REGISTERED NUMBER: 00862473 (England and Wales)

FISH GOURMET LIMITED

STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2025

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Statement of Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Cash Flow Statement

11

Notes to the Cash Flow Statement

12

Notes to the Financial Statements

13

DIRECTORS:

Glen Neil Dowie

Roy Dowie

SECRETARY:

Glen Neil Dowie

REGISTERED OFFICE:

3 Sterling Court

Norton Road

Stevenage

Hertfordshire

SG1 2LX

REGISTERED NUMBER:

00862473 (England and Wales)

BANKERS:

Lloyds Bank plc

Cromwell House

142 High Street

Stevenage

Hertfordshire

The directors present their strategic report for the year ended 31st December 2025.

REVIEW OF BUSINESS

The directors are pleased to present the review of the business for the year ended 31st December 2025 and the position of the company at the end of the year. The intention is to portray a balanced and comprehensive summary of the development and performance of the company consistent with the size and relatively uncomplicated nature of the business against the background of any risks and uncertainties that may exist. In doing so, the directors have taken into account only such facts and circumstances of which they are aware at the date of this report.

There has been no change in the principal activity.

The key financial performance indicators of the company are turnover and operating profit.

Turnover of 20,908,408 (2024 - £16,593,796)

Operating profit of £1,708,464 (2024 - £923,864)

PRINCIPAL RISKS AND UNCERTAINTIES

The main risks and uncertainties for the business relate to stock shortages as well as price risks.

The company undertakes regular reviews of the principal risks and the business and wherever possible adopts strategies to minimise such risks.

ON BEHALF OF THE BOARD:

Glen Neil Dowie - Secretary

6th May 2026

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

DIVIDENDS

An interim dividend of £149.70059 per share was paid on the Ordinary £1 shares on 31st January 2025. No dividends were paid on the Deferred £1 shares.

The total distribution of dividends for the year ended 31st December 2025 will be £ 150,000 .

DIRECTORS

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

Glen Neil Dowie

Roy Dowie

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the 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 of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

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

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company'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 company's auditors are aware of that information.

AUDITORS

The auditors, BK Plus Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Glen Neil Dowie - Secretary

6th May 2026

Opinion

We have audited the financial statements of Fish Gourmet Limited (the 'company') for the year ended 31st December 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31st December 2025 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 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 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 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

As part of an audit in accordance with ISAs (UK),we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements,whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

* Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence obtained,whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.

* Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our 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.

Christopher Hession (Senior Statutory Auditor)

for and on behalf of BK Plus Audit Limited

Chartered Certified Accountants and Statutory

Auditor

Churchfield House

36 Vicar Street

Dudley

West Midlands

DY2 8RG

6th May 2026

TURNOVER

20,908,408

16,593,796

Cost of sales

18,007,364

14,473,549

GROSS PROFIT

2,901,044

2,120,247

Distribution costs

651,306

624,336

Administrative expenses

729,983

588,857

1,381,289

1,213,193

1,519,755

907,054

Other operating income

15,410

16,810

Gain/loss on revaluation of tangible assets

173,299

-

OPERATING PROFIT

5

1,708,464

923,864

Interest receivable and similar income

37,246

52,266

PROFIT BEFORE TAXATION

1,745,710

976,130

Tax on profit

6

794,224

247,155

PROFIT FOR THE FINANCIAL YEAR

951,486

728,975

OTHER COMPREHENSIVE INCOME

Property revaluation

1,730,543

-

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

1,730,543

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,682,029

728,975

FIXED ASSETS

Tangible assets

8

2,374,405

473,129

CURRENT ASSETS

Stocks

9

3,572,296

3,301,994

Debtors

10

393,645

464,394

Cash at bank

3,128,017

2,075,986

7,093,958

5,842,374

CREDITORS

Amounts falling due within one year

11

1,371,606

1,108,022

NET CURRENT ASSETS

5,722,352

4,734,352

TOTAL ASSETS LESS CURRENT LIABILITIES

8,096,757

5,207,481

PROVISIONS FOR LIABILITIES

12

383,480

26,233

NET ASSETS

7,713,277

5,181,248

CAPITAL AND RESERVES

Called up share capital

13

7,350

7,350

Revaluation reserve

14

1,730,543

-

Capital redemption reserve

14

2,650

2,650

Retained earnings

14

5,972,734

5,171,248

SHAREHOLDERS' FUNDS

7,713,277

5,181,248

The financial statements were approved by the Board of Directors and authorised for issue on 6th May 2026 and were signed on its behalf by:

Glen Neil Dowie - Director

Called up

Capital

share

Retained

Revaluation

redemption

Total

capital

earnings

reserve

reserve

equity

£

£

£

£

£

Balance at 1st January 2024

7,350

4,442,273

-

2,650

4,452,273

Changes in equity

Total comprehensive income

-

728,975

-

-

728,975

Balance at 31st December 2024

7,350

5,171,248

-

2,650

5,181,248

Changes in equity

Dividends

-

(150,000

)

-

-

(150,000

)

