Interfish Limited - Limited company accounts 25.1

REGISTERED NUMBER: 01334260 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2025

for

Interfish Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Balance Sheet

11

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

18

DIRECTORS:

J J Colam

A C Pillar

L G Colam

SECRETARY:

Mrs R A Colam

REGISTERED OFFICE:

Reedham House

31 King Street West

Manchester

M3 2PJ

BUSINESS ADDRESS:

Wallsend Industrial Estate

Cattedown Road

Cattedown

Plymouth

Devon

PL4 0RW

REGISTERED NUMBER:

01334260 (England and Wales)

AUDITORS:

Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

The directors present their strategic report of the company and the group for the year ended 31 December 2025.

Business Review

The principal activities of the group continue to be that of fishing, vessel ownership, fish processing and export.

Fishing activities have concluded as planned throughout 2025.

The results for the year and the financial position of the group are shown in the annexed financial statements.

The group regard the KPIs as turnover and profitability both of which are stated in the financial statements.

The principal risks and uncertainties affecting the business are foreign currency exchange, raw material and energy prices and the actions of regulatory authorities. All these are closely monitored by the directors.

Long Term Position

The group is committed to long term involvement in the fishing industry and to long term sustainable fisheries.

Environment and Community

The directors continue to pay close attention to the environmental impact on their operations by making sure that the group operate in the most efficient manner, and by investing in renewable sources of energy and energy reduction across the group.

Business Relationships

The directors believe that the success of the group is based on long term relationships with both customers and suppliers. These contracts have been nurtured over many years and have been built on business conduct that seeks to enhance our reputation at all times.

Employees

The directors take steps to ensure high safety and welfare standards are maintained for all group personnel and provide training and support for career progression.

ON BEHALF OF THE BOARD:

J J Colam - Director

16 September 2026

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2025.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

J J Colam

A C Pillar

L G Colam

DISABLED EMPLOYEES

The company and group gives full and fair consideration to applications for employment from disabled people having regard to their particular aptitudes and abilities. Efforts are made to continue the employment of those who became disabled during employment, and training, career development and promotions, as far as possible, identical for all employees in accordance with their skills and abilities.

EMPLOYEE INVOLVEMENT

The company and the group also share a policy of communicating and consulting with its managers and employees to ensure their active involvement. Regular meetings are held between management and employees to allow a free flow of information and ideas.

STREAMLINED ENERGY AND CARBON REPORTING

The Companies Act 2006 (Directors' report) Regulation 2018 requires Interfish Limited to disclose annual energy consumption and greenhouse gas emissions (GHG).

The Government Environmental Guidelines have been followed in conjuction with the GHG protocol Corporate Accounting and Reporting Standard, using the 2025 Government conversion factors.

The table below details the SECR-regulated energy and GHG emissions:

2025

2024

Energy (mWh)

Natural gas

3,860

3,508

Electricity

12,919

11.601

Boat gas oil

38,188

42,385

Group vehicles

1,030

4,055

Total energy

55,997

61,550

Emissions (tCO2e)

Natural gas

Scope 1

782

711

Electricity

Scope 2

2,287

2,402

Boat gas oil

Scope 1

9,984

11,082

Group vehicles

Scope 1

250

961

Total

13,303

15,156

Emission intensity ratio (tCO2e)/£m turnover

96

139

Interfish Limited is committed to reducing its environmental impact and continues to seek ways of continuous efficiency improvements associated with electricity, gas, water and refrigerants.

This activity is coupled with investment in renewable energy and monitoring future opportunities in this area.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

J J Colam - Director

16 September 2026

Opinion

We have audited the financial statements of Interfish Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, 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 group's and of the parent company affairs as at 31 December 2025 and of the group's 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 group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 Statement of Directors' Responsibilities set out on page four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

Identifying and assessing potential risks to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

-

the nature of the industry and sector, control environment and business performance;

-

results of enquiries of management about their own identification and assessment of the risks of irregularities;

-

any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures
relating to:

-

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
noncompliance;

-

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;

-

the matters discussed among the audit engagement team and involving other internal specialists including tax 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. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risks of management override.

We 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 the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

Our procedures to respond to 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;

-

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;

-

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or
non-recognition of tax provisions; and

-

in addressing the risks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting 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 risks to all engagement team members, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 a Report of the Auditors 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.

I Sluckis BA FCA (Senior Statutory Auditor)

for and on behalf of Freedman Frankl & Taylor

Statutory Auditors

Chartered Accountants

Reedham House

31 King Street West

Manchester

M3 2PJ

22 September 2026

TURNOVER

3

139,535

109,392

Cost of sales

(94,063

)

(74,942

)

GROSS PROFIT

45,472

34,450

Administrative expenses

(12,217

)

(13,183

)

33,255

21,267

Other operating income

330

294

GROUP OPERATING PROFIT

5

33,585

21,561

Share of operating profit in

Joint ventures

7,126

3,849

Income from fixed asset investments

33

-

Interest receivable and similar income

639

357

41,383

25,767

Interest payable and similar expenses

6

(51

)

(142

)

PROFIT BEFORE TAXATION

41,332

25,625

Tax on profit

7

(10,710

)

(6,833

)

PROFIT FOR THE FINANCIAL YEAR

30,622

18,792

Profit attributable to:

Owners of the parent

28,225

17,190

Non-controlling interests

2,397

1,602

30,622

18,792

PROFIT FOR THE YEAR

30,622

18,792

OTHER COMPREHENSIVE INCOME

Revaluation reserve to deferred tax

Revaluation reserve from Non-controlling

3

2

interest

Income tax relating to other comprehensive
income

21

OTHER COMPREHENSIVE INCOME FOR
THE YEAR, NET OF INCOME TAX

24

23

TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

30,646

18,815

Total comprehensive income attributable to:

Owners of the parent

28,252

17,216

Non-controlling interests

2,394

1,599

30,646

18,815

FIXED ASSETS

Intangible assets

9

87,718

88,575

Tangible assets

10

80,297

78,535

Investments

11

Interest in joint venture

Share of gross assets

17,458

17,432

Share of gross liabilities

(239

)

(359

)

17,219

17,073

Other investments

195

197

185,429

184,380

CURRENT ASSETS

Stocks

12

37,573

20,105

Debtors

13

19,880

11,272

Cash at bank

29,398

27,682

86,851

59,059

CREDITORS

Amounts falling due within one year

14

(15,086

)

(16,343

)

NET CURRENT ASSETS

71,765

42,716

TOTAL ASSETS LESS CURRENT
LIABILITIES

257,194

227,096

CREDITORS

Amounts falling due after more than one year

15

(618

)

(836

)

PROVISIONS FOR LIABILITIES

18

(18,646

)

(17,150

)

NET ASSETS

237,930

209,110

CAPITAL AND RESERVES

Called up share capital

19

29

Revaluation reserve

20

1,641

1,699

Capital redemption reserve

20

29

Retained earnings

20

224,716

196,409

SHAREHOLDERS' FUNDS

226,415

198,166

NON-CONTROLLING INTERESTS

21

11,515

10,944

TOTAL EQUITY

237,930

209,110

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

J J Colam - Director

FIXED ASSETS

Intangible assets

9

5,363

Tangible assets

10

15,185

14,046

Investments

11

78,441

78,443

98,989

97,852

CURRENT ASSETS

Stocks

12

22,783

6,667

Debtors

13

35,082

33,478

Cash at bank

23,987

14,995

81,852

55,140

CREDITORS

Amounts falling due within one year

14

(7,858

)

(3,885

)

NET CURRENT ASSETS

73,994

51,255

TOTAL ASSETS LESS CURRENT
LIABILITIES

172,983

149,107

CREDITORS

Amounts falling due after more than one year

15

(254

)

(441

)

PROVISIONS FOR LIABILITIES

18

(4,085

)

(3,703

)

