Year Ended
Registration number:
W. Stevenson & Sons Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
W. Stevenson & Sons Limited
Company Information
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Directors |
JA Lakeman EJ Lakeman L Genge E Stevenson PD Trebilcock |
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Registered office |
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Auditors |
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W. Stevenson & Sons Limited
Strategic Report for the Year Ended 30 November 2024
The directors present their strategic report for the year ended 30 November 2024.
Principal activity
The principal activity of the company is the operation of a fishing fleet in the South West of England, together with running the daily fish auction in Newlyn, Cornwall.
Fair review of the business
A majority share of the Company was acquired by a subsidiary of Ocean Holdings (South West) Limited in 2019 with a further share sale executed in the following year to increase the underlying holding to 90%. Despite the continuing impacts of the Ukrainian conflict there has been a continued turnaround in performance of the business, with key points as noted below:
• Turnover has decreased by 6% with vessel refits reducing grossings in the year. The Company expects the addition of a further vessel will significantly improve grossings in 2026 and continues to focus on vessel productivity by maximising their time at sea;
• Gross profit increased from 39% to 42% with a softening of global fuel prices and strengthening markets for fish;
• Total administration expenses were up in the year largely driven by continued investment in staff;
• As part of the ongoing renewal and reinvestment process, the Company continues to evaluate the existing fleet to determine the required maintenance spend and economic life associated with each vessel. As a result of this process, the Board now has a very clear capital renewal strategy that will be executed over the coming years with both new and replacement tonnage. This commenced with the addition of the vessel Twilight in the year;
• Coupled with economically viable improvements and modernisation to the existing fleet, the business will continue to drive greater operational efficiency into the future. In the current year, the Company has spent a further £242k on vessel improvements, in addition to the £1,248k spent in the years since acquisition, where it has been capable of demonstrating that an adequate useful economic life and fishing capacity exists to return on investment;.
• The Company successfully financed the Groups loans in the prior year which reduced the annual debt servicing costs allowing a greater retention of cash for investment; and
• The business continued to deliver a strong EBITDA of £489k for the period (2023 - £618k).
In light of the continuing inflationary pressures and historic accumulated pre-tax losses, the Directors are pleased with the continued turnaround in performance and anticipate further future gains as new investments have the required amount of time to be fully implemented and realised.
W. Stevenson & Sons Limited
Strategic Report for the Year Ended 30 November 2024
Principal risks and uncertainties
The Directors ensure that senior managers are made aware of key risks facing the business.
A range of robust internal controls are continually monitored and reported on to ensure that an effective level of risk management exists. The principal risks facing the Company are as follows:
1. Health and safety - It is of paramount importance that we protect the health, safety and welfare of all our employees, contractors and fisherman. Health and safety will always be very high on the management agenda and is reported weekly to ensure Company standards and focus remains high. We have dedicated H&S management resource and employees are provided with continual training to ensure that they continue to use best practice so that health and safety is never compromised.
2. Cost of fuel – despite the softening of fuel prices the conflict in Ukraine continues to impact global demand and the short term profitability of fishing is likely to continue to be under pressure as fish prices struggle to increase enough to cover these overheads. The Company continues to explore new build programmes for vessels with modern and fuel-efficient engines and hull designs and in doing so lower overall carbon emissions.
3. Government Policy – A change in policy in respect of quotas and allowable catches, together with volatility in fish availability and market pricing continue to represent a risk to the business.
The Directors believe that the Company is well placed to manage its business risks together and accordingly feel that it is still appropriate for the accounts to be produced on a going concern basis.
Approved and authorised by the
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W. Stevenson & Sons Limited
Directors' Report for the Year Ended 30 November 2024
The directors present their report and the financial statements for the year ended 30 November 2024.
Directors of the company
The directors who held office during the year were as follows:
Future developments
A structured decommission and replacement programme is continually being rolled out and appraised for vessels that are nearing the end of their useful economic life. This will ensure that days-at-sea and operational efficiencies are maximised. Directors are constantly reviewing new and innovative methods of fishing to ensure sustainability of all South West stocks for future generations.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved and authorised by the
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W. Stevenson & Sons Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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 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.
W. Stevenson & Sons Limited
Independent Auditor's Report to the Members of W. Stevenson & Sons Limited
Opinion
We have audited the financial statements of W. Stevenson & Sons Limited (the 'company') for the year ended 30 November 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and 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 30 November 2024 and of its loss 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 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
W. Stevenson & Sons Limited
Independent Auditor's Report to the Members of W. Stevenson & Sons Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and 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 our 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 and the Directors' Report.
