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Registered number: 01679298










W HODGSON (HARTLEPOOL) LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2023

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
COMPANY INFORMATION


DIRECTORS
Mr P W Hodgson 
Mrs J Hodgson-Wood 
Mr I Kennedy 




COMPANY SECRETARY
Mrs J Hodgson-Wood



REGISTERED NUMBER
01679298



REGISTERED OFFICE
Hodgson Fish
Fish Quay

Southgate

Hartlepool

Cleveland

TS24 0JH




INDEPENDENT AUDITORS
Waltons Business Advisers Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

TS24 0UX





 
W HODGSON (HARTLEPOOL) LIMITED
 

CONTENTS



Page
Strategic report
3
Directors' report
1 - 2
Independent auditors' report
4 - 7
Statement of comprehensive income
8
Balance sheet
9 - 10
Statement of changes in equity
11
Notes to the financial statements
12 - 26

 
W HODGSON (HARTLEPOOL) 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 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;

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 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 2006They 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.

PRINCIPAL ACTIVITY

The principal activity of the company during the year was that of wholesale and retail fish sales.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,518,530 (2022 - £2,079,162).

During the year dividends of £1,190,200 were paid (2022 - £880,250).

DIRECTORS

The directors who served during the year were:

Mr P W Hodgson 
Mrs J Hodgson-Wood 
Mr I Kennedy 

Page 1

 
W HODGSON (HARTLEPOOL) 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 to maintain profitability of the company and maintain our market share. We think if we can do both of these things it will be classed as 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'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'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 and signed on its behalf.
 





Mr P W Hodgson
Director

Date: 10 July 2024
Page 2

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2023

INTRODUCTION
 
W Hodgson (Hartlepool) 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 across 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 in order 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 company 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
Sales growth     (3.79)% 33.6%  29.3%  (18.8)% 9.0% 
Gross profit growth    (5.29)% 31.7%  25.0%  (12.5)% 8.7% 
Gross profit %    25.9%  26.4%  26.8%  27.7%  25.7%
Cash at bank and in hand   £4,456k £4,001k £1,985k £1,985k £1,016k 


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



Mr P W Hodgson
Director
Page 3

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED
 

UNQUALIFIED OPINION


We have audited the financial statements of W Hodgson (Hartlepool) Limited (the 'company') for the year ended 30 November 2023, which comprise the statement of comprehensive income, the balance sheet, the 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 company's affairs as at 30 November 2023 and of its 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 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.


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 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

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) 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 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.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

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.


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, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 5

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED (CONTINUED)


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 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

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED (CONTINUED)


USE OF OUR REPORT
 

This report is made solely to the company's shareholders, 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 shareholders 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 shareholders, 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

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2023


2023
2022
Note
£
£

  

Turnover
 3 
24,341,997
25,301,373

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

GROSS PROFIT
  
6,319,004
6,672,142

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

Administrative expenses
  
(3,604,433)
(3,295,119)

Other operating income
 4 
17,680
16,844

OPERATING PROFIT
 5 
1,881,159
2,516,542

Income from fixed assets investments
  
99,000
-

Interest receivable and similar income
  
27,278
1,881

Interest payable and similar expenses
 10 
(6,654)
(2,575)

PROFIT BEFORE TAX
  
2,000,783
2,515,848

Tax on profit
 11 
(482,253)
(436,686)

PROFIT FOR THE YEAR
  
1,518,530
2,079,162

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 12 to 26 form part of these financial statements.
Page 8

 
W HODGSON (HARTLEPOOL) LIMITED
REGISTERED NUMBER: 01679298

BALANCE SHEET
AS AT 30 NOVEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 13 
11,099
15,549

Tangible assets
 14 
1,079,199
1,153,316

Investments
 15 
50
50

Investment property
 16 
87,861
87,861

  
1,178,209
1,256,776

CURRENT ASSETS
  

Stocks
 17 
284,151
389,167

Debtors: amounts falling due within one year
 18 
2,215,866
2,351,223

Cash at bank and in hand
 19 
4,456,329
4,001,400

  
6,956,346
6,741,790

Creditors: amounts falling due within one year
 20 
(2,241,736)
(2,449,297)

NET CURRENT ASSETS
  
 
 
4,714,610
 
 
4,292,493

TOTAL ASSETS LESS CURRENT LIABILITIES
  
5,892,819
5,549,269

Creditors: amounts falling due after more than one year
 21 
(89,358)
(101,502)

