CLEARWATER BIDCO LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 1.2 to the financial statements which indicates that the group's and the parent company's ability to continue as a going concern is dependent on continued financial support from its ultimate parent, for which there is no ongoing commitment. These events and conditions, along with the other matters explained in note 1.2, constitute a material uncertainty that may cast significant doubt on the group's and the parent company's ability to continue as a going concern.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

UK-adopted IFRS

Reporting scope

Consolidated group

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 1.2 to the financial statements which indicates that the group's and the parent company's ability to continue as a going concern is dependent on continued financial support from its ultimate parent, for which there is no ongoing commitment. These events and conditions, along with the other matters explained in note 1.2, constitute a material uncertainty that may cast significant doubt on the group's and the parent company's ability to continue as a going concern.”

Group structure

1. CLEARWATER BIDCO LIMITED · parent
   1. MacDuff Shellfish Group Limited 100% · United Kingdom · Investment holding company
   2. MacDuff Shellfish Scotland Limited 100% · United Kingdom · Processing and sale of shellfish
   3. Rederij MacDuff BVBA 100% · Belgium · Non-trading
   4. MacDuff Shellfish (France) 100% · France · Sale of Shellfish

Significant events

• “Subsequent to year-end, on 24 July 2025, Clearwater Bidco Limited disposed of its trading subsidiaries, and as a result, it is no longer engaged in operational activity and has become a non-trading company.”
• “Subsequent to year-end, the Group sold its scallop harvesting business to a related party and disposed of all remaining subsidiaries involved in land-based operations to a third-party. The total aggregate net consideration received was £21.2 million, with the majority of the value attributable to vessels and fishing licenses.”
• “Subsequent to the balance sheet date, on 31 March 2025, Rederij Macduff BVBA, a 100% owned subsidiary was dissolved through the completion of a members' voluntary liquidation.”
• “On 15 August 2025, the ultimate parent company refinanced its credit facility (Note 26).”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

8

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  +9.1%

  £63,604,611 → £69,422,057

• Cash

  +47%

  £2,733,453 → £4,019,246

• Net assets

  -18%

  £26,253,368 → £21,517,487

• Employees

  -6.1%

  378 → 355

• Operating profit

  +11.9%

  -£5,183,014 → -£4,566,140

• Profit before tax

  -181.8%

  £5,083,475 → -£4,157,744

• Wages

  +3.1%

  £13,473,481 → £13,889,180

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers