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REGISTERED NUMBER: 01580642 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 March 2024

for

Warners Fishmerchants Limited

Warners Fishmerchants Limited (Registered number: 01580642)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 7

Balance Sheet 8

Statement of Changes in Equity 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12


Warners Fishmerchants Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: G Warner





REGISTERED OFFICE: Raymond House
Unit 5 Decoy Bank North
Lakeside
Doncaster
South Yorkshire
DN4 5JR





REGISTERED NUMBER: 01580642 (England and Wales)





AUDITORS: KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

Warners Fishmerchants Limited (Registered number: 01580642)

Strategic Report
for the Year Ended 31 March 2024

Principal activities
The Company is a wholesale distributor of frozen at sea fish fillets and other sundry items. We are the leading importers of Icelandic frozen at sea cod and haddock in the UK.

REVIEW OF THE BUSINESS
The Board are pleased to report the Company's results, which show another successful year. The Income Statement on page 7 reports an increase in gross profit of £1,412,619. The profit after taxation for the year is £1,023,914, of which £682,414 has been retained in the company, increasing net assets to £7,357,407.

We are always aware that the market can take a turn for the worse at any time because of factors beyond our control. For this reason, the majority of the profits are retained in the Company and reinvested to increase working capital and improve liquidity.

A cornerstone of the Company's success is the excellent relationships that have been fostered with our suppliers over many years. Alongside this, we have the facilities to carry a wide product range in our state-of-the-art
frozen storage warehouse. The secure supply chain we have in place gives customers the confidence that we can deliver and that we will provide them with a quality product.

PRINCIPAL RISKS AND UNCERTAINTIES
We continue to perform a robust and systematic review of the risks that we believe could seriously affect the Company's performance and its prospects. As part of this review process, the Board sets out its objectives each year and reviews the Company's progress against them on a monthly basis. We face the ongoing challenge of a changing competitive landscape and price pressure across our markets. To mitigate the risk of losing market share, we are continually developing our sales and marketing strategies to ensure that we are aware of our customer needs and to give us the ability to anticipate market changes.

KEY PERFORMANCE INDICATORS
The Board considers that the Company's key performance indicators are those that communicate the financial performance and strength of the Company as a whole, these being turnover, gross margin and profit before taxation. The Income Statement on page 7 sets out these indicators.

ON BEHALF OF THE BOARD:





G Warner - Director


11 November 2024

Warners Fishmerchants Limited (Registered number: 01580642)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of wholesale distribution of frozen at sea fish fillets and other sundry items.

DIVIDENDS
The company paid interim dividends during the year totalling £341,500 (2023: £302,500).

The director recommends that no final dividends be paid.

DIRECTOR
G Warner held office during the whole of the period from 1 April 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

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

AUDITORS
The auditors, KJA Kilner Johnson Ltd (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Warner - Director


11 November 2024

Report of the Independent Auditors to the Members of
Warners Fishmerchants Limited

Opinion
We have audited the financial statements of Warners Fishmerchants Limited (the 'company') for the year ended 31 March 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the 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 company's affairs as at 31 March 2024 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 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Warners Fishmerchants Limited


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 Report of the Director.

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, 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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

While planning our audit, we have enquired of management and those charged with governance around any actual or potential litigation and claims against the company for non-compliance with specific laws and regulations. The same has been done in respect of any instances of fraud or irregularities. The responses received have been communicated with the engagement team at the planning stage.

We have not been informed of any specific laws or regulatory related issues that could materially impact the financial statements in addition to this, there has been no suspected fraud or irregularities reported to us.

While planning our audit the engagement partner selected appropriately trained staff to be engaged in the audit and the team are allocated based on their competence and capabilities.

The audit work undertaken is a substantive work based audit approach, reviewing to source documentation where appropriate and includes a review and walkthrough of the systems which management have put in place. These tests are directional. Therefore, they are designed in a way to maximise audit effectiveness and the possible identification of any material fraud, irregularities, or instances of systems and procedure breaches. Our testing did not identify any issues that require additional reporting.

These tests and other areas of our audit work are designed to enhance our ability to detect cases of material fraud and certain irregularities. It should be noted that our audit is carried out using a material based approach and therefore does not test every transaction, as such it would not detect all instances of irregularities and specifically fraud which is inherently more difficult to detect.

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
Warners Fishmerchants 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.




Raza Effendi MBA FCA (Senior Statutory Auditor)
for and on behalf of KJA Kilner Johnson Ltd (Statutory Auditors)
Network House
Stubs Beck Lane
Cleckheaton
BD19 4TT

11 November 2024

Warners Fishmerchants Limited (Registered number: 01580642)

Income Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £    £    £   

TURNOVER 3 69,578,918 71,264,971

Cost of sales 65,957,061 69,055,733
GROSS PROFIT 3,621,857 2,209,238

Distribution costs 1,116,703 947,321
Administrative expenses 1,075,230 725,647
2,191,933 1,672,968
1,429,924 536,270

Other operating income 14,980 12,396
OPERATING PROFIT 5 1,444,904 548,666

Interest receivable and similar income 29,332 210
1,474,236 548,876

Interest payable and similar expenses 6 85,381 171,399
PROFIT BEFORE TAXATION 1,388,855 377,477

Tax on profit 7 364,941 113,161
PROFIT FOR THE FINANCIAL YEAR 1,023,914 264,316

Warners Fishmerchants Limited (Registered number: 01580642)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 1,311,256 1,271,117
Investment property 10 224,015 224,015
1,535,271 1,495,132

CURRENT ASSETS
Stocks 11 8,413,216 8,859,786
Debtors 12 6,677,112 4,916,763
Cash at bank and in hand 1,316,065 191,703
16,406,393 13,968,252
CREDITORS
Amounts falling due within one year 13 10,134,866 8,350,701
NET CURRENT ASSETS 6,271,527 5,617,551
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,806,798

7,112,683

CREDITORS
Amounts falling due after more than one
year

14

(245,000

)

(245,000

)

PROVISIONS FOR LIABILITIES 16 (204,391 ) (192,690 )
NET ASSETS 7,357,407 6,674,993

CAPITAL AND RESERVES
Called up share capital 17 179 179
Capital redemption reserve 18 43 43
Retained earnings 18 7,357,185 6,674,771
SHAREHOLDERS' FUNDS 7,357,407 6,674,993

The financial statements were approved by the director and authorised for issue on 11 November 2024 and were signed by:





G Warner - Director


Warners Fishmerchants Limited (Registered number: 01580642)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 April 2022 179 6,712,955 43 6,713,177

Changes in equity
Dividends - (302,500 ) - (302,500 )
Total comprehensive income - 264,316 - 264,316
Balance at 31 March 2023 179 6,674,771 43 6,674,993

Changes in equity
Dividends - (341,500 ) - (341,500 )
Total comprehensive income - 1,023,914 - 1,023,914
Balance at 31 March 2024 179 7,357,185 43 7,357,407

Warners Fishmerchants Limited (Registered number: 01580642)

Cash Flow Statement
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,861,755 1,408,523
Interest paid (65,063 ) (171,399 )
Tax paid (55,272 ) (566,017 )
Net cash from operating activities 1,741,420 671,107

Cash flows from investing activities
Purchase of tangible fixed assets (174,770 ) (171,561 )
Sale of tangible fixed assets 7,770 50,919
Interest received 29,332 210
Net cash from investing activities (137,668 ) (120,432 )

Cash flows from financing activities
Loan repayments in year (175,000 ) (790,000 )
Loan advances from employees (10,964 ) -
Loan advance to related party (133,011 ) -
Capital repayments in year - (37,800 )
Amount withdrawn by directors 181,085 78,933
Equity dividends paid (341,500 ) (302,500 )
Net cash from financing activities (479,390 ) (1,051,367 )

Increase/(decrease) in cash and cash equivalents 1,124,362 (500,692 )
Cash and cash equivalents at beginning of
year

2

191,703

692,395

Cash and cash equivalents at end of year 2 1,316,065 191,703

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2024 2023
£    £   
Profit before taxation 1,388,855 377,477
Depreciation charges 113,389 92,198
Loss on disposal of fixed assets 13,471 7,531
Finance costs 85,381 171,399
Finance income (29,332 ) (210 )
1,571,764 648,395
Decrease/(increase) in stocks 446,570 (1,630,310 )
(Increase)/decrease in trade and other debtors (1,627,338 ) 498,639
Increase in trade and other creditors 1,470,759 1,891,799
Cash generated from operations 1,861,755 1,408,523

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 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,316,065 191,703
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 191,703 692,395


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank and in hand 191,703 1,124,362 1,316,065
191,703 1,124,362 1,316,065
Debt
Debts falling due within 1 year (175,000 ) 175,000 -
Debts falling due after 1 year (245,000 ) - (245,000 )
(420,000 ) 175,000 (245,000 )
Total (228,297 ) 1,299,362 1,071,065

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Warners Fishmerchants 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 Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% straight line
Plant and machinery - 25% reducing balance, 10% reducing balance and 5% reducing balance
Fixtures and fittings - 4% straight line
Motor vehicles - 25% reducing balance
Computer equipment - 33% reducing balance

Government grants
Government grants are accounted for in accordance with the accrual model.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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.

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£    £   
Sale of goods 69,578,918 71,264,971
69,578,918 71,264,971

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 1,160,418 862,871
Social security costs 119,079 79,416
Other pension costs 113,550 17,350
1,393,047 959,637

The average number of employees during the year was as follows:
2024 2023

Selling 7 7
Administration 8 8
Operational 15 16
30 31

2024 2023
£    £   
Director's remuneration 200,000 11,908
Director's pension contributions to money purchase schemes 50,000 -

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

Money purchase schemes 1 -

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. EMPLOYEES AND DIRECTORS - continued

Information regarding the highest paid director for the year ended 31 March 2024 is as follows:
2024
£   
Emoluments etc 200,000
Pension contributions to money purchase schemes 50,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 8,175 9,074
Depreciation - owned assets 113,390 92,200
Loss on disposal of fixed assets 13,471 7,531
Auditors' remuneration 12,500 10,987
Foreign exchange differences 2,647 2,866

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank interest 6,293 114,234
Corporation tax interest 1,605 -
Interest on director loans 40,733 20,415
Other loan interest 36,750 36,750
85,381 171,399

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
UK corporation tax 345,284 47,316
Underpaid corporation tax in
previous years 7,956 -
Total current tax 353,240 47,316

Deferred tax 11,701 65,845
Tax on profit 364,941 113,161

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. TAXATION - continued

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:

2024 2023
£    £   
Profit before tax 1,388,855 377,477
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

347,214

71,721

Effects of:
Expenses not deductible for tax purposes 8,158 5,806
Adjustments to tax charge in respect of previous periods 7,956 -
Enhanced capital allowances - (11,934 )
Depreciation on non-qualifying assets 1,613 1,324
Change in rate of deferred tax - 46,244
Total tax charge 364,941 113,161

Underpaid corporation tax in previous years of £7,956 consists of amounts paid during the year for accounting period ended 31st March 2018 of £2,639, and accounting period ended 31st March 2020 of £5,317.

8. DIVIDENDS
2024 2023
£    £   
A Ordinary shares of 10p each
Interim - 30,000
B Ordinary shares of 10p each
Interim 5,000 16,000
C Ordinary shares of 10p each
Interim 5,000 30,000
D Ordinary shares of 10p each
Interim 5,000 30,000
E Ordinary share of £1
Interim 26,500 26,500
F Ordinary shares of £1 each
Interim 300,000 170,000
341,500 302,500

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 April 2023 759,215 476,805 102,617
Additions - 6,990 -
Disposals - (7,287 ) -
At 31 March 2024 759,215 476,508 102,617
DEPRECIATION
At 1 April 2023 126,414 206,689 28,648
Charge for year 10,073 17,680 4,104
Eliminated on disposal - (4,830 ) -
At 31 March 2024 136,487 219,539 32,752
NET BOOK VALUE
At 31 March 2024 622,728 256,969 69,865
At 31 March 2023 632,801 270,116 73,969

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2023 418,281 72,323 1,829,241
Additions 137,469 30,311 174,770
Disposals (53,293 ) (10,687 ) (71,267 )
At 31 March 2024 502,457 91,947 1,932,744
DEPRECIATION
At 1 April 2023 133,698 62,675 558,124
Charge for year 71,738 9,795 113,390
Eliminated on disposal (34,785 ) (10,411 ) (50,026 )
At 31 March 2024 170,651 62,059 621,488
NET BOOK VALUE
At 31 March 2024 331,806 29,888 1,311,256
At 31 March 2023 284,583 9,648 1,271,117

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

10. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 224,015
NET BOOK VALUE
At 31 March 2024 224,015
At 31 March 2023 224,015

In the opinion of the director, the market value of the company's investment property at the year end was not materially different from its book value.

11. STOCKS
2024 2023
£    £   
Stocks 8,413,216 8,859,786

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 6,322,131 4,743,777
Other debtors 204,480 69,796
VAT 72,534 49,379
Prepayments 77,967 53,811
6,677,112 4,916,763

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 15) - 175,000
Trade creditors 9,073,913 7,835,152
Tax 345,284 47,316
Social security and other taxes 20,653 16,699
Other creditors 34,579 40,503
Directors' current accounts 353,046 171,961
Accrued expenses 307,391 64,070
10,134,866 8,350,701

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 15) 245,000 245,000

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans - 175,000

Amounts falling due between two and five years:
Other loans - 2-5 years 100,000 245,000

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 145,000 -

The other loan is repayable in instalments commencing 24 May 2027. Interest is charged on this loan at 15% per annum.

16. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 204,391 192,690

Deferred
tax
£   
Balance at 1 April 2023 192,690
Provided during year 11,701
Balance at 31 March 2024 204,391

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
58 Ordinary £1 58 58
50 A Ordinary 10p 5 5
50 B Ordinary 10p 5 5
50 C Ordinary 10p 5 5
50 D Ordinary 10p 5 5
1 E Ordinary £1 1 1
100 F Ordinary £1 100 100
179 179

Warners Fishmerchants Limited (Registered number: 01580642)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. CALLED UP SHARE CAPITAL - continued

Each ordinary share is entitled to a vote in any circumstance.

Each A, B, C, D & F Ordinary share hold no voting rights, and no right to a distribution of capital upon winding up but do qualify for dividends.

The E Ordinary share holds no voting rights, and no rights to a distribution of capital upon winding up. The share type qualifies for dividends, but must be redeemed to the company at par on payment of the final dividend.

18. RESERVES
Capital
Retained redemption
earnings reserve Totals
£    £    £   

At 1 April 2023 6,674,771 43 6,674,814
Profit for the year 1,023,914 1,023,914
Dividends (341,500 ) (341,500 )
At 31 March 2024 7,357,185 43 7,357,228

19. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2024 2023
£    £   
Interest payable 40,733 20,415

Other related parties

2024 2023
£   
Sales 2,447,525 3,175,309
Purchases 152,347 193,106
Amount due from related party 201,453 68,442