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 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 Statement of Directors' Responsibilities set out on page 5, 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 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:
W. Stevenson & Sons Limited
Independent Auditor's Report to the Members of W. Stevenson & Sons Limited
The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the group and management.
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our commercial and sector experience and through discussions with the directors and other management. We discussed with the directors and other management the policies and procedures regarding compliance throughout the audit and have reviewed board minutes and any relevant correspondence with regulator bodies. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. This was all clearly communicated, and our team remained alert to any indications of non-compliance throughout the audit.
The company is subject to laws and regulations that directly affect the financial statements, including: the Companies Act 2006; the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; and UK tax legislation.
The company is subject to other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, including: General Data Protection Regulation (“GDPR”); health and safety regulations; employment laws; the Fisheries Act 2020; and the Merchant Shipping Act 1995; and Food Standard Agency regulations. Non-compliance could have a material effect through the imposition of fines, litigation or the loss of licences to operate.
Based on our understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures included: Enquiries of management regarding their knowledge of any non-compliance with laws and regulations; Reviewing board meeting minutes; Reviewing legal and professional costs; Searching the Information Commissioner’s Office website and enquiries with the group’s compliance officer; Reviewing filings made at Companies House; Reviewing estimates and judgments made in the accounts for any indication of management bias; and Auditing the risk of management override of controls, including testing journal entries; and Audited income with a multifaceted approach to assess whether income was complete, accurate and recognised in the correct period. We also assessed whether there was any evidence of fraud in revenue recognition.
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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
W. Stevenson & Sons Limited
Independent Auditor's Report to the Members of W. Stevenson & Sons 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 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.
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Melville Building East
Unit 18, 23 Royal William Yard
Devon
PL1 3GW
W. Stevenson & Sons Limited
Profit and Loss Account
Year Ended 30 November 2024
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Note |
2024 |
2023 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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|
|
|
Administrative expenses (excluding depreciation and amortisation) |
( |
( |
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Other operating income |
21,974 |
131,344 |
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|
EBITDA |
488,638 |
617,776 |
|
|
Depreciation and amortisation |
(489,755) |
(767,679) |
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|
Exceptional other provision |
(119,000) |
- |
|
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Operating loss |
(120,117) |
(149,903) |
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|
Interest payable and similar expenses |
(259,504) |
(264,136) |
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|
Loss before tax |
( |
( |
|
|
Tax on loss |
|
|
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
W. Stevenson & Sons Limited
Statement of Comprehensive Income
Year Ended 30 November 2024
|
2024 |
2023 |
|
|
Loss for the year |
( |
( |
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Revaluation of fixed assets |
(152,558) |
752,960 |
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Deferred tax on revaluation of fixed assets |
38,140 |
(188,240) |
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(114,418) |
564,720 |
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Total comprehensive income for the year |
( |
|
W. Stevenson & Sons Limited
Balance Sheet
30 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Investment property |
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- |
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||
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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|
|
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Capital and reserves |
|||
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Called up share capital |
11,143,415 |
11,143,415 |
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|
Revaluation reserve |
8,785,921 |
8,900,339 |
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|
Profit and loss account |
(3,199,947) |
(2,883,690) |
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Shareholders' funds |
16,729,389 |
17,160,064 |
Approved and authorised by the
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Company Registration Number: 03569268
W. Stevenson & Sons Limited
Statement of Changes in Equity
Year Ended 30 November 2024
|
Share capital |
Revaluation reserve |
Profit and loss account |
Total |
|
|
At 1 December 2023 |
|
|
( |
|
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Loss for the year |
- |
- |
( |
( |
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Other comprehensive income |
- |
( |
- |
( |
|
Total comprehensive income |
- |
( |
( |
( |
|
At 30 November 2024 |
|
|
( |
|
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Share capital |
Revaluation reserve |
Profit and loss account |
Total |
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At 1 December 2022 |
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|
( |
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Loss for the year |
- |
- |
( |
( |
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Other comprehensive income |
- |
|
- |
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Total comprehensive income |
- |
|
( |
|
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Transfers |
- |
(194,712) |
194,712 |
- |
|
At 30 November 2023 |
11,143,415 |
8,900,339 |
(2,883,690) |
17,160,064 |
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Summary of disclosure exemptions
FRS102 grants a qualifying entity exemptions from the full requirements of FRS102. The following exemptions have been taken in these financial statements as the company is deemed to be a qualifying entity:
The company has taken advantage of the exemption, under FRS102 paragraph 1.12(b), from preparing a Statement of Cash Flows, on the basis that it is a qualifying entity and its ultimate parent company, Ocean Holdings South West Limited, includes the company's cash flows in its own consolidated financial statements.
Going concern
The Directors have considered the ongoing challenges of fuel pressures and the impact it will have on the operations of the Company. The wider group is well diversified across its sales channels and remained robust during the global pandemic and post Brexit transitions. W Stevenson & Sons Limited has maintained a healthy EBITDA and is expected to remain profitable despite having made significant historic losses and has a very strong and liquid balance sheet.
The Directors have reviewed the Group’s current stock holdings, working capital and future trading ability, and as a result anticipate that the business will be able to continue successfully trading. Therefore the Directors consider it appropriate for the financial statements to be prepared on a going concern basis.
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are set out below:
i. Valuation of fishing licences and quotas
The fair value of fishing licences and quotas are based on valuations carried out by qualified valuers. They contain assumptions on the values of kilowatt and gross tonnage units as well as the value per unit.
ii. Impairment of tangible and intangible assets
At each reporting date, management reviews the carrying amount of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.
iii. Depreciation period for fixed assets
Depreciation is estimated, based upon the estimated useful economic life and residual value of assets.
Revenue recognition
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 and after eliminating sales within the company.
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
and specific criteria have been met for each of the company's activities.
Government grants
Government grants in respect of capital expenditure are credited to deferred income and are released to the profit and loss account over the expected useful lives of the relevant assets by equal annual instalments.
Grants of a revenue nature are recognised within profit or loss in the same period as the related expenditure.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Freehold Property |
Over the expected useful life |
|
Leasehold Property |
10% Straight Line |
|
Plant and machinery |
10% Straight Line |
|
Motor vehicles |
25% Straight Line |
|
Office equipment |
25% Straight Line |
|
Fishing vessels / Fishing vessel improvements |
Straight Line Over Useful Economic Life of Each Boat (17 - 23 Years) |
Investment property
market prices for comparable real estate and using observable market prices, adjusted if necessary
for any difference in the nature, location or condition of the specific asset. Changes in fair value are
recognised in profit or loss.
No depreciation is provided in respect of investment properties applying the fair value model.
Intangible assets
Fishing licenses and quotas are initially recognised at cost. After recognition, under the revaluation model, intangible assets shall be carried at a revalued amount, being its fair value at the date of revaluation less any subsequent accumulated amortisation and subsequent impairment losses - provided that the fair value can be determined by reference to an active market.
Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting date.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Amortisation
Amortisation is provided on other intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
|
Asset class |
Amortisation method and rate |
|
Computer software |
4% - 10% Straight Line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the weighted average method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.
Provisions
Provisions are recognised when the company has an obligation at the reporting date 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.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
|
Turnover |
The analysis of the company's Turnover for the year by class of business is as follows:
|
2024 |
2023 |
|
|
Fishing activities |
|
|
|
Commercial sales |
|
|
|
Fuel and other sales |
|
|
|
Commission |
758,985 |
516,460 |
|
Other income |
338,903 |
250,809 |
|
|
|
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
The analysis of the company's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
- |
|
|
|
|
|
Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Government grants |
|
|
|
Profit on disposal of intangible assets |
- |
117,782 |
|
|
|
|
Operating loss |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Impairment loss |
- |
|
|
Foreign exchange (gains)/losses |
( |
|
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
The average number of persons employed by the company (including directors) during the year, was as follows:
|
2024 |
2023 |
|
|
Operations |
|
|
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Administration |
|
|
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Commercial |
|
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|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
124,481 |
114,421 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under defined benefit pension scheme |
|
|
