Company Registration Number
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PURE FISHING (UK) LTD
COMPANY INFORMATION
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PURE FISHING (UK) LTD
CONTENTS
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PURE FISHING (UK) LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors present their strategic report for the year ended 31 December 2020.
Following the acquisition of the Pure Fishing Group by Sycamore Partners at the end of 2018 and the subsequent transition period through 2019, the business achieved a strong 2020 performance. This was in spite of the difficult operating environment of the COVID 19 pandemic which the business successfully managed to navigate.
The company’s statement of comprehensive income on page 10 shows a profit on ordinary activities before taxation of £16,066,000 (2019: loss £29,703,000). This increase in profitability is largely due to an increase in the dividends received from subsidiary companies. As at the balance sheet date the company had net assets of £97,817,000 (2019: £81,751,000). The increase in assets reflects the company’s acquisition of Pure Fishing Korea Co. Limited combined with a reduction in group creditor balances.
The main risks and uncertainties facing the Company would have to be categorised as follows:
· Any further unpredicted general economic downturn. · Severe and unseasonable weather in any prime selling seasons for fishing as sales are always weather dependent · Future inventory prices from China can fluctuate due to supply and currency. We purchase the majority of our inventory from China, denominated in USD which can alter the price we pay for product over time. · Excessive short-term fluctuations in foreign exchange rates affecting the price of products sourced from overseas in foreign currency. · The continued availability of credit facilities to the Company, as part of the wider Pure Fishing group, at competitive prices. All the above can be managed with good planning, long-term strategy and careful investment. The business and its investments were impacted by COVID-19 from March 2020 and management acted accordingly to reduce the cost base in the short term by reducing discretionary operational spend, furloughing employees where necessary and reducing orders placed for product to preserve cash flow. Through careful management the business recovered sales from June 2020 to previous levels with an overall growth in the core fishing sales, and they do not see significant future impact to the fishing business. FOREIGN EXCHANGE RISK The Company is exposed to foreign exchange risk on its products and on amounts due to and from fellow group undertakings. The Company monitors its exposure to foreign exchange risk on an ongoing basis. CREDIT RISK The Company trades with only recognised, creditworthy third parties. It is the Company’s policy that all customers who wish to trade on credit terms are subject to credit vetting procedures. In addition, receivable balances are monitored on an ongoing basis and, where appropriate, credit insurance is utilised with the result that the Company’s exposure to bad debts is mitigated. LIQUIDITY RISK The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of loans from fellow group undertakings. PRICE RISK The company manufactures and purchases product with exposure to fluctuating purchase prices. Where this occurs the company sets its selling prices accordingly to mitigate this effect.
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PURE FISHING (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Turnover decreased by £2,225k (11.4%) (2019 decreased: £504k (2.5%)). The 2020 decrease was primarily due to a continued fall in demand for product in the advanced composites business arising from one major customer.
The Company purchases the majority of its products in US dollars but sells them in Sterling. The profitability of the Company is therefore heavily dependent upon foreign exchange rates. The Company’s key financial and other performance indicators during the year were as follows:
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PURE FISHING (UK) LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors work to promote the success of the company, by considering the impact that their decisions may have on the company, along with the company’s stakeholders. The issues and factors which have guided the directors’ decisions are outlined in the “Review of the Business” and “Principle Risks and Uncertainties” section of this report.
The company’s key stakeholders include but are not limited to: • Customers • Employees • Suppliers • Funders During the financial year ended 31 December 2020 the directors, having regard to the financial performance and position of the company, and the ability to meet the expectations of its key stakeholders, decided not to pay a dividend. The core values at Pure Fishing are to work as a team, providing great customer experience. These values underpin the Pure Fishing group’s strategy and vision. The vision is to be the leading global player in the fishing tackle industry, and its strategy is to have the best employees, products and processes to create a platform for growth. The directors of the company promote good governance, which is key to driving the success of the business. The directors aim to promote strong relationships with key stakeholders at all times which are also critical to achieving long term growth and success. The Senior Leadership team meet at least every quarter to review the business and its operations to ensure it is meeting targets and that decisions taken are in line with the groups’ values and objectives. During 2020 the company invested in new product development to ensure that the company can achieve its growth targets. The company also engaged with external customers to ensure a positive customer experience and to ensure the new product development was in line with market trends. Internally the company looked at its operations to determine productivity improvements that could be made to strengthen its ability to compete in the marketplace. The business is mindful of its impact on the environment and supports sustainable fishing practices in the markets in which it operates and participates actively in many local organisations.
This report was approved by the board
and signed on its behalf.
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PURE FISHING (UK) LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The directors present their report and the financial statements for the year ended 31 December 2020.
The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 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 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 for the Company's financial statements and then apply them consistently;
∙
make judgments 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 to 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.
The profit for the year, after taxation, amounted to £
16,066
K
(2019 -
loss
£
29,703
K)
.
