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REGISTERED NUMBER: 00745573 (England and Wales)















Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2023

for

Frank Armitt & Son Limited

Frank Armitt & Son Limited (Registered number: 00745573)






Contents of the Consolidated Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 17


Frank Armitt & Son Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs P Seedhouse
A Seedhouse
C Gray
P Holden
A S Kristiansen





SECRETARY: A Seedhouse





REGISTERED OFFICE: 26-30 South Road
Weston Point
Runcorn
WA7 4EZ





REGISTERED NUMBER: 00745573 (England and Wales)





AUDITORS: Haines Watts Liverpool Limited
Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

Frank Armitt & Son Limited (Registered number: 00745573)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The principal activity of the Group continues to be that of warehousing and logistics, supply chain management and being a key provider of marine fuels, ships agency and stevedoring services.

2023 has been a very positive year for the Group with the focus on core business generating improved profitability, maintaining strong liquidity and reducing net debt to zero. The achievement of several key targets has ensured the business is well placed to explore new opportunities and further build on the strong performance of the last twelve months.

The economic environment in the UK and beyond has continued to create challenges throughout the year with some instability and reduced confidence impacting on divisional activities, but also on business in general. 2023 has again seen high levels of inflation along with increasing interest rates, high energy prices and with climate change becoming an increasing feature for business. However, positive and decisive management, supported by strong team work and excellent customer care throughout the Group has enabled the business to navigate the storms and post a good result.

During the year our Marine Fuels division witnessed another turbulent year, with global events having an impact on market supply, pricing and credit risk. The continued war between Russia and Ukraine and the concerning developments involving Israel in Gaza have hindered economic overall recovery since the pandemic. During the year average marine fuel prices fell back to levels pre-pandemic with a decrease of over 20% when compared to 2022 with the division representing the vast majority of the reduction in total Group turnover during the year.

Following the many challenges in recent years and after some recovery in 2022, volumes in our Automotive division witnessed an overall decline of 6% during the year. The continued uncertainty surrounding the governments "green targets" and electric vehicles has had an impact, which in turn has meant some car manufacturers reviewing their electric fleet offerings versus traditional technologies. This division has continued to be well supported by "non-automotive" business that has improved overall returns.

During the year the Group has seen some success in other areas with Agency services performing well, our Customs Team growing revenues by 40% and our Projects Team achieving a strong performance. However, the general steel business had a challenging 2023 with year on year volumes declining as a result of higher input and energy prices, impacting UK production and reducing demand.

Whilst overall Group turnover fell in the year, (as a direct consequence of global marine fuel prices), the sharp focus of the business during 2023 has resulted in gross profits increasing by £1,011,637 to £3,545,105 and profit before taxation increasing by £353,194 to £799,515. The cash position of the Group has also further strengthened to £5,003,477 whilst the company has continued to invest in new equipment and systems with a further £157k of capital expenditure made during the year.



2023 Highlights:

Gross Profits: Improved by 40% to £3.55m
EBITDA: Improved by 46% to £808k.
Profit after taxation : Improved by 20% to £529k.
Cash Position: Increase of £118k to £5.003m.
Total Debt: Reduced to £NIL.


Frank Armitt & Son Limited (Registered number: 00745573)

Group Strategic Report
for the Year Ended 31 December 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors are responsible for the identification of business risk and for developing plans to mitigate such risk, so to reduce it's impact on the Company and on the Group. The business has continued to take appropriate action to ensure effective cost management across the Group wherever possible, has further strengthened service offering securing new business and improved liquidity, whilst reducing net debt to zero.

The senior management team are also aware of the ongoing likelihood of fluctuations within the currency markets and continue to adopt a policy of hedging against such exchange rate risks, therefore ensuring that any exposure from currency movements is kept at a very low level. This approach continues to be successful with risks significantly reduced and positive currency gains again being achieved during the year.

Credit risk across markets continues to feature and the prudent management of working capital and strong liquidity has helped support good commercial decisions, whilst protecting our key stakeholders, customers and suppliers.

ESG AND SUSTAINABILITY
Closely linked with risk is a company's ability to achieve sustainability beyond the short term and to this end the board of director's remain fully committed to environmental care and sustainability. The business has already taken steps to contribute towards protecting the environment with the move to electric vehicles, a focus on energy use and the recycling of waste. Positive dialogue with key clients in exploring new green initiatives will further benefit the Group's target to reduce carbon. In addition, the Group continues to invest in employee welfare, Health & Safety, employee engagement and training and follows government guidance, best practice and regulations in corporate governance.

ON BEHALF OF THE BOARD:





Mrs P Seedhouse - Director


24 September 2024

Frank Armitt & Son Limited (Registered number: 00745573)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

DIVIDENDS
The total distribution of dividends for the year ended 31st December 2023 will be £265,000 (2022 - £180,000).

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mrs P Seedhouse
A Seedhouse
C Gray
P Holden
A S Kristiansen

MATTERS COVERED IN THE STRATEGIC REPORT
Business review and future developments, principal risks and key performance indicators are included in the Strategic Report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Frank Armitt & Son Limited (Registered number: 00745573)

Report of the Directors
for the Year Ended 31 December 2023


AUDITORS
The auditors, Haines Watts Liverpool Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Mrs P Seedhouse - Director


24 September 2024

Report of the Independent Auditors to the Members of
Frank Armitt & Son Limited

Opinion
We have audited the financial statements of Frank Armitt & Son Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 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 UK, including the FRC'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 and 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.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Frank Armitt & Son Limited


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 Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Report of the Independent Auditors to the Members of
Frank Armitt & Son Limited


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 a Report of the Auditors 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:

Based on our understanding of the company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principle risks were related to inflated revenue and profit.

Audit procedures performed included:

- review of the financial statement disclosures to underlying supporting documentation.
- review of any correspondence with legal advisors, and enquiries of management and those charged with governance around actual and potential litigation and claims
- enquiries with company's staff to identify any instances with non-compliance with laws and regulations
- enquiries of management and review of monthly management accounts and reports in so far as they related to the financial statements
- testing of journals and evaluating, whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud, and evaluating the business rationale of significant transactions outside the normal course of business
- undertaking detailed substantive testing of material items and a sample of other items
- consideration of the reasonableness of the figures and analytical review, including comparison with previous years and expected trends
- review of the compliance with and effectiveness of internal controls

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, 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.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Frank Armitt & Son Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Michael Forshaw, FCA (Senior Statutory Auditor)
for and on behalf of Haines Watts Liverpool Limited
Pacific Chambers
11-13 Victoria Street
Liverpool
Merseyside
L2 5QQ

24 September 2024

Frank Armitt & Son Limited (Registered number: 00745573)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £ £

TURNOVER 3 60,524,871 76,400,115

Cost of sales 56,979,766 73,866,647
GROSS PROFIT 3,545,105 2,533,468

Administrative expenses 2,841,838 2,083,894
703,267 449,574

Other operating income 13,775 3,240
OPERATING PROFIT 5 717,042 452,814

Interest receivable and similar income 81,794 5,441
798,836 458,255

Interest payable and similar expenses 6 (679 ) 11,934
PROFIT BEFORE TAXATION 799,515 446,321

Tax on profit 7 270,919 4,717
PROFIT FOR THE FINANCIAL YEAR 528,596 441,604

Frank Armitt & Son Limited (Registered number: 00745573)

Consolidated Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 10 992,601 1,224,428
Investments 11 - -
992,601 1,224,428

CURRENT ASSETS
Debtors 12 2,945,276 3,392,498
Cash at bank 5,003,477 4,885,784
7,948,753 8,278,282
CREDITORS
Amounts falling due within one year 13 4,405,046 5,251,606
NET CURRENT ASSETS 3,543,707 3,026,676
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,536,308

4,251,104

PROVISIONS FOR LIABILITIES 18 149,407 127,799
NET ASSETS 4,386,901 4,123,305

CAPITAL AND RESERVES
Called up share capital 19 5,000 5,000
Revaluation reserve 20 473,040 473,040
Other reserves 20 8,377 8,377
Retained earnings 20 3,900,484 3,636,888
SHAREHOLDERS' FUNDS 4,386,901 4,123,305

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Mrs P Seedhouse - Director


Frank Armitt & Son Limited (Registered number: 00745573)

Company Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £ £ £ £
FIXED ASSETS
Tangible assets 10 992,602 1,224,429
Investments 11 126,100 126,100
1,118,702 1,350,529

CURRENT ASSETS
Debtors 12 2,945,276 3,392,498
Cash at bank 4,996,406 4,879,314
7,941,682 8,271,812
CREDITORS
Amounts falling due within one year 13 4,412,878 7,081,182
NET CURRENT ASSETS 3,528,804 1,190,630
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,647,506

2,541,159

CREDITORS
Amounts falling due after more than one
year

14

(95

)

(152,826

)

PROVISIONS FOR LIABILITIES 18 (149,407 ) (127,799 )
NET ASSETS 4,498,004 2,260,534

CAPITAL AND RESERVES
Called up share capital 19 5,000 5,000
Revaluation reserve 20 473,040 473,040
Retained earnings 20 4,019,964 1,782,494
SHAREHOLDERS' FUNDS 4,498,004 2,260,534

Company's profit for the financial year 2,502,470 441,603

The financial statements were approved by the Board of Directors and authorised for issue on 24 September 2024 and were signed on its behalf by:





Mrs P Seedhouse - Director


Frank Armitt & Son Limited (Registered number: 00745573)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Revaluation Other Total
capital earnings reserve reserves equity
£ £ £ £ £
Balance at 1 January 2022 5,000 3,375,284 473,040 8,377 3,861,701

Changes in equity
Dividends - (180,000 ) - - (180,000 )
Total comprehensive income - 441,604 - - 441,604
Balance at 31 December 2022 5,000 3,636,888 473,040 8,377 4,123,305

Changes in equity
Dividends - (265,000 ) - - (265,000 )
Total comprehensive income - 528,596 - - 528,596
Balance at 31 December 2023 5,000 3,900,484 473,040 8,377 4,386,901

Frank Armitt & Son Limited (Registered number: 00745573)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 January 2022 5,000 1,520,891 473,040 1,998,931

Changes in equity
Dividends - (180,000 ) - (180,000 )
Total comprehensive income - 441,603 - 441,603
Balance at 31 December 2022 5,000 1,782,494 473,040 2,260,534

Changes in equity
Dividends - (265,000 ) - (265,000 )
Total comprehensive income - 2,502,470 - 2,502,470
Balance at 31 December 2023 5,000 4,019,964 473,040 4,498,004

Frank Armitt & Son Limited (Registered number: 00745573)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 359,363 1,602,523
Interest paid 679 (11,934 )
Tax paid (76,852 ) -
Net cash from operating activities 283,190 1,590,589

Cash flows from investing activities
Purchase of tangible fixed assets (157,260 ) (108,231 )
Sale of tangible fixed assets 187,934 147,795
Interest received 81,794 5,441
Net cash from investing activities 112,468 45,005

Cash flows from financing activities
Loan repayments in year - (78,211 )
Capital repayments in year (12,965 ) (27,651 )
Equity dividends paid (265,000 ) (180,000 )
Net cash from financing activities (277,965 ) (285,862 )

Increase in cash and cash equivalents 117,693 1,349,732
Cash and cash equivalents at beginning of
year

2

4,885,784

3,536,052

Cash and cash equivalents at end of year 2 5,003,477 4,885,784

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR TO CASH GENERATED FROM
OPERATIONS
31.12.23 31.12.22
£ £
Profit for the financial year 528,596 441,604
Depreciation charges 91,114 99,182
Loss on disposal of fixed assets 110,040 17,846
Impairement losses - 36,818
Finance costs (679 ) 11,934
Finance income (81,794 ) (5,441 )
Taxation 270,919 4,717
918,196 606,660
Decrease in trade and other debtors 447,222 488,919
(Decrease)/increase in trade and other creditors (1,006,055 ) 506,944
Cash generated from operations 359,363 1,602,523

