Silverfin false false 31/05/2024 01/06/2023 31/05/2024 J C Clifford-Wing 01/06/2023 K Clifford-Wing 05/05/1998 R D Clifford-Wing 05/05/1998 17 December 2024 The principal activity of the company is the processing and wholesale of seafood and shellfish. 03557884 2024-05-31 03557884 bus:Director1 2024-05-31 03557884 bus:Director2 2024-05-31 03557884 bus:Director3 2024-05-31 03557884 2023-05-31 03557884 core:CurrentFinancialInstruments 2024-05-31 03557884 core:CurrentFinancialInstruments 2023-05-31 03557884 core:Non-currentFinancialInstruments 2024-05-31 03557884 core:Non-currentFinancialInstruments 2023-05-31 03557884 core:ShareCapital 2024-05-31 03557884 core:ShareCapital 2023-05-31 03557884 core:RetainedEarningsAccumulatedLosses 2024-05-31 03557884 core:RetainedEarningsAccumulatedLosses 2023-05-31 03557884 core:Goodwill 2023-05-31 03557884 core:OtherResidualIntangibleAssets 2023-05-31 03557884 core:Goodwill 2024-05-31 03557884 core:OtherResidualIntangibleAssets 2024-05-31 03557884 core:LandBuildings 2023-05-31 03557884 core:PlantMachinery 2023-05-31 03557884 core:Vehicles 2023-05-31 03557884 core:LandBuildings 2024-05-31 03557884 core:PlantMachinery 2024-05-31 03557884 core:Vehicles 2024-05-31 03557884 bus:OrdinaryShareClass1 2024-05-31 03557884 2023-06-01 2024-05-31 03557884 bus:FilletedAccounts 2023-06-01 2024-05-31 03557884 bus:SmallEntities 2023-06-01 2024-05-31 03557884 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 03557884 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 03557884 bus:Director1 2023-06-01 2024-05-31 03557884 bus:Director2 2023-06-01 2024-05-31 03557884 bus:Director3 2023-06-01 2024-05-31 03557884 core:Goodwill core:TopRangeValue 2023-06-01 2024-05-31 03557884 core:OtherResidualIntangibleAssets core:TopRangeValue 2023-06-01 2024-05-31 03557884 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 03557884 core:PlantMachinery 2023-06-01 2024-05-31 03557884 core:Vehicles 2023-06-01 2024-05-31 03557884 2022-06-01 2023-05-31 03557884 core:Goodwill 2023-06-01 2024-05-31 03557884 core:OtherResidualIntangibleAssets 2023-06-01 2024-05-31 03557884 core:LandBuildings 2023-06-01 2024-05-31 03557884 core:CurrentFinancialInstruments 2023-06-01 2024-05-31 03557884 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 03557884 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 03557884 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03557884 (England and Wales)

WING OF ST MAWES LIMITED

Unaudited Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

WING OF ST MAWES LIMITED

Unaudited Financial Statements

For the financial year ended 31 May 2024

Contents

WING OF ST MAWES LIMITED

BALANCE SHEET

As at 31 May 2024
WING OF ST MAWES LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 82,042 36,239
Tangible assets 4 575,389 1,838,756
657,431 1,874,995
Current assets
Stocks 5 265,092 198,344
Debtors 6 337,735 327,101
Cash at bank and in hand 719,724 866,193
1,322,551 1,391,638
Creditors: amounts falling due within one year 7 ( 661,640) ( 632,809)
Net current assets 660,911 758,829
Total assets less current liabilities 1,318,342 2,633,824
Creditors: amounts falling due after more than one year 8 ( 191,855) ( 528,951)
Provision for liabilities 9 ( 111,526) ( 131,703)
Net assets 1,014,961 1,973,170
Capital and reserves
Called-up share capital 10 4 4
Profit and loss account 1,014,957 1,973,166
Total shareholder's funds 1,014,961 1,973,170

For the financial year ending 31 May 2024 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 Wing of St Mawes Limited (registered number: 03557884) were approved and authorised for issue by the Board of Directors on 17 December 2024. They were signed on its behalf by:

R D Clifford-Wing
Director
WING OF ST MAWES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
WING OF ST MAWES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
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

Wing of St Mawes 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 Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when; the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity; and specific criteria have been met for each of the company's activities.