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest expense on other finance liabilities |
|
|
|
|
|
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2024 |
2023 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
- |
|
|
Tax decrease from other short-term timing differences |
- |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Total tax credit |
( |
( |
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
Losses and other deductions |
( |
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
Losses and other deductions |
( |
|
|
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Intangible assets |
|
Licences and quota |
Computer software |
Total |
|
|
Cost or valuation |
|||
|
At 1 December 2023 |
|
|
|
|
Revaluations |
( |
- |
( |
|
Additions acquired separately |
- |
|
|
|
At 30 November 2024 |
|
|
|
|
Amortisation |
|||
|
At 1 December 2023 |
- |
|
|
|
Amortisation charge |
- |
|
|
|
At 30 November 2024 |
- |
|
|
|
Carrying amount |
|||
|
At 30 November 2024 |
|
|
|
|
At 30 November 2023 |
|
|
|
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Tangible assets |
|
Freehold Land and buildings |
Long-term leasehold property |
Office Equipment |
Motor vehicles |
Plant and machinery |
Fishing vessels / Fishing vessels improvements |
Total |
|
|
Cost or valuation |
|||||||
|
At 1 December 2023 |
|
6,353 |
|
|
|
5,494,595 |
|
|
Additions |
|
- |
|
- |
|
939,330 |
|
|
Disposals |
- |
- |
- |
- |
( |
(443,426) |
( |
|
Transfers to investment property |
( |
- |
- |
- |
- |
- |
( |
|
At 30 November 2024 |
- |
6,353 |
|
|
|
5,990,499 |
|
|
Depreciation |
|||||||
|
At 1 December 2023 |
- |
5,402 |
|
|
|
2,467,602 |
|
|
Charge for the year |
- |
635 |
|
- |
|
455,689 |
|
|
Eliminated on disposal |
- |
- |
- |
- |
( |
(443,426) |
( |
|
At 30 November 2024 |
- |
6,037 |
|
|
|
2,479,865 |
|
|
Carrying amount |
|||||||
|
At 30 November 2024 |
- |
316 |
|
- |
|
3,510,634 |
|
|
At 30 November 2023 |
|
951 |
|
- |
|
3,026,993 |
|
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Included within the net book value of land and buildings above is £Nil (2023 - £186,000) in respect of freehold land and buildings and £316 (2023 - £951) in respect of long leasehold land and buildings.
|
Investment properties |
|
2024 |
|
|
At 1 December |
- |
|
Transfers from Tangible assets |
|
|
At 30 November |
|
There has been no valuation of investment property by an independent valuer.
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
|
Bank overdrafts |
( |
( |
|
Cash and cash equivalents in statement of cash flows |
(105,262) |
6,725 |
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to group undertakings |
|
|
|
|
Social security and other taxes |
|
|
|
|
Other creditors |
|
|
|
|
Accruals and deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
Loans and borrowings |
Current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
|
|
|
|
|
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
Bank borrowings
|
Bank borrowings are secured by fixed and floating charges on the assets of the Company, as part of a group wide refinance |
Included in the loans and borrowings are the following amounts due after more than five years:
|
2024 |
2023 |
|
|
After more than five years by instalments |
|
|
|
- |
- |
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 December 2023 |
|
- |
|
|
Additional provisions |
- |
|
|
|
Increase (decrease) in existing provisions |
( |
- |
( |
|
At 30 November 2024 |
|
|
|
|
|
|||
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
11,143,415 |
|
11,143,415 |
|
Contingent liabilities |
There is an unlimited multilateral guarantee between the company and the following companies within the group: Ocean Holdings South West Ltd; Ocean Fish Group Limited; Ocean Fish (Wholesale) Limited; Ocean Fish (Retail) Limited; and Ocean Fleet (SW) Ltd. The maximum full potential liability at year end is £4,547,432 (2023 - £4,925,292).
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Related party transactions |
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from
disclosing transactions with wholly owned members of the group.
Summary of transactions with subsidiaries
Income and receivables from related parties
|
2024 |
Subsidiaries |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
|
2023 |
Subsidiaries |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Subsidiaries |
|
Purchase of goods |
|
|
Amounts payable to related party |
|
|
|
|
|
2023 |
Subsidiaries |
|
Purchase of goods |
|
|
Amounts payable to related party |
|
|
|
|
W. Stevenson & Sons Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Loans from related parties
|
2024 |
Key management |
|
At start of period |
|
|
Repaid |
( |
|
Interest transactions |
|
|
At end of period |
|
|
|
|
|
2023 |
Key management |
|
At start of period |
|
|
At end of period |
|
|
|
|
Terms of loans from related parties
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is
The parent of the smallest, and largest, group in which these financial statements are consolidated is
The address of Ocean Holdings South West Limited is: