Year Ended
Registration number:
Ocean Holdings South West 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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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Notes to the Financial Statements |
Ocean Holdings South West Limited
Company Information
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Directors |
EJ Lakeman JA Lakeman L Genge |
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Registered office |
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Auditors |
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Ocean Holdings South West Limited
Strategic Report
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 group is the catching, auctioning and processing of fish for the onward sale and distribution to UK and Global markets.
Fair review of the business
Fish is sourced from South West auctions and direct boat landings, with the supply network also extending to a number of sustainable seafood partners around the world. The Group owns a substantial fleet of fishing vessels which provides further access to raw material.
The Directors are pleased with the performance of the Group throughout what has been a challenging year with ongoing impacts of the Ukrainian conflict and remain excited by its growth potential.
Consolidated turnover has increased to £58.3m from £52.1m which is largely as a result of continued expansion into UK retail markets. The Group has continued to strengthen its market share as a result of a strong and unrivalled consolidated supply chain as well as a reputation for responsible global sourcing. The Ocean Fish brand is now well established and internationally recognised and as such Directors believe that investments made over the past few years mean that this division is well placed to capitalise on opportunities for increased seafood consumption in chilled, frozen formats and value-added formats.
Wholesale turnover in Ocean Fish Wholesale Limited was largely unchanged at £28.1m with Gross profit at 22% (2023 - 23%). The Directors believe that given its economies of scale and distribution and haulage infrastructure, it is well placed to continue increasing export market share in a post-Brexit environment. There is renewed optimism given recent Brexit renegotiations that costs associated with export will soften into 2026 which in turn will help support demand and volumes.
Overall Group EBITDA rose to £2.76m (2023 - £2.65m). Total profit before tax was £378k – up £116k on prior year results of £261k.
The Board remain committed to investment in people and especially into the leadership team to ensure that it is well placed to grow and take advantage of development opportunities into the future. This has compounded upward pressure on overheads, although the long-term development potential of the Group is of paramount importance to Directors who recognise that investment in people is a key requirement to achieving success.
The directors have continued to ensure that efficiency is achieved in the sourcing and production of all raw materials and that customers are offered best value and quality. The price of fish is an annual cost pressure which is adversely affected during periods of inconsistent supply, although with increased investments in the catching sector this is mitigated to some extent. The business is committed to supplying the best quality fish to its customers and working with industry bodies to continue to drive sustainability of the local fisheries.
Ocean Holdings South West Limited
Strategic Report
Year Ended 30 November 2024
Principal risks and uncertainties
The Directors have regular board meetings and 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 Group are as follows:
1. Raw material inflation - The cost of fish is increasing year on year and never more so following global economic crisis and energy market inflation. Fish is a migratory species, and the cost can fluctuate significantly depending on availability. There is also evidence that climate change is potentially impacting water temperature which is affecting the supply of aquaculture products The Group mitigates these risks by trying to influence sales patterns to optimise the supply of certain species at key points in the trading calendar and also forms long term strategic partnerships with its supply base to ensure that procurement channels are robust. This allows for a raw material purchasing efficiency to be balanced with the supply of a high-quality product that meets the required standards set by our customers.
2. Health and safety - It is important that we protect the health, safety and welfare of all our employees and contractors. Health and safety is very high on the agenda of the directors and is reported monthly to ensure Group standards and focus remains high. Management are provided with continual training to ensure that they continue to use best practice in the factory so that health and safety is never compromised.
3. Currency risk - The Group enters into transactions in sterling and foreign currencies. It is therefore exposed to foreign currency movements which can cause raw material inflation and subsequent losses. The Group uses a range of hedging techniques to mitigate these risks. Foreign sales are set at a budget rate which is reviewed periodically. This is to protect the business against spot market fluctuations between the point of invoice and remittance.
Prior to exchange into base currency, consideration is given to euro payment requirements to limit cost pressures for these purchases. Forward contracts and future options with varying maturity dates are used to ensure that foreign currency assets and liabilities are effectively managed in line with commercial targets.
4. Credit risk - The Group manages credit risk by using trade insurance, coupled with a strong control environment on debt collection and payment allocations. The aged debtor report is reviewed on a daily basis to ensure that any risks are identified early, allowing for payment plans to be established in the first instance.
5. Workforce – The Group values all employees and recognises the key contribution that every staff member play’s in delivering growth and fulfilling the potential of the business. The Group invests in staff training and development programmes to maximise employee retention and not compromise the supply chain. Directors continue to lobby government to ensure that our interests are fully considered in ongoing immigration policy decisions.
The Directors’ believe that the Group is well placed to manage its business risks and that the Group has adequate capacity to continue its operations for the foreseeable future. Accordingly, the Directors’ have continued to adopt the going concern basis in the preparation of these accounts.
Ocean Holdings South West Limited
Strategic Report
Year Ended 30 November 2024
Section 172(1) statement
The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in a way which they consider, in good faith would be most likely to promote the success of the Group for the benefit of its shareholders, which includes having regard to other stakeholders.
The Directors consider it is imperative that the Group maintains its reputation for high standards of business conduct as they are responsible for the Group's standards, culture, values, ethics and reputation. These are embedded by the senior management team throughout all departments of the business. The Directors also seek to balance the needs of its members with s.172 matters throughout the period in the policies and practices operated by the Group ensuring that its obligations to all stakeholders are met
Approved and authorised by the
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Ocean Holdings South West Limited
Directors' Report
Year Ended 30 November 2024
The directors present their report and the for the year ended 30 November 2024.
Directors of the group
The directors who held office during the year were as follows:
Engagement with suppliers, customers and other relationships
The Group engages with our stakeholders regularly and actively seeks to strengthen and expand those relationships further. The economic environment in which we operate continues to be challenging however through our channels of communication with our key suppliers, customers and stakeholders, we have sought to ensure that our high-quality standard of service is maintained.
Greenhouse gas emmissions, energy consumption and energy efficient action
The Group has taken advantage of the exemptions from disclosing information surrounding its greenhouse gas emissions, energy consumption and energy efficient action on the grounds that the parent company qualifies as a low energy user and each subsidiary does not qualify to report information due to their size.
Future developments
The Group intends to build and capitalise on recent investments by ensuring that the interrogated supply chain is capable of delivering long term benefits. The Directors continue to review the company’s fleet with a view to decommissioning vessels nearing the end of their useful lives. 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.
The processing operations have a considerable amount of excess capacity that facilitates an increase in throughput volumes and cold storage capacity. The Group is targeting a significant increase in its current retail volumes with a mix of both core and new product offerings, including high care. This will be produced from its dedicated retail-ready site which we feel creates a unique point of difference in the South West.
The Group continues to target further growth via strategic trade acquisitions which will be measured and assessed by their ability to add-value to existing operations and accelerate growth potential. The Group has adequate reserves and funding to be able to execute consolidation opportunities within its target investment parameters.
Important non adjusting events after the financial period
On 5 April 2025, the Group acquired a majority stake in Chapmans of Sevenoaks Limited. This acquisition ensure that Ocean Fish becomes a wholly integrated operation, creating an unrivalled premium hospitality offering into London and the South East. The Group has already centralised some support costs and will use its procurement expertise and scale economies to ensure that this Group company realises its ambition to double in size inside 3 years.
Ocean Holdings South West Limited
Directors' Report
Year Ended 30 November 2024
Disclosure of information to the auditor
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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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Ocean Holdings South West 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 group and the company and of the profit or loss of the group 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 UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Ocean Holdings South West Limited
Independent Auditor's Report to the Members of Ocean Holdings South West Limited
Opinion
We have audited the financial statements of Ocean Holdings South West Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 30 November 2024 and of the group's 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 responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group and parent 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.
Ocean Holdings South West Limited
Independent Auditor's Report to the Members of Ocean Holdings South West Limited
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.
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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company 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 7, 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 group’s and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.
Ocean Holdings South West Limited
Independent Auditor's Report to the Members of Ocean Holdings South West Limited
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:
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.
Ocean Holdings South West Limited
Independent Auditor's Report to the Members of Ocean Holdings South West Limited
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.