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 Balance Sheet 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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 10 years straight line
Other intangible assets 4 years straight line
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, reducing balance] basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 15 - 25 % reducing balance
Vehicles 25 % reducing balance

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 Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

Government grants

The company has received grant funding from the Marine Management Organisation (MMO) to part fund improvements to the company's fish processing infrastructure.

The company has elected to account for such grants under the accruals model as permitted by FRS102. Grants of a revenue nature are recognised in other operating income within profit or loss in the same period as the related expenditure. Grants relating to capital items are included in deferred income and released to other operating income in profit & loss so as to match the consumption of the underlying assets.

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 Balance Sheet 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 41 43

3. Intangible assets

Goodwill Other intangible assets Total
£ £ £
Cost
At 01 June 2023 30,000 67,444 97,444
Additions 1 65,388 65,389
At 31 May 2024 30,001 132,832 162,833
Accumulated amortisation
At 01 June 2023 30,000 31,205 61,205
Charge for the financial year 1 19,585 19,586
At 31 May 2024 30,001 50,790 80,791
Net book value
At 31 May 2024 0 82,042 82,042
At 31 May 2023 0 36,239 36,239

4. Tangible assets

Land and buildings Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 June 2023 1,776,443 793,164 270,936 2,840,543
Additions 0 121,457 102,958 224,415
Disposals ( 1,776,443) 0 ( 52,266) ( 1,828,709)
At 31 May 2024 0 914,621 321,628 1,236,249
Accumulated depreciation
At 01 June 2023 417,505 470,416 113,866 1,001,787
Charge for the financial year 24,596 52,543 40,300 117,439
Disposals ( 442,101) 0 ( 16,265) ( 458,366)
At 31 May 2024 0 522,959 137,901 660,860
Net book value
At 31 May 2024 0 391,662 183,727 575,389
At 31 May 2023 1,358,938 322,748 157,070 1,838,756

5. Stocks

2024 2023
£ £
Stocks 265,092 198,344

6. Debtors

2024 2023
£ £
Trade debtors 241,319 257,144
Amounts owed by Group undertakings 2 2
Prepayments 9,555 7,124
VAT recoverable 42,091 30,531
Corporation tax 1,700 0
Other debtors 43,068 32,300
337,735 327,101

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 404,831 367,172
Amounts owed to directors 130,053 129,320
Accruals and deferred income 68,261 53,463
Corporation tax 0 33,596
Other taxation and social security 19,087 16,753
Obligations under finance leases and hire purchase contracts (secured) 19,656 19,656
Other creditors 19,752 12,849
661,640 632,809

The hire purchase liabilities are secured on the assets to which they relate.

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

2024 2023
£ £
Deferred income 184,982 502,422
Obligations under finance leases and hire purchase contracts (secured) 6,873 26,529
191,855 528,951

The hire purchase liabilities are secured on the assets to which they relate.

9. Provision for liabilities

2024 2023
£ £
Deferred tax 111,526 131,703

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
4 Ordinary shares of £ 1.00 each 4 4

11. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 2,984,457 25,285

Commitments includes £2,970,000 future lease payments due for the rent of the company's land and buildings (2023 £nil).

12. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Directors loan 130,053 129,320

The directors have provided working capital to the company by way of an interest free loan.

Other related party transactions

2024 2023
£ £
Transfer of land and buildings 1,700,000 0

During the year the company transferred its land and buildings to the group company Wing Properties Limited for a valuation of £1,700,000, proceeds to stand as an inter-group loan. The beneficial interest in the loan has been assigned to the parent company Cortez Holdings Limited.

13. Ultimate controlling party

Parent Company:

Cortez Holdings Limited
Lowin House, Tregolls Road, Truro, TR1 2NA