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W. Stevenson & Sons Limited

Annual Report and Financial Statements
Year Ended 30 November 2024

Registration number: 03569268

 

W. Stevenson & Sons Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

11

Balance Sheet

12

Statement of Changes in Equity

13

Notes to the Financial Statements

14 to 28

 

W. Stevenson & Sons Limited

Company Information

Directors

JA Lakeman

EJ Lakeman

L Genge

E Stevenson

PD Trebilcock

Registered office

Harbour Offices
Newlyn
Penzance
Cornwall
TR18 5HB

Auditors

PKF Francis Clark
Statutory AuditorMelville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

 

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 Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

 

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:

JA Lakeman

EJ Lakeman

L Genge

E Stevenson

PD Trebilcock

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 Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

 

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:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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:

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

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.

......................................
James Barrett (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18, 23 Royal William Yard
Plymouth
Devon
PL1 3GW

30 August 2025

 

W. Stevenson & Sons Limited

Profit and Loss Account

Year Ended 30 November 2024

Note

2024
£

2023
£

Turnover

3

8,526,102

9,058,710

Cost of sales

 

(4,908,431)

(5,564,449)

Gross profit

 

3,617,671

3,494,261

Administrative expenses (excluding depreciation and amortisation)

 

(3,151,007)

(3,007,829)

Other operating income

 

21,974

131,344

EBITDA

5

488,638

617,776

 

Depreciation and amortisation

 

(489,755)

(767,679)

Exceptional other provision

 

(119,000)

-

Operating loss

5

(120,117)

(149,903)

Interest payable and similar expenses

 

(259,504)

(264,136)

Loss before tax

 

(379,621)

(414,039)

Tax on loss

10

63,364

103,833

Loss for the financial year

 

(316,257)

(310,206)

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

(316,257)

(310,206)

Revaluation of fixed assets

(152,558)

752,960

Deferred tax on revaluation of fixed assets

38,140

(188,240)

(114,418)

564,720

Total comprehensive income for the year

(430,675)

254,514

 

W. Stevenson & Sons Limited

Balance Sheet

30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

11

19,233,155

19,393,050

Tangible assets

12

3,593,158

3,304,767

Investment property

13

186,900

-

 

23,013,213

22,697,817

Current assets

 

Stocks

14

219,879

262,405

Debtors

15

490,368

820,875

Cash at bank and in hand

 

80,845

55,232

 

791,092

1,138,512

Creditors: Amounts falling due within one year

17

(2,881,676)

(2,200,521)

Net current liabilities

 

(2,090,584)

(1,062,009)

Total assets less current liabilities

 

20,922,629

21,635,808

Creditors: Amounts falling due after more than one year

17

(2,175,000)

(2,475,000)

Provisions for liabilities

20

(2,018,240)

(2,000,744)

Net assets

 

16,729,389

17,160,064

Capital and reserves

 

Called up share capital

11,143,415

11,143,415

Revaluation reserve

8,785,921

8,900,339

Profit and loss account

(3,199,947)

(2,883,690)

Shareholders' funds

 

16,729,389

17,160,064

Approved and authorised by the Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

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

11,143,415

8,900,339

(2,883,690)

17,160,064

Loss for the year

-

-

(316,257)

(316,257)

Other comprehensive income

-

(114,418)

-

(114,418)

Total comprehensive income

-

(114,418)

(316,257)

(430,675)

At 30 November 2024

11,143,415

8,785,921

(3,199,947)

16,729,389

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 December 2022

11,143,415

8,530,331

(2,768,196)

16,905,550

Loss for the year

-

-

(310,206)

(310,206)

Other comprehensive income

-

564,720

-

564,720

Total comprehensive income

-

564,720

(310,206)

254,514

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Harbour Offices
Newlyn
Penzance
Cornwall
TR18 5HB
United Kingdom

These financial statements were authorised for issue by the Board on 30 August 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

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

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. 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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.