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
Ocean Holdings South West Limited
Consolidated 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 |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
|
Other operating income |
59,786 |
321,870 |
|
|
Gain on investment properties at fair value through profit and loss |
1,119,426 |
440,284 |
|
|
EBITDA |
2,757,408 |
2,654,859 |
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|
Depreciation and amortisation |
(1,311,985) |
(1,562,594) |
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|
Exceptional other provision |
(119,000) |
- |
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
(893,424) |
(893,407) |
||
|
Share of (loss)/profit of equity accounted investees |
( |
|
|
|
Profit before tax |
|
|
|
|
Tax on profit |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
|
|
Minority interests |
( |
( |
|
|
|
|
Ocean Holdings South West Limited
Consolidated Statement of Comprehensive Income
Year Ended 30 November 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Revaluation of investment property |
- |
455,396 |
|
Deferred tax on revaluation of investment property |
- |
(97,208) |
|
Revaluation of fixed assets |
(152,558) |
1,024,230 |
|
Deferred tax on revaluation of fixed assets |
38,140 |
(256,058) |
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
|
Minority interests |
( |
|
|
|
|
Ocean Holdings South West Limited
Consolidated Balance Sheet
30 November 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Goodwill |
|
|
|
|
Intangible assets not including goodwill |
|
|
|
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Investments |
|
|
|
|
|
|
||
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Current assets |
|||
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Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current (liabilities)/assets |
( |
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Investment property reserve |
1,197,757 |
358,188 |
|
|
Revaluation reserve |
7,644,985 |
7,738,693 |
|
|
Profit and loss account |
13,425,154 |
13,952,439 |
|
|
Equity attributable to owners of the company |
22,267,996 |
22,049,420 |
|
|
minority interests |
3,804,513 |
3,911,346 |
|
|
Shareholders' funds |
26,072,509 |
25,960,766 |
Approved and authorised by the
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Company Registration Number: 11504396
Ocean Holdings South West Limited
Balance Sheet
30 November 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
- |
|
|
Investment property |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
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Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
100 |
100 |
|
|
Investment property reserve |
1,197,757 |
358,188 |
|
|
Profit and loss account |
3,272,904 |
3,202,556 |
|
|
Shareholders' funds |
4,470,761 |
3,560,844 |
The company has taken the exemption in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account. The company made a profit after tax for the financial year of £909,917 (2023 - profit of £3,243,128).
Approved and authorised by the
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Company Registration Number: 11504396
Ocean Holdings South West Limited
Consolidated Statement of Changes in Equity
Year Ended 30 November 2024
|
Share capital |
Investment property reserve |
Revaluation reserve |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 December 2023 |
|
|
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
- |
|
|
( |
|
|
Other comprehensive income |
- |
- |
( |
- |
( |
( |
( |
|
Total comprehensive income |
- |
- |
( |
|
|
( |
|
|
Transfers |
- |
839,569 |
- |
(839,569) |
- |
- |
- |
|
At 30 November 2024 |
|
|
|
|
|
|
|
|
Share capital |
Investment property reserve |
Revaluation reserve |
Profit and loss account |
Total |
Non-controlling interests - Equity |
Total equity |
|
|
At 1 December 2022 |
|
- |
|
|
|
|
|
|
Profit/(loss) for the year |
- |
- |
- |
|
|
( |
|
|
Other comprehensive income |
- |
|
|
|
|
|
|
|
Total comprehensive income |
- |
|
|
|
|
( |
|
|
Transfers |
- |
- |
314,503 |
(314,503) |
- |
- |
- |
|
At 30 November 2023 |
100 |
358,188 |
7,738,693 |
13,952,439 |
22,049,420 |
3,911,346 |
25,960,766 |
Ocean Holdings South West Limited
Statement of Changes in Equity
Year Ended 30 November 2024
|
Share capital |
Investment property reserve |
Profit and loss account |
Total |
|
|
At 1 December 2023 |
|
|
|
|
|
Profit for the year |
- |
- |
|
|
|
Transfers |
- |
839,569 |
(839,569) |
- |
|
At 30 November 2024 |
|
|
|
|
|
Share capital |
Investment property reserve |
Profit and loss account |
Total |
|
|
At 1 December 2022 |
|
- |
( |
( |
|
Profit for the year |
- |
- |
|
|
|
Other comprehensive income |
- |
|
- |
|
|
Total comprehensive income |
- |
|
|
|
|
At 30 November 2023 |
100 |
358,188 |
3,202,556 |
3,560,844 |
Ocean Holdings South West Limited
Consolidated Statement of Cash Flows
Year Ended 30 November 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investment property |
( |
( |
|
|
Profit on disposal of tangible assets |
( |
( |
|
|
Impairment of fixed assets |
- |
|
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Share of profit/loss of equity accounted investees |
|
( |
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Decrease in stocks |
|
|
|
|
Decrease/(increase) in trade debtors |
|
( |
|
|
Increase in trade creditors |
|
|
|
|
Increase in provisions |
|
- |
|
|
Decrease in deferred income, including government grants |
( |
( |
|
|
Net cash flow from operating activities |
|
|
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
|
|
|
|
Acquisition of intangible assets |
( |
( |
|
|
Proceeds from sale of intangible assets |
- |
|
|
|
Acquisition of investment properties |
( |
- |
|
|
Net cash flows from investing activities |
( |
( |
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Repayment of bank borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
|
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net (decrease)/increase in cash and cash equivalents |
( |
|
|
|
Cash and cash equivalents at 1 December |
|
|
|
|
Cash and cash equivalents at 30 November |
1,075,767 |
1,299,708 |
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
|
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.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 30 November 2024.
As a consolidated profit and loss account is published, a separate profit and loss account for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
Going concern
The Directors have considered the ongoing effect of the global cost of living crisis and supply chain disruption and anticipates an ability to continue trading successfully. The Group is well diversified across its sales and integrated supply channels and has invested heavily in global sourcing strategies. This has ensured that flexible alternatives can be responsibly sourced where core supply is either restricted or commercially unviable, such that consumer demand is always prioritised. The directors continue to explore opportunities across the sector and monitor developments in a rapidly changing business environment.
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.
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 expert 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.
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
iii. Depreciation period for fixed assets Depreciation is estimated, based upon the estimated useful economic life and residual value of assets.
iv. Valuation of investment properties Investment property is carried at fair value. The directors assess fair value, having regard for current 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.
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 group’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
The group 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 group's activities.
Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income 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.
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 consolidated 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.
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
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 |
6.67% - 33% Straight Line and 7% - 15% Reducing Balance |
|
Motor vehicles |
25% Straight Line and 25% Reducing Balance |
|
Furniture, fittings and equipment |
25% Straight Line and 15% Reducing Balance |
|
Fishing vessels / Fishing vessel improvements |
Over the expected useful life (11 - 31 years) |
|
Fish boxes |
25% Straight Line |
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.
Goodwill
Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Negative goodwill
Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
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.
Amortisation
Amortisation is provided on 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 |
Investments
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the average weighted cost basis.
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 group has an obligation at the reporting date as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
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.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the group 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.
Ocean Holdings South West 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 group's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Commissions received |
|
|
|
Other revenue |
|
|
|
|
|
The analysis of the group's Turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Other operating income |
The analysis of the group's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Government grants |
|
|
|
Sub lease rental income |
- |
|
|
Miscellaneous other operating income |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Impairment loss |
- |
|
|
Foreign exchange (gains)/losses |
( |
|
|
Profit on fixed assets |
( |
( |
|
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 |
|
|
|
Other employee expense |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Production |
|
|
|
Operations and commercial |
|
|
|
Administration and support |
|
|
|
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
303,183 |
307,371 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Company contributions to money purchase pension schemes |
|
|
|
Auditor's remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
4,200 |
42,750 |
|
Audit of the financial statements of subsidiaries of the company |
34,600 |
- |
|
|
|
|
|
Other fees to auditors |
||
|
Taxation compliance services |
|
- |
|
All other non-audit services |
|
|
|
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
|
|
Interest expense on other finance liabilities |
|
|
|
Other finance costs |
|
|
|
|
|
|
Taxation |
Tax charged/(credited) in the consolidated 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 higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
- |
|
|
Tax increase/(decrease) from other short-term timing differences |