NET ASSETS

168,644

144,963

CAPITAL AND RESERVES

Called up share capital

19

29

Revaluation reserve

20

115

127

Capital redemption reserve

20

29

Retained earnings

20

168,471

144,778

SHAREHOLDERS' FUNDS

168,644

144,963

Company's profit for the financial year

23,676

9,873

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2026 and were signed on its behalf by:

J J Colam - Director

Called up

share

Retained

Revaluation

capital

earnings

reserve

£'000

Balance at 1 January 2024

29

180,704

1,759

Changes in equity

Total comprehensive income

-

17,273

(60

)

Acquisition of non-controlling interest

-

(1,568

)

-

Balance at 31 December 2024

29

196,409

1,699

Changes in equity

Total comprehensive income

-

28,307

(58

)

Balance at 31 December 2025

29

224,716

1,641

Capital

redemption

Non-controlling

Total

reserve

Total

interests

equity

£'000

Balance at 1 January 2024

29

182,521

12,277

194,798

Changes in equity

Dividends

-

(1,057

)

(1,057

)

Total comprehensive income

-

17,213

1,599

18,812

Acquisition of non-controlling interest

-

(1,568

)

(1,875

)

(3,443

)

Balance at 31 December 2024

29

198,166

10,944

209,110

Changes in equity

Dividends

-

(1,823

)

(1,823

)

Total comprehensive income

-

28,249

2,394

30,643

Balance at 31 December 2025

29

226,415

11,515

237,930

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

equity

£'000

Balance at 1 January 2024

29

134,886

141

29

135,085

Changes in equity

Total comprehensive income

-

9,892

(14

)

-

9,878

Balance at 31 December 2024

29

144,778

127

29

144,963

Changes in equity

Total comprehensive income

-

23,693

(12

)

-

23,681

Balance at 31 December 2025

29

168,471

115

29

168,644

Cash flows from operating activities

Cash generated from operations

1

22,324

26,652

Interest paid

(51

)

(142

)

Tax paid

(12,535

)

(2,903

)

Net cash from operating activities

9,738

23,607

Cash flows from investing activities

Purchase of intangible fixed assets

(96

)

(1,292

)

Purchase of tangible fixed assets

(6,700

)

(10,622

)

(Increase)/decrease in investments

(146

)

(807

)

Sale of tangible fixed assets

53

1,369

Sale of fixed asset investments

2

-

Interest received

639

357

Dividends received

33

-

Net cash from investing activities

(6,215

)

(10,995

)

Cash flows from financing activities

Capital repayments in year

-

(9

)

Amount introduced by directors

15

Acquisition of non-controlling interest

-

(3,443

)

Dividends paid non-controlling interests

(1,822

)

(1,057

)

Net cash from financing activities

(1,807

)

(4,494

)

Increase in cash and cash equivalents

1,716

8,118

Cash and cash equivalents at beginning of
year

2

27,682

19,564

Cash and cash equivalents at end of year

2

29,398

27,682

1.	RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£'000

Profit before taxation

41,332

25,625

Depreciation charges

4,839

4,585

Loss/(profit) on disposal of fixed assets

46

(1,367

)

Amortisation of goodwill

953

Finance costs

51

142

Finance income

(672

)

(357

)

46,549

29,581

Increase in stocks

(17,468

)

(5,122

)

Increase in trade and other debtors

(8,608

)

(252

)

Increase in trade and other creditors

1,851

2,445

Cash generated from operations

22,324

26,652

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

£'000

Cash and cash equivalents

29,398

27,682

Year ended 31 December 2024

31.12.24

1.1.24

£'000

Cash and cash equivalents

27,682

19,564

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.25

Cash flow

At 31.12.25

£'000

Net cash

Cash at bank and in hand

27,682

1,716

29,398

27,682

1,716

29,398

Total

27,682

1,716

29,398

1.	STATUTORY INFORMATION

Interfish Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standards applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statement have been prepared under the historical cost convention, except for certain assets which are stated at valuation. Profit or losses arising on the disposal of items stated at valuation are determined by reference to the difference between the valuation and the sale proceeds.