No dividends were paid during the year (2019: £nil). The Directors do not recommend payment of a final dividend for 2020 (2019: £nil).
The directors believe that preparing the financial statements on the going concern basis is appropriate due to the contiuned financial support of the ultimate parent company, Pure Fishing Inc. The directors have received confirmation that the parent company, SP PF Cayman Holdings I LP intends to support the Company for at least one year after these financial statements are signed.
The directors who served during the year were:
Overall in the coming year the company expects to continue operating with its current business model.
We will continue to develop strong relationships with our customers, suppliers and with the fishing industry in general, generating new business where possible and seeking growth for the business.
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PURE FISHING (UK) LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
There have been no significant events affecting the Company since the year end.
The auditors, Armstrong Watson Audit Limited, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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PURE FISHING (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE FISHING (UK) LTD
We have audited the financial statements of PURE FISHING (UK) LTD (the 'Company') for the year ended 31 December 2020, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity
and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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PURE FISHING (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE FISHING (UK) LTD (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
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 Directors' Report.
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PURE FISHING (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE FISHING (UK) LTD (CONTINUED)
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:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; • we identified the laws and regulations applicable to the limited partnership through discussion with the general partners and other management; • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the limited partners financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected or alleged fraud; and • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations In address the risk of fraud through management bias and override of controls, we: • performed analytical procedures as a risk assessment tool to identify any unusual or unexpected relationships; and • tested journal entries to identify unusual transactions; and • tested the discounted cash flow model for review of impairment to valuation of investments • reviewed a sample of revenue to supporting documentation • reviewed the accounting provisions against stock and trade debtors to gain comfort over valuation and recoverability In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited too: • agreeing financial statement disclosures to underlying supporting documentation; and • enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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PURE FISHING (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PURE FISHING (UK) LTD (CONTINUED)
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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants
York House
North Yorkshire
DL6 2XQ
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PURE FISHING (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
REGISTERED NUMBER:
02298581
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 29 form part of these financial statements.
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PURE FISHING (UK) LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2020
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 DECEMBER 2019
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
The principal activity of the Company is the purchasing of fishing tackle for distribution to retailers. The Company also designs and manufacturers composite tubing. The Company is a private company, limited by shares and incorporated and registered in England, United Kingdom. The address of the registered office is Willowburn Trading Estate, Alnwick, Northumberland, NE66 2PF.
2.
Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company's results are consolidated in the group financial statements produced by SP PF Cayman Holdings I LP and available on request from Pure Fishing Inc. Accordingly, the Company has taken advantage of the exemption from preparing consolidated financial statements afforded by Section 401 Companies Act 2006.
The following principal accounting policies have been applied:
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
The directors believe that preparing the financial statements on the going concern basis is appropriate due to the contiuned financial support of the ultimate parent company, Pure Fishing Inc. The directors have received confirmation that the parent company, SP PF Cayman Holdings I LP intends to support the Company for at least one year after these financial statements are signed.
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Goodwill
Other intangible assets
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Fixed Asset Investments As noted above, to determine whether there has been an impairment of fixed asset investment, management consider annually the expected future financial performance of the asset using a Discounted Cash Flow model. The key base assumptions of the model used include: A Weighted Average Cost of Capital (WACC) calculated at 9%, revenue growth at 50% of planned levels compared to the 5 year strategic plan and gross margin improvements of 0.5% each year over the next 5 years. The model is sensitive to changes in the assumptions as highlighted below: A change in WACC +/- 0.5% would result in movement of £(11)m or £13.3m respectively in asset value. A change in growth assumptions of +/- 10% would result in movement of £10.2m or £(9.9)m respectively in asset value. A change in FX rate assumptions of +/- 5% would result in movement of £8.5m or £(10.0)m respectively in asset value.
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Analysis of turnover by country of destination:
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
10.
Taxation (continued)
An increase in the UK corporate tax from 19% to 25% was announced in the 2021 budget, this is scheduled to take effect from April 2023. The rate for small profits under £50,000 will remain at 19%, and there will be taper relief for businesses with profits between £50,000 and £250,000. Since the proposal to increase the rate to 25% had not been substantively enacted at the balance sheet date, its effects are not included in these financial statements.
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Subsidiary undertakings (continued)
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
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PURE FISHING (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
Pure Fishing Inc. regards SP PF Cayman Aggregator LP as its ultimate controlling party and consolidated financial statements for the Pure Fishing Group are prepared by SP PF Cayman Holdings I LP. These are avaiable on request from Pure Fishing Inc., 7 Science Court, Columbia, SC, 29203, United States of America. This is the only set of consolidated financial statements prepared by the Pure Fishing Group and therefore represents both the largest and smallest group of undertakings for which group financial statements are drawn up and of which Pure Fishing (UK) Limited is a member.
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