Silverfin false 31/01/2023 01/02/2022 31/01/2023 M A Lewis 18/05/2018 A Spencer-Smith 26/06/2012 M Stevens 01/09/2005 18 October 2023 The principal activity of the company during the year was the processing and preserving of fish and fish products. 05276786 2023-01-31 05276786 bus:Director1 2023-01-31 05276786 bus:Director2 2023-01-31 05276786 bus:Director3 2023-01-31 05276786 2022-01-31 05276786 core:CurrentFinancialInstruments 2023-01-31 05276786 core:CurrentFinancialInstruments 2022-01-31 05276786 core:Non-currentFinancialInstruments 2023-01-31 05276786 core:Non-currentFinancialInstruments 2022-01-31 05276786 core:ShareCapital 2023-01-31 05276786 core:ShareCapital 2022-01-31 05276786 core:RevaluationReserve 2023-01-31 05276786 core:RevaluationReserve 2022-01-31 05276786 core:RetainedEarningsAccumulatedLosses 2023-01-31 05276786 core:RetainedEarningsAccumulatedLosses 2022-01-31 05276786 core:Goodwill 2022-01-31 05276786 core:Goodwill 2023-01-31 05276786 core:LandBuildings 2022-01-31 05276786 core:Vehicles 2022-01-31 05276786 core:FurnitureFittings 2022-01-31 05276786 core:ToolsEquipment 2022-01-31 05276786 core:LandBuildings 2023-01-31 05276786 core:Vehicles 2023-01-31 05276786 core:FurnitureFittings 2023-01-31 05276786 core:ToolsEquipment 2023-01-31 05276786 core:ImmediateParent core:CurrentFinancialInstruments 2023-01-31 05276786 core:ImmediateParent core:CurrentFinancialInstruments 2022-01-31 05276786 bus:OrdinaryShareClass1 2023-01-31 05276786 bus:OrdinaryShareClass2 2023-01-31 05276786 bus:OrdinaryShareClass3 2023-01-31 05276786 bus:OrdinaryShareClass4 2023-01-31 05276786 bus:OrdinaryShareClass5 2023-01-31 05276786 2022-02-01 2023-01-31 05276786 bus:FullAccounts 2022-02-01 2023-01-31 05276786 bus:SmallEntities 2022-02-01 2023-01-31 05276786 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 05276786 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 05276786 bus:Director1 2022-02-01 2023-01-31 05276786 bus:Director2 2022-02-01 2023-01-31 05276786 bus:Director3 2022-02-01 2023-01-31 05276786 core:Goodwill core:TopRangeValue 2022-02-01 2023-01-31 05276786 core:LandBuildings core:BottomRangeValue 2022-02-01 2023-01-31 05276786 core:LandBuildings core:TopRangeValue 2022-02-01 2023-01-31 05276786 core:Vehicles core:TopRangeValue 2022-02-01 2023-01-31 05276786 core:FurnitureFittings core:TopRangeValue 2022-02-01 2023-01-31 05276786 core:ToolsEquipment core:TopRangeValue 2022-02-01 2023-01-31 05276786 2021-02-01 2022-01-31 05276786 core:LandBuildings 2022-02-01 2023-01-31 05276786 core:Vehicles 2022-02-01 2023-01-31 05276786 core:FurnitureFittings 2022-02-01 2023-01-31 05276786 core:ToolsEquipment 2022-02-01 2023-01-31 05276786 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 05276786 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 05276786 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 05276786 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 05276786 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 05276786 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 05276786 bus:OrdinaryShareClass3 2021-02-01 2022-01-31 05276786 bus:OrdinaryShareClass4 2022-02-01 2023-01-31 05276786 bus:OrdinaryShareClass4 2021-02-01 2022-01-31 05276786 bus:OrdinaryShareClass5 2022-02-01 2023-01-31 05276786 bus:OrdinaryShareClass5 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05276786 (England and Wales)

MATTHEW STEVENS AND SON LIMITED

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

MATTHEW STEVENS AND SON LIMITED

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

MATTHEW STEVENS AND SON LIMITED

BALANCE SHEET

As at 31 January 2023
MATTHEW STEVENS AND SON LIMITED

BALANCE SHEET (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 1,004,553 1,061,069
Investment property 5 350,170 350,170
1,354,723 1,411,239
Current assets
Stocks 509,074 511,093
Debtors 6 1,109,701 949,834
Cash at bank and in hand 76,834 172,819
1,695,609 1,633,746
Creditors: amounts falling due within one year 7 ( 1,132,898) ( 1,287,418)
Net current assets 562,711 346,328
Total assets less current liabilities 1,917,434 1,757,567
Creditors: amounts falling due after more than one year 8 ( 704,355) ( 833,382)
Provision for liabilities ( 51,236) ( 56,426)
Net assets 1,161,843 867,759
Capital and reserves
Called-up share capital 9 100 100
Revaluation reserve 21,890 22,559
Profit and loss account 1,139,853 845,100
Total shareholders' funds 1,161,843 867,759