 

3

Turnover

The analysis of the company's Turnover for the year by class of business is as follows:

2024
£

2023
£

Fishing activities

5,118,626

5,770,322

Commercial sales

612,671

706,859

Fuel and other sales

1,696,917

1,814,260

Commission

758,985

516,460

Other income

338,903

250,809

8,526,102

9,058,710

 

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

8,526,102

8,941,178

Europe

-

117,532

8,526,102

9,058,710

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Government grants

21,974

13,562

Profit on disposal of intangible assets

-

117,782

21,974

131,344

5

Operating loss

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

480,610

449,374

Amortisation expense

9,145

9,690

Impairment loss

-

308,615

Foreign exchange (gains)/losses

(5,785)

1,472

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

1,502,190

1,392,894

Social security costs

132,659

120,960

Pension costs, defined contribution scheme

25,846

28,432

1,660,695

1,542,286

 

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
No.

2023
No.

Operations

24

20

Administration

3

4

Commercial

36

34

63

58

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

123,160

113,100

Contributions paid to money purchase schemes

1,321

1,321

124,481

114,421

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under defined benefit pension scheme

1

1

8

Auditor's remuneration

2024
£

2023
£

Audit of the financial statements

9,800

12,600


 

9

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

172,208

169,662

Interest expense on other finance liabilities

87,296

94,474

259,504

264,136

 

W. Stevenson & Sons Limited

Notes to the Financial Statements

Year Ended 30 November 2024

10

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

(63,364)

(103,833)

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 25% (2023 - 23.01%).

The differences are reconciled below:

2024
£

2023
£

Loss before tax

(379,621)

(414,039)

Corporation tax at standard rate

(94,905)

(95,274)

Tax increase from effect of capital allowances and depreciation

-

172,708

Tax decrease from other short-term timing differences

-

(188,240)

Effect of expense not deductible in determining taxable profit (tax loss)

31,541

258

Deferred tax expense relating to changes in tax rates or laws

-

6,715

Total tax credit

(63,364)

(103,833)

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

3,440,096

Short term timing differences

(7,433)

Losses and other deductions

(1,533,423)

1,899,240

2023

Liability
£

Fixed asset timing differences

3,324,113

Short term timing differences

(7,551)

Losses and other deductions

(1,315,818)

2,000,744

 

W. Stevenson & Sons Limited

Notes to the Financial Statements

Year Ended 30 November 2024

11

Intangible assets

Licences and quota
 £

Computer software
 £

Total
£

Cost or valuation

At 1 December 2023

19,344,296

76,674

19,420,970

Revaluations

(152,558)

-

(152,558)

Additions acquired separately

-

1,808

1,808

At 30 November 2024

19,191,738

78,482

19,270,220

Amortisation

At 1 December 2023

-

27,920

27,920

Amortisation charge

-

9,145

9,145

At 30 November 2024

-

37,065

37,065

Carrying amount

At 30 November 2024

19,191,738

41,417

19,233,155

At 30 November 2023

19,344,296

48,754

19,393,050

 

W. Stevenson & Sons Limited

Notes to the Financial Statements

Year Ended 30 November 2024

12

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

186,000

6,353

62,521

11,833

219,957

5,494,595

5,981,259

Additions

900

-

3,980

-

11,691

939,330

955,901

Disposals

-

-

-

-

(4,919)

(443,426)

(448,345)

Transfers to investment property

(186,900)

-

-

-

-

-

(186,900)

At 30 November 2024

-

6,353

66,501

11,833

226,729

5,990,499

6,301,915

Depreciation

At 1 December 2023

-

5,402

47,291

11,833

144,364

2,467,602

2,676,492

Charge for the year

-

635

8,013

-

16,273

455,689

480,610

Eliminated on disposal

-

-

-

-

(4,919)

(443,426)

(448,345)

At 30 November 2024

-

6,037

55,304

11,833

155,718

2,479,865

2,708,757

Carrying amount

At 30 November 2024

-

316

11,197

-

71,011

3,510,634

3,593,158

At 30 November 2023

186,000

951

15,230

-

75,593

3,026,993

3,304,767

 

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.
 

13

Investment properties

2024
£

At 1 December

-

Transfers from Tangible assets

186,900

At 30 November

186,900

There has been no valuation of investment property by an independent valuer.

14

Stocks

2024
£

2023
£

Finished goods and goods for resale

219,879

262,405

15

Debtors

2024
£

2023
£

Trade debtors

215,900

244,744

Amounts owed by related parties

2,349

314,316

Other debtors

140,016

155,464

Prepayments and accrued income

132,103

106,351

490,368

820,875

16

Cash and cash equivalents

2024
£

2023
£

Cash on hand

3,527

1,396

Cash at bank

77,318

53,836

80,845

55,232

Bank overdrafts

(186,107)

(48,507)

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

17

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

18

486,107

348,507

Trade creditors

 

1,263,752

1,091,325

Amounts due to group undertakings

24

250,275

13,648

Social security and other taxes

 

31,160

39,398

Other creditors

 

376,275

330,095

Accruals and deferred income

 

474,107

377,548

 

2,881,676

2,200,521

Due after one year

 

Loans and borrowings

18

2,175,000

2,475,000

18

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

300,000

300,000

Bank overdrafts

186,107

48,507

486,107

348,507

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,175,000

2,475,000

Bank borrowings

Bank borrowings is denominated in pounds sterling, £, with a nominal interest rate of 2.56% over bank base rate, and the final instalment is due on 10 February 2033. The carrying amount at year end is £2,475,000 (2023 - £2,775,000).

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

975,000

1,275,000

-

-

 

W. Stevenson & Sons Limited

Notes to the Financial Statements

Year Ended 30 November 2024

19

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

52,759

8,207

Later than one year and not later than five years

26,799

2,496

79,558

10,703

The amount of non-cancellable operating lease payments recognised as an expense during the year was £173,691 (2023 - £20,689).

20

Provisions for liabilities

Deferred tax
£

Other provisions
£

Total
£

At 1 December 2023

2,000,744

-

2,000,744

Additional provisions

-

119,000

119,000

Increase (decrease) in existing provisions

(101,504)

-

(101,504)

At 30 November 2024

1,899,240

119,000

2,018,240

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

11,143,415

11,143,415

11,143,415

11,143,415

       

22

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

23

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 £25,846 (2023 - £28,432).

Contributions totalling £2,643 (2023 - £2,754) were payable to the scheme at the end of the year and are included in creditors.

24

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

The company entered into the following transactions with non wholly owned group companies in the year.

Income and receivables from related parties

2024

Subsidiaries
£

Sale of goods

2,874,080

Amounts receivable from related party

2,349

2023

Subsidiaries
£

Sale of goods

2,882,247

Amounts receivable from related party

314,316

Expenditure with and payables to related parties

2024

Subsidiaries
£

Purchase of goods

356,322

Amounts payable to related party

250,275

2023

Subsidiaries
£

Purchase of goods

309,562

Amounts payable to related party

13,648

 

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

145,841

Repaid

(32,365)

Interest transactions

1,890

At end of period

115,366

2023

Key management
£

At start of period

145,841

At end of period

145,841

Terms of loans from related parties

During the year, the terms of unsecured loans from a director were amended from being interest free and repayable on demand to being at 2.56% over base rate and repayable in installments.
 

25

Parent and ultimate parent undertaking

The company's immediate parent is Ocean Fish Group Limited, incorporated in England and Wales.

 The ultimate parent is Ocean Holdings South West Limited, incorporated in England and Wales.

 The most senior parent entity producing publicly available financial statements is Ocean Holdings South West Limited. These financial statements are available upon request from Companies House.

 The ultimate controlling party is EJ Lakeman.

The parent of the smallest, and largest, group in which these financial statements are consolidated is Ocean Holdings South West Limited, incorporated in England and Wales.

The address of Ocean Holdings South West Limited is:
Units 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, United Kingdom, PL26 8LX