Charge for the year on owned assets | 15,000 | 12,490 | 702 | 28,192
| At 30 November 2025 | 75,000 | 29,144 | 1,638 | 105,782
| Net book value |  |  |  |
| At 30 November 2025 | 674,999 | 37,471 | 3,065 | 715,535
| At 30 November 2024 | 689,999 | 49,961 | 792 | 740,752
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 12,502 | 6,549
| Amounts owed by group undertakings | - | 100
| Amounts owed by associates | 11,817 | 13,264
| Other debtors | 10 | -
| Prepayments and accrued income | 10,853 | 7,211
| Tax recoverable | - | 581
| Deferred taxation | 10,754 | 3,068
|  | 45,936 | 30,773
Page 7
SALPEN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 16,079 | 10,114
| Amounts owed to associates | - | 17,759
| Other taxation and social security | 1,936 | 4,641
| Other creditors | 93,937 | 39,480
| Accruals and deferred income | 5,875 | 3,995
|  | 117,827 | 75,989
7. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 3,068
| Charged to profit or loss | 7,686
| At end of year | 10,754
| The deferred tax asset is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 4,581 | 2,966
| Tax losses carried forward | 6,173 | 102
|  | 10,754 | 3,068
Page 8
SALPEN LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
8. | Related party transactions
| At the year end and included in other creditors is an amount owed to the directors by the company amounting to £93,937 (2024: 39,448). The company is a group undertaking of Salpen Holdings Limited. No transactions have been disclosed in relation to Salpen Holdings Limited, in line with the exemption contained within the Financial Reporting Standard 8. Included in debtors at the year end date is a balance of £11,817 (2024: £13,264) owed from Langtons Limited, a company of which S J Appleby and S P Appleby are also directors and controlling shareholders. Included in creditors at the year end date is a balance of £Nil (2024: £17,759) owed to B & M Seafoods Limited, a company of which S J Appleby and S P Appleby are also directors and controlling shareholders.
Page 9