PROVISIONS FOR LIABILITIES
  

Deferred tax
 24 
(158,390)
(131,026)

NET ASSETS
  
5,645,071
5,316,741


CAPITAL AND RESERVES
  

Called up share capital 
 25 
3,509
3,509

Share premium account
 26 
84,649
84,649

Capital redemption reserve
 26 
1,842
1,842

Profit and loss account
 26 
5,555,071
5,226,741

  
5,645,071
5,316,741

Page 9

 
W HODGSON (HARTLEPOOL) LIMITED
REGISTERED NUMBER: 01679298
    
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 W Hodgson
Director


The notes on pages 12 to 26 form part of these financial statements.
Page 10

 
W HODGSON (HARTLEPOOL) LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£


AT 1 DECEMBER 2021
3,509
84,649
1,842
4,027,829
4,117,829



Profit for the year
-
-
-
2,079,162
2,079,162

Dividends: Equity capital
-
-
-
(880,250)
(880,250)



AT 1 DECEMBER 2022
3,509
84,649
1,842
5,226,741
5,316,741



Profit for the year
-
-
-
1,518,530
1,518,530

Dividends: Equity capital
-
-
-
(1,190,200)
(1,190,200)


AT 30 NOVEMBER 2023
3,509
84,649
1,842
5,555,071
5,645,071


The notes on pages 12 to 26 form part of these financial statements.

Page 11

 
W HODGSON (HARTLEPOOL) 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
Cleveland
TS24 0JH

2.ACCOUNTING POLICIES

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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 management to exercise judgment in applying the company accounting policies
The company, being a subsidiary undertaking in a group whose consolidated financial statements are publicly available, is exempt from the requirement to draw up a cash flow statement in accordance with FRS 102.
The following principal accounting policies have been applied:

 
2.2

Joint ventures

Joint ventures are held at cost less impairment.

 
2.3

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.

 
2.4

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 company 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 12

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.5

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 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 statement of comprehensive income over its useful economic life which has been assessed to be ten years.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model 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 provided on the following basis:

Freehold property
-
over 50 years straight line
Plant & machinery
-
over 4 years straight line
Motor vehicles
-
over 8 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 the statement of comprehensive income.

 
2.7

Investment property

Investment property is carried at fair value based on reports by external valuers and based on 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 statement of comprehensive income.

 
2.8

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.

  
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Page 13

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.10

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.

 
2.11

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 the statement of comprehensive income 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 statement of comprehensive income in the same period as the related expenditure.

 
2.12

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. 

 
2.13

Operating leases

Rentals paid under operating leases are charged to the statement of comprehensive income on a straight-line basis over the lease term.

 
2.14

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.

Page 14

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income 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 operates and generates 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;     and
•  Any deferred tax balances are reversed if and when all conditions for retaining associated     tax allowances have been met.
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.


4.


OTHER OPERATING INCOME

2023
2022
£
£

Grants released
12,550
1,999

Net rents receivable
5,130
14,845

17,680
16,844


Page 15

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

5.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
54,799
53,231

Depreciation of tangible fixed assets
301,088
308,888

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

Defined contribution pension cost
154,110
46,723


6.


AUDITORS' REMUNERATION

2023
2022
£
£



Fees payable to the company's auditors for the audit of the company's financial statements
6,740
6,265

The company has taken advantage of the exemption not to disclose amounts paid for non audit services as these are disclosed in the group accounts of the parent company.


7.


EMPLOYEES

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


2023
2022
£
£

Wages and salaries
2,429,825
2,331,831

Social security costs
223,285
219,802

Cost of defined contribution scheme
154,110
46,723

2,807,220
2,598,356


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


        2023
        2022
            No.
            No.







Production
78
81



Admin
18
15

96
96

Page 16

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
31,200
34,253

Company contributions to defined contribution pension schemes
120,167
3,446

151,367
37,699


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.


9.


INCOME FROM INVESTMENTS

2023
2022
£
£





Dividends received from joint ventures
99,000
-

99,000
-



10.


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 17

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

11.