|
( |
|
Effect of revenues exempt from taxation |
( |
( |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase from tax losses for which no deferred tax asset was recognised |
|
|
|
Increase from effect of joint-ventures and associates results reported net of tax |
|
- |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Tax increase from effect of indexation allowance on capital gains |
|
|
|
Total tax charge |
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
Capital gains |
|
|
Losses and other deductions |
( |
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
|
|
Short term timing differences |
( |
|
Capital gains |
|
|
Losses and other deductions |
( |
|
|
Company
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Fixed asset timing differences |
|
|
Capital gains |
|
|
|
|
2023 |
Liability |
|
Fixed asset timing differences |
|
|
Capital gains |
|
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Intangible assets |
Group
|
Goodwill |
Negative Goodwill |
Fishing licences and quotas |
Computer software and website |
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 |
|
- |
|
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Tangible assets |
Group
|
Land and buildings |
Plant and machinery |
Motor vehicles |
Furniture, fittings and equipment |
Fish boxes |
Fishing vessels and improvements |
Total |
|
|
Cost or valuation |
|||||||
|
At 1 December 2023 |
|
|
|
|
212,206 |
10,448,718 |
|
|
Additions |
|
|
|
|
- |
1,166,919 |
|
|
Disposals |
- |
( |
( |
- |
- |
(443,426) |
( |
|
Transfers to investment property |
( |
- |
- |
- |
- |
- |
( |
|
At 30 November 2024 |
|
|
|
|
212,206 |
11,172,211 |
|
|
Depreciation |
|||||||
|
At 1 December 2023 |
|
|
|
|
170,627 |
4,122,026 |
|
|
Charge for the year |
|
|
|
|
1,304 |
622,474 |
|
|
Eliminated on disposal |
- |
( |
( |
- |
- |
(443,426) |
( |
|
At 30 November 2024 |
|
|
|
|
171,931 |
4,301,074 |
|
|
Carrying amount |
|||||||
|
At 30 November 2024 |
|
|
|
|
40,275 |
6,871,137 |
|
|
At 30 November 2023 |
|
|
|
|
41,579 |
6,326,692 |
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Included within the net book value of land and buildings above is £1,675,749 (2023 - £1,931,773) in respect of freehold land and buildings, £316 (2023 - £951) in respect of long leasehold land and buildings.
Company
|
Motor vehicles |
|
|
Cost or valuation |
|
|
At 1 December 2023 |
- |
|
Additions |
|
|
At 30 November 2024 |
|
|
Carrying amount |
|
|
At 30 November 2024 |
|
|
At 30 November 2023 |
- |
|
Investment properties |
Group
|
2024 |
|
|
At 1 December |
|
|
Additions |
|
|
Transfers to and from Tangible assets |
|
|
Fair value adjustments |
|
|
At 30 November |
|
There has been no valuation of investment property by an independent valuer.
Company
|
2024 |
|
|
At 1 December |
|
|
Additions |
|
|
Fair value adjustments |
|
|
At 30 November |
|
There has been no valuation of investment property by an independent valuer.
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Investments |
Group
Details of undertakings
|
2024 |
2023 |
|
|
Investments in subsidiaries |
3,200 |
3,200 |
|
Investments in associates |
249,484 |
304,799 |
|
252,684 |
307,999 |
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, PL26 8LX |
|
|
|
|
England and Wales |
||||
|
|
Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, PL26 8LX |
|
|
|
|
England and Wales |
||||
|
|
Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, PL26 8LX |
|
|
|
|
England and Wales |
||||
|
|
Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, PL26 8LX |
|
|
|
|
England and Wales |
||||
|
|
Harbour Offices, Newlyn, Penzance, Cornwall, TR18 5HB |
|
|
|
|
England and Wales |
||||
|
|
Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, PL26 8LX |
|
|
|
|
England and Wales |
||||
|
Associates |
||||
|
|
Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, PL26 8LX |
Ordinary shares |
|
|
|
England and Wales |
||||
* indicates direct investment of the company
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 December 2023 |
3,200 |
|
At 30 November 2024 |
3,200 |
|
Carrying amount |
|
|
At 30 November 2024 |
3,200 |
|
At 30 November 2023 |
3,200 |
Subsidiary undertakings
|
Ocean Fish Group Limited The principal activity of Ocean Fish Group Limited is |
|
Ocean Fish (Wholesale) Limited The principal activity of Ocean Fish (Wholesale) Limited is |
|
Ocean Fish (Retail) Limited The principal activity of Ocean Fish (Retail) Limited is |
|
Ocean Fleet (SW) Limited The principal activity of Ocean Fleet (SW) Limited is |
|
W. Stevenson & Sons Limited The principal activity of W. Stevenson & Sons Limited is |
|
The Hair Loft (SW) Limited The principal activity of The Hair Loft (SW) Limited is |
|
