REGISTERED NUMBER: 08250598 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2025

FOR

LONDON'S FISH SHOP LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

O Aziz

SECRETARY:

O Aziz

REGISTERED OFFICE:

London County Hall

Riverside Building

Westminster Bridge Road

London

SE1 7PB

REGISTERED NUMBER:

08250598 (England and Wales)

AUDITORS:

Xeinadin Audit Limited

46 Hamilton Square

Birkenhead

Merseyside

CH41 5AR

FIXED ASSETS

Intangible assets

4

-

-

Property, plant and equipment

5

651,689

621,661

Investments

6

550,000

550,000

1,201,689

1,171,661

CURRENT ASSETS

Inventories

126,455

93,364

Debtors

7

1,314,681

1,116,538

Cash at bank and in hand

20,738

84,207

1,461,874

1,294,109

CREDITORS

Amounts falling due within one year

8

1,621,182

1,090,977

NET CURRENT (LIABILITIES)/ASSETS

(159,308

)

203,132

TOTAL ASSETS LESS CURRENT LIABILITIES

1,042,381

1,374,793

CREDITORS

Amounts falling due after more than one year

9

(677,021

)

(511,013

)

PROVISIONS FOR LIABILITIES

12

(38,732

)

-

NET ASSETS

326,628

863,780

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

326,528

863,680

326,628

863,780

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2026 and were signed by:

O Aziz - Director

1.	STATUTORY INFORMATION

London's Fish Shop Ltd 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.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods.

The Company's management believes that judgements, estimates and assumptions used in the preparation of the financial statements are appropriate given the factual circumstances as at 31 October 2025..

Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other assessments. In particular, the Company has identified the following accounting policies which, due to the judgements, estimates and assumptions inherent in those policies, and the sensitivity of the financial statements to those judgements, estimates and assumptions, are critical to an understanding of the financial statements.

i) Assets impairment

The Company reviews on an annual basis the carrying amounts of investments, tangible assets and intangible assets, in order to determine if there is an indication of impairment. If any such indication exists an impairment review is carried out in order to determine the extent of the impairment loss.

ii) Useful lives of depreciable tangible and intangible assets

The management assesses the estimated useful lives and related depreciation & amortisation charges for purchased and internally generated intangible assets and tangible assets and reviews the assessment at regular intervals. Management estimates are based on the projected operating life cycle of these assets. Such estimates are not expected to change significantly, however, management may modify depreciation and amortisation rates wherever useful lives turn out to be different than previously estimated and writes down or writes off assets.

Revenue

Revenue is measured at the fair value of the consideration received or receivable for goods supplied net of Value

Added Tax. Income is recognised when goods have been delivered to customers such that risks and rewards of

ownership have transferred to them.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses.Such cost included costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis:

Leasehold properties

Straight line over the life of the lease

Plant & machinery

20% on Reducing Balance

Fixtures fittings and equipment

20% on Reducing Balance

Motor vehicles

20% on Reducing Balance

Computer equipment

33% on Reducing Balance

The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Investments in subsidiaries

Investments in subsidiary undertakings are measured at cost less accumulated impairment losses. Cost includes the fair value of the consideration given.

If there is an indication that an investment in a subsidiary has suffered impairment, the carrying amount is reviewed and, if necessary, adjusted to reflect the revised recoverable amount. Impairment losses and reversals of impairment losses are recognised in profit or loss in the period in which they occur.

Inventories

Inventories comprise food and beverage stocks held for use in preparing meals for sale, together with packaging and other consumable supplies. They are stated at the lower of cost and net realisable value.

Cost is determined on a first-in, first-out basis and comprises the purchase price, net of trade discounts and rebates, plus any directly attributable costs of bringing the inventories to their present location and condition. Food and beverage stocks turn over rapidly and are replenished continuously, so cost is measured by reference to purchase prices ruling at the balance sheet date. Packaging and consumables bought in bulk are carried at the cost of the consignment from which the remaining quantity is drawn.

Net realisable value is the estimated selling price less the estimated costs of completion and the estimated costs necessary to make the sale. Inventories are written down where they are damaged, past their use-by date, or, in the case of packaging and consumables, no longer expected to be used. Write-downs are recognised as an expense in the period in which they arise.

The carrying amount of inventories is recognised as an expense in the period in which the related revenue is recognised.