Reduced Disclosure Exemptions

-

Only one reconciliation of the number of shares outstanding at the beginning and end of the period has been
presented as the reconciliations for the group and the parent company would be identical.

-

No cash flow statement has been presented for the parent company;

-

No disclosure has been given for the aggregate remuneration of the key management personnel of the parent
company as their remuneration is included in the totals for the group as a whole.

Basis of consolidation

The group financial statements include the financial statements of the company and all of its subsidiary undertakings, associated undertakings and qualifying partnership.

Negative goodwill, which represents the excess of the fair value of the net assets acquired over the purchase consideration for the shares in the subsidiary is credited to the balance sheet and is recognised in the profit and loss account in the periods in which the non monetary assets to which it relates are recovered, whether through depreciation, amortisation or sale.

Goodwill arising on the acquisition of subsidiary undertakings which represents the excess of cost over fair value of group share of net assets acquired is capitalised as an intangible asset and amortised by equal instalments against profits over its expected life of 20 years.

Significant judgements and estimates

In applying the company's and the group accounting policies, the directors are required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors' judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimate and assumptions, the actual results and outcomes may differ.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revision to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods.

Significant accounting judgements

The significant accounting judgements that the directors have made in the process of applying the company's and the group accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are in respect of intangible fixed assets as discussed below.

Key sources of estimation uncertainty

The key assumptions concerning the future, and other key sources of estimation uncertainty, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment assets, the directors have considered both external and internal sources of information such as market conditions and experience of recoverability. There have been no indicators of impairment identified during the current financial year.

Tangible and intangible fixed assets

Tangible and intangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

Turnover represents the amount derived from the provision of goods and services to customers during the period falling within the group's ordinary activities after deduction of trade discounts and value added tax.

Interest income

Interest income is recognised in the income statement using the effective interest method.

Dividend income

Dividend income is recognised when the right to receive payment is established.

Tangible and intangible fixed assets

Depreciation of fixed assets is calculated to write off their cost or valuation less any residual value over their estimated useful lives as follows:

Freehold and Leasehold properties

2% straight line

Improvements to property

2% straight line

Purchased goodwill

5 years

Boat licences, entitlements & associated benefits

Nil

Boats

2.5%,5%,10% and 20% straight line

Plant & machinery

10% reducing balance

Fixtures & fittings

15% reducing balance & 20% straight line

Motor vehicles

25% reducing balance

Computer equipment

33% and 20% straight line

No amortisation has been charged on boat licences, entitlements and associated benefits as in the opinion of the directors there have been no impairment in their value during the period and the directors do not envisage any material impairment arising in the foreseeable future. The directors have based their assessment on the grounds that the licences and entitlements have an indefinite life under current legislation so long as certain conditions are complied with and also the fact that there is no expectation that the market value of the intangible assets will fall in the foreseeable future.

An amount equal to the excess of the annual depreciation charge on revalued assets over the notional historical cost depreciation charge on those assets is transferred annually from the revaluation reserve to the profit and loss reserve.

Stocks

Stocks are valued at the lower of cost and net realisable value. Cost is computed on a first in first out basis and represents the cost of fish including freezing costs, packaging stocks and general stocks. Net realisable value is based on estimated selling price less the estimated cost of disposal.

Financial instruments

The group finances its activities with a combination of borrowings, cash and short term deposits. Overdrafts are used to satisfy short term cash flow requirements. Other financial assets and liabilities, such as trade receivables and trade payables, arise directly from the group's operating activities.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities denominated in foreign currency are translated into sterling at the rate of exchange at the balance sheet date. Transactions during the year are translated at the rate at the time of the transaction. Exchange differences are dealt with through the profit and loss account.

The results, assets and liabilities of the foreign undertakings are translated at the rates ruling at the balance sheet date. Foreign exchange differences arising on the translation of the net assets of the foreign undertakings are recognised in other comprehensive income and not classified to profit or loss.