Total comprehensive income

-

951,486

1,730,543

-

2,682,029

Balance at 31st December 2025

7,350

5,972,734

1,730,543

2,650

7,713,277

Cash flows from operating activities

Cash generated from operations

1

1,373,561

(1,231,699

)

Tax paid

(260,457

)

(180,488

)

Net cash from operating activities

1,113,104

(1,412,187

)

Cash flows from investing activities

Purchase of tangible fixed assets

(100,674

)

-

Interest received

37,246

52,266

Net cash from investing activities

(63,428

)

52,266

Cash flows from financing activities

Amount introduced by directors

180,355

-

Amount withdrawn by directors

(28,000

)

(150,000

)

Equity dividends paid

(150,000

)

-

Net cash from financing activities

2,355

(150,000

)

Increase/(decrease) in cash and cash equivalents

1,052,031

(1,509,921

)

Cash and cash equivalents at beginning of year

2

2,075,986

3,585,907

Cash and cash equivalents at end of year

2

3,128,017

2,075,986

1.	RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Operating profit

1,708,464

923,864

Depreciation charges

103,240

66,147

Gain on revaluation of fixed assets

(173,299

)

-

1,638,405

990,011

Increase in stocks

(270,302

)

(2,276,180

)

(Increase)/decrease in trade and other debtors

(79,251

)

158,518

Increase/(decrease) in trade and other creditors

84,709

(104,048

)

Cash generated from operations

1,373,561

(1,231,699

)

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 31st December 2025

31/12/25

1/1/25

£

£

Cash and cash equivalents

3,128,017

2,075,986

Year ended 31st December 2024

31/12/24

1/1/24

£

£

Cash and cash equivalents

2,075,986

3,585,907

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1/1/25

Cash flow

At 31/12/25

£

£

£

Net cash

Cash at bank

2,075,986

1,052,031

3,128,017

2,075,986

1,052,031

3,128,017

Total

2,075,986

1,052,031

3,128,017

1.	STATUTORY INFORMATION

Fish Gourmet 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year and have been consistently applied within the same accounts.

Turnover

Income is recognised when sales of goods have been delivered to customers and as such risks and rewards of ownership have been transferred to them. The amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the company and the costs incurred in respect of the transaction can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

2% on cost

Plant and machinery

-

25% on cost and 10% on cost

Fixtures and fittings

-

10% on cost

Motor vehicles

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount an impairment amount is recognised in the profit and loss account unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

4.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

773,780

708,240

Social security costs

84,290

67,192

Other pension costs

13,916

12,687

871,986

788,119

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

2025

2024

Distribution

12

11

Administration

2

2

Selling

6

6

20

19

2025

2024

£

£

Directors' remuneration

76,150

68,925

5.	OPERATING PROFIT

The operating profit is stated after charging:

2025

2024

£

£

Other operating leases

44,357

31,209

Depreciation - owned assets

103,240

66,147

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

436,977

260,457

Deferred tax

357,247

(13,302

)

Tax on profit

794,224

247,155

Tax effects relating to effects of other comprehensive income

2025

Gross

Tax

Net

£

£

£

Property revaluation

1,730,543

-

1,730,543

7.

DIVIDENDS

2025

2024

£

£

Ordinary shares of £1 each

Dividend paid on ordinary shares

150,000

-

8.	TANGIBLE FIXED ASSETS

Freehold

Improvements

Plant and

property

to property

machinery

£

£

£

COST OR VALUATION

At 1st January 2025

539,457

83,836

154,385

Additions

-

-

-

Revaluations

1,730,543

(83,836

)

-

At 31st December 2025

2,270,000

-

154,385

DEPRECIATION

At 1st January 2025

237,751

19,384

146,049

Charge for year

45,400

-

4,326

Revaluation adjustments

(237,751

)

(19,384

)

-

At 31st December 2025

45,400

-

150,375

NET BOOK VALUE

At 31st December 2025

2,224,600

-

4,010

At 31st December 2024

301,706

64,452

8,336

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST OR VALUATION

At 1st January 2025

15,734

467,083

1,260,495

Additions

-

100,674

100,674

Revaluations

-

-

1,646,707

At 31st December 2025

15,734

567,757

3,007,876

DEPRECIATION

At 1st January 2025

15,734

368,448

787,366

Charge for year

-

53,514

103,240

Revaluation adjustments

-

-

(257,135

)

At 31st December 2025

15,734

421,962

633,471

NET BOOK VALUE

At 31st December 2025

-

145,795

2,374,405

At 31st December 2024

-

98,635

473,129

Cost or valuation at 31st December 2025 is represented by:

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

Valuation in 2025

1,730,543

-

-

-

1,730,543

Cost

539,457

154,385

15,734

567,757

1,277,333

2,270,000

154,385

15,734

567,757

3,007,876

9.

STOCKS

2025

2024

£

£

Stocks

3,572,296

3,301,994

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

316,907

266,404

Other debtors

67,164

38,930

Directors' current accounts

-

150,000

Prepayments

9,574

9,060

393,645

464,394