Financial instruments

Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 43 (2024 - 41 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 November 2024

2,906

Disposals

(2,906

)

At 31 October 2025

-

AMORTISATION

At 1 November 2024

2,906

Eliminated on disposal

(2,906

)

At 31 October 2025

-

NET BOOK VALUE

At 31 October 2025

-

At 31 October 2024

-

5.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 November 2024

1,100,000

69,394

586,362

Additions

115,815

4,950

9,552

At 31 October 2025

1,215,815

74,344

595,914

DEPRECIATION

At 1 November 2024

653,400

21,266

498,153

Charge for year

65,654

8,793

19,552

At 31 October 2025

719,054

30,059

517,705

NET BOOK VALUE

At 31 October 2025

496,761

44,285

78,209

At 31 October 2024

446,600

48,128

88,209

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2024

42,796

29,278

1,827,830

Additions

-

3,422

133,739

At 31 October 2025

42,796

32,700

1,961,569

DEPRECIATION

At 1 November 2024

10,271

23,079

1,206,169

Charge for year

6,505

3,207

103,711

At 31 October 2025

16,776

26,286

1,309,880

NET BOOK VALUE

At 31 October 2025

26,020

6,414

651,689

At 31 October 2024

32,525

6,199

621,661

Included within motor vehicles are assets held under hire purchase agreements with an original cost of £42,796 and a net book value of £26,020 as at 31 October 2025.

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 November 2024

and 31 October 2025

550,000

NET BOOK VALUE

At 31 October 2025

550,000

At 31 October 2024

550,000

7.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

591,383

12,337

Amounts owed by connected companies

269,970

47,948

Other debtors

279,219

882,144

1,140,572

942,429

Amounts falling due after more than one year:

Other debtors

174,109

174,109

Aggregate amounts

1,314,681

1,116,538

Rent deposits recoverable at the end of the lease term, previously included within debtors falling due within one year, are now presented within debtors falling due after more than one year to reflect the expected timing of recovery. The comparative amounts have been reclassified on the same basis. The reclassification has no effect on total debtors, net assets or the result for the prior year.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

252,352

162,751

Hire purchase contracts (see note 10)

10,849

10,849

Trade creditors

223,948

98,140

Amounts owed to group undertakings

581,380

242,001

Taxation and social security

519,455

566,808

Other creditors

33,198

10,428

1,621,182

1,090,977

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

658,035

481,178

Hire purchase contracts (see note 10)

18,986

29,835

677,021

511,013

10.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2025

2024

£

£

Net obligations repayable:

Within one year

10,849

10,849

Between one and five years

18,986

29,835

29,835

40,684

Non-cancellable

operating leases

2025

2024

£

£

Within one year

643,383

499,178

Between one and five years

2,980,000

2,400,000

In more than five years

8,199,082

1,203,288

11,822,465

4,102,466

11.	SECURED DEBTS

The following secured debts are included within creditors:

2025

2024

£

£

Bank loans

910,387

643,929

The bank loan is secured by a fixed and floating charge over the company's lease hold property and by a fixed and floating charge over the company's assets.

12.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

38,732

-

Deferred

tax

£

Provided during year

38,732

Balance at 31 October 2025

38,732

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Bradley Kelly BA BFP ACA FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

14.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2025 and 31 October 2024:

2025

2024

£

£

O Aziz

Balance outstanding at start of year

345,323

915,743

Amounts advanced

-

618,790

Amounts repaid

(296,435

)

(1,189,210

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

48,888

345,323

During the year, an interest of £6,061 (2024: £18,700) has been charged on the overdrawn balance at an official rate of interest.

15.	RELATED PARTY DISCLOSURES

Included in debtors, amount falling due within one year, is an amount of £591,383 (2024: £12,337) owed by the group undertakings. This loan is interest free and repayable on demand.

Included in debtors, amount falling due within one year, is an amount of £269,970 (2024: £47,948) owed by the connected companies. This loan is interest free and repayable on demand.

Included in creditors, amount falling due within one year, is an amount of £581,380 (2024: £242,001) owed to the group undertakings. This loan is interest free and repayable on demand.

16.	POST BALANCE SHEET EVENTS

On 19 March 2026 the company refinanced its bank borrowings with Barclays Bank PLC and granted a debenture in favour of Barclays Security Trustee Limited, incorporating a fixed charge and a floating charge over the whole of the company's property and undertaking together with a negative pledge. The company's former security in favour of HSBC Bank PLC was released on 20 April 2026. The new facility provides for borrowings of up to £1,800,000.

The refinancing and related security took place after the reporting date and do not affect the amounts recognised in these financial statements as at 31 October 2025. The directors consider this to be a non-adjusting event after the reporting period.

Apart from the above, no other significant events have occurred between the reporting date, 31 October 2025, and the date the financial statements were authorised for issue that would require adjustment to or disclosure in the financial statements.

17.	ULTIMATE CONTROLLING PARTY

The company's immediate parent is Maden Group Ltd, incorporated in England and Wales. The ultimate controlling parties are the shareholders of Maden Group Ltd by virtue of their holding in the parent company.

The largest and smallest group in which the results of the company are consolidated is that headed by Maden Group Ltd which is incorporated in the United Kingdom. The consolidated financial statements of this company are available to the public and may be obtained from the company's registered office being 1 Kings Avenue, London, United Kingdom, N21 3NA.

18.	COMPARATIVES

The balances presented for the prior year in the comparative financial statements are unaudited, as the company was not required to have its financial statements audited for that year.