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Registered number: 10046634










HODGSON FISH HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
HODGSON FISH HOLDINGS LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr P Hodgson 
Mrs J Hodgson-Wood 
Mrs N Hodgson 
Mr A Wood 




REGISTERED NUMBER
10046634



REGISTERED OFFICE
Hodgson Fish
Fish Quay

Southgate

Hartlepool

TS24 0JH




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

TS24 0UX





 
HODGSON FISH HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
3
Directors' report
1 - 2
Independent auditors' report
4 - 7
Consolidated profit and loss account
8
Consolidated balance sheet
9 - 10
Company balance sheet
11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
15
Notes to the financial statements
16 - 36


 
HODGSON FISH HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

The directors present their report and the financial statements for the year ended 30 November 2023.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PRINCIPAL ACTIVITY

Hodgson Fish Holdings Limited holds investment properties and is the holding company for W Hodgson (Hartlepool) Limited. The principal activity of W Hodgson (Hartlepool) Limited during the year was that of wholesale and retail fish sales.
W Hodgson (Hartlepool) Limited owns 50% of Sailbrand 2018 Limited. Sailbrand 2018 Limited runs a fish and chip shop and is also the ultimate holding company for Sailbrand Limited. The principal activity of Sailbrand Limited during the year was that of wholesale and retail fish and delicatessen sales.

RESULTS AND DIVIDENDS

The profit for the year, after taxation and minority interests, amounted to £1,794,646 (2022 - £2,134,527).

During the year dividends of £520,000 were paid with an additional £376,040 paid to minority interests.

DIRECTORS

The directors who served during the year were:

Mr P Hodgson 
Mrs J Hodgson-Wood 
Mrs N Hodgson 
Mr A Wood 

Page 1

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023

FUTURE DEVELOPMENTS

The directors and management consider the company to be in a strong financial position, with ample reserves to support us with any future plans for growth or support us in any difficult trading situations. The plan is to try and maintain profitability of the company and maintain our market share we think if we can do both of these things it will be classed a successful trading period. We have no immediate plans for growth or capital expenditure it is a period of consolidation.

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end. 

AUDITORS

The auditorsWaltons Business Advisers Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 10 July 2024 and signed on its behalf.
 





Mr P Hodgson
Director

Page 2

 
HODGSON FISH HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

INTRODUCTION
 
Hodgson Holdings Limited has had what we think is another successful year. Trade has been much more subdued than in the previous year but it was to be expected. 

BUSINESS REVIEW
 
Our year end accounts again show another strong performance a cross the board. Although demand and sales have not been quite as strong as in the previous year, we are satisfied that we continue to hold a strong place in the market and that our figures will be better than average compared to our sector. There has been a lot of pressure on the business in terms of increased costs which we are trying to manage to reduce the amount we have to pass on to our customers without having to compromise our margins. 

PRINCIPAL RISKS AND UNCERTAINTIES
 
Risks and uncertainties are monitored on an ongoing basis by the senior management team, with actions planned and taken to mitigate any adverse effects on the business. The key business risks affecting the group relate to the overall economic climate and competitive pressures.
The economic climate has been, and continues to be very challenging, in particular with regard to cost inflation and the necessity to pass cost increases on to our already struggling customers. The company maintains excellent relationships with both suppliers and customers to ensure good communication channels are open so that any issues arising can be resolved in a timely manner.
Credit risk is an ongoing worry. The company are working hard to control debt and have increased staff in that department. The company are utilising all tools available to ensure the possibility of  bad debt is kept to a minimum.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The board monitors company performance using a range of indicators, some of the most significant of which
are as follows:-
Key performance indicators    2023  2022  2021  2020  2019
(in respect of trading company)
Sales growth     (3.79)% 33.6%  29.3%  (18.8)% 8.9%
Gross profit growth    (5.29)% 31.7%  25.0%  (12.5)% 8.2%
Gross profit %    25.9%  26.4%  26.8%  27.7%    25.7%
Cash at bank and in hand   £4,834k  £4,001k £3,341k £2,261k £1,690k 


This report was approved by the board on 10 July 2024 and signed on its behalf.



