Caseware UK (AP4) 2024.0.164 2024.0.164 2024-09-282024-09-28falseNo description of principal activityfalse2023-09-297961false 05476544 2023-09-28 05476544 2023-09-29 2024-09-28 05476544 2022-10-01 2023-09-30 05476544 2024-09-28 05476544 2023-09-30 05476544 2022-10-01 05476544 1 2023-09-29 2024-09-28 05476544 1 2022-10-01 2023-09-30 05476544 5 2023-09-29 2024-09-28 05476544 5 2022-10-01 2023-09-30 05476544 d:Exceptional 2023-09-29 2024-09-28 05476544 d:Exceptional 2022-10-01 2023-09-30 05476544 e:CompanySecretary1 2023-09-29 2024-09-28 05476544 e:Director1 2023-09-29 2024-09-28 05476544 e:Director2 2023-09-29 2024-09-28 05476544 e:Director3 2023-09-29 2024-09-28 05476544 e:Director4 2023-09-29 2024-09-28 05476544 e:RegisteredOffice 2023-09-29 2024-09-28 05476544 d:Buildings d:LongLeaseholdAssets 2023-09-29 2024-09-28 05476544 d:Buildings d:LongLeaseholdAssets 2024-09-28 05476544 d:Buildings d:LongLeaseholdAssets 2023-09-30 05476544 d:PlantMachinery 2023-09-29 2024-09-28 05476544 d:PlantMachinery 2024-09-28 05476544 d:PlantMachinery 2023-09-30 05476544 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-09-29 2024-09-28 05476544 d:MotorVehicles 2023-09-29 2024-09-28 05476544 d:MotorVehicles 2024-09-28 05476544 d:MotorVehicles 2023-09-30 05476544 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-09-29 2024-09-28 05476544 d:FurnitureFittings 2023-09-29 2024-09-28 05476544 d:OfficeEquipment 2023-09-29 2024-09-28 05476544 d:ComputerEquipment 2023-09-29 2024-09-28 05476544 d:ComputerEquipment 2024-09-28 05476544 d:ComputerEquipment 2023-09-30 05476544 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-09-29 2024-09-28 05476544 d:OwnedOrFreeholdAssets 2023-09-29 2024-09-28 05476544 d:CurrentFinancialInstruments 2024-09-28 05476544 d:CurrentFinancialInstruments 2023-09-30 05476544 d:Non-currentFinancialInstruments 2024-09-28 05476544 d:Non-currentFinancialInstruments 2023-09-30 05476544 d:CurrentFinancialInstruments d:WithinOneYear 2024-09-28 05476544 d:CurrentFinancialInstruments d:WithinOneYear 2023-09-30 05476544 d:Non-currentFinancialInstruments d:AfterOneYear 2024-09-28 05476544 d:Non-currentFinancialInstruments d:AfterOneYear 2023-09-30 05476544 d:ShareCapital 2024-09-28 05476544 d:ShareCapital 2023-09-30 05476544 d:RetainedEarningsAccumulatedLosses 2023-09-29 2024-09-28 05476544 d:RetainedEarningsAccumulatedLosses 2024-09-28 05476544 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-09-30 05476544 d:RetainedEarningsAccumulatedLosses 2023-09-30 05476544 d:RetainedEarningsAccumulatedLosses 2022-10-01 05476544 d:AcceleratedTaxDepreciationDeferredTax 2024-09-28 05476544 d:AcceleratedTaxDepreciationDeferredTax 2023-09-30 05476544 d:TaxLossesCarry-forwardsDeferredTax 2024-09-28 05476544 d:TaxLossesCarry-forwardsDeferredTax 2023-09-30 05476544 d:RetirementBenefitObligationsDeferredTax 2024-09-28 05476544 d:RetirementBenefitObligationsDeferredTax 2023-09-30 05476544 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2024-09-28 05476544 d:FurtherSpecificTypeProvisionContingentLiability1ComponentTotalProvisionsContingentLiabilities 2023-09-30 05476544 e:OrdinaryShareClass1 2023-09-29 2024-09-28 05476544 e:OrdinaryShareClass1 2024-09-28 05476544 e:OrdinaryShareClass1 2023-09-30 05476544 e:FRS102 2023-09-29 2024-09-28 05476544 e:Audited 2023-09-29 2024-09-28 05476544 e:FullAccounts 2023-09-29 2024-09-28 05476544 e:PrivateLimitedCompanyLtd 2023-09-29 2024-09-28 05476544 d:WithinOneYear 2024-09-28 05476544 d:WithinOneYear 2023-09-30 05476544 d:BetweenOneFiveYears 2024-09-28 05476544 d:BetweenOneFiveYears 2023-09-30 05476544 d:MoreThanFiveYears 2024-09-28 05476544 d:MoreThanFiveYears 2023-09-30 05476544 d:HirePurchaseContracts d:WithinOneYear 2024-09-28 05476544 d:HirePurchaseContracts d:WithinOneYear 2023-09-30 05476544 d:HirePurchaseContracts d:BetweenOneFiveYears 2024-09-28 05476544 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-09-30 05476544 4 2023-09-29 2024-09-28 05476544 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2024-09-28 05476544 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-09-30 05476544 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2024-09-28 05476544 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-09-30 05476544 d:LeasedAssetsHeldAsLessee 2024-09-28 05476544 d:LeasedAssetsHeldAsLessee 2023-09-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 05476544







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 SEPTEMBER 2024


THE STICKLEBACK FISH COMPANY LIMITED






































img7fdd.png                        

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
COMPANY INFORMATION


Directors
E Arnold 
R S Arnold 
F R Emmott 
R A Hilson 




Company secretary
G Tanner-Tremaine



Registered number
05476544



Registered office
Unit 1-2 Apex Point
Travellers Lane

Welham Green

Hatfield

Herts

AL9 7HB




Independent auditor
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


THE STICKLEBACK FISH COMPANY LIMITED
 



CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 5
Independent Auditor's Report
6 - 9
Statement of Income and Retained Earnings
10
Statement of Financial Position
11
Statement of Cash Flows
12
Analysis of Net Debt
13
Notes to the Financial Statements
14 - 26


 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2024

Introduction
 
The directors present their Strategic Report for the year ended 28 September 2024.

Principal activity

Established in 2005, The Stickleback Fish Company Limited is an independent regional wholesaler based in Hertfordshire dedicated to providing an unrivalled service supplying great quality fresh and frozen seafood.
The Company is totally committed to meeting individual customer needs by providing an expert, in-depth knowledge of fish and seafood when offering quality fresh, frozen, smoked and Deli products, competitive pricing, a bespoke service and reliable next-day deliveries. Stickleback offer the capacity and credibility of a national supplier but with the attention and personal service of a local business.

Business review
 
2024 was a year of consolidation for The Stickleback Fish Company Limited following our internally project managed relocation to new Production and Office facilities (about 2.35 larger than our previous site with new and significantly larger Production and Cold Store capabilities) in September 2023.
Revenue for 2024 amounted to £14,904,929 (compared to £13,034,193 in 2023) a growth of 14.4%.
                                                          2024                         2023
Gross Margin                                    29.9%                        29.9%
Operational cashflow                        £ 375,132                  £ 1,016,155
Capital Investment                            £307,055                  £2,047,652
Reflecting our year of consolidation underlying operating profit has decreased from £644,289 to £118,584 the Company’s objective is to leverage and benefit from the growth opportunities from the increased production capacity whilst navigating the prevailing economic environment.
It was noted last year that our significant capital investment in the new site was financed by a combination of internal resources and an external flexible facility.  The Company believes that the continued investment in staff, systems and other assets will facilitate the growth required to generate an improved operating gearing over the next few years.  
Stickleback’s operational cashflow remained strong in 2024 reflecting the quality of our customers, services, systems & staff and supported our capital investments and working capital requirements.
The Company's significant fixed asset base remains unencumbered and the Directors believe that the Company is well positioned to deliver its strategic growth plan. 

Page 1

 


THE STICKLEBACK FISH COMPANY LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024

Principal risks and uncertainties
 
Liquidity and cashflow are amongst the principal risks of the business and they are actively managed by the directors.
Liquidity risk
The objective of the Company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The Company expects to meet these obligations through operating cashflows, has a prudent dividend policy and an extremely effective credit control system. If operating cashflows do not cover all its financial obligations the Company has credit facilities available.
Customer credit risk
The Company offers credit terms to many of its customers which allow payment of the debt after the delivery of product. The Company is at risk to the extent that a customer may be unable to pay the debt on a specified date. This risk is mitigated by appropriate credit terms and by maintaining strong customer relationships, vetting credit ratings and by closely monitoring and following up on outstanding debts..
Interest rate risk
The Company finances operations through a mixture of working capital and other borrowings. The policy of the Company is to ensure sufficient resources are available from operational cash and facilities to ensure all obligations can be met when they fall due.
Foreign exchange risk
The Company is indirectly exposed to currency exchange rate risk given its supplier base but none of its receivables and very few payables are denominated in non-sterling currencies. The Company does not have or require a contractual hedging policy as at 28 September 2024.

Key performance indicators
 
The Board meet regularly to consider management accounts and compare actual results and trends against financial objectives and budgets.

Future developments
 
The principal activity and trading performance of the Company is expected to remain consistent for the foreseeable future.  

Health and safety, employees and environment
 
As wholesale fish suppliers, safety and hygiene are extremely important to us. We work closely with our local authority and take great care to ensure that we comply with all legal food safety requirements throughout all aspects of our business operation, using a fully documented Hazard Analysis & Critical Control Points (HACCP) system and a Quality Management System (QMS).
Stickleback is an approved fresh fish processor and cold store. We are fully compliant with the Safe and Local Supplier Approval (SALSA) standard. We are proud to hold the Marine Stewardship Chain of Custody Standard and ensure our Food Safety & Quality Policy is subject to constant review. All our Suppliers provide full traceability, and our fish comes from sustainable sources wherever possible.
 
The directors believe that every work-related incident, illness, and injury is preventable. The Company aims to identify, assess, and control occupational health hazards. Every new case of a work-related injury is reported to the Board, including outcomes and corrective action resulting from regular Health and Safety inspections and reviews.

Page 2

 


THE STICKLEBACK FISH COMPANY LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024

Summary

The Board continuously monitor and respond to changes in the Company's risk environment, so ensuring that it remains well placed to address operational, reputational, financial, and business risks in a timely and appropriate manner.


This report was approved by the board and signed on its behalf.



R S Arnold
Director

Date: 2 June 2025

Page 3

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2024

The directors present their report and the financial statements for the year ended 28 September 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are 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.

Results and dividends

The profit for the year, after taxation, amounted to £59,831 (2023 - £243,045).

A dividend of £130,000 (2023 - £200,000) was declared and paid during the year.

Directors

The directors who served during the year were:

E Arnold 
R S Arnold 
F R Emmott 
R A Hilson 

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Page 4

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024

Auditor

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





R S Arnold
Director

Date: 2 June 2025

Unit 1-2 Apex Point
Travellers Lane
Welham Green
Hatfield
Herts
AL9 7HB

Page 5

 


THE STICKLEBACK FISH COMPANY LIMITED
 

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED

Opinion


We have audited the financial statements of The Stickleback Fish Company Limited (the 'Company') for the year ended 28 September 2024, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position, the Statement of Cash Flows and the related notes, including a summary of significant accounting policiesThe 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 28 September 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report and Financial Statements (the 'Annual Report') other than the financial statements and our Auditor's Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.

Page 6

 


THE STICKLEBACK FISH COMPANY LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED)

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

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 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 Directors' Responsibilities Statement set out on page 4, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an Auditor's Report 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:
Page 7

 


THE STICKLEBACK FISH COMPANY LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED)

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including;
 
The Companies Act 2006;
Financial Reporting Standard 102;
UK employment legislation;
UK health and safety legislation;
UK tax legislation;
Applicable UK food safety standards and accreditations; and
General Data Protection Regulations.
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included;
 
Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
Challenging assumptions and judgements made by management in its significant accounting estimates; and
Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
The application of inappropriate judgements or estimation to manipulate the Company's financial position;
Posting of unusual journals and complex transactions;
The use of management override of controls to manipulate results, or to cause the Company to enter into transactions not in its best interests; and
The risk that inventories may be susceptible to misappropriation.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditor's Report.

Page 8

 


THE STICKLEBACK FISH COMPANY LIMITED


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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED)

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 2006Our 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 an Auditor's Report 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.




Anna Johnston ACA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

2 June 2025
Page 9

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2024
2023
Note
£
£

  

Turnover
 4 
14,904,929
13,034,193

Cost of sales
  
(10,451,902)
(9,141,277)

Gross profit
  
4,453,027
3,892,916

Administrative expenses
  
(4,334,443)
(3,248,627)

Exceptional administrative expenses
 12 
-
(287,524)

Operating profit
 5 
118,584
356,765

Interest receivable and similar income
 9 
-
7,876

Interest payable and similar expenses
 10 
(38,144)
(12,100)

Profit before tax
  
80,440
352,541

Tax on profit
 11 
(20,609)
(109,496)

Profit after tax
  
59,831
243,045

  

  

Retained earnings at the beginning of the year
  
946,866
903,821

  
946,866
903,821

Profit for the year
  
59,831
243,045

Dividends declared and paid
 13 
(130,000)
(200,000)

Retained earnings at the end of the year
  
876,697
946,866

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

There was no other comprehensive income for 2024 (2023: £Nil).
The notes on pages 14 to 26 form part of these financial statements.

Page 10

 


THE STICKLEBACK FISH COMPANY LIMITED
REGISTERED NUMBER:05476544



STATEMENT OF FINANCIAL POSITION
AS AT 28 SEPTEMBER 2024

28 September 2024
30 September 2023
Note
£
£

Fixed assets
  

Tangible assets
 14 
2,173,372
2,304,143

  
2,173,372
2,304,143

Current assets
  

Stocks
 15 
535,321
418,849

Debtors: amounts falling due within one year
 16 
1,812,865
1,705,835

Cash at bank and in hand
  
18,405
52,165

  
2,366,591
2,176,849

Creditors: amounts falling due within one year
 17 
(2,781,019)
(2,761,165)

Net current liabilities
  
 
 
(414,428)
 
 
(584,316)

Total assets less current liabilities
  
1,758,944
1,719,827

Creditors: amounts falling due after more than one year
 18 
(351,754)
(263,077)

Provisions for liabilities
  

Deferred tax
 20 
(205,393)
(184,784)

Other provisions
 21 
(325,000)
(325,000)

  
 
 
(530,393)
 
 
(509,784)

Net assets
  
876,797
946,966


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
876,697
946,866

  
876,797
946,966


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




R S Arnold
Director

Date: 2 June 2025

The notes on pages 14 to 26 form part of these financial statements.

Page 11

 


THE STICKLEBACK FISH COMPANY LIMITED
 



STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

28 September 2024
30 September 2023
£
£

Cash flows from operating activities

Profit for the financial year
59,831
243,045

Adjustments for:

Depreciation of tangible assets
419,574
196,912

Loss/(profit) on disposal of tangible assets
(543)
3,861

Interest paid
38,144
12,100

Interest received
-
(7,876)

Taxation charge
20,609
109,496

(Increase) in stocks
(116,472)
(60,846)

(Increase) in debtors
(107,030)
(578,610)

Increase in creditors
61,019
849,762

Increase in provisions
-
325,000

Corporation tax received/(paid)
-
(76,689)

Net cash generated from operating activities

375,132
1,016,155


Cash flows from investing activities

Purchase of tangible fixed assets
(307,055)
(2,047,652)

Sale of tangible fixed assets
18,795
(1,812)

Interest received
-
7,876

HP interest paid
(16,537)
(10,360)

Repayment of/new finance leases
47,512
85,885

Net cash from investing activities

(257,285)
(1,966,063)

Cash flows from financing activities

Repayment of loans
-
(55,556)

Dividends paid
(130,000)
(200,000)

Interest paid
(21,607)
(1,740)

Net cash used in financing activities
(151,607)
(257,296)

Net (decrease) in cash and cash equivalents
(33,760)
(1,207,204)

Cash and cash equivalents at beginning of year
52,165
1,259,369

Cash and cash equivalents at the end of year
18,405
52,165


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
18,405
52,165

18,405
52,165

Page 12

 


THE STICKLEBACK FISH COMPANY LIMITED
 



ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 SEPTEMBER 2024




At 1 October 2023
Cash flows
At 28 September 2024
£

£

£

Cash at bank and in hand

52,165

(33,760)

18,405

Finance leases

(211,809)

(47,512)

(259,321)


(159,644)
(81,272)
(240,916)

The notes on pages 14 to 26 form part of these financial statements.

