wk-2025-12-31-ixbrl

COOKE AQUACULTURE UK HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

Introduction

The directors present their Strategic Report for the year ended 31 December 2025.

Business review

The headwinds faced in the prior year continued to be felt in 2025 with a decrease in the profit for the financial

year from £11.2m to £4.5m, a decrease of 60%. Turnover remained relatively flat at £232m (2024 £233m) in the

year, with volumes sold being up in the year, but this was offset by a drop in prices seen. Cost of sales increased

4% to £203m (2024: £195m) in the year. This was largely driven by the increase in volumes sold, with costs fairly

flat after the significant increases in previous years

The group's net assets decreased from £150.9m to £145.4m. The main movement in the Consolidated Statement

of Financial Position has been the decreases in the assets of £9.6m and trade debtors of £14.3m offset by the

decreases in the trade creditors of £9.5m, payables to related party of £3.5m and the other lease balance of

£5.6m. The decrease in the tangible fixed assets was as a result of the completion of the sale and leaseback

transaction with the decrease in debtors being driven by the derecognition of the invoices sold for invoice

factoring. Both activities were undertaken as part of our strategy to deliver cash to the group.

The group continues to look for expansion opportunities as they arise, but due to the limited nature of these

continue to look to use our current production capacity as efficiently and effectively as possible.

Principal risks and uncertainties

The aquaculture industry continues to carry a significant level of risk, so the group is exposed to various

operational and market-related risk factors. The supply of farmed seafood has increased steadily in recent

decades, in line with demand, but of course there can be no guarantees that such demand will not reduce in the

future.

The group has developed a comprehensive framework for management of risk wherever it appears. The diligent

application of these policies is key in view of the nature of the operational activities inherent in marine

aquaculture.

The key risks are noted below:

Material cost risk

The increase in raw material costs and utility costs will have an impact on the cost of the feed purchased

through the group company, Northeast Nutrition Scotland Limited, with feed being one of the group's main costs.

The cost of fuel also impacts on costs to run the fleet of boats employed in the business mainly through the

harvest and well-boats used.

Operational and market risks

The group's financial performance is significantly influenced by the market prices obtained for the group's fish

and these are subject to price fluctuations due to a number of factors. These may include short-term over/under

supply in the company's market, changes in customer preferences, size of harvested fish and general economic

factors.

Biological performance can be affected by changes to environmental conditions, resulting in increased numbers

of plankton, algae’s and, in extreme cases, micro jellyfish, which negatively affects gill health. Winter storms are

also an increased risk as we move into more exposed locations.

Similar to all UK food exporters to the US, the introduction of trade tariffs will have an impact on our business.

Management have assessed these impacts, due to the diversified nature of our markets and customer base, we

have concluded that the tariffs will not have any significant adverse impact on our UK operations.

The directors have also considered the impacts of the conflict in the Middle East and believe the impacts to be

negligible to the sales, with the main impact being the increase seen in the fuel used on the boat, which has

been manageable.

COOKE AQUACULTURE UK HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Liquidity and Financing risk

The UK Group is part of the overall group’s cash pooling arrangement where each members’ surplus cash is

swept to a group account each night. The UK Group has access to the cash as required through group loans.

As mentioned above we have entered into sale and leaseback and invoice factoring arrangements in the year to

generate further liquidity for the group.

Exchange rate risk

The group sells mainly in Sterling and Euro with some sales in US Dollar. The group purchases mainly in

Sterling, with only occasional purchases in foreign currencies. There is no formal hedging in place.

Interest rate risk

The interest rate risk is monitored and continually evaluated during the year as part of the group funding

arrangements. At the end of the year all debt was based on floating interest conditions.

During periods of increasing interest rates group treasury will ensure the most competitive funding arrangements

are in place.

Climate change risk

Climate change presents a number of risks to the aquaculture industry. Changing sea temperatures may

increase the risk of biological issues that impact fish health. This in turn can increase the need for treatments

and impact on the growth of the fish. It will also impact the availability of fresh water for the hatcheries and

increase the variability of water temperatures.

Credit risk

Credit insurance is maintained at a customer level to minimise the impact of any customer bankruptcy,

insolvency or inability of the customer to pay their invoices when they fall due. There were no credit losses in the

reporting period.

S172 statement

The directors aim to act in a way they consider, in good faith, is most likely to promote the success of the group

for the benefit of the members as a whole as set out in paragraphs a-f of Section 172(1) of the Companies Act

2006:

a) The likely consequences of any decisions in the long term;

b) The interest of the group’s employees;

c) The need to foster the group’s business relationships with suppliers, customers and others;

d) The impact of the group’s operations in the community and the environment;

e) The desirability of the group maintaining a reputation of high standards of business conduct;

f) The need to act fairly as between members of the group.

Strategy

Our strategy is to build on the strong credibility that the business has developed. This has derived from being

able to offer a quality product to an established global customer base, whilst maintaining loyal supplier

relationships and long-term employment opportunities often within local communities.

Corporate Governance and Responsibility

The directors have regular meetings through the year to discuss the performance of the group and ensure the

strategic goals of the group are being met. The finance director has continued to develop the quality of the

quarterly pack being produced to provide better insights into the business’s performance and future direction.

The directors have overall responsibility for the group’s systems of internal control, including the financial

controls, which provide them the assurance that the financial information is free from material misstatement or

loss. Work has been undertaken in the year to further develop our tax risk and control framework with this

having been identified as an area for improvement.

The group has upgraded its budgeting and forecasting tool which is allowing for more detailed planning and

greater scope to review the impacts of different scenarios.

COOKE AQUACULTURE UK HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors consider how the group’s activities may impact current and future stakeholders as well as the

environment, engaging with the necessary internal or external parties as required.

Key stakeholders

We recognise the following key stakeholders as critical to achieving the on-going progress of the business:

- Our employees

- Our customers

- Our suppliers

- Local communities

- The environment

- Regulatory and Trade Bodies

With the consideration and support of our key stakeholders we believe that the business will continue to progress

and sustain the significant position it has in the market.

Employees

The safety of our employees and any contractors is a key priority for the business. The directors attend the

Health & Safety committee four times a year to review the application of the Health & Safety strategy, assess the

current policies and ensuring the delivery on any Health & Safety initiatives.

Our employees are empowered to develop initiatives that will result in process improvement and thereby take

ownership of their role. Employees are consulted on operational changes and encouraged to support project

implementation.

Training and development is a priority of the business together ensuring that the appropriate resources are

available to enable the employee to fulfil their role to the highest standards. All employees have been set

compulsory cyber training along with other key training whose completion is monitored by HR.

The Employee Forum continues to help promote increased engagement with staff across the business.

All of the above policies are applicable to our disabled employees,

Customers

We will continue to benefit from being part of a global seafood producing organisation and expand our customer

base further. We have a reputation for supplying a quality diversified product which has resulted in enduring

customer retention and frequent new customer enquiries. We will look to add to the increasing number of

contracts which enhances the close customer relationships already in place.

Our annual attendance at the European and North American Seafood Exposition gives an opportunity to directly

engage with our current customers and potential new customers.

COOKE AQUACULTURE UK HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Suppliers

We recognise the importance of supporting key suppliers and the vested interest they have in our continued

growth. The remote geographical nature of the main operational part of the business requires a partner type

relationship with the supplier which is encouraged and developed. The sustainability of the business as a viable

going concern is inextricably linked to the continued support from our suppliers and hence close alliances are

promoted.

