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Company registration number:
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 28 SEPTEMBER 2024
The directors present their Strategic Report for the year ended 28 September 2024.
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.
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
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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.
The Board meet regularly to consider management accounts and compare actual results and trends against financial objectives and budgets.
The principal activity and trading performance of the Company is expected to remain consistent for the foreseeable future.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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.
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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.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
The directors who served during the year were:
There have been no significant events affecting the Company since the year end.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 28 SEPTEMBER 2024
Under section 487(2) of the Companies Act 2006, Menzies 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED
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 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).
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.
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.
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 Report. 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. 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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED)
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.
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.
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:
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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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE STICKLEBACK FISH COMPANY LIMITED (CONTINUED)
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 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.
for and on behalf of
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Surrey
KT22 8DY
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STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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STATEMENT OF FINANCIAL POSITION
AS AT 28 SEPTEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 26 form part of these financial statements.
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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
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:
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.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
2.Accounting policies (continued)
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:
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
2.Accounting policies (continued)
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.
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.
All turnover is attributable to the principal activity of the business, which arose in the United Kingdom.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
Page 19
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
Page 23
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
Page 24
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
Page 25
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 SEPTEMBER 2024
Profit and loss account
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.
The controlling party is the director, R S Arnold by virtue of a majority shareholding.
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