Associates |
£ |
|
Cost |
|
|
At 1 December 2023 |
304,799 |
|
Share of profit / (loss) |
(55,315) |
|
At 30 November 2024 |
249,484 |
|
Carrying amount |
|
|
At 30 November 2024 |
249,484 |
|
At 30 November 2023 |
304,799 |
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Associate undertakings
|
Victoria Retail and Cold Storage Limited
The principal activity of Victoria Retail and Cold Storage Limited is |
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Investments in associates |
|
|
|
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 December 2023 |
|
|
At 30 November 2024 |
|
|
Carrying amount |
|
|
At 30 November 2024 |
|
|
At 30 November 2023 |
|
|
Associates |
£ |
|
Cost |
|
|
At 1 December 2023 |
|
|
At 30 November 2024 |
|
|
Carrying amount |
|
|
At 30 November 2024 |
|
|
At 30 November 2023 |
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
- |
- |
|
Finished goods and goods for resale |
|
|
- |
- |
|
Other inventories |
|
- |
- |
- |
|
|
|
- |
- |
|
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
- |
|
|
|
Amounts owed by related parties |
- |
- |
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments |
|
|
- |
- |
|
|
Income tax asset |
|
|
- |
- |
|
|
|
|
|
|
||
Group
The carrying amount of existing, and future, trade debtors pledged as security for invoice discounting facilities amounted to £4,445,387 (2023 - £4,681,119).
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash at bank |
|
|
|
|
|
Bank overdrafts |
( |
( |
- |
- |
|
Cash and cash equivalents in statement of cash flows |
1,075,767 |
1,299,708 |
1,154,685 |
1,464,218 |
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Trade creditors |
|
|
|
|
|
|
Amounts due to group undertakings |
- |
- |
|
- |
|
|
Social security and other taxes |
|
|
|
|
|
|
Outstanding defined contribution pension costs |
|
|
- |
- |
|
|
Other creditors |
|
|
|
|
|
|
Accruals and deferred income |
|
|
- |
|
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
- |
- |
|
|
Deferred income |
|
|
- |
- |
|
|
|
|
- |
- |
||
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
- |
- |
|
Bank overdrafts |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
- |
- |
|
Hire purchase contracts |
|
|
- |
- |
|
|
|
- |
- |
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Group
Bank borrowings
|
|
|
|
|
|
|
Bank borrowings are secured by first legal charges over the comapny's freehold proprerty; fixed charges over booked and other debts, chattels, goodwill, uncalled capital, both present and future; and over intellectual property; and floating charges over all assets, both present and future. |
Hire purchases contracts are secured against the assets to which they relate.
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 |
|
|
|
Obligations under leases and hire purchase contracts |
Group
Finance 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 |
|
|
|
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
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 £
Company
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 |
Group
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 December 2023 |
|
- |
|
|
Additional provisions |
- |
|
|
|
Increase (decrease) in existing provisions |
|
- |
|
|
At 30 November 2024 |
|
|
|
|
|
|||
Company
|
Deferred tax |
|
|
At 1 December 2023 |
|
|
Increase (decrease) in existing provisions |
|
|
At 30 November 2024 |
|
|
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Pension and other schemes |
Defined contribution pension scheme
The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £
Contributions totalling £
|
Analysis of changes in net debt |
Group
|
At 1 December 2023 |
Financing cash flows |
New finance leases |
Other non-cash changes |
At 30 November 2024 |
|
|
Cash and cash equivalents |
|||||
|
Cash |
2,137,738 |
(782,803) |
- |
- |
1,354,935 |
|
Overdrafts |
(838,030) |
558,862 |
- |
- |
(279,168) |
|
1,299,708 |
(223,941) |
- |
- |
1,075,767 |
|
|
Borrowings |
|||||
|
Long term bank borrowings |
(6,183,533) |
- |
- |
57,845 |
(6,125,688) |
|
Short term bank borrowings |
(727,236) |
(18,602) |
- |
(57,845) |
(803,683) |
|
Lease liabilities |
(352,754) |
164,024 |
(195,607) |
- |
(384,337) |
|
(7,263,523) |
145,422 |
(195,607) |
- |
(7,313,708) |
|
|
|
|||||
|
( |
( |
( |
- |
( |
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
Contingent liabilities |
Company
There is an unlimited multilateral guarantee between the company and the following companies within the group: Ocean Fish Group Limited; Ocean Fish (Wholesale) Limited; Ocean Fish (Retail) Limited; Ocean Fleet (SW) Ltd; and W. Stevenson & Sons Limited. The maximum full potential liability at year end is £7,208,539 (2023 - £7,748,799).