TAXATION


2023
2022
£
£

Corporation tax


Current tax on profits for the year
454,518
493,631

Adjustments in respect of previous periods
371
3,965


Total current tax
454,889
497,596

Deferred tax


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

Total deferred tax
27,364
(60,910)


Taxation on profit on ordinary activities
482,253
436,686

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher 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
2,000,783
2,515,848


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23% (2022 - 19%)
460,399
478,011

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
4,590
1,243

Capital allowances for year in excess of depreciation
13,007
14,377

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

Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax
(697)
-

Short term timing difference leading to an increase (decrease) in taxation
27,364
(60,910)

Dividends from UK companies
(22,781)
-

Total tax charge for the year
482,253
436,686
Page 18

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
 
11.TAXATION (CONTINUED)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


DIVIDENDS

2023
2022
£
£


Dividends paid on equity capital
1,190,200
880,250

1,190,200
880,250


13.


INTANGIBLE ASSETS




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

Page 19

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

14.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery
Motor vehicles
Total

£
£
£
£



Cost


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


Additions
-
28,624
202,304
230,928


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



At 30 November 2023

731,492
1,038,905
1,069,820
2,840,217



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
1,079,199



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 20

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

           14.TANGIBLE FIXED ASSETS (CONTINUED)

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


15.


FIXED ASSET INVESTMENTS





Investment in joint ventures

£



Cost


At 1 December 2022
50



At 30 November 2023
50





JOINT VENTURE


The following was a joint venture of the company:


Name

Registered office

Holding

Sailbrand (2018) Limited - Ordinary shares
Units 11- 15 New Wholesale Market
Red Doles Lane
Huddersfield
West Yorkshire
England
HD2 1YF
50%

Page 21

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

16.


INVESTMENT PROPERTY


Freehold investment property

£



Valuation


At 1 December 2022
87,861



At 30 November 2023
87,861

No valuation of the investment property has been carried out in the current year. The property was purchased in October 2018 and this value is considered to be the fair value of the investment property at the reporting date.





17.


STOCKS

2023
2022
£
£

Goods for resale
284,151
389,167

284,151
389,167



18.


DEBTORS

2023
2022
£
£


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

Amounts owed by group undertakings
17,189
17,189

Amounts owed by joint ventures
124,950
124,950

Other debtors
34,152
55,891

Prepayments and accrued income
6,617
3,246

2,215,866
2,351,223


Page 22

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

19.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
4,456,329
4,001,400

4,456,329
4,001,400



20.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,742,330
1,961,839

Corporation tax
254,518
289,475

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
163,020
102,113

2,241,736
2,449,297



21.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Accruals and deferred income
89,358
101,502

89,358
101,502


Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.


22.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
10,132

-
10,132

Page 23

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

23.


FINANCIAL INSTRUMENTS

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
4,456,329
4,001,400

Financial assets that are debt instruments measured at amortised cost
2,090,093
2,347,977

6,546,422
6,349,377


Financial liabilities


Financial liabilities measured at amortised cost
2,071,132
(2,261,324)


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, amounts owed by group undertakings 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 24

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

24.


DEFERRED TAXATION




2023


£






At beginning of year
131,026


Charged to profit or loss
(27,364)



At end of year
158,390

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
159,347
131,873

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

158,390
131,026


25.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



3,000 (2022 - 3,000) Ordinary shares of £1.00 each
3,000
3,000
158 (2022 - 158) A Ordinary shares of £1.00 each
158
158
351 (2022 - 351) B Ordinary shares of £1.00 each
351
351

3,509

3,509

All shares carry full voting rights and rights to dividends and in the event of wind up rank pari passu.


Page 25

 
W HODGSON (HARTLEPOOL) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023

26.


RESERVES

Share premium account

The share premium reserve of £84,649 is the value paid for B £1 ordinary shares over and above the price per share of £1.

Capital redemption reserve

The capital redemption reserve of £1,842 relates to a previous purchase of own shares.

Profit & loss account

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


27.


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 £3,829 (
2022 - £14,156) were payable to the fund at the balance sheet date.


28.


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 £376,040 were paid to the directors.
Remuneration of key management personnel during the year was £41,600 (
2022 - £40,400).
At the year end £Nil (
2022 - £18,666) was owed to the company by a director. £18,666 has been repaid in the year.


29.


CONTROLLING PARTY

The company is a 90% owned subsidiary of Hodgson Fish Holdings Limited (address: Fish Quay, Southgate, Hartlepool, TS24 0JH), a company incorporated in England and Wales.
The company has taken advantage of the exemption from disclosing transactions with group companies
on the grounds that the consolidated financial statements are publicly available from Companies House,
Crown Way, Maindy, Cardiff.

 
Page 26