Mr P Hodgson
Director

Page 3

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of Hodgson Fish Holdings Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 30 November 2023, which comprise the consolidated profit and loss account, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 Group's and of the parent company's affairs as at 30 November 2023 and of the Group's 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 Group 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.


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 Group's or the parent 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.


Page 4

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)


OTHER INFORMATION


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 ReportOur 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.


OPINION 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 group 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 group strategic report and the directors' report 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 Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group strategic report or the directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company 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.


Page 5

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the directors' responsibilities statement set out on page 1, 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 is 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 Group's and the parent 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 Group or the parent 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 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 Group 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures as follows:
• to test the timing and existence of revenue,
• to review journals posted to key control accounts or posted around the year end to look for potential    “window dressing” as well as looking at a sample throughout the year.


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.


Page 6

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the company's directors, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's directors 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed.





Heather O'Driscoll FCA (senior statutory auditor)
  
for and on behalf of
Waltons Business Advisers Limited
 
Chartered Accountants
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
TS24 0UX

12 August 2024
Page 7

 
HODGSON FISH HOLDINGS LIMITED
 
 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022
Note
£
£

  

Turnover
 3 
24,341,997
25,301,372

Cost of sales
  
(18,022,993)
(18,629,231)

GROSS PROFIT
  
6,319,004
6,672,141

Distribution costs
  
(851,092)
(877,325)

Administrative expenses
  
(3,603,947)
(3,299,067)

Other operating income
 4 
394,997
103,524

OPERATING PROFIT
 5 
2,258,962
2,599,273

Income from other participating interests
  
218,150
218,709

Income from other fixed asset investments
  
99,000
-

Interest receivable and similar income
 10 
28,043
7,126

Interest payable and similar expenses
 11 
(6,654)
(2,575)

PROFIT BEFORE TAX
  
2,597,501
2,822,533

Tax on profit
 12 
(629,279)
(457,153)

PROFIT FOR THE FINANCIAL YEAR
  
1,968,222
2,365,380

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Non-controlling interests
  
173,576
230,853

Owners of the parent
  
1,794,646
2,134,527

  
1,968,222
2,365,380

There are no items of other comprehensive income for 2023 or 2022 other than the profit for the yearAs a result, no separate Statement of Comprehensive Income has been presented.

The notes on pages 16 to 36 form part of these financial statements.

Page 8

 
HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 14 
11,099
15,549

Tangible assets
 15 
1,087,844
1,153,316

Fixed asset investments
 16 
871,670
1,354,445

Investment property
 17 
3,188,973
2,280,169

  
5,159,586
4,803,479

CURRENT ASSETS
  

Stocks
 18 
284,151
389,167

Debtors: amounts falling due within one year
 19 
2,182,555
2,244,409

Cash at bank and in hand
 20 
4,833,944
4,014,698

  
7,300,650
6,648,274

Creditors: amounts falling due within one year
 21 
(2,392,206)
(2,471,125)

NET CURRENT ASSETS
  
 
 
4,908,444
 
 
4,177,149

TOTAL ASSETS LESS CURRENT LIABILITIES
  
10,068,030
8,980,628

Creditors: amounts falling due after more than one year
 22 
(89,358)
(101,502)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 25 
(158,390)
(131,026)

NET ASSETS
  
9,820,282
8,748,100


CAPITAL AND RESERVES
  

Called up share capital 
 26 
6,316
6,316

Share premium account
 27 
84,649
84,649

Capital redemption reserve
 27 
1,842
1,842

Investment property reserve
 27 
-
55,793

Profit and loss account
 27 
9,863,615
8,533,176

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
9,956,422
8,681,776

Non-controlling interests
  
(136,140)
66,324

  
9,820,282
8,748,100


Page 9

 
HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 July 2024.




Mr P Hodgson
Director

The notes on pages 16 to 36 form part of these financial statements.