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£ £
Cash and cash equivalents 5,003,477 4,885,784
Year ended 31 December 2022
31.12.22 1.1.22
£ £
Cash and cash equivalents 4,885,784 3,536,052


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£ £ £
Net cash
Cash at bank 4,885,784 117,693 5,003,477
4,885,784 117,693 5,003,477
Debt
Finance leases (10,325 ) 10,325 -
Debts falling due within 1 year (2,639 ) 2,639 -
(12,964 ) 12,964 -
Total 4,872,820 130,657 5,003,477

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Frank Armitt & Son Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Frank Armitt & Son Limited together with all the entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates where applicable.

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiares are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, as treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group's share of the net assists of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group's share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group's interest in the entity.

Critical accounting judgements and key sources of estimation uncertainty
Preparation of the financial statements requires management to make significant judgements and estimates. The areas in the financial statements where these judgements and estimates have been made include:

- Useful economic life of tangible fixed assets.
- Estimate of provisions.

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is represented by the fair value of consideration received or receivable, net of credits or any applicable discounts and excluding value added tax. Turnover can be measured accurately and reliably from the services provided by the Group and is recognised once the service has been provided or the goods supplied and once it is certain that the Group will receive the consideration under the transaction.

Turnover is generated from the Group's activities performed during the financial year in the following categories:-
- Agency and vessel management services.
- Marine fuels and supplies.
- Vessel discharge & cargo handling.
- Logistics and supply chain management
- Warehousing, storage and distribution

Tangible fixed assets
Tangible fixed assets are measured at cost less depreciation. Cost is recognised at the consideration given to acquire the asset. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter:

Freehold property-1% on cost
Leasehold property-Remainder of lease period
Plant and machinery-25% on cost, and 20% on cost
Fixtures and fittings-25% on cost
Motor vehicles-25% on cost

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial instruments" and Section 12 "Other Financial Issues" of FRS 102 to all of it's financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Recognition of financial assets
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Fixed asset investments
Fixed asset investments are stated at cost less amounts written off.

Debtors
Short term debtors are measured at transaction price, less any impairment.

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.

Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currency translation
The company's functional and presentational currency is sterling (£).

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the date of the transactions.

At each period end foreign currency monetary items are translated using the closing rate.

3. TURNOVER

The turnover and profit before taxation is attributable to the principal activities of the company and of the group. The directors are of the opinion that approximately one half of the group revenue arises from trade with customers situated outside of the United Kingdom but regret that an accurate analysis of income in this way would be impractical in the circumstances. In view of the way in which all main group activities are inter-related an analysis of turnover and profit by operating or geographical division would be of assistance to the group's competitors.

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS
31.12.23 31.12.22
£ £
Wages and salaries 1,499,114 1,290,749
Social security costs 153,109 137,754
Other pension costs 339,096 89,216
1,991,319 1,517,719

The average number of employees during the year was as follows:
31.12.23 31.12.22

Administration and cargo handling 40 39

31.12.23 31.12.22
£ £
Directors' remuneration 186,046 198,764
Directors' pension contributions to money purchase schemes 50,673 37,108

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 4 4

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

31.12.23 31.12.22
£ £
Hire and maintenance 108,868 92,616
Depreciation - owned assets 91,113 64,932
Depreciation - assets on hire purchase contracts - 34,250
Loss on disposal of fixed assets 110,040 17,846
Auditors' remuneration 20,600 19,900
Foreign exchange differences (23,058 ) (107,679 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£ £
Bank interest (679 ) 11,934

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.23 31.12.22
£ £
Current tax:
UK corporation tax 272,751 100,292
Under/over provision (23,440 ) (63,111 )
Total current tax 249,311 37,181

Deferred tax 21,608 (32,464 )
Tax on profit 270,919 4,717

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.23 31.12.22
£ £
Profit before tax 799,515 446,321
Profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

187,886

84,801

Effects of:
Expenses not deductible for tax purposes 5,389 3,365
Capital allowances in excess of depreciation (11,293 ) -
Depreciation in excess of capital allowances - 21,535
Utilisation of tax losses - (12,799 )
Deferred tax 21,608 (32,465 )
Loss on disposal of assets 25,859 3,391
Over provision in prior year (23,440 ) (63,111 )
Capital items deducted (5,114 ) -
Balancing charge 70,024 -
Total tax charge 270,919 4,717

Tax effects relating to effects of other comprehensive income

31.12.22
Gross Tax Net
£ £ £
Total Comprehensive income

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

9. DIVIDENDS
31.12.23 31.12.22
£ £
Ordinary shares of 1 each
Final 265,000 180,000

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 January 2023 864,668 692,126 545,319 13,990 2,116,103
Additions 21,760 35,339 80,163 19,998 157,260
Disposals - (297,974 ) - - (297,974 )
At 31 December 2023 886,428 429,491 625,482 33,988 1,975,389
DEPRECIATION
At 1 January 2023 169,023 259,055 451,372 12,225 891,675
Charge for year 16,752 30,503 39,358 4,500 91,113
At 31 December 2023 185,775 289,558 490,730 16,725 982,788
NET BOOK VALUE
At 31 December 2023 700,653 139,933 134,752 17,263 992,601
At 31 December 2022 695,645 433,071 93,947 1,765 1,224,428

Freehold property is included under the revaluation model. The original cost of freehold property is £343,000.

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
COST
At 1 January 2023
and 31 December 2023 198,500
DEPRECIATION
At 1 January 2023
and 31 December 2023 137,000
NET BOOK VALUE
At 31 December 2023 61,500
At 31 December 2022 61,500

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

10. TANGIBLE FIXED ASSETS - continued

Company
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST OR VALUATION
At 1 January 2023 864,668 692,127 545,319 13,990 2,116,104
Additions 21,760 35,339 80,163 19,998 157,260
Disposals - (297,974 ) - - (297,974 )
At 31 December 2023 886,428 429,492 625,482 33,988 1,975,390
DEPRECIATION
At 1 January 2023 169,023 259,055 451,372 12,225 891,675
Charge for year 16,752 30,503 39,358 4,500 91,113
At 31 December 2023 185,775 289,558 490,730 16,725 982,788
NET BOOK VALUE
At 31 December 2023 700,653 139,934 134,752 17,263 992,602
At 31 December 2022 695,645 433,072 93,947 1,765 1,224,429


Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and
machinery
£
COST OR VALUATION
At 1 January 2023
and 31 December 2023 198,500
DEPRECIATION
At 1 January 2023
and 31 December 2023 137,000
NET BOOK VALUE
At 31 December 2023 61,500
At 31 December 2022 61,500

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 January 2023
and 31 December 2023 126,100
NET BOOK VALUE
At 31 December 2023 126,100
At 31 December 2022 126,100

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Widnes Steel Storage Limited
Registered office: 26/30 South Road, Weston Point, Runcorn, Cheshire, WA7 4EZ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves 10,000 53,054

North West Stevedores Limited
Registered office: 26/30 South Road, Weston Point, Runcorn, Cheshire, WA7 4EZ
Nature of business: Stevedoring, warehousing, cargo handling &transport
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves 100 1,836,045

Mersey Bunkering Limited
Registered office: 26/30 South Road, Weston Point, Runcorn, Cheshire, WA7 4EZ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves 100 94,975

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

11. FIXED ASSET INVESTMENTS - continued

Advanced Emission Solutions Limited
Registered office: 26/30 South Road, Weston Point, Runcorn, Cheshire, WA7 4EZ
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31.12.23 31.12.22
£ £
Aggregate capital and reserves 1 1


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£ £ £ £
Trade debtors 2,681,420 3,163,301 2,681,420 3,163,301
Other debtors 46,216 64,161 46,216 64,161
Prepayments and accrued income 217,640 165,036 217,640 165,036
2,945,276 3,392,498 2,945,276 3,392,498