|
Non adjusting events after the financial period |
|
|
|
Related party transactions |
Group
|
Transactions with directors |
|
2024 |
At 1 December 2023 |
Advances to director |
Repayments by director |
At 30 November 2024 |
|
Director 1 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
|
Director 2 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
|
Director 3 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
2023 |
At 1 December 2022 |
Advances to director |
Repayments by director |
At 30 November 2023 |
|
Director 1 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
|
Director 2 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
|
Director 3 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
Summary of transactions with associates
Summary of transactions with other related parties
Income and receivables from related parties
|
2024 |
Associates |
Other related parties |
|
Receipt of services |
|
|
|
Amounts receivable from related party |
|
|
|
|
||
|
2023 |
Associates |
Other related parties |
|
Receipt of services |
- |
|
|
Amounts receivable from related party |
|
|
|
|
||
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Expenditure with and payables to related parties
|
2024 |
Associates |
Other related parties |
|
Rendering of services |
|
|
|
|
||
|
2023 |
Associates |
Other related parties |
|
Rendering of services |
- |
|
|
|
||
Loans to related parties
|
2024 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
|
2023 |
Other related parties |
|
Advanced |
|
|
At end of period |
|
|
|
|
Terms of loans to related parties
Loans from related parties
|
2024 |
Key management |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Repaid |
( |
( |
( |
|
Interest transactions |
|
- |
|
|
At end of period |
|
|
|
|
|
|||
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
2023 |
Key management |
Other related parties |
Total |
|
At start of period |
- |
|
|
|
Advanced |
|
- |
|
|
Repaid |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|||
Terms of loans from related parties
Company
The company has taken advantage of the exemption in FRS 102 "Related Party Disclosures" from disclosing transactions with wholly owned members of the group.
|
Transactions with directors |
|
2024 |
At 1 December 2023 |
Advances to director |
Repayments by director |
At 30 November 2024 |
|
Director 1 |
||||
|
Interest free, unsecured and repayable on demmand |
|
- |
- |
|
|
Director 2 |
||||
|
Interest free, unsecured and repayable on demand |
|
|
( |
|
|
Director 3 |
||||
|
Interest free, unsecured and repayable on demand |
- |
|
( |
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
|
2023 |
At 1 December 2022 |
Advances to director |
Repayments by director |
At 30 November 2023 |
|
Director 1 |
||||
|
Interest free, unsecured and repayable on demmand |
- |
|
- |
|
|
Director 2 |
||||
|
Interest free, unsecured and repayable on demand |
- |
|
( |
|
Summary of transactions with subsidiaries
Summary of transactions with other related parties
The company entered into the following transactions with companies with common directors and / or shareholders in the year. Loans to other related parties are to close family members of directors and to a partnership with directors as partners.
Income and receivables from related parties
|
2024 |
Subsidiaries |
Other related parties |
|
Amounts receivable from related party |
|
|
|
|
||
|
2023 |
Subsidiaries |
Other related parties |
|
Amounts receivable from related party |
|
- |
|
|
||
Expenditure with and payables to related parties
|
2024 |
Subsidiaries |
|
Amounts payable to related party |
|
|
|
|
|
2023 |
Subsidiaries |
|
Amounts payable to related party |
- |
|
|
|
Ocean Holdings South West Limited
Notes to the Financial Statements
Year Ended 30 November 2024
Loans to related parties
|
2024 |
Other related parties |
|
At start of period |
|
|
Advanced |
|
|
Repaid |
( |
|
At end of period |
|
|
|
|
|
2023 |
Other related parties |
|
Advanced |
|
|
At end of period |
|
|
|
|
Terms of loans to related parties
|
Parent and ultimate parent undertaking |
The ultimate controlling party is