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Matthew Stevens and Son Limited (registered number: 05276786) were approved and authorised for issue by the Board of Directors on 18 October 2023. They were signed on its behalf by:

A Spencer-Smith
Director
MATTHEW STEVENS AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
MATTHEW STEVENS AND SON LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Matthew Stevens and Son Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp Melville Building East, Royal William Yard, Plymouth, PL1 3RP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Land and buildings 15 - 50 years straight line
Vehicles 5 years straight line
Fixtures and fittings 7 years straight line
Tools and equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 46 43

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 February 2022 314,485 314,485
At 31 January 2023 314,485 314,485
Accumulated amortisation
At 01 February 2022 314,485 314,485
At 31 January 2023 314,485 314,485
Net book value
At 31 January 2023 0 0
At 31 January 2022 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Tools and equipment Total
£ £ £ £ £
Cost
At 01 February 2022 992,714 774,957 624,528 90,429 2,482,628
Additions 0 74,747 15,382 0 90,129
At 31 January 2023 992,714 849,704 639,910 90,429 2,572,757
Accumulated depreciation
At 01 February 2022 225,877 611,035 494,549 90,098 1,421,559
Charge for the financial year 17,664 92,639 36,011 331 146,645
At 31 January 2023 243,541 703,674 530,560 90,429 1,568,204
Net book value
At 31 January 2023 749,173 146,030 109,350 0 1,004,553
At 31 January 2022 766,837 163,922 129,979 331 1,061,069

Included within the net book value of land and buildings above is £749,173 (2022 - £766,837) in respect of freehold land and buildings and £Nil (2022 - £Nil) in respect of long leasehold land and buildings.

Revaluation of tangible assets

The fair value of the company's freehold land and buildings was revalued on 1 October 2005. An independent valuer was not involved. The valuation was undertaken by the directors and the basis of this was at open market value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been as per the below. Upon transition to FRS 102 the company elected to use the most recent revaluation of the freehold land and buildings as its deemed cost on the transition date. The policy of revaluation has ceased since transition to FRS 102 as permitted by the transitional provisions of the accounting standard.

2023 2022
£ £
Historical cost 328,765 328,765
Accumulated depreciation (210,886) (207,277)
Carrying value 117,879 121,488

5. Investment property

Investment property
£
Valuation
As at 01 February 2022 350,170
As at 31 January 2023 350,170

The directors have reviewed the value of the investment property and are happy that the value in the financial statements reflects its fair value.

6. Debtors

2023 2022
£ £
Trade debtors 906,815 873,305
Amounts owed by Parent undertakings 5,140 5,140
Amounts owed by directors 141,172 18,559
Prepayments 9,000 7,500
VAT recoverable 27,911 20,485
Other debtors 19,663 24,845
1,109,701 949,834

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 135,264 510,674
Trade creditors 648,705 361,980
Accruals 41,460 62,251
Taxation and social security 151,619 197,485
Obligations under finance leases and hire purchase contracts 90,603 108,995
Other creditors 65,247 46,033
1,132,898 1,287,418

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 461,090 537,182
Obligations under finance leases and hire purchase contracts 44,765 77,619
Other creditors 198,500 218,581
704,355 833,382

The bank borrowings have been secured on the land that the loans relate to. The finance lease liabilities are secured on the assets to which they relate.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary A shares share of £ 1.00 1 1
1 Ordinary B shares share of £ 1.00 1 1
1 Ordinary C shares share of £ 1.00 1 1
1 Ordinary D shares share of £ 1.00 1 1
96 Ordinary shares of £ 1.00 each 96 96
100 100

10. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
finance leases entered into 4,535 9,729
other 339,000 0
343,535 9,729

The bank borrowings have been secured on the leasehold and freehold property held by the company and a cross guarantee from Matthew Stevens & Son Holdings Limited. Additionally a limited guarantee has been given by Matthew Stevens and Andrea Spencer Smith for £125,000.

11. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Director 1 - loan incurring interest at 2% 22,605 21,041
Director 2 - loan incurring interest at 2% 86,895 (28,182)
Director 3 - loan incurring interest at 2% 31,672 25,698
Total 141,172 18,557

During the year advances were made to the directors of £366,282, and repayments were made of £245,102. Interest was charged of £1,435.