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£ £ £ £
Bank loans and overdrafts (see note 15) - 2,639 - 2,639
Hire purchase contracts (see note 16) - 10,325 - 10,325
Trade creditors 3,297,933 4,738,510 3,290,863 4,732,041
Amounts owed to group undertakings - - 14,902 1,836,045
Tax 272,751 100,292 272,751 100,292
Social security and other taxes 40,311 40,623 40,311 40,623
Other creditors 7,765 5,107 7,765 5,107
Accrued expenses 786,286 354,110 786,286 354,110
4,405,046 5,251,606 4,412,878 7,081,182

Amounts owed to group undertakings are repayable on demand and attract no interest.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Company
31.12.23 31.12.22
£ £
Dormant subsidiaries 95 152,826

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

15. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans - 2,639 - 2,639

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year - 10,325

Company
Hire purchase contracts
31.12.23 31.12.22
£ £
Net obligations repayable:
Within one year - 10,325

Group
Non-cancellable
operating leases
31.12.23 31.12.22
£ £
Within one year 537,962 367,444
Between one and five years 928,092 398,977
1,466,054 766,421

Company
Non-cancellable
operating leases
31.12.23 31.12.22
£ £
Within one year 537,962 367,444
Between one and five years 928,092 398,977
1,466,054 766,421

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

Company
31.12.23 31.12.22
£ £
Bank loans - 2,639
Hire purchase - 10,325
- 12,964

The above element of the bank loan outstanding at the year end relates to funds received from Barclays for the specific purpose of asset purchase has been secured via a chattel mortgage in a form acceptable to the Bank with respect to certain plant, machinery and/or motor vehicles as may be notified by the Bank to the Borrower prior to drawdown of the loan.

The hire purchase liability is secured against the assets to which they relate.

18. PROVISIONS FOR LIABILITIES

Group Company
31.12.23 31.12.22 31.12.23 31.12.22
£ £ £ £
Deferred tax 149,407 127,799 149,407 127,799

Group
Deferred tax
£
Balance at 1 January 2023 127,799
Provided during year 21,608
Profit and loss account
Balance at 31 December 2023 149,407

Company
Deferred tax
£
Balance at 1 January 2023 127,799
Provided during year 21,608
Profit and loss account
Balance at 31 December 2023 149,407

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

19. CALLED UP SHARE CAPITAL

2023 2022
Shares classified as equity £    £   
Allotted, called up and fully paid
4,996 (2021: 4,996) Ordinary shares of £1 each 4,995 4,996
1 (2021: 1) A Ordinary shares of £1 each 1 1
1 (2021: 1) B Ordinary shares of £1 each 1 1
1 (2021: 1) C Ordinary shares of £1 each 1 1
1 (2021: 1) D Ordinary shares of £1 each 1 1
1 (2021: 1) E Ordinary shares of £1 each 1 -
5,000 5,000

Called up share capital - Represents the nominal value of shares that have been issued.

20. RESERVES

Group
Retained Revaluation Other
earnings reserve reserves Totals
£ £ £ £

At 1 January 2023 3,636,888 473,040 8,377 4,118,305
Profit for the year 528,596 528,596
Dividends (265,000 ) (265,000 )
At 31 December 2023 3,900,484 473,040 8,377 4,381,901

Company
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 January 2023 1,782,494 473,040 2,255,534
Profit for the year 2,502,470 2,502,470
Dividends (265,000 ) (265,000 )
At 31 December 2023 4,019,964 473,040 4,493,004

Revaluation reserve
Includes the revaluation of freehold property.

Other reserves
The other reserve arose on the acquisition of 50% of the shares in North West Stevedores Limited on 12th July 1990, followed by 100% share capital of Mersey Bunkering Limited on 2nd January 1992 and the remaining 50% share capital of Widnes Steel Storage Limited on 20th October 1992.

Profit and loss account
Includes all current and prior period retained profits and losses.

21. PENSION COMMITMENTS

The group operates a defined contribution pension scheme. The charge for the period amounted to £339,096 (2022 £89,217).

Frank Armitt & Son Limited (Registered number: 00745573)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31 December 2023

22. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption from disclosure of transactions between wholly-owned group entities.

23. ULTIMATE CONTROLLING PARTY

The controlling party is Mrs P Seedhouse.