Page 10

 
HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 15 
8,645
-

Investments
 16 
3,158
475,469

Investment property
 17 
3,101,112
2,192,308

  
3,112,915
2,667,777

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 19 
108,828
35,324

Cash at bank and in hand
 20 
377,615
13,298

  
486,443
48,622

Creditors: amounts falling due within one year
 21 
(167,659)
(39,017)

NET CURRENT ASSETS
  
 
 
318,784
 
 
9,605

  

  

NET ASSETS
  
3,431,699
2,677,382


CAPITAL AND RESERVES
  

Called up share capital 
 26 
6,316
6,316

Profit and loss account carried forward
  
3,425,383
2,671,066

  
3,431,699
2,677,382


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 10 July 2024.


Mr P Hodgson
Director

The notes on pages 16 to 36 form part of these financial statements.

Page 11

 

 
HODGSON FISH HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023



Called up share capital
Share premium account
Merger reserve
Investment property revaluation reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£



At 1 December 2021
6,316
84,649
1,842
55,793
6,809,600
6,958,200
17,721
6,975,921





Profit for the year
-
-
-
-
2,134,527
2,134,527
230,853
2,365,380


Dividends: Equity capital
-
-
-
-
(410,951)
(410,951)
-
(410,951)


Dividend to minority interest
-
-
-
-
-
-
(182,250)
(182,250)





At 1 December 2022
6,316
84,649
1,842
55,793
8,533,176
8,681,776
66,324
8,748,100





Profit for the year
-
-
-
-
1,794,646
1,794,646
173,576
1,968,222


Dividends: Equity capital
-
-
-
-
(520,000)
(520,000)
-
(520,000)


Transfer to/from profit and loss account
-
-
-
-
55,793
55,793
-
55,793


Transfer to/from profit and loss account
-
-
-
(55,793)
-
(55,793)
-
(55,793)


Dividend to minority interest
-
-
-
-
-
-
(376,040)
(376,040)



At 30 November 2023
6,316
84,649
1,842
-
9,863,615
9,956,422
(136,140)
9,820,282



The notes on pages 16 to 36 form part of these financial statements.

Page 12

 
HODGSON FISH HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2021
6,316
2,327,164
2,333,480



Profit for the year
-
754,853
754,853

Dividends: Equity capital
-
(410,951)
(410,951)



At 1 December 2022
6,316
2,671,066
2,677,382



Profit for the year
-
1,274,317
1,274,317

Dividends: Equity capital
-
(520,000)
(520,000)


At 30 November 2023
6,316
3,425,383
3,431,699


The notes on pages 16 to 36 form part of these financial statements.

Page 13

 
HODGSON FISH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2023
2022
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Operating profit
1,968,222
2,365,380

ADJUSTMENTS FOR:

Amortisation of intangible assets
4,450
4,451

Depreciation of tangible assets
301,088
308,888

Loss on disposal of tangible assets
(291,635)
(19,500)

Interest paid
6,654
2,575

Interest received
(28,043)
(7,126)

Taxation charge
629,279
457,153

Decrease/(increase) in stocks
105,016
(89,379)

Decrease in debtors
61,854
31,789

(Decrease) in creditors
(172,533)
(108,594)

Share of operating profit in joint ventures
(217,225)
(229,366)

Share of operating profit in associates
(925)
10,657

Corporation tax (paid)
(510,313)
(489,537)

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,855,889
2,237,391


CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of tangible fixed assets
(239,573)
(214,989)

Sale of tangible fixed assets
20,592
16,500

Purchase of investment properties
(1,028,804)
(815,495)

Sale of investment properties
395,000
30,000

Sale of share in associates
700,000
-

Interest received
28,043
7,126

HP interest paid
(2,908)
(1,731)

Dividends received
925
22,200

NET CASH FROM INVESTING ACTIVITIES

(126,725)
(956,389)
Page 14

 
HODGSON FISH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022

£
£



CASH FLOWS FROM FINANCING ACTIVITIES

Repayment of/new finance leases
(10,132)
(13,510)

Dividends paid
(520,000)
(410,951)

Interest paid
(3,746)
(844)

Dividends paid to non-controlling interests
(376,040)
(182,250)

NET CASH USED IN FINANCING ACTIVITIES
(909,918)
(607,555)

INCREASE IN CASH AND CASH EQUIVALENTS
819,246
673,447

Cash and cash equivalents at beginning of year
4,014,698
3,341,251

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
4,833,944
4,014,698


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
4,833,944
4,014,698

4,833,944
4,014,698



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 NOVEMBER 2023




At 1 December 2022
Cash flows
At 30 November 2023
£

£

£

Cash at bank and in hand

4,014,698

819,246

4,833,944

Finance leases

(10,132)

10,132

-


4,004,566
829,378
4,833,944

The notes on pages 16 to 36 form part of these financial statements.