Hire purchase and leasing commitments

Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised at the estimated fair value at the date of inception of each lease or contract. The total finance charges are allocated over the period of the lease in such a way as to give a reasonably constant charge on the outstanding liability. Rentals paid under operating leases are charged to income as incurred.

Pension costs and other post-retirement benefits

The group operates a defined contributions pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme. The assets of the scheme are held separately from those of the group in independently administered funds.

Going concern

The company and the group financial statements have been prepared on a going concern basis as, after making appropriate enquiries, the directors have a reasonable expectation that the company and the group are expected to generate positive cash flows and have adequate resources to continue in operational existence for the foreseeable future.

3.

TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the group.

In the opinion of the directors it would be seriously prejudicial to the group's interest to provide an analysis of turnover between geographical areas or class of business.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£'000

Wages and salaries

19,726

21,026

Social security costs

2,249

1,783

Other pension costs

231

208

22,206

23,017

The average number of employees during the year was as follows:

2025

2024

Production staff

335

321

Administration staff

27

26

362

347

Defined contribution money purchase pension scheme

The group operates defined contribution money purchase schemes. The assets of the scheme are held separately from those of the group in independently administered funds. The pension cost charge represents contributions payable by the group to the funds and amounted to £230,000 (2024: £208,000).

2025

2024

£

Directors' remuneration

3,041,868

5,527,877

Directors' pension contributions to money purchase schemes

42,642

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

Information regarding the highest paid director is as follows:

2025

2024

£

Emoluments etc

2,741,883

5,239,539

Included within wages and salaries are amounts paid to share fishermen of £5,341,000 (2024: £4,475,000).

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2025

2024

£'000

Depreciation - owned assets

4,839

4,585

Loss/(profit) on disposal of fixed assets

46

(1,367

)

Goodwill amortisation

1,195

Negative goodwill amortisation

(242

)

(242

)

Auditors' remuneration

125

126

Auditors' remuneration for non audit work

51

49

Foreign exchange differences

647

407

Operating leases: Land & buildings

392

Operating leases: Other

110

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£'000

Other interest

51

142

7.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2025

2024

£'000

Current tax:

UK corporation tax

9,193

4,631

Corporation tax (over)/under

provision from previous year

-

(144

)

Total current tax

9,193

4,487

Deferred tax

1,517

2,346

Tax on profit

10,710

6,833

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2025

2024

£'000

Profit before tax

41,332

25,625

Profit multiplied by the standard rate of corporation tax in the UK of 25 % (2024 -
25 %)

10,333

6,406

Effects of:

Expenses not deductible for tax purposes

20

1

Income not taxable for tax purposes

(8

)

-

Depreciation in excess of capital allowances

730

698

Utilisation of tax losses

(414

)

(128

)

Movement in other timing differences

49

-

Adjustment to tax charge in respect of previous year

-

(144

)

Total tax charge

10,710

6,833

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£'000

Revaluation reserve to deferred tax

-

21

Revaluation reserve from Non-controlling

3

-

3

interest

3

21

24

2024

Gross

Tax

Net

£'000

Revaluation reserve to deferred tax

-

21

Revaluation reserve from Non-controlling

2

-

2

interest

2

21

23

8.	INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.

9.	INTANGIBLE FIXED ASSETS

Group

Boat

Licences

entitlements

and

associated

Negative

Goodwill

benefits

goodwill

Totals

£'000

COST

At 1 January 2025

24,160

85,224

(4,846

)

104,538

Additions

-

96

-

96

At 31 December 2025

24,160

85,320

(4,846

)

104,634

AMORTISATION

At 1 January 2025

17,396

-

(1,433

)

15,963

Amortisation for year

1,195

-

(242

)

953

At 31 December 2025

18,591

-

(1,675

)

16,916

NET BOOK VALUE

At 31 December 2025

5,569

85,320

(3,171

)

87,718

At 31 December 2024

6,764

85,224

(3,413

)