Page 13

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

1.


General information

The Stickleback Fish Company is a private company limited by shares incorporated in England and Wales. The address of its registered office and principal place of business is disclosed on the Company Information page.
The accounts are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company meets its day-to-day working capital requirements through its trading activities. As at 28 September 2024 the Company had net current liabilities of £414,428 (2023 - £584,316), which is in line with the directors' expectation given significant capital investment in the period. 
The net current liability position as at 28 September 2024 reflects recent investment in fixed assets and is not forecast to be repeated in subsequent years. Taking into account available headroom within the existing flexible facility, an unencumbered asset register and an increase in operational cash flows by £400k to exceed £1m in the year ended 28 September 2024, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from approval of the financial statements. 
The Company therefore continues to adopt the going concern basis in preparing its financial statements.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

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

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.4

Revenue

Revenue is derived from the provision of wholesale fish to customers and is recognised on the dispatch date of the product to the customer. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Page 14

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

Page 15

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
10 years straight line
IT & other assets
-
3 years straight line
Motor vehicles
-
4 years straight line
Equipment
-
4 years straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Page 16

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties and investments in ordinary shares.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
A provision is made for Dilapidations, this requires management's best estimate of the expenditure that will be incurred based on contractual requirements. In addition, the timing of the cash flows and the discount rates used to establish the net present value of the obligations require management's judgement.


4.


Turnover

All turnover is attributable to the principal activity of the business, which arose in the United Kingdom.


5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

(Profit)/loss on sale of tangible fixed assets
(543)
3,861

Exchange differences
-
206

Motor vehicle leases
43,873
7,079

Other operating lease rentals
271,184
77,921

Depreciation
419,574
196,912

Page 17

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

6.


Auditor's remuneration

During the year, the Company obtained the following services from the Company's auditor:


2024
2023
£
£

Fees payable to the Company's auditor for the audit of the Company's financial statements

27,900
24,500

7.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
2,412,003
1,919,882

Social security costs
235,430
184,061

Cost of defined contribution scheme
41,109
116,152

2,688,542
2,220,095


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Production
28
18



Selling and distribution
32
34



Administration
19
9

79
61

Page 18

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
226,245
235,265

Company contributions to defined contribution pension schemes
1,321
81,799

227,566
317,064


During the year retirement benefits were accruing to 1 director (2023 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £154,784 (2023 - £165,127).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,321 (2023 - £1,321).


9.


Interest receivable

2024
2023
£
£


Other interest receivable
-
7,876

-
7,876


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
-
1,265

Other loan interest payable
21,607
475

Finance leases and hire purchase contracts
16,537
10,360

38,144
12,100

Page 19

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

11.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax


Origination and reversal of timing differences
20,609
109,496

Total deferred tax
20,609
109,496


20,609
109,496

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 22%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
80,440
352,541


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 22%)
20,110
77,588

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
313
8,550

Fixed asset timing differences
-
(10,772)

Other permanent differences
186
-

Other timing differences leading to an increase (decrease) in taxation
-
23,872

Changes in the applicable rate of tax leading to an increase (decrease) in the tax charge
-
10,258

Total tax charge for the year
20,609
109,496


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

12.


Exceptional items

2024
2023
£
£


Relocation costs
-
287,524

-
287,524

Exceptional relocation costs relate to the duplication of rental expenses during the build phase of the new depot, and related repairs, renewals and facilities expenses.

13.


Dividends

28 September 2024
30 September 2023
£
£


Dividends paid
130,000
200,000

130,000
200,000

Page 21

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

14.