Key to the way the group operates is to use local suppliers as much as possible to support the local community.

The group continues to place greater weight on this rather than using the overall group’s worldwide footprint to

secure more commercial global contracts.

Local communities

We are deeply committed to the local communities in which our employees work and which we operate. In these

beautiful locations we take pride in our work and work hard to generate shared prosperity. As an intrinsic

element of the coastal and rural communities in which we live and work we are delighted to support a variety of

local-led events, activities, and community projects through the Cooke Community Benefit Fund that reflect our

corporate values as well as those of our teams. We believe it is the right thing to do as our collective successes

bring positive change in those areas where we operate.

The environment

We are committed to protecting our freshwater and marine environments in which we operate and only use

certified sustainable sources and approved supply chains when sourcing raw materials.

As a member of Salmon Scotland, we have signed up to the Salmon Scotland's Sustainability Charter and the

Code of Good Practice for Scottish Finfish Aquaculture (CoGP). We also contribute to Salmon Scotland's Wild

Fisheries Fund.

We remain committed to sustainable aquaculture with our third Annual Sustainability report issued in June 2026.

This outlines the progress made in the year and contains our Net Zero Roadmap. The roadmap sets out how we

plan to be net zero by 2045, in line with the Scottish Government's target. So far in 2025 as part of the

Foundation phase we have successfully achieved the supply of electricity through 99% renewable (REGO-

backed) sources. This is reflected in the significant drop in scope 2 greenhouse gases seen in the greenhouse

gas emissions reported on page 7.

Regulatory and Trade Bodies

We are an active and proud member of Salmon Scotland. We work closely with the regulatory bodies to ensure

we comply with all regulations and requirements as set out by the various regulatory bodies such as SEPA, The

Soil Association and RSPCA to name a few.

Financial key performance indicators

The directors consider the key performance indicators (KPIs) to be those that reflect the underlying trading

performance of the group. The directors consider that turnover, gross profit and profit before tax, as defined

below, provide the most representative measures of the group's performance.


	2025	2024
	£000	£000
Turnover	232,077	233,113
Gross profit	29,257	38,002
Gross profit %	12.6%	16.3%
Profit before tax	7,708	15,439

In addition to the usual financial KPIs, the directors monitor a range of operational indicators which relate to all

other aspects of the business.

COOKE AQUACULTURE UK HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

The directors monitor a number of environmental KPls to assist with the strategy of the group ensuring we

operate a sustainable business model. As part of this commitment our third Annual Sustainability Report was

issued in June 2026 covering the year 2025. We monitor our Scope 1 and 2 Greenhouse Gas data, as disclosed

in the Directors' Report on page 7, and waste diverted from landfill. Our drive to reduce our energy consumption

is also impacting our capex decisions resulting in the purchase of hybrid barges.

A number of employee related metrics are monitored to ensure the group's aims are being met around diversity,

equality and inclusion. These include gender diversity, gender pay gap and DEI training update. In addition,

employment engagement surveys are undertaken.

Health and Safety continues to be a key measurable for the company. Our commitment continues to be to

ensure we provide a safe environment for our employees.

A number of quality and operational metrics are also maintained such as feed conversion rate, cost per smolt,

farmgate cost and processing cost per kg. The company does not look to publish these due to their commercial

sensitivity. Fish numbers remain healthy and we continue to look to grow the number of fish through new sites

and improved health.


	2025	2024
Turnover (£m)	232.1	233.1
Net profit (£m)	4.5	11.2
Waste diverted from landfill	95%	95%
RSPCA Approval	100%	100%
Global Good Agricultural Practice (GAP)	100%	100%
Accident incident rate (RIDDOR reportable accidents per 100,000 employees)	733	761
Total accidents/incidents	38	30

This report was approved by the board on 29/06/2026

and signed on its behalf by:

C I Blair

Director

COOKE AQUACULTURE UK HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2025

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

Results and dividends

The profit for the year, after taxation, amounted to £4.5m (2024: £11.2m). Net assets decreased to

£145.4m (2024: £150.9m).

The directors recommended the payment of dividend of £10.0m in the year (2024: £Nil).

Directors

The directors who served the group during the year and up to the date of this report were:

C I Blair

G B Cooke

L W Stewart

W Young

Directors' Responsibilities Statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the

consolidated 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, including FRS 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 and profit or loss of the company and 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 UK Accounting Standards have been followed, subject to any material

departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that

the group 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 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.

Matters covered in the group strategic report

• Engagement with suppliers, customers and others in a business relationship with the company;

• Principal risks; and

• Employee engagement survey.

Future developments

Under the ownership of Cooke Aquaculture Inc, the group will continue to strengthen, develop and improve

while seeking to expand its production capability by natural expansion or by acquisition as suitable

opportunities arise. No major structural changes are foreseen at this time.

The group continues to invest in new technologies and to implement new techniques designed to improve fish

welfare. This includes investing in further freshwater treatment capacity and non-medicinal sea lice treatments

to combat sea lice and gill health challenges.

COOKE AQUACULTURE UK HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Research and Development

During the year ended 31 December 2025, the company continued to invest in research and development

activities to support its strategic objective of improving the health and welfare of the fish and test advancements

in technology.

Total expenditure on research and development for the year amounted to £11.4m (2024: £16.1m), all of which

was expensed as incurred.

The directors consider that continued investment in research and development is critical to the company’s long-

term growth and competitiveness. The company expects to maintain a similar level of R&D activity in the

forthcoming year.

Employee involvement

The group continues to operate policies which are designed to help and encourage, wherever possible, all

members of staff to realise their potential within the wide range of roles available throughout the organisation.

Wherever suitable, vacancies arising are filled internally, and we encourage skills development through both

external training course providers and internal training programmes.

The principle of equal opportunities in employment is supported throughout the group, and we oppose all

forms of unlawful or unfair discrimination on whatever grounds — race, nationality, religion, age, disability,

ethnicity, sexual orientation, gender or gender reassignment.

Employee engagement

The group recognises that its employees are central to its success and is committed to maintaining effective

communication and engagement across the organisation.

During the year, the group continued to provide employees with regular updates on business performance and

strategic developments through a combination of team briefings, internal communications, and employee

forums. Employees are encouraged to provide feedback on matters affecting their interests, and the group

facilitates this through engagement surveys, structured feedback sessions, and direct communication channels

with management.

The group also promotes employee participation in decision-making where appropriate, particularly in relation to

operational improvements and workplace initiatives.

Business relationships

Fostering business relationships with our suppliers, customers and lenders is key to the continued success of

the group. Details of our engagement with our business partners are outlined within the S172 statement on

pages 2 - 4 of the Group Strategic Report.

Qualifying third party indemnity provisions

Cooke Aquaculture UK Holdings Limited maintains liability insurance for its directors and officers. The

company has also granted indemnities to the extent permitted by law to each of the directors, the general

counsel & company secretary and a number of other executives and senior managers. These indemnities are

limited in amount in relation to certain losses and liabilities which they may incur to third parties in the course

of acting as a director or officer of the company or any of its associated companies. Neither the indemnity, nor

insurance cover provides cover in the event a director or officer is proved to have acted fraudulently or

dishonestly. The indemnity is categorised as a ‘qualifying third-party indemnity’ for the purposes of the

Companies Act 2006 and will continue in force for the benefit of directors and officers on an ongoing basis.

Primary Limit is $10,000,000 CAD per Occurrence and in the Aggregate Shared Limit with Employment

Practices Liability / Fiduciary Liability. There is also an additional $20,000,000 CAD limit in excess of the

primary, to provide full limits of $30,000,000 CAD.

The qualifying third party indemnity insurance was in force during the financial year and also at the date of

approval of the financial statements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025

Greenhouse gas emissions, energy consumption and energy efficiency action

The following information is disclosed in accordance with the requirements of the streamlined energy and

carbon reporting for large companies for the year ended 31 December 2025.

Energy usage purchases in the year is 55,826,336 kWh (2024: 53,564,992 kWh).

Scope 1 greenhouse gases: 10,255 tCO2e (2024: 9,899 tCO2e).

Scope 2 greenhouse gases: 5 tCO2e (2024: 2,512 tCO2e).

This equates to 1.78 kWh per Kg of salmon processed (2024: 1.93 kWh per Kg).

Data is collated using the Financial Reporting software which identifies by relevant supplier, expenditure and

quantity of energy purchased. There are various projects being undertaken to improve energy efficiency,

specifically, renewable, environmentally friendly and more efficient types of energy are being introduced where

feasible. In addition, equipment has been installed to minimise biomass waste and recycling opportunities are

being identified where equipment has needed to be replaced.

The company's emissions have been assessed in accordance with the GHG Protocol Corporate Accounting and

Reporting Standard and in line with DEFRA's Environmental reporting guidelines: including Streamlined Energy

and Carbon Reporting Requirements. The DEFRA 2025 emission conversion factors were used to quantify the

emissions associated with the company's operations for the year.

Please refer to the Strategic Report on page 4 for additional details on our approach to sustainability.

Post balance sheet events

There were no post balance sheet events to disclose this year

Disclosure of information to auditor

The directors confirm that:

• so far as each director is aware, there is no relevant audit information of which the company and the

group's auditor is unaware, and

• the directors have taken all the steps that they ought to have taken as directors in order to make

themselves aware of any relevant audit information and to establish that the company and the group's

auditor is aware of that information.

Independent Auditor

The auditors, PricewaterhouseCoopers LLP, will be proposed for reappointment in accordance with section 485

of the Companies Act 2006.

The financial statements on pages 21 to 43 were approved by the Board of Directors on 29/06/2026 and signed

on its behalf by:

C I Blair

Director

COOKE AQUACULTURE UK HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOKE AQUACULTURE UK HOLDINGS

LIMITED

Report on the audit of the financial statements

Opinion

In our opinion, Cooke Aquaculture UK Holdings Limited's group financial statements and company's financial

statements (the "financial statements"):

• give a true and fair view of the state of the group's and of the company's affairs as at 31 December 2025

and of the group’s profit and the group’s cash flows for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard

applicable in the UK and Republic of Ireland", and applicable law); and

• have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the

"Annual Report"), which comprise:

• the Consolidated Statement of Financial Position as at 31 December 2025;

• the Company Statement of Financial Position as at 31 December 2025;

• the Consolidated Statement of Comprehensive Income for the year then ended;

• the Consolidated Statement of Changes in Equity for the year then ended;

• the Company Statement of Changes in Equity for the year then ended;

• the Consolidated Statement of Cash Flows for the year then ended; and

• the notes to the financial statements which include a description of the significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) ("ISAs (UK)") and

applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for

the audit of the financial statements section of our report. We believe that the audit evidence we have

obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the group in accordance with the ethical requirements that are relevant to our

audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled

our other ethical responsibilities in accordance with these requirements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOKE AQUACULTURE UK HOLDINGS

LIMITED (CONTINUED)

Conclusions relating to going concern

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 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.

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.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as

to the group’s and the company's ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the

relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report other than the financial statements

and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the

financial statements does not cover the other information and, accordingly, we do not express an audit opinion

or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 an

apparent material inconsistency or material misstatement, we are required to perform procedures to conclude

whether there is a material misstatement of the financial statements or a material misstatement of the other

information. 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 based on these

responsibilities.

With respect to the Strategic report and Directors' report, we also considered whether the disclosures required

by the Companies Act 2006 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report

certain opinions and matters as described below

Strategic report and Directors' report

In our opinion, based on the work undertaken in the course of the audit, the information given in the Strategic

report and Directors' report for the year ended 31 December 2025 is consistent with the financial statements

and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the group and company and their environment obtained in the

course of the audit, we did not identify any material misstatements in the Strategic report and Directors' report.

COOKE AQUACULTURE UK HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOKE AQUACULTURE UK HOLDINGS

LIMITED (CONTINUED)

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the

preparation of the financial statements in accordance with the applicable framework and for being satisfied

that they give a true and fair view. The directors are also responsible for such internal control as they

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 group’s and 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 group or

the 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 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.

Based on our understanding of the group and industry, we identified that the principal risks of non-

compliance with laws and regulations related to Companies Act 2006 and UK corporation tax legislation, and

we considered the extent to which non-compliance might have a material effect on the financial statements.

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial

statements (including the risk of override of controls), and determined that the principal risks were related to

posting inappropriate journal entries to manipulate financial performance and management bias in

accounting estimates. Audit procedures performed by the engagement team included:

• inquiry of those charged with governance to assess if there are any instances of non-compliance with

laws or regulations that have a material effect on the financial statements;

• Identifying and testing journal entries where applicable, in particular any journal entries posted with

unusual account combinations;

• Evaluating and, where appropriate, challenging assumptions and judgements made by management in

determining significant accounting estimates; and

• Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our

testing.

COOKE AQUACULTURE UK HOLDINGS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF COOKE AQUACULTURE UK HOLDINGS

LIMITED (CONTINUED)

There are inherent limitations in the audit procedures described above. We are less likely to become aware

of instances of non-compliance with laws and regulations that are not closely related to events and

transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due

to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate

concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s

website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company's members as a body in

accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in

giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom

this report is shown or into whose hands it may come save where expressly agreed by our prior consent in

writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

▪ we have not obtained all the information and explanations we require for our audit; or

▪ adequate accounting records have not been kept by the company or returns adequate for our audit

have not been received from branches not visited by us; or

▪ the company's financial statements are not in agreement with the accounting records and returns; or

▪ certain disclosures of directors' remuneration specified by law are not made.

We have no exceptions to report arising from this responsibility.

Sarah Leonide (Senior Statutory Auditor)

for and on behalf of PricewaterhouseCoopers LLP

Chartered Accountants and Statutory Auditors

Glasgow

29/06/2026

COOKE AQUACULTURE UK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2025


		2025	2024
	Note	£'000	£'000
Turnover	4	232,077	233,113
Cost of sales		(202,820)	(195,111)
Gross profit		29,257	38,002
Distribution costs		(6,972)	(6,951)
Administrative expenses		(11,635)	(11,610)
Other operating income	5	4,054	4,602
Operating profit	6	14,704	24,043
Interest receivable and similar income		2,782	1,377
Interest payable and similar expenses	10	(9,778)	(9,981)
Profit before taxation		7,708	15,439
Tax on profit	11	(3,170)	(4,210)
Profit for the financial year		4,538	11,228

There was no other comprehensive income for 2025 (2024: £Nil).