88,575

Company

Boat

Licences

entitlements

and

associated

Goodwill

benefits

Totals

£'000

COST

At 1 January 2025

and 31 December 2025

74

5,363

5,437

AMORTISATION

At 1 January 2025

and 31 December 2025

74

-

74

NET BOOK VALUE

At 31 December 2025

-

5,363

At 31 December 2024

-

5,363

10.	TANGIBLE FIXED ASSETS

Group

Improvements

Freehold

Leasehold

to

property

Boats

property

£'000

COST OR VALUATION

At 1 January 2025

1,030

9,787

49,357

27

Additions

-

387

2,589

-

Disposals

-

At 31 December 2025

1,030

10,174

51,946

27

DEPRECIATION

At 1 January 2025

77

1,416

5,692

3

Charge for year

20

174

1,627

1

Eliminated on disposal

-

At 31 December 2025

97

1,590

7,319

4

NET BOOK VALUE

At 31 December 2025

933

8,584

44,627

23

At 31 December 2024

953

8,371

43,665

24

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£'000

COST OR VALUATION

At 1 January 2025

46,154

422

937

300

108,014

Additions

3,724

-

6,700

Disposals

(89

)

-

(92

)

-

(181

)

At 31 December 2025

49,789

422

845

300

114,533

DEPRECIATION

At 1 January 2025

21,287

393

441

170

29,479

Charge for year

2,870

3

113

31

4,839

Eliminated on disposal

(35

)

-

(47

)

-

(82

)

At 31 December 2025

24,122

396

507

201

34,236

NET BOOK VALUE

At 31 December 2025

25,667

26

338

99

80,297

At 31 December 2024

24,867

29

496

130

78,535

Cost or valuation at 31 December 2025 is represented by:

Improvements

Freehold

Leasehold

to

property

Boats

property

£'000

Valuation in 2014

-

3,248

-

Cost

1,030

6,925

51,946

27

1,030

10,173

51,946

27

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£'000

Valuation in 1998

35

-

35

Valuation in 2014

-

3,248

Cost

49,755

422

845

300

111,250

49,790

422

845

300

114,533

Plant and machinery was valued as at 31 January 1998 to the value of £7,422,000. The plant and machinery was valued on the basis of its value to the business, in accordance with the Appraisal and Valuation Manual of the Royal Institution of Chartered Surveyors, the valuation being subject to the adequate potential profitability of the business compared with the value of the total assets employed.

The leasehold property was valued on 29 August 2013 on a depreciated replacement cost basis by Hickman Shearer, Chartered Surveyors. The directors do not consider the market value to be materially different as at 31 December 2025.

Company

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£'000

COST OR VALUATION

At 1 January 2025

486

25,020

367

Additions

-

2,747

-

Disposals

-

(17

)

-

At 31 December 2025

486

27,750

367

DEPRECIATION

At 1 January 2025

61

11,927

348

Charge for year

10

1,459

2

Eliminated on disposal

-

(2

)

-

At 31 December 2025

71

13,384

350

NET BOOK VALUE

At 31 December 2025

415

14,366

17

At 31 December 2024

425

13,093

19

Motor

Computer

vehicles

equipment

Totals

£'000

COST OR VALUATION

At 1 January 2025

775

172

26,820

Additions

-

2,747

Disposals

-

(17

)

At 31 December 2025

775

172

29,550

DEPRECIATION

At 1 January 2025

354

84

12,774

Charge for year

105

17

1,593

Eliminated on disposal

-

(2

)

At 31 December 2025

459

101

14,365

NET BOOK VALUE

At 31 December 2025

316

71

15,185

At 31 December 2024

421

88

14,046

For details regarding the revaluation of plant and machinery see the group section of this note.