Tangible fixed assets





Leasehold improvements
Equipment
Motor vehicles
IT & other assets
Total

£
£
£
£
£



Cost


At 1 October 2023
1,827,576
225,863
575,740
241,483
2,870,662


Additions
81,193
215,323
-
10,539
307,055


Disposals
-
-
(55,484)
-
(55,484)



At 28 September 2024

1,908,769
441,186
520,256
252,022
3,122,233



Depreciation


At 1 October 2023
15,229
110,627
285,220
155,443
566,519


Charge for the year
192,355
76,133
109,898
41,188
419,574


Disposals
-
-
(37,232)
-
(37,232)



At 28 September 2024

207,584
186,760
357,886
196,631
948,861



Net book value



At 28 September 2024
1,701,185
254,426
162,370
55,391
2,173,372



At 30 September 2023
1,812,347
115,236
290,520
86,040
2,304,143

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:

2024
2023
£
£



Motor vehicles
162,370
290,519

Equipment
168,317
-

330,687
290,519


15.


Stocks

28 September 2024
30 September 2023
£
£

Raw materials
535,321
418,849

535,321
418,849


Page 22

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

16.


Debtors

28 September 2024
30 September 2023
£
£


Trade debtors
1,519,754
1,236,754

Other debtors
70,498
325,889

Prepayments and accrued income
222,613
143,192

1,812,865
1,705,835


The Company has an invoice discounting facility in place with The Royal Bank of Scotland, which is secured against the Company's trade debtors.


17.


Creditors: Amounts falling due within one year

28 September 2024
30 September 2023
£
£

Trade creditors
2,047,048
1,859,936

Other taxation and social security
58,558
95,701

Obligations under finance lease and hire purchase contracts
87,954
103,524

Other creditors
526,931
430,014

Accruals and deferred income
60,528
271,990

2,781,019
2,761,165


Included within other creditors is an amount attributable to an invoice discounting facility of £312,186 (2023- £184,735).
The Royal Bank of Scotland holds a fixed and floating charge in relation to the invoice discounting facility with The Stickleback Fish Company Limited, which is secured against the assets and undertakings of the Company.


18.


Creditors: Amounts falling due after more than one year

28 September 2024
30 September 2023
£
£

Net obligations under finance leases and hire purchase contracts
171,367
108,285

Accruals and deferred income
180,387
154,792

351,754
263,077


Page 23

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

19.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

28 September 2024
30 September 2023
£
£


Within one year
87,954
103,524

Between 1-5 years
171,367
108,285

259,321
211,809


20.


Deferred taxation




2024


£






At beginning of year
(184,784)


Charged to profit or loss
(20,609)



At end of year
(205,393)

The provision for deferred taxation is made up as follows:

28 September 2024
30 September 2023
£
£


Accelerated capital allowances
(441,184)
(472,774)

Tax losses carried forward
234,075
285,995

Short term timing differences
1,716
1,995

(205,393)
(184,784)

Page 24

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

21.


Provisions




Dilapidations

£





At 1 October 2023
325,000



At 28 September 2024
325,000

This provision is in relation to costs of carrying out work to remove and reinstate additions or alterations to the leasehold property at the end of the lease term.


22.


Share capital

28 September 2024
30 September 2023
£
£
Allotted, called up and fully paid



200 (2023 - 200) Ordinary shares of £0.50 each
100
100

Each ordinary share carries voting rights and there are no restrictions on the distribution of dividends.


Page 25

 


THE STICKLEBACK FISH COMPANY LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024

23.


Reserves

Profit and loss account

The profit and loss account reserve records retained earnings and accumulated losses.


24.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totaling £18,349 (2023 - £15,205) were payable to the fund at the reporting date and are included in creditors.


25.


Commitments under operating leases

At 28 September 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

28 September 2024
30 September 2023
£
£


Not later than 1 year
375,149
208,421

Later than 1 year and not later than 5 years
1,780,303
1,316,340

Later than 5 years
2,185,856
2,171,961

4,341,308
3,696,722


26.


Controlling party

The controlling party is the director, R S Arnold by virtue of a majority shareholding. 

 
Page 26