The notes on pages 21 to 43 form part of these financial statements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

REGISTERED NUMBER:SC460039

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025


			2025		2024
	Note		£000		£000
Fixed assets
Intangible assets	12		42,026		44,000
Tangible assets	13		53,427		60,096
			95,453		104,096
Current assets
Stocks	15	135,638		136,736
Debtors: amounts falling due within one year	16	72,700		80,299
Cash at bank and in hand	17	—		—
		208,338		217,035
Creditors: amounts falling due within one year	18	(48,256)		(54,640)
Net current assets			160,082		162,395
Total assets less current liabilities			255,535		266,491
Creditors: amounts falling due after more than one year	19		(103,410)		(108,808)
Provisions for liabilities
Deferred taxation	21	(6,697)		(6,750)
			(6,697)		(6,750)
Net assets			145,428		150,933
Capital and reserves
Called up share capital	22		—		—
Profit and loss account	23		145,428		150,933
Equity attributable to owners of the parent company			145,428		150,933

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

29/06/2026

Director

The notes on pages 21 to 43 form part of these financial statements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

REGISTERED NUMBER:SC460039

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2025


			2025		2024
	Note		£000		£000
Fixed assets
Investments	14		68,435		68,435
			68,435		68,435
Current assets
Debtors	16	570		570
		570		570
Creditors: amounts falling due within one year	18	(54)		(54)
Net current assets			516		516
Total assets less current liabilities			68,951		68,951
Net assets			68,951		68,951
Capital and reserves
Called up share capital	22		—		—
Profit and loss account			68,951		68,951
Total Equity			68,951		68,951

The profit for the year dealt with in the financial statements of the Company was £10,043k (2024: £Nil). As permitted

by section 408 of the Companies Act 2006, no separate Statement of Profit and Loss is presented for the Company.

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

29/06/2026

Director

The notes on pages 21 to 43 form part of these financial statements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025


	Called up share capital	Profit and loss account	Total equity
	£000	£000	£000
At 1 January 2025	—	150,933	150,933
Comprehensive income for the year
Profit for the year	—	4,538	4,538
Dividend paid	—	(10,043)	(10,043)
At 31 December 2025	—	145,428	145,428

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024


	Called up share capital	Profit and loss account	Total equity
	£000	£000	£000
At 1 January 2024	—	139,705	139,705
Comprehensive income for the year
Profit for the year	—	11,228	11,228
At 31 December 2024	—	150,933	150,933

The notes on pages 21 to 43 form part of these financial statements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2025


	Called up share capital	Profit and loss account	Total equity
	£000	£000	£000
01/01/2025	—	68,951	68,951
Comprehensive income for the year
Profit for the year	—	10,043	10,043
Dividend paid	—	(10,043)	(10,043)
31/12/2025	—	68,951	68,951

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024


	Called up share capital	Profit and loss account	Total equity
	£000	£000	£000
01/01/2024	—	68,951	68,951
Comprehensive income for the year
Profit for the year	—	—	—
31/12/2024	—	68,951	68,951

The notes on pages 21 to 43 form part of these financial statements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2025


	2025	2024

	£000	£000
Cash flows from operating activities
Profit for the financial year	4,538	11,228
Adjustments for:
Amortisation of intangible assets	1,502	1,515
Depreciation of tangible assets	11,144	10,909
Gain on disposal of tangible assets	(41)	(19)
Loss on disposal of intangible assets	544	—
Interest paid	9,778	9,981
Interest received	(2,782)	(1,377)
Taxation charge	3,170	4,210
Decrease/(increase) in stocks	1,098	(6,532)
Decrease/(increase)in debtors	15,883	(1,739)
Decrease/(increase) in amounts owed by related parties	886	(11,091)
(Decrease)/increase in creditors	(8,848)	10,640
Increase in amounts owed to related parties	3,704	8,785
R&D Expenditure credit receivable	(2,578)	(3,326)
Corporation tax (paid)	(934)	(64)
Net cash generated from operating activities	37,064	33,120
Cash flows from investing activities
Purchase of tangible fixed assets	(11,419)	(14,403)
Sale of tangible fixed assets	1,363	109
Purchase of intangible fixed assets	(72)	—
(Increase) in IHB balances	(8,509)	(16,698)
Interest received	2,782	1,377
Net cash from investing activities	(15,855)	(29,615)

COOKE AQUACULTURE UK HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2025


	2025	2024

	£000	£000
Cash flows from financing activities
Proceeds from bank loan	109,582	—
Repayment of bank loan	(110,269)	—
Other loan receipts	—	5,618
Finance lease receipts	1,081	2,446
Finance lease payments	(1,782)	(1,588)
Dividends paid	(10,043)	—
Interest paid	(9,778)	(9,981)
Net cash used in financing activities	(21,209)	(3,505)
Net Increase (decrease)in cash and cash equivalents	—	—
Cash and cash equivalents at beginning of year	—	—
Cash and cash equivalents at the end of year	—	—
Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	—	—

The notes on pages 21 to 43 form part of these financial statements.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

1. General information

Cooke Aquaculture UK Holdings Limited is a private limited company incorporated and domiciled in

Scotland, United Kingdom. The address of the company's registered office is C/O Brodies LLP, 110

Queen Street, Glasgow, G1 3BX.

The group is involved in the farming of Atlantic salmon. The group's interests are located in the UK.

The principal accounting policies adopted by the group are set out below.

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 group management to exercise judgement in

applying the group's accounting policies (see note 3).

The company's subsidiaries as listed in note 14 have not been individually audited with the

exception of Cooke Aquaculture Scotland Limited. The company's subsidiaries; Cooke

Aquaculture Freshwater Limited (SC288569) and Northeast Nutrition Scotland Limited

(SC639310) have taken an exemption under section 479A of the Companies Act 2006 relating to

subsidiary companies under parental guarantee.

The company has taken advantage of the exemption allowed under section 408 of the Companies

Act 2006 and has not presented its own Statement of Comprehensive Income in these financial

statements.

The presentation currency of these financial statements is Pound Sterling. All amounts have been

rounded to the nearest £1,000.

The following principal accounting policies have been applied consistently:

2.2) Basis of consolidation

The consolidated financial statements present the results of the group and its own subsidiaries

("the group") as if they form a single entity. Intercompany transactions and balances between

group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the

purchase method. In the Statement of Financial Position, the acquiree's identifiable assets,

liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date.

The results of acquired operations are included in the Consolidated Statement of Comprehensive

Income from the date on which control is obtained. They are deconsolidated from the date control

ceases.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.3) Going concern

As part of their duties under the Companies Act 2006 the directors have considered the group's

current trading performance, reviewed the forward cash flow projections up to the audited going

concern period of December 2027 and subjected it to sensitivity testing. Having done this the

directors have a reasonable expectation that the group has adequate resources to continue in

operational existence for the foreseeable future. The group therefore continues to adopt the going

concern basis in preparing its financial statements.

The company is part of the overall group's cash pooling. It is dependent on continuing finance

being made available by its parent company, Cooke Aquaculture Inc. This is mainly done through

group loans, which are unsecured and have no repayment set date. This allows it to continue to

operate and meet its liabilities as they fall due. Cooke Aquaculture Inc. has agreed to provide a

letter of support which indicates its intention to financially support the company throughout the

going concern period.

The company prepares weekly cash forecasts which are provided to the group to ensure sufficient

cash funds are available as required.

The finance lease creditor is due to be repaid by November 2029.

2.4) Revenue

Sale of goods

Revenue is measured at the fair value of the consideration received or receivable, and represents

amounts receivable for goods supplied, stated net of discounts and value added taxes. The group

recognises revenue when the amount of revenue can be reliably measured; when it is probable

that future economic benefits will flow to the group and when specific criteria have been met for

each of the group's activities, which is normally on the despatch of goods. The group bases its

estimate of return on historical results, taking into consideration the type of customer, the type of

transaction and the specifics of each arrangement.

2.5) Intangible assets

Intangible assets are measured at cost less accumulated amortisation and any

accumulated impairment losses.

Amortisation is charged so as to allocate the cost of intangibles less their residual values over

their estimated useful lives, using the straight-line method. The intangible assets are amortised

over the following useful economic lives:


Licenses	40 years
Development	3 - 7 years
Goodwill	40 years

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.6) Tangible fixed assets

Property, plant and equipment are stated at cost, net of accumulated depreciation and/or

accumulated impairment losses, if any. Such cost includes costs directly attributable to making the

asset capable of operating as intended.

Depreciation is provided on all property, plant and equipment, at rates calculated to write off the

cost, less estimated residual value, of each asset on a systematic basis over its expected useful

life as noted below.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset,

as appropriate, only when it is probable that future economic benefits associated with the item will

flow to the company and the cost of the item can be measured reliably. The carrying amount of the

replaced part is derecognised. All other repairs and maintenance are charged to the Statement of

Comprehensive Income during the financial period in which they are incurred.

When parts of an item of property, plant and equipment have different useful lives, they are

accounted for as separate items (major components) of property, plant and equipment.

Ordinary depreciation of an asset begins when it is ready for use.

Depreciation on other assets is calculated using the straight-line method to allocate their cost to

their residual values over their estimated useful lives, as follows:

The estimated useful lives range as follows:


Buildings	25 years
Machinery & equipment	2 - 10 years
Boats and other assets	4 - 15 years

The depreciation method, period and residual value are reviewed annually. Changes will be

accounted for as a change in an accounting estimate.

No depreciation is charged for land or assets under construction.

Expenditures for on-going maintenance and repair costs are expensed as incurred, while

expenditures for improvements that extend the useful life of the asset and thereby increase the

future financial benefits from the asset are capitalised and depreciated over the same period as

the underlying asset. The carrying amounts of replaced parts are derecognised accordingly.

Gains or losses from the sale of fixed assets are calculated as the difference between net

disposal proceeds and carrying value as at the disposal date. Gains are included as other income

and losses as other expenses.

Depreciation of assets directly involved in day to day operational activities is charged directly to

stock, and released to the income statement in line with fish harvested.

There is a group policy in place where fixed assets with a nil net book value are removed from the

fixed asset register two years after their useful life has expired. This excludes large vessels and

buildings.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.7) Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to

determine whether there is any indication that the assets are impaired. Where there is any

indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit

to which the asset has been allocated) is tested for impairment. An impairment loss is recognised

for the amount by which the asset's carrying amount exceeds its recoverable amount. The

recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in

use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which

there are separately identifiable cash flows (CGUs). Non-financial assets that have been

previously impaired are reviewed at each reporting date to assess whether there is any indication

that the impairment losses recognised in prior periods may no longer exist or may have

decreased.

2.8) Investments in subsidiaries

The company recognises its investments in subsidiaries initially at cost being the fair value of the

consideration given and including directly attributable costs. Income is recognised from these

investments only in relation to distributions received from post-acquisition profits. Distributions

received in excess of post-acquisition profits are deducted from the cost of the investment.

Acquisition related costs are expensed as incurred.

2.9) Inventory and Biological assets

Inventory consists of feed, packaging materials, fry/smolt, live fish in the sea and processed fish.

Stocks of feed, packaging materials, fry/smolt and processed fish are valued at the lower of cost

and net realisable value.

The cost of feed and packaging inventories comprises all costs of purchase, and other costs

incurred in bringing the inventories to their present location and condition.

Net realisable value is the estimated selling price in the ordinary course of business for the

packaging, feed and smolt stock, less estimated costs necessary to make the sale.

Biological assets (inventory in fish farming comprises juveniles, fry/smolt and fish in the sea) are

valued at cost less impairment.

Fish stock is valued at cost and ordinary depreciation (based on normal operating capacity). The

depreciation policy and rates applied are set out in 2.6) Tangible fixed assets on page 24.

Borrowing costs are not included

2.10) 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.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.11) 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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank

overdrafts that are repayable on demand and form an integral part of the group's cash

management.

2.12) Financial instruments

The group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS

102 to all of its financial instruments.

Financial instruments are recognised in the group's Statement of Financial Position when the

group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial

statements, when there is a legally enforceable right to set off the recognised amounts and there

is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are

initially measured at their transaction price including transaction costs 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 group's cash and cash

equivalents, trade and most other receivables due within the operating cycle fall into this category

of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the

estimated future cash flows derived from the financial asset(s) have been adversely impacted.

The impairment loss will be the difference between the current carrying amount and the present

value of the future cash flows at the asset(s) original effective interest rate.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.12) Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the

impairment can be reviewed for possible reversal. The reversal will not cause the current carrying

amount to exceed the original carrying amount had the impairment not been recognised. The

impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the

contractual arrangements entered into. An equity instrument is any contract that evidences a

residual interest in the assets of the group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and

loans due to fellow group companies are initially measured at their transaction price after

transaction costs. When this constitutes a financing transaction, whereby the debt instrument is

measured at the present value of the future payments discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate

method.

Trade payables are obligations to pay for goods and services that have been acquired in the

ordinary course of business from suppliers. Trade payables are classified as current liabilities if

the payment is due within one year. If not, they represent non-current liabilities. Trade payables

are initially recognised at their transaction price and subsequently are measured at amortised cost

using the effective interest method. Discounting is omitted where the effect of discounting is

immaterial.

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are

settled, or when the group transfers the asset and substantially all the risks and rewards of

ownership to another party. If significant risks and rewards of ownership are retained after the

transfer to another party, then the group will continue to recognise the value of the portion of the

risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are

discharged or cancelled.

2.13) 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.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.14) Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange

rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-

monetary items measured at historical cost are translated using the exchange rate at the date of

the transaction and non-monetary items measured at fair value are measured using the exchange

rate when fair value was determined.

2.15) Finance costs

Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.

2.16) Leasing and hire-purchase commitments

Leases are classified as finance leases whenever the terms of the lease transfer substantially all

the risks and rewards of ownership from the leased asset to the group. All other leases are

classified as operating leases.

Assets held under finance leases are capitalised in the Statement of Financial Position and are

depreciated over the shorter of the lease term and the asset's useful lives. A corresponding liability

is recognised for the lower of the fair value of the leased asset and the present value of the

minimum lease payments in the Statement of Financial Position. Lease payments are apportioned

between the reduction of the lease liability and finance charges in the Statement of

Comprehensive Income so as to achieve a constant rate of interest on the remaining balance of

the liability.

Rentals payable under operating leases are charged to the Statement of Comprehensive Income

on a straight-line basis over the lease term. Lease incentives are recognised over the lease term

on a straight-line basis.

