Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Kathleen Anne Down 28/03/2018 Rex Down 28/03/2018 17 September 2024 The principal activity of the Company during the financial year was the retail of fish. 11280954 2023-12-31 11280954 bus:Director1 2023-12-31 11280954 bus:Director2 2023-12-31 11280954 2022-12-31 11280954 core:CurrentFinancialInstruments 2023-12-31 11280954 core:CurrentFinancialInstruments 2022-12-31 11280954 core:ShareCapital 2023-12-31 11280954 core:ShareCapital 2022-12-31 11280954 core:RetainedEarningsAccumulatedLosses 2023-12-31 11280954 core:RetainedEarningsAccumulatedLosses 2022-12-31 11280954 core:Goodwill 2022-12-31 11280954 core:Goodwill 2023-12-31 11280954 core:Vehicles 2022-12-31 11280954 core:FurnitureFittings 2022-12-31 11280954 core:ComputerEquipment 2022-12-31 11280954 core:Vehicles 2023-12-31 11280954 core:FurnitureFittings 2023-12-31 11280954 core:ComputerEquipment 2023-12-31 11280954 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2023-12-31 11280954 core:OtherSubsidiariesTotalIndividuallyImmaterialSubsidiaries core:CurrentFinancialInstruments 2022-12-31 11280954 2021-12-31 11280954 bus:OrdinaryShareClass1 2023-12-31 11280954 2023-01-01 2023-12-31 11280954 bus:FilletedAccounts 2023-01-01 2023-12-31 11280954 bus:SmallEntities 2023-01-01 2023-12-31 11280954 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 11280954 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 11280954 bus:Director1 2023-01-01 2023-12-31 11280954 bus:Director2 2023-01-01 2023-12-31 11280954 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 11280954 core:Goodwill 2023-01-01 2023-12-31 11280954 core:Vehicles core:TopRangeValue 2023-01-01 2023-12-31 11280954 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 11280954 core:ComputerEquipment core:TopRangeValue 2023-01-01 2023-12-31 11280954 2022-01-01 2022-12-31 11280954 core:Vehicles 2023-01-01 2023-12-31 11280954 core:FurnitureFittings 2023-01-01 2023-12-31 11280954 core:ComputerEquipment 2023-01-01 2023-12-31 11280954 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 11280954 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11280954 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 11280954 (England and Wales)

REX DOWN MARKET LIMITED

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

REX DOWN MARKET LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

REX DOWN MARKET LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
REX DOWN MARKET LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 22,112 27,013
22,112 27,013
Current assets
Debtors 5 100 100
Cash at bank and in hand 32,025 30,550
32,125 30,650
Creditors: amounts falling due within one year 6 ( 62,566) ( 33,687)
Net current liabilities (30,441) (3,037)
Total assets less current liabilities (8,329) 23,976
Provision for liabilities 7 ( 5,528) ( 6,753)
Net (liabilities)/assets ( 13,857) 17,223
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account ( 13,957 ) 17,123
Total shareholder's (deficit)/funds ( 13,857) 17,223

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

Directors' responsibilities:

The financial statements of Rex Down Market Limited (registered number: 11280954) were approved and authorised for issue by the Board of Directors on 17 September 2024. They were signed on its behalf by:

Kathleen Anne Down
Director
REX DOWN MARKET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
REX DOWN MARKET LIMITED

NOTES TO THE FINANCIAL STATEMENTS

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

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

General information and basis of accounting

Rex Down Market Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Unit 4 Fisheries Complex Sutton Harbour, Sutton Road, Plymouth, PL4 0LH, United Kingdom.

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

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

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

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

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

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

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

Goodwill 5 years straight line
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.

Tangible fixed assets

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

Vehicles 5 years straight line
Fixtures and fittings 10 years straight line
Computer equipment 4 years straight line

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

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

Provisions

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

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

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

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 17,529 17,529
Disposals ( 17,529) ( 17,529)
At 31 December 2023 0 0
Accumulated amortisation
At 01 January 2023 17,529 17,529
Disposals ( 17,529) ( 17,529)
At 31 December 2023 0 0
Net book value
At 31 December 2023 0 0
At 31 December 2022 0 0

4. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 12,704 22,371 532 35,607
At 31 December 2023 12,704 22,371 532 35,607
Accumulated depreciation
At 01 January 2023 1,840 6,654 100 8,594
Charge for the financial year 2,531 2,237 133 4,901
At 31 December 2023 4,371 8,891 233 13,495
Net book value
At 31 December 2023 8,333 13,480 299 22,112
At 31 December 2022 10,864 15,717 432 27,013

5. Debtors

2023 2022
£ £
Amounts owed by Parent undertakings 100 100

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to fellow subsidiaries 59,101 30,387
Accruals 3,465 3,300
62,566 33,687

There are no amounts included above in respect of which any security has been given by the small entity.

7. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 6,753) ( 5,036)
Credited/(charged) to the Statement of Income and Retained Earnings 1,225 ( 1,717)
At the end of financial year ( 5,528) ( 6,753)

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

As the Company is a wholly owned subsidiary of Rex Down Holdings Limited, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.