Page 15

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

1.


GENERAL INFORMATION

The company is a private company, limited by share capital, incorporated in England and Wales and its
registered office is:
Hodgson Fish
Fish Quay
Southgate
Hartlepool
TS24 0JH

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

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 as amended by the December 2017 triennial review.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the group's accounting policies.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements. The profit after tax of the parent company for the year was £1,270,803 (
2022: £754,853).
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries  as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Page 16

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.3

Associates and joint ventures

An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.

An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions.
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The consolidated profit and loss account includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the consolidated balance sheet, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition.
Any premium on acquisition is dealt with in accordance with the goodwill policy.

 
2.4

Going concern

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements. 
 

 
2.5

Revenue

Revenue relates to the sale of fish, both in retail shops and account sales. 
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 

Page 17

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life which has been assessed to be ten years.
Negative goodwill is recognised in the consolidated statement of comprehensive income in the period in which it is considered to be realised.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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.

The estimated useful lives range as follows:

Freehold property
-
50
years straight line
Plant and machinery
-
4
years straight line
Motor vehicles
-
8
years straight line
Office equipment
-
4
years straight line

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.

 
2.8

Investment property

Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the consolidated statement of comprehensive income.

 
2.9

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

 
2.11

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.

 
2.12

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the consolidated profit and loss account in the same period as the related expenditure.

 
2.13

Foreign currency translation

Functional and presentation currency
The company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. 

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.

Page 19

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

Pensions

Defined contribution pension plan
The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


TURNOVER

The whole of the turnover is attributable to the sale of fish.

All turnover arose within the United Kingdom.

Page 20

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

4.


OTHER OPERATING INCOME

2023
2022
£
£

Grants released
12,550
1,999

Net rents receivable
107,447
98,525

Profit on disposal of fixed asset investments
275,000
3,000

394,997
103,524



5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Exchange differences
(78)
(1,324)

Depreciation of tangible fixed assets
301,088
308,888

Defined contribution pension cost
154,110
46,723

Amortisation of intangible assets, including goodwill
4,450
4,451

Other operating lease rentals
73,129
67,331


6.


AUDITORS' REMUNERATION

2023
2022
£
£

Fees payable to the company's auditors for the audit of the consolidated and parent company's financial statements
13,315
8,185

Fees payable to the company's auditors in respect of:

Audit-related assurance services
5,950
3,420

Other services relating to taxation
3,565
1,053

All other services
1,318
8,408

Page 21

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
2023
2022
£
£


Wages and salaries
2,429,825
2,327,578

Social security costs
223,285
219,802

Cost of defined contribution scheme
154,110
46,723

2,807,220
2,594,103


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Production
78
81
-
-



Admin
18
15
-
-



Dir
-
-
4
4

96
96
4
4


8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
120,167
3,446

120,167
3,446


During the year retirement benefits were accruing to 2 directors (2022 - 2) in respect of defined contribution pension schemes.

Page 22

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

9.


INCOME FROM INVESTMENTS

2023
2022
£
£





Dividends received from unlisted investments
99,000
-

99,000
-



10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
28,043
7,126

28,043
7,126


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Finance leases and hire purchase contracts
2,908
1,731

Other interest payable
3,746
844

6,654
2,575

Page 23

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

12.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
601,544
514,098

Adjustments in respect of previous periods
371
3,965


601,915
518,063


Total current tax
601,915
518,063

Deferred tax


Origination and reversal of timing differences
27,364
(60,910)

Total deferred tax
27,364
(60,910)


Tax on profit
629,279
457,153

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,597,501
2,822,533


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23% (2022 - 19%)
597,710
536,281

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
13,190
7,020

Capital allowances for year in excess of depreciation
63,411
14,377

Adjustments to tax charge in respect of prior periods
371
3,965

Other timing differences leading to an increase (decrease) in taxation
27,364
(60,910)

Dividends from UK companies
(22,781)
-

Tax on profits in joint venture
(49,986)
(43,580)

Total tax charge for the year
629,279
457,153

Page 24

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

13.


DIVIDENDS

2023
2022
£
£


Dividends paid on equity capital
520,000
410,951

520,000
410,951


14.


INTANGIBLE ASSETS

Group and Company





Goodwill

£



Cost


At 1 December 2022
44,505



At 30 November 2023

44,505



Amortisation


At 1 December 2022
28,956


Charge for the year on owned assets
4,450



At 30 November 2023

33,406



Net book value



At 30 November 2023
11,099



At 30 November 2022
15,549



All of the group's intangible fixed assets are held in the subsidiary company.

Page 25

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

15.


TANGIBLE FIXED ASSETS

Group






Freehold property
Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£
£



Cost 


At 1 December 2022
731,492
1,010,281
1,087,171
-
2,828,944


Additions
-
28,624
202,304
8,645
239,573


Disposals
-
-
(219,655)
-
(219,655)



At 30 November 2023

731,492
1,038,905
1,069,820
8,645
2,848,862



Depreciation


At 1 December 2022
221,209
644,288
810,131
-
1,675,628


Charge for the year on owned assets
14,630
90,690
195,768
-
301,088


Disposals
-
-
(215,698)
-
(215,698)



At 30 November 2023

235,839
734,978
790,201
-
1,761,018



Net book value



At 30 November 2023
495,653
303,927
279,619
8,645
1,087,844



At 30 November 2022
510,283
365,993
277,040
-
1,153,316




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Freehold
495,653
510,283

495,653
510,283


Page 26

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           15.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Office equipment

£

Cost


Additions
8,645



At 30 November 2023

8,645






At 30 November 2023

-



Net book value



At 30 November 2023
8,645



At 30 November 2022
-






The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
-
12,400

-
12,400


Page 27

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


FIXED ASSET INVESTMENTS

Group





Investments in associates
Investment in joint ventures
Total

£
£
£



Cost or valuation


At 1 December 2022
700,000
654,445
1,354,445


Disposals
(700,000)
-
(700,000)


Share of profit/(loss)
-
217,225
217,225



At 30 November 2023
-
871,670
871,670




Company





Investments in subsidiary companies
Investments in associates
Total

£
£
£



Cost or valuation


At 1 December 2022
3,158
472,310
475,468


Disposals
-
(472,310)
(472,310)



At 30 November 2023
3,158
-
3,158




Page 28

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

SUBSIDIARY UNDERTAKING


The following was a subsidiary undertaking of the company:

Name

Class of shares

Holding

W Hodgson (Hartlepool) Limited
Ordinary
90%

The aggregate of the share capital and reserves as at 30 November 2023 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:

Name
Aggregate of share capital and reserves
Profit/(Loss)

W Hodgson (Hartlepool) Limited
5,645,071
1,518,530


JOINT VENTURE


The following was a joint venture of the company:


Name

Registered office

Holding

Sailbrand (2018) Limited
Units 11- 15 New Wholesale Market, Red Doles Lane, Huddersfield, West Yorkshire, England, HD21YF
50%

W Hodgson (Hartlepool) Limited holds 50% of the voting rights to Sailbrand (2018) Limited and is considered to have joint control over this company.
The group's share of the profit in Sailbrand (2018) Limited for the year ended 30 November 2023 was £217,225 (
2022: £229,366). The carrying value of the investment at 30 November 2023 is £871,620.
The financial year end for Sailbrand (2018) Limited is 31 July 2023 and therefore is not co-terminus with the group.

Page 29

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

17.


INVESTMENT PROPERTY

Group


Freehold investment property

£



Valuation


At 1 December 2022
2,280,169


Additions at cost
1,028,804


Disposals
(120,000)



At 30 November 2023
3,188,973

The properties were valued in 2022 by Robinsons Tees Valley Limited, on an open market value for existing use basis. Subsequent additions are valued at cost.



2023
2022
£
£

Fair value reserve


At 1 December 2022
55,793
55,793

Released to profit and loss
(55,793)
-

At 30 November 2023
-
55,793



If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
3,188,973
2,224,375

3,188,973
2,224,375

Page 30

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
17.INVESTMENT PROPERTY (CONTINUED)

Company





Freehold investment property

£



Valuation


At 1 December 2022
2,192,308


Additions at cost
1,028,804


Disposals
(120,000)



At 30 November 2023
3,101,112




18.


STOCKS

Group
Group
2023
2022
£
£

Goods for resale
284,151
389,167

284,151
389,167


Page 31

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


DEBTORS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Trade debtors
2,032,958
2,149,947
-
-

Other debtors
142,980
91,215
108,828
35,324

Prepayments and accrued income
6,617
3,247
-
-

2,182,555
2,244,409
108,828
35,324



20.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
4,833,944
4,014,698
377,615
13,298

4,833,944
4,014,698
377,615
13,298



21.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Trade creditors
1,742,859
1,961,839
529
-

Amounts owed to group undertakings
-
-
17,189
17,189

Corporation tax
401,544
309,942
147,026
20,467

Other taxation and social security
36,604
34,332
-
-

Obligations under finance lease and hire purchase contracts
-
10,132
-
-

Other creditors
45,264
51,406
-
-

Accruals and deferred income
165,935
103,474
2,915
1,361

2,392,206
2,471,125
167,659
39,017


Page 32

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

22.


CREDITORS: Amounts falling due after more than one year

Group
Group
2023
2022
£
£

Accruals and deferred income
89,358
101,502

89,358
101,502





23.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
-
10,132

-
10,132

Page 33

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

24.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Financial assets

Financial assets measured at fair value through profit or loss
4,833,944
4,014,698
377,615
13,298

Financial assets that are debt instruments measured at amortised cost
2,172,938
2,241,162
105,828
35,324

7,006,882
6,255,860
483,443
48,622


Financial liabilities

Financial assets that are debt instruments measured at amortised cost
(1,990,662)
(2,262,685)
20,633
(18,550)


Financial assets measured at fair value through profit or loss comprise bank and cash in hand.
Financial assets that are debt instruments measured at amortised cost comprise trade debtors and other
debtors.
Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group
undertakings, PAYE, obligations under finance lease and hire purchase contracts, other creditors and
accruals.

Page 34

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

25.


DEFERRED TAXATION


Group



2023
2022


£

£






At beginning of year
131,026
191,936


Charged to profit or loss
27,364
(60,910)



At end of year
158,390
131,026







Group
Group
2023
2022
£
£

Accelerated capital allowances
159,347
131,873

Pension contributions, short term timing difference
(957)
(847)

158,390
131,026


26.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



316 (2022 - 316) Ordinary A 1 GBP shares of £1.00 each
316
316
300 (2022 - 300) Ordinary B 1 GBP shares of £1.00 each
300
300
5,700 (2022 - 5,700) Ordinary 1 GBP shares of £1.00 each
5,700
5,700

6,316

6,316

All share classes have full voting rights and the right to participate in dividends and capital distribution.


Page 35

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

27.


RESERVES

Share premium account

The share premium reserve of £84,649 is the value paid for the B ordinary shares in W Hodgson (Hartlepool) Limited over and above the price per share of £1.
Fair value reserve
The investment property revaluation reserve relates to the excess of the investment property valuation over the initial purchase price. This has now been fully released as there is no difference between cost and fair value on the remaining properties.

Capital redemption reserve

The capital redemption reserve of £1,842 relates to a previous year buy back of shares.

Profit and loss account

The profit and loss account relates to the retained profits of the Group.


28.


PENSION COMMITMENTS

The company contributes to a defined contributions pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to
£161,021 (
2022 - £46,723).
Contributions totalling £10,740 (
2022 - £14,156) were payable to the fund at the balance sheet date


29.


RELATED PARTY TRANSACTIONS

During the year rent of £9,996 was charged to the company for the use of premises which are owned by Mr W A Hodgson, a shareholder of the controlling party and father of two directors.
During the year dividends of £498,000 were paid to the directors.
Remuneration of key management personnel during the year was £41,600 (
2022: £40,400).

 
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