Cost or valuation at 31 December 2025 is represented by:

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£'000

Valuation in 1998

-

35

-

Cost

486

27,715

367

486

27,750

367

Motor

Computer

vehicles

equipment

Totals

£'000

Valuation in 1998

-

35

Cost

775

172

29,515

775

172

29,550

11.	FIXED ASSET INVESTMENTS

Group

Interest

in joint

Unlisted

venture

investments

Totals

£'000

COST

At 1 January 2025

17,073

197

17,270

Additions

146

-

146

Disposals

-

(2

)

(2

)

At 31 December 2025

17,219

195

17,414

NET BOOK VALUE

At 31 December 2025

17,219

195

17,414

At 31 December 2024

17,073

197

17,270

Company

Unlisted

investments

£'000

COST

At 1 January 2025

78,443

Disposals

(2

)

At 31 December 2025

78,441

NET BOOK VALUE

At 31 December 2025

78,441

At 31 December 2024

78,443

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Altaire Fishing Company Limited

Registered office: Scotland

Nature of business: Sea fishing and associated activities

%

Class of shares:

holding

Ordinary

85.98

Cornish Bay Limited

Registered office: England & Wales

Nature of business: Sea fishing and associated activities

%

Class of shares:

holding

Ordinary

100.00

I F Limited

Registered office: England & Wales

Nature of business: Sea trawling, fishing and associated activities

%

Class of shares:

holding

Ordinary

100.00

IFW Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Northbay Fishing Company Limited

Registered office: Scotland

Nature of business: Sea fishing and associated activities

%

Class of shares:

holding

Ordinary

100.00

Northbay Pelagic Limited

Registered office: England & Wales

Nature of business: Wholesale supply of pelagic fish

%

Class of shares:

holding

Ordinary

58.30

Plymouth Trawler Agents Limited - disposed 21/12/2025

Registered office: England & Wales

Nature of business: Trawler agents

%

Class of shares:

holding

Ordinary

1.86

Scerene Fishing Company Limited

Registered office: England & Wales

Nature of business: Sea fishing and associated activities

%

Class of shares:

holding

Ordinary

100.00

Sound Seafood Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Southwest Seafoods Limited

Registered office: England & Wales

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

Investments in qualifying partnership

The group has a 50% interest in a qualifying partnership in the UK. The principal activities are that of sea fishing and associated activities.

Exemption has been taken to publish the qualifying partnership accounts in accordance with partnership (accounts regulations 2008).

Details of the share of the qualifying partnership’s assets and liabilities attributable to the group at 31 December 2025 are as follows:

2025

2024

£'000

Share of assets

Fixed asset

13,148

13,329

Current assets

4,310

4,103

17,458

17,432

Share of Liabilities

Liabilities

(239

)

(359

)

Share of net assets

17,219

17,073

Other investments

Alisrose Limited

Nature of business:Water treatment

Registered in Scotland

% holding

Class of shares:

Ordinary

20.00

As the group does not exercise any significant influence over the financial and operating policies of Alisrose Limited, it is treated as an investment and not an associated company.

Ollaberry Community Enterprise Limited

Nature of business: Community shop

Registered in Scotland

% holding

Class of shares:

Ordinary

32.50

The group regards itself as a benefactor in this community enterprise and does not exercise any significant influence over its financial and operating policies. Although the proportion of its shareholding indicates a participating interest, it is treated as an investment and not as an associated company.

12.

STOCKS

Group

Company

2025

2024

2025

2024

£'000

Packaging stocks

1,096

972

759

718

Fish and fishmeal

35,803

18,414

22,024

5,949

General stocks

674

719

-

37,573

20,105

22,783

6,667

13.

DEBTORS

Group

Company

2025

2024

2025

2024

£'000

Amounts falling due within one year:

Trade debtors

16,416

7,868

8,748

4,979

Amounts owed by group undertakings

26

2,062

5,282

Other debtors

1,372

1,349

722

695

Prepayments

1,137

1,100

472

395

18,951

10,343

12,004

11,351

Amounts falling due after more than one year:

Amounts owed by group undertakings

-

22,149

21,198

Other debtors

929

23,078

22,127

Aggregate amounts

19,880

11,272

35,082

33,478

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group

Company

2025

2024

2025

2024

£'000

Trade creditors

12,044

11,443

3,293

1,876

Amounts owed to group undertakings

-

837

1,291

Tax

(1,758

)

1,584

-

(137

)