2.17) Pensions

Defined contribution pension plan

The group operates a defined contribution plan for its employees. A defined contribution plan is a

pension plan under which the group pays fixed contributions into a separate entity. Once the

contributions have been paid the group has no further payment obligations.

The contributions are recognised as an expense in the Consolidated Statement of Comprehensive

Income 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 group in independently

administered funds.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.18) Interest income

For all financial instruments measured at amortised cost and interest-bearing financial assets

classified as available for sale, interest income or expense is recorded using the effective interest

rate (EIR), which is the rate that exactly discounts the estimated future cash payments or receipts

through the expected life of the financial instrument or a shorter period, where appropriate, to the

net carrying amount of the financial asset or liability. Interest income is included in finance income

in the Statement of Comprehensive Income.

When a loan and receivable is impaired, the company reduces the carrying amount to its

recoverable amount, being the estimated future cash flow discounted at the original effective

interest rate of the instrument and continues unwinding the discount as interest income. Interest

income on impaired loan and receivables is recognised using the original effective interest rate.

2.19) Borrowing costs

All borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in

the year in which they are incurred.

2.20) Provision for liabilities

Provisions are made where an event has taken place that gives the group a legal or constructive

obligation that probably requires settlement by a transfer of economic benefit, and a reliable

estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Consolidated Statement of Comprehensive Income

in the year that the group becomes aware of the obligation, and are measured at the best

estimate at the Statement of Financial Position date of the expenditure required to settle the

obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement

of Financial Position.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

2. Accounting Policies (continued)

2.21) Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the

Consolidated Statement of Comprehensive Income 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 and

the group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but

not reversed by the Statement of Financial Position 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;

▪ Any deferred tax balances are reversed if and when all conditions for retaining associated tax

allowances have been met; and

▪ Where they relate to timing differences in respect of interests in subsidiaries, associates,

branches and joint ventures and the group can control the reversal of the timing differences

and such reversal is not considered probable in the foreseeable future.

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 value 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.

2.22) Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will

generate future economic benefits and hence all expenditure on research shall be recognised as

an expense when it is incurred. Intangible assets are recognised from the development phase of a

project if and only if certain specific criteria are met in order to demonstrate the asset will generate

probable future economic benefits and that its cost can be reliably measured. The capitalised

development costs are subsequently amortised on a straight-line basis over their useful economic

lives, which range from 3 to 7 years.

If it is not possible to distinguish between the research phase and the development phase of an

internal project, the expenditure is treated as if it were all incurred in the research phase only.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

3. Judgements in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make judgements, estimates and

assumptions that affect the reported amounts of assets, liabilities, income and expenses. The final

values realised may deviate from these estimates. Estimates and judgements are continually evaluated

and are based on historical experience and other factors, including expectations of future events that

are believed to be reasonable under the circumstances.

Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting

estimates are recognised in the period in which the estimates are revised. There are no critical

judgements in applying accounting policies in the amounts recognised in the financial statements, but

one critical estimate is made by the directors which is outlined below.

Fish numbers

The biological stock value is based on costs incurred and accrued for the period. The fish numbers are

an estimate derived from known inputs and identified mortalities; the exact numbers will only be known

when the full cycle is harvested. The actual versus expected numbers at harvest are monitored to

ensure the estimate remains reasonably reliable and any large variances would be investigated. Post

year end there have been no large variances on the fish number harvested or significant health issues

to indicate the biological stock value is overstated.

A 1% change in the fish numbers would result in no change to the carrying cost of the fish.

Judgements

During the year, the company entered into an invoice factoring arrangement involving the transfer of

certain trade receivables to a third-party finance provider. Judgement is applied in assessing whether

these receivables should be derecognised, based on whether substantially all the risks and rewards of

ownership have been transferred. This includes consideration of recourse provisions, credit risk

retained, and any continuing involvement in the receivables. Where substantially all risks and rewards

are transferred, the receivables are derecognised; otherwise, they remain recognised with proceeds

treated as a secured borrowing. The directors concluded that substantially all the risks and rewards

have been transferred at the reporting date, and have accounted for the arrangement accordingly.

4. Turnover

Turnover represents the amounts derived from the sale of goods which fall within the group's ordinary

activities, stated net of value added tax.


Analysis of turnover by country of destination:
	2025	2024
	£000	£000
UK	86,190	77,211
France	56,391	65,701
United States	28,551	32,253
Canada	19,786	23,050
Rest of Europe	34,235	26,030
Rest of the world	6,924	8,868
	232,077	233,113

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

5. Other operating income


	2025	2024
	£000	£000
Research and development tax credit	2,578	3,643
Freight cost recharged	996	930
Insurance and compensation received	422	—
Other operating income	58	29
	4,054	4,602

6. Operating profit

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


	2025	2024
	£000	£000
Depreciation of tangible fixed assets	9,916	10,753
Amortisation of intangible fixed assets, including goodwill	1,502	1,515
Foreign exchange (gains) / losses	(312)	469
Other operating lease rentals	17,665	19,617

Depreciation does not agree to the amount disclosed as charged for the year in note 13, this is due to

a proportion of these costs being capitalised into the inventory and is not released to the Consolidated

Statement of Comprehensive Income until the stock is sold.

7. Auditor's remuneration


	2025	2024
	£000	£000
Fees payable for the group's annual financial statements	25	71
Audit fee for subsidiary company accounts	140	72
	165	143
Fees payable to the group's auditor and its associates in respect of:
Accounts preparation	—	12

8. Employees

Staff costs, including directors' remuneration, were as follows:


	Group	Group	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Wages and salaries	16,108	15,549	—	—
Social security costs	1,914	1,854	—	—
Other pension costs	1,125	1,011	—	—
	19,147	18,414	—	—

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

8. Employees (continued)

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


	2025	2024
	No.	No.
Production	43	44
Directors and Admin	41	41
Operating Staff	327	315
	411	400

The company has no employees other than the directors, who did not receive any remuneration (2024:

£Nil).

The other pension costs does not agree to the amount disclosed as incurred for the year in note 25,

this is due to a proportion of these costs being capitalised into the inventory and is not released to the

Statement of Comprehensive Income until the stock is sold.

9. Directors' remuneration


	2025	2024
	£000	£000
Directors' emoluments through subsidiary companies:	437	431

During the year the number of directors to which retirement benefits were accruing in respect of defined contribution pension schemes:	2	2

The highest paid director received remuneration of :	246	254

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to:	22	21

10. Interest payable and similar expenses


	2025	2024
	£000	£000
Interest payable on amounts owed to group undertakings	9,060	9,950
Lease interest	659	19
Other interest payable	59	12
	9,778	9,981

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

11. Taxation


	2025	2024
	£000	£000
Corporation tax

Current tax on profits for the year	2,789	2,893
Adjustments in respect of previous periods	434	(1,153)
Total current tax	3,223	1,740

Deferred tax
Origination and reversal of timing differences	512	1,569
Adjustments in respect of previous periods	(565)	901
Total deferred tax	(53)	2,470
Taxation on profit on ordinary activities	3,170	4,210

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2024: higher than) the standard rate of corporation tax in

the UK of 25% (2024: 25%). The differences are explained below:


	2025	2024
	£000	£000
Profit on ordinary activities before tax	7,708	15,439
Profit on ordinary activities multiplied by standard rate of corporation tax 25% (2024: 25%)	1,927	3,860
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	1,645	602
Income not taxable	(278)	—
Intangible fixed assets	8	—
Adjustments in respect of prior periods	(132)	(251)
Total tax charge for the year	3,170	4,210

The Group is within the scope of the OECD Pillar Two model rules which came into effect for accounting

periods commencing on or after 31 December 2023 and is applicable to the Group for the financial

statements for the period ended 31 December 2025. The Group applies the exception to recognising and

disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes, as

provided in amendments to FRS102 approved for issue by the Financial Reporting Council on 5 July

2023.

