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Company No: 01378881 (England and Wales)

REX DOWN WHOLESALE FISH MERCHANTS LIMITED

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

REX DOWN WHOLESALE FISH MERCHANTS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

REX DOWN WHOLESALE FISH MERCHANTS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
REX DOWN WHOLESALE FISH MERCHANTS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 85,487 103,079
Investments 4 1,002 1,002
86,489 104,081
Current assets
Stocks 19,836 18,952
Debtors 5 288,760 283,948
Cash at bank and in hand 74,483 84,348
383,079 387,248
Creditors: amounts falling due within one year 6 ( 248,035) ( 225,140)
Net current assets 135,044 162,108
Total assets less current liabilities 221,533 266,189
Creditors: amounts falling due after more than one year 7 ( 14,167) ( 24,515)
Provision for liabilities 8 ( 21,219) ( 19,355)
Net assets 186,147 222,319
Capital and reserves
Called-up share capital 9 10,000 10,000
Profit and loss account 176,147 212,319
Total shareholder's funds 186,147 222,319

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 Wholesale Fish Merchants Limited (registered number: 01378881) 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 WHOLESALE FISH MERCHANTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
REX DOWN WHOLESALE FISH MERCHANTS 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 Wholesale Fish Merchants 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, 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 recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred 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.

Dividend income

Dividend income from investments is recognised when the shareholders' rights to receive payment have been established (provided that it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably).

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

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.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line/reducing balance] basis over its expected useful life, as follows:

[Input type of fixed asset and rate of depreciation]

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.

Leases

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

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

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.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 14 15

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2023 83,420 140,704 8,531 232,655
Additions 0 9,930 508 10,438
Disposals ( 21,100) 0 0 ( 21,100)
At 31 December 2023 62,320 150,634 9,039 221,993
Accumulated depreciation
At 01 January 2023 46,359 77,219 5,998 129,576
Charge for the financial year 16,584 10,534 912 28,030
Disposals ( 21,100) 0 0 ( 21,100)
At 31 December 2023 41,843 87,753 6,910 136,506
Net book value
At 31 December 2023 20,477 62,881 2,129 85,487
At 31 December 2022 37,061 63,485 2,533 103,079

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 2 2
Other investments and loans 1,000 1,000
1,002 1,002

Investments in shares

Name of entity Registered office Principal activity Class of
shares
Ownership
31.12.2023
Ownership
31.12.2022
Salcombe Smokies Limited Unit 4 Fisheries Complex Sutton Harbour, Sutton Road, Plymouth, Devon, United Kingdom, PL4 0LH Dormant Ordinary 100.00% 100.00%
Salcombe Smokers Limited Unit 4 Fisheries Complex Sutton Harbour, Sutton Road, Plymouth, Devon, United Kingdom, PL4 0LH Dormant Ordinary 100.00% 100.00%

5. Debtors

2023 2022
£ £
Trade debtors 135,442 160,666
Amounts owed by Parent undertakings 83,050 72,650
Amounts owed by fellow subsidiaries 59,101 30,387
VAT recoverable 9,314 6,995
Corporation tax 1,853 13,250
288,760 283,948

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,000 10,000
Trade creditors 118,031 93,732
Amounts owed to directors 99,344 99,344
Accruals 13,016 10,155
Other taxation and social security 7,032 7,278
Obligations under finance leases and hire purchase contracts (secured) 0 4,181
Other creditors 612 450
248,035 225,140

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

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

2023 2022
£ £
Bank loans 14,167 24,167
Obligations under finance leases and hire purchase contracts (secured) 0 348
14,167 24,515

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

8. Deferred tax

2023 2022
£ £
At the beginning of financial year ( 19,355) ( 26,699)
(Charged)/credited to the Statement of Income and Retained Earnings ( 1,864) 7,344
At the end of financial year ( 21,219) ( 19,355)

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
10,000 Ordinary shares of £ 1.00 each 10,000 10,000

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost for the year was £8,186 (2022: £7,936).

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 612 450

11. Related party transactions

As at 31 December 2023, the company owed the directors £99,344 (2022: £99,344). Interest is charged at 2% above the Bank of England base rate and amounted to £6,524 (2022: £3,257) in the year.

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.