Social security and other taxes

2,679

1,496

1,719

177

Other creditors

102

257

107

162

Government grants

119

126

84

Directors' current accounts

268

253

268

253

Accrued expenses

1,632

1,184

1,550

179

15,086

16,343

7,858

3,885

15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group

Company

2025

2024

2025

2024

£'000

Other creditors

104

207

104

207

Government grants

514

629

150

234

618

836

254

441

16.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group

Non-cancellable

operating leases

2025

2024

£'000

Within one year

417

Between one and five years

556

In more than five years

6,116

6,255

7,089

7,228

Company

Non-cancellable

operating leases

2025

2024

£'000

Within one year

278

17.	SECURED DEBTS

Bank loans and overdrafts are secured by a legal mortgage debenture incorporating a fixed and floating charge over all the company and group assets and legal mortgages over trawlers and licences.

18.	PROVISIONS FOR LIABILITIES

Group

Company

2025

2024

2025

2024

£'000

Deferred tax

18,646

17,150

4,085

3,703

Group

Deferred

tax

£'000

Balance at 1 January 2025

17,150

Provided during year

1,517

Transfer revaluation reserve

(21

)

Balance at 31 December 2025

18,646

Company

Deferred

tax

£'000

Balance at 1 January 2025

3,703

Provided during year

385

Transfer revaluation reserve

(4

)

Balance at 31 December 2025

4,084

19.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£'000

28,500

Ordinary

£1

29

20.

RESERVES

Group

Capital

Retained

Revaluation

redemption

earnings

reserve

Totals

£'000

At 1 January 2025

196,409

1,699

29

198,137

Profit for the year

28,225

Transfer to deferred tax

-

21

-

21

Transfer to profit & loss

account

82

(82

)

-

Transfer from non-controlling interest

-

3

-

3

At 31 December 2025

224,716

1,641

29

226,386

Company

Capital

Retained

Revaluation

redemption

earnings

reserve

Totals

£'000

At 1 January 2025

144,778

127

29

144,934

Profit for the year

23,676

Transfer

17

(16

)

-

1

Transfer to deferred tax

-

4

-

4

At 31 December 2025

168,471

115

29

168,615

21.	NON-CONTROLLING INTERESTS

The non-controlling interests represent 14.02% (2024: 14.02%) of the share capital of Altaire Fishing Company Limited and 5.84% (2024:5.84%) of the share capital of Northbay Pelagic Limited.

22.	ULTIMATE PARENT COMPANY

The company’s ultimate parent undertaking at the balance sheet date was Interfish Holdings Limited, a company incorporated and registered in Guernsey but tax resident in England so that all income is taxed and paid in the United Kingdom.

23.	GUARANTEES AND CONTINGENCIES

The company has provided a guarantee in respect of bank borrowings of certain subsidiary undertakings. At 31 December 2025 these borrowings amounted to £nil (2024: £nil).

24.	CAPITAL COMMITMENTS

2025

2024

£'000

Contracted but not provided for in the

financial statements

648

2,347

25.	RELATED PARTY DISCLOSURES

Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note.

During the year, one of the group subsidiary undertaking purchased goods from joint ventures, amounting to £20,347,000 (2024: £14,843,000).

At the year end date, a net balance owed to joint ventures was £6,245,000 (2024: £6,804,000).

Interfish Limited Retirement Benefit Scheme Number 2

The company is related to the above benefit scheme, by virtue of the scheme being for the benefit of the director, J J Colam.

The company occupies land and buildings owned by the scheme and in return has paid an open market rent of £252,000 during the year (2024: £252,000).

J J Colam

Included within creditors falling due within one year is the current account balance for J J Colam, the director of the company, amounting to £268,000 (2024: £253,000). Interest has been charged to the company amounting to £20,000 (2024: £20,000). The loan is repayable by a minimum notice of one year and a day.

At 31 December 2025 the company was owed £929,000 by Woodfell Limited, which is repayable by a minimum notice of one year and a day. Mr J J Colam is a director and shareholder in Woodfell Limited.