Under the legislation, the Group is liable to pay a top-up tax on adjusted jurisdictional profits for the

difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate.

Based on the Pillar Two assessment undertaken by the Group using the relevant information for the

period to 31 December 2025, the Group expects to be able to apply the transitional Country by Country

safe harbour for most jurisdictions and expects the total amount of top up tax arising in relation to the

remaining territories to be immaterial.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

12. Intangible assets


Group
	Licenses	Development	Goodwill	Total
	£000	£000	£000	£000
Cost
At 1 January 2025	52,618	76	6,942	59,636
Additions	72	—	—	72
Disposals	(750)	—	—	(750)
At 31 December 2025	51,940	76	6,942	58,958
Amortisation
At 1 January 2025	13,732	65	1,839	15,636
Charge for the year	1,317	11	174	1,502
Disposals	(206)	—	—	(206)
At 31 December 2025	14,843	76	2,013	16,932
Net book value
At 31 December 2025	37,097	—	4,929	42,026
At 31 December 2024	38,886	11	5,103	44,000

Amortisation on intangible assets is charged to administrative expenses.

The company has no intangible assets to disclose.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

13. Tangible fixed assets


Group
	Land & Buildings	Machinery & Equipment	Boats & other assets	Assets under construction	Total
	£000	£000	£000	£000	£000
Cost
At 1 January 2025	14,878	73,195	31,512	9,386	128,971
Additions	725	5,768	1,217	3,709	11,419
Disposals	—	(9,375)	(1,424)	(3,992)	(14,791)
Transfers	10	5,603	(114)	(5,499)	—
At 31 December 2025	15,613	75,191	31,191	3,604	125,599
Depreciation
At 1 January 2025	6,402	39,108	23,365	—	68,875
Charge for the year	614	8,480	2,050	—	11,144
Disposals	—	(7,768)	(79)	—	(7,847)
At 31 December 2025	7,016	39,820	25,336	—	72,172
Net book value
At 31 December 2025	8,597	35,371	5,855	3,604	53,427
At 31 December 2024	8,476	34,087	8,147	9,386	60,096

The net carrying amount of assets held under finance leases included in machinery equipment is

£3,562k (2024: £2,446k).

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

14. Investments


Company	Investments in subsidiary companies
	£000
Cost or valuation
At 1 January 2025	68,435
At 31 December 2025	68,435

Net book value
At 31 December 2025	68,435
At 31 December 2024	68,435

Subsidiary undertakings

The following were subsidiary undertakings of the company:


Name	Registered office	Nature of business	Class of shares	Holding
Cooke Aquaculture Scotland Limited	C/o Brodies LLP, 110 Queen Street, Glasgow, Scotland, G1 3BX	Marine aquaculture	Ordinary shares	100%
Cooke Aquaculture Freshwater Limited	C/o Brodies LLP, 110 Queen Street, Glasgow, Scotland, G1 3BX	Marine aquaculture	Ordinary shares	100%
The Orkney Salmon Company Limited	C/o Brodies LLP, 110 Queen Street, Glasgow, Scotland, G1 3BX	Dormant	Ordinary shares	100%
Lakeland Cairndow Limited	C/o Brodies LLP, 110 Queen Street, Glasgow, Scotland, G1 3BX	Dormant	Ordinary shares	100%
Northeast Nutrition Scotland Limited	C/o Brodies LLP, 110 Queen Street, Glasgow, Scotland, G1 3BX	Manufacture of prepared feeds for farm animals	Ordinary shares	100%

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

15. Stocks


	Group	Group
	2025	2024
	£000	£000
Raw materials and consumables	8,867	6,565
Packaging stock	231	268
Feed and chemicals	6,150	6,631
Biological stock	117,815	119,391
Medicine	395	758
Finished goods and goods for resale	2,180	3,123
	135,638	136,736

Stock recognised in cost of sales during the year as an expense was £158,037k (2024: £153,728k).

No stocks held by the company in the current or prior year.

16. Debtors


	Group	Group	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Due within one year
Trade debtors	107	14,456	—	—
Amounts owed by group undertakings	—	—	570	570
Amounts owed by related parties	59,971	51,976	—	—
Other debtors	905	1,557	—	—
VAT recoverable	1,122	1,159	—	—
Corporation tax	8,531	8,243	—	—
Prepayments and accrued income	2,064	2,908	—	—
	72,700	80,299	570	570

An impairment loss of £Nil (2024: £Nil) was recognised against trade debtors.

Amounts owed by group undertakings are interest free and repayable on demand.

Amounts owed by related parties incur interest when in relation to the in-house bank accounts and are

repayable on demand.

Other amounts owed by related parties are interest free and repayable on demand.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

17. Cash at bank and in hand


	Group	Group	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Cash at bank and in hand	—	—	—	—

18. Creditors: Amounts falling due within one year


	Group	Group	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Bank loan	5,500	—	—	—
Other leases	—	5,618	—	—
Finance lease	1,303	2,223	—	—
Trade creditors	26,094	35,635	—	—
Payables to related parties	7,266	3,760	—	—
Corporation tax	—	—	54	54
Other taxation and social security	1,086	982	—	—
Other creditors	2,810	1,573	—	—
Accruals and deferred income	4,197	4,849	—	—
	48,256	54,640	54	54

Amounts owed to related parties incur interest when in relation to the in-house bank accounts. Amounts

owed to group undertakings are interest free and payable on demand. The other lease balance related

to cash in relation to a pre-hire agreement. The lease agreement was initially entered into, and funds

were received, pre year end and the agreement was formally completed in February 2025.

There are charges registered between DNB Bank ASA (an administrative agent) and Cooke Aquaculture

UK Holdings Limited. This charge is secured by fixed and floating charges covering all property of the

Company (including Intellectual Property Rights) and contains a negative pledge.

19. Creditors: Amounts falling due after more than one year


	Group	Group
	2025	2024
	£000	£000
Bank loan	101,332	—
Finance lease	2,078	1,859
Amounts owed to group undertakings	—	106,949
	103,410	108,808

The bank loan was provided by DNB Bank ASA for £110.0m. It is held by Cooke Aquaculture Scotland

Limited. It is due for repayment on July 2028.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

20. Finance leases

Analysis of the finance leases is given below:


	Group	Group
	2025	2024
	£000	£000
Within one year	1,303	2,403
Between 1-5 years	2,078	1,859
	3,381	4,262

The finance leases are secured against the assets to which they relate. The leases are fully repayable by

November 2029.

21. Deferred taxation


	Group	Group
	2025	2024
	£000	£000
At beginning of year	(6,750)	(4,280)
Charged to Consolidated Statement of Comprehensive Income	(512)	(1,569)
Adjustment in respect of prior years	565	(901)
At end of year	(6,697)	(6,750)

The provision for deferred taxation is made up as follows:
	Group	Group
	2025	2024
	£000	£000
Fixed asset timing differences	(6,949)	(5,989)
Loan relationship	217	—
Other timing differences	35	(761)
	(6,697)	(6,750)

Deferred tax amounts not recognised	(27,952)	—

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

22. Called up share capital


	2025	2024
	£	£
2 Ordinarys share of £1	2	2

There is a single class of ordinary shares. There are no restrictions on dividends and the repayment of

capital.

23. Profit and loss account

The profit and loss account represents historic profits and losses of the group.

24. Capital commitments

The group has capital commitments of £672k at 31 December 2025 (2024: £616k).

25. Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held

separately from those of the group in an independently administered fund. The pension cost charge

represents contributions payable by the group to the fund and amounted to £1,172k (2024: £1,053k).

Contributions totalling £147k (2024: £260k) were payable to the fund at the reporting date.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

26. Commitments under operating leases

At 31 December 2025 the group had future minimum lease payments under non-cancellable operating

leases as follows:


	Group	Group	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Other
Not later than 1 year	13,682	14,084	—	—
Later than 1 year and not later than 5 years	24,964	36,703	—	—
Later than 5 years	513	2,919	—	—
	39,159	53,706	—	—

	Group	Group	Company	Company
	2025	2024	2025	2024
	£000	£000	£000	£000
Land and buildings
Not later than 1 year	324	336	—	—
Later than 1 year and not later than 5 years	531	479	—	—
Later than 5 years	1,041	309	—	—
	1,896	1,124	—	—

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

27. Financial risk management

The group has exposures to three main areas of risk - foreign exchange currency exposure, liquidity

risk and customer credit exposure. To a lesser extent the group is also exposed to interest rate risk.

Foreign exchange risk management

The Group does have foreign currency risk through selling in Euros and US Dollar and purchasing in

various currencies. We do not hedge at a local level but manage the foreign exchange risk through the

Group Treasury department.

Liquidity risk

The objective of the group in managing liquidity risk is to ensure that it can meet its financial obligations

as and when they fall due. The group expects to meet its financial obligations through operating cash

flows. In the event that the operating cash flows would not cover all the financial obligations the group

has credit facilities available. The group looks to ensure it has sufficient liquidity though having debt with

various maturity profiles, such as the new loan put in place as mentioned in note 19.

Customer credit exposure

The group may offer credit terms to its customers which allow payment of the debt after delivery of the

goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on

the specified due date. This risk is mitigated by the strong on-going customer relationships and by

credit insurance.

Interest rate risk

The group borrows from its bankers or parent company using either overdrafts, leases or term loans

whose tenure depends on the nature of the asset and management's view of the future direction of

interest rate.

28. Related party transactions

The sale of goods to True North Salmon Co in the year amounted to £794k (2024: £52k) with sales

costs incurred of £Nil (2024: £4k). At the year end the debtor balance outstanding for True North

Salmon Co was £Nil (2024: debtor £5k).

The sale of goods to True North Seafood Inc in the year amounted to £26,419k (2024: £29,292k) with

sales costs incurred of £1,142k (2024: £2,810k). At the year end the creditor balance outstanding for

True North Seafood Inc was £1,609k (2024: creditor £2,526k).

The sale of goods to Kelly Cove Salmon Ltd amounted to £1,000k (2024: £1,522k). At year end the

debtor balance outstanding for Kelly Cove Salmon Ltd was £Nil (2024: £Nil ).

The purchase of goods from Omega Proteins Inc amounted to £7,561k (2024: £2,546k). At the year

end the creditor balance outstanding with Omega Proteins Inc was £Nil (2024: £779k).

The purchase of goods from CopeInca S.A.C. amounted to £4,704k (2024: £Nil ). At the year end the

creditor balance outstanding with CopeInca S.A.C was £4,704k (2024: £Nil ).

The sale of goods to Cooke Aquaculture Chile S.A. amounted to £7,035k (2024: £6,024k). At year end

the debtor balance outstanding for Cooke Aquaculture Chile S.A. was £227k (2024: £Nil).

The sale of goods to Cooke Aquaculture USA in the year amounted to £Nil (2024: £202k).

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

28. Related party transactions (continued)

There were also the following balances outstanding at the year end.

During the year £4,786k (2024: £9,941k) interest was paid to Cooke Aquaculture Luxembourg SARL.

During the year £Nil (2024: £84k) was paid to Cooke Insurance (Barbados) Limited.

Balances as at the end of the year due from/(to):



	2025	2024
	£000	£000
Cooke Aquaculture Inc (GBP loan)	56,382	47,873
True North Salmon	(52)	(618)
Culmarex SA Euro loan	—	82
Cooke Aquaculture Inc (management recharges)	(781)	(876)
True North Seafood Inc (services)	1,609	2,526
True North Salmon Ltd (services)	—	—
Culmarex SA	—	—
CA Luxembourg	—	(106,949)
Cooke Aquaculture Chile S.A.	227	—
Kelly Cove Salmon Ltd	—	—
Omega Proteins Inc.	—	(779)
Morubel	11	9
Biooriginal Europe	13	—
CopeInca S.A.C.	(4,704)	—
	52,705	(58,732)

During the financial year, there were also transactions with the ultimate parent company, Cooke

Aquaculture Inc, including a royalty expense of £11,249k (2024: £11,313k) and a management fee

expense of £1,901k (2024: £1,900k).

The above companies are all related parties through their common ownership with Cooke Aquaculture

Inc. being their ultimate parent undertaking

29. Post balance sheet events

There are no post balance sheet events to disclose.

COOKE AQUACULTURE UK HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

30. Ultimate parent undertaking and controlling party

The company is a wholly owned subsidiary of Cooke Aquaculture Inc, a company registered in

Canada. The company's ultimate parent undertaking at 31 December 2025 is Cooke Inc, a company

incorporated in Canada, which is the largest group for which consolidated accounts are prepared.

Cooke Aquaculture Inc, a company incorporated in Canada, is the smallest group for which

consolidated accounts are prepared.

The ultimate controlling party is the Cooke family by virtue of their shareholding in Cooke Inc.

The address of the registered office for Cooke Inc and Cooke Aquaculture Inc is 40 Wellington Row,

Saint John, New Brunswick, E2L 3H3, Canada

31. Analysis of debt


	At 1 January 2025	Cash flows	Bank loan	New finance leases	Other non- cash changes	At 31 December 2025
	£000	£000	£000	£000	£000	£000
Cash at bank and in hand	—	—	—	—	—	—
Debt due after 1 year	(108,808)	110,285	(104,082)	(365)	(440)	(103,410)
Debt due within 1 year	(11,600)	3,747	(5,500)	(716)	—	(14,069)
	(120,408)	114,032	(109,582)	(1,081)	(440)	(117,479)


	PAGE
Group Strategic Report	1 - 5
Directors' Report	6 - 8
Independent Auditor's Report	9 - 12
Consolidated Statement of Comprehensive Income	13
Consolidated Statement of Financial Position	14
Company Statement of Financial Position	15
Consolidated Statement of Changes in Equity	16
Company Statement of Changes in Equity	17
Consolidated Statement of Cash Flows	18 - 19
Notes to the Financial Statements	20 - 43