Registration number:
Coombe Fisheries Limited
for the Year Ended 31 December 2024
Coombe Fisheries Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Coombe Fisheries Limited
Company Information
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Directors |
Mr A D J Spear Mr R A C Spear Mr A Turner |
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Registered office |
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Auditors |
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Coombe Fisheries Limited
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the company is shellfish and fish processing for sale and distribution within UK, Europe and South East Asia.
Fair review of the business
Coombe Fisheries opertates in a highly competitive marketplace and underlying direct costs have continued to increase and as a result the Gross Profit Margin has reduced from 16% to 14% due to underlying costs increasing. Whilst a continued increase in overseas labour assisted with an increased throughput of product, the associated recruitment costs also contributed to the reduction in Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) of £270,308 compared to an EBITDA of £1,292,355 during the prior year.
The Company continues to look for efficiencies in process and opportunities in automation, but by the very nature of the products that are sourced by the Company it will always be reliant on manually intensive operations which will curtail future scope for automation. However, we will continue to explore automation potential on an ongoing basis.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2024 |
2023 |
|
|
Turnover |
£ |
30,285,549 |
31,912,993 |
|
Gross Profit |
£ |
4,095,978 |
4,992,790 |
|
Gross Profit margin |
% |
14 |
16 |
|
Earnings before Interest, Tax, Depreciation and Amortisation |
£ |
270,308 |
1,292,355 |
The directors do not consider any non-financial key performance indicators at this time.
Coombe Fisheries Limited
Strategic Report for the Year Ended 31 December 2024
Principal risks and uncertainties
The company faces a number of risks. The supply of raw materials has become increasingly challenging for the company, as it has for the industry as a whole. To overcome this the company has invested in the catching sector and has subsequently benefitted from more consistent and reliable supply and as a consequence of this the company will continue to seek opportunities for further
investment of this type.
The company continues to derive the majority of its turnover from export sales and is therefore exposed to exchange rate risk which it seeks to mitigate through appropriate treasury management. The group manages its credit risk by combining credit insurance with a rigorous credit control process. We have no significant concentration of debtor risk.
In light of the continuing economic challenges, the directors have reviewed projections and budgets for the next twelve months. On the basis that the company has strong supply chains, excellent customer relationships and plentiful capital resources available, the directors remain very confident that the company remains a going concern and is able to continue trading for the foreseeable future.
Approved and authorised by the
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......................................... |
Coombe Fisheries Limited
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the company
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's operations expose it to a variety of financial risks that include the effects of changes in market prices, credit risk, liquidity risk, interest rate risk and foreign exchange rate risk. The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company.
Price risk, credit risk, liquidity risk and cash flow risk
Price risk
The company is exposed to commodity price risk as a result of its operations. However, given the size of the company's operations, the cost of managing exposure to commodity price risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Credit risk
The company has a continued policy that requires appropriate credit checks on potential customers before sales are made. Management have made the decision to further reduce the risk by taking out insurance cover against specific customer debts.
Liquidity risk
The company maintains facilities that are designed to ensure the company has sufficient funds for operations and planned expenses.
Cashflow risk
The company has interest bearing liabilities and foreign currency transactions. The company has a policy of maintaining debt at a fixed rate where appropriate to ensure certainty of future interest cash flows. However, given the size of the company's operations, the cost of managing exposure to foreign exchange rate risk exceed any potential benefits. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Future developments
The directors aim to maintain the management policies going forward. They consider the next year will show further growth in sales from continuing operations.
Coombe Fisheries Limited
Directors' Report for the Year Ended 31 December 2024
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.
Coombe Fisheries Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Coombe Fisheries Limited
Independent Auditor's Report to the Members of Coombe Fisheries Limited
Opinion
We have audited the financial statements of Coombe Fisheries Limited (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 December 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements 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.
Coombe Fisheries Limited
Independent Auditor's Report to the Members of Coombe Fisheries Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 6, 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.
Coombe Fisheries Limited
Independent Auditor's Report to the Members of Coombe Fisheries Limited
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.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, the audit engagement team:
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obtained an understanding of the nature of the industry and sector, including the legal and regulatory framework that the company operates in and how the company is complying with the legal and regulatory framework; |
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inquired of management, and those charged with governance, about their own identification and assessment of the risks or irregularities, including known and actual, suspected or alleged instances of fraud; |
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discussed matters about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to fraud; |
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undertook a review of manual journals processed in the accounting systems, applying professional sceptism to ensure they are in line with our expectations that they are not unusual in the normal course of business. |
However, it is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity’s operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
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.
......................................
For and on behalf of
Winchester House
Deane Gate Avenue
Somerset
TA1 2UH
Coombe Fisheries Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
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Turnover |
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|
|
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Other operating income |
|
|
|
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Operating (loss)/profit |
(62,792) |
1,002,463 |
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Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
( |
( |
|
|
(266,484) |
(261,269) |
||
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(Loss)/profit before tax |
( |
|
|
|
Tax on (loss)/profit |
|
( |
|
|
(Loss)/profit for the financial year |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above and therefore a separate statement of other comprehensive income has not been presented.
Coombe Fisheries Limited
(Registration number: 01506577)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
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Fixed assets |
|||
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Intangible assets |
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Tangible assets |
|
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Other financial assets |
5,000 |
5,000 |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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|
Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Capital redemption reserve |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Coombe Fisheries Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2024 |
|
|
|
|
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Loss for the year |
- |
- |
( |
( |
|
Dividends |
- |
- |
( |
( |
|
At 31 December 2024 |
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|
|
|
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Share capital |
Capital redemption reserve |
Retained earnings |
Total |
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At 1 January 2023 |
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|
|
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Profit for the year |
- |
- |
|
|
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Dividends |
- |
- |
( |
( |
|
At 31 December 2023 |
17,500 |
6 |
5,495,379 |
5,512,885 |
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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Accounting policies |
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.
The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
Summary of disclosure exemptions
The company is a member of a group where the parent of that group prepares publicly available consolidated financial statements which are intended to give a true and fair view and that member is included in the consolidation. Therefore, the company has adopted the exemption from requirement to
present a statement of cash flows and related notes under FRS102.1.12. The company has also taken advantage of the exemption from disclosing transactions with other members of the group under FRS 102.33.1A.
Name of parent of group
These financial statements are consolidated in the financial statements of Coombefish Holdings Ltd.
The financial statements of Coombefish Holdings Ltd may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
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.
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Going concern
During the year, the company provided further finance of over £400,000 to its parent, Coombefish Holdings Ltd. This, together with general inflationary pressures and the requirement to maintain or increase stock levels to fulfil additional turnover, has meant that there were additional pressures on the company's cash flow. The directors have therefore reviewed the financial forecasts and consider that the company will have sufficient cash and borrowing facilities to continue trading for the foreseeable future. The directors therefore consider that it is appropriate to prepare these accounts on a going concern basis.
Key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Stock
The valuation of stock involves significant estimation and judgement. Key assumptions, including net realisable value and provisions for slow-moving stock, are reviewed and adjusted regularly. However, actual results may differ from these estimates under different conditions.. The carrying amount is £3,952,180 (2023 -£3,930,018).
Useful economic lives of assets
The estimation of the useful lives of assets is a key area of uncertainty. The useful life of an asset is determined based on historical experience, industry standards, and expectations regarding future usage. These estimates and assumptions are reviewed regularly and adjusted as necessary. However, actual results may differ from these estimates under different assumptions or conditions. . The carrying amount is £5,932,538 (2023 -£5,890,376).
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 sales/value added tax, returns, rebates and discounts.
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 specific criteria have been met for each of the company's activities.
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Government grants
Grants are recognised in the financial statements when there is reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.
Grants become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.
Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current and deferred 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the Company. Deferred income 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.
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
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:
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Asset class |
Amortisation method and rate |
|
Goodwill |
10% straight line |
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 land |
Nil |
|
Freehold buildings |
2% and 5% straight line |
|
Short leasehold property |
5% straight line |
|
Plant and machinery |
7% - 25% reducing balance |
|
Office equipment |
25% reducing balance |
|
Motor vehicles |
25% reducing balance |
Investments
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.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Research and development
Any expenditure carried forward will be amortised in line with the expected sales from the related asset over the period of expected benefit. Amortisation shall commence once the asset has been fully developed and is ready for commercial production.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Cost is determined using the first-in, first-out (FIFO) 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 brining the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment.
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 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 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 expenses when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Financial instruments
Classification
Recognition and measurement
Impairment
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the company's turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Other revenue |
|
|
|
|
|
The analysis of the company's turnover for the year by market is as follows:
|
2024 |
2023 |
|
|
UK |
|
|
|
Europe |
|
|
|
Rest of world |
|
|
|
|
|
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2024 |
2023 |
|
|
Rent receivable |
|
|
|
Other gains and losses |
The analysis of the company's other gains and losses for the year is as follows:
|
2024 |
2023 |
|
|
Loss on disposal of property, plant and equipment |
( |
( |
|
Operating (loss)/profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Amortisation expense |
|
|
|
Release of grant income |
( |
( |
|
Foreign exchange losses/(gains) |
|
( |
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Government grants |
Government grants relating to capital projects recognised in deferred income amount to £1,412,159 (
2023
- £1,444,358).
Government grants received in the year amount to £85,681 (
2023
- £90,953).
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Interest income on bank deposits |
|
|
|
Other finance income |
|
|
|
|
|
|
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 |
|
|
|
|
|
|
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 |
|
|
|
|
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
The average number of persons employed by the company (including directors) during the year, analysed by category, was as follows:
|
2024 |
2023 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
|
|
Contributions paid to money purchase schemes |
|
|
|
132,033 |
133,670 |
During the year the number of directors who were receiving benefits was as follows:
|
2024 |
2023 |
|
|
Accruing benefits under money purchase pension scheme |
|
|
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of the financial statements |
|
|
|
Other fees to auditors |
||
|
All other services |
|
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the income statement:
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
|
|
UK corporation tax adjustment to prior periods |
- |
( |
|
(62,175) |
99,689 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
|
|
Tax (receipt)/expense in the income statement |
( |
|
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
(Loss)/profit before tax |
( |
|
|
Corporation tax at standard rate |
( |
|
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
- |
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Tax decrease from effect of adjustment in research and development tax credit |
- |
( |
|
Tax decrease from other tax effects |
( |
( |
|
Total tax (credit)/charge |
( |
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Liability |
|
Differences between accumulated depreciation and capital allowances |
|
|
|
|
2023 |
Liability |
|
Differences between accumulated depreciation and capital allowances |
|
|
|
|
Intangible assets |
|
Goodwill |
Total |
|
|
Cost or valuation |
||
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
Amortisation |
||
|
At 1 January 2024 |
|
|
|
Amortisation charge |
|
|
|
At 31 December 2024 |
|
|
|
Carrying amount |
||
|
At 31 December 2024 |
|
|
|
At 31 December 2023 |
|
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
|
Freehold land and buildings |
Short leasehold property |
Plant and machinery |
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Additions |
- |
- |
|
|
|
|
|
Disposals |
- |
- |
( |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Depreciation |
||||||
|
At 1 January 2024 |
|
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
|
Eliminated on disposal |
- |
- |
( |
( |
( |
( |
|
At 31 December 2024 |
|
|
|
|
|
|
|
Carrying amount |
||||||
|
At 31 December 2024 |
|
|
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
|
|
Included within the net book value of tangible assets above is £2,790,054 (2023 - £2,850,006) in respect of freehold land and buildings and £541,575 (2023 - £587,069) in respect of short leasehold land and buildings.
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Plant and machinery |
- |
32,444 |
|
Motor vehicles |
372,919 |
165,597 |
|
372,919 |
198,041 |
Restriction on title and pledged as security
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Other financial assets (current and non-current) |
|
Financial assets at cost less impairment |
Total |
|
|
Non-current financial assets |
||
|
Cost or valuation |
||
|
At 1 January 2024 |
5,000 |
5,000 |
|
At 31 December 2024 |
5,000 |
5,000 |
|
Carrying amount |
||
|
At 31 December 2024 |
|
5,000 |
|
Stocks |
|
2024 |
2023 |
|
|
Raw materials and consumables |
|
|
|
Consumables |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
The carrying amount of stocks pledged as security for liabilities amounted to £
The replacement costs are not materially different from the amount at which stocks are stated in the accounts.
|
Debtors |
|
Current |
Note |
2024 |
2023 |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
|
|
|
|
Prepayments |
|
|
|
|
Accrued income |
|
|
|
|
Income tax asset |
|
- |
|
|
|
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Trade debtors includes £2,932,373 (2023 - £2,535,196) covered by an invoice financing facility.
The carrying amount of debtors pledged as security for liabilities amounted to £5,214,972 (2023 - £3,020,565).
|
Cash and cash equivalents |
|
2024 |
2023 |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
Short-term deposits |
|
|
|
|
|
|
|
Bank overdrafts and invoice financing facility |
( |
( |
The carrying amount of cash and cash equivalents pledged as security for liabilities amounted to £6,382 (2023 - £1,750)
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
2023 |
|
|
Due within one year |
|||
|
Loans and borrowings |
|
|
|
|
Trade creditors |
|
|
|
|
Amounts due to related parties |
|
- |
|
|
Social security and other taxes |
|
|
|
|
Outstanding defined contribution pension costs |
|
|
|
|
Other creditors |
|
|
|
|
Accruals |
|
|
|
|
Corporation tax liability |
- |
150,917 |
|
|
Deferred income |
|
|
|
|
|
|
||
|
Due after one year |
|||
|
Loans and borrowings |
|
|
|
|
Deferred income |
|
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
At 31 December 2024 |
|
|
|
|
||
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
|
|
|
938 |
|
938 |
|
|
|
938 |
|
938 |
|
|
|
938 |
|
938 |
|
|
|
938 |
|
938 |
|
|
|
937 |
|
937 |
|
|
|
937 |
|
937 |
|
|
|
937 |
|
937 |
|
|
|
937 |
|
937 |
|
|
|
|
|
|
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Ordinary AA to AH shares have the following rights, preferences and restrictions: |
|
Reserves |
Profit and loss account
This reserves relates to the cumulative retained earnings less amounts distributed to shareholders.
Capital redemption reserve
This reserve relates to the nominal value of redeemed shares which cannot be distributed to shareholders.
|
Loans and borrowings |
Non-current loans and borrowings
|
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
|
|
|
|
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Current loans and borrowings |
||
|
Bank borrowings |
|
|
|
Bank overdrafts |
|
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
|
|
Invoice financing facilities |
|
|
|
|
|
|
Bank borrowings
Bank loan 1 was refinanced from an existing loan on the 18th December 2024. The loan is denominated in GBP with an annual interest rate of 1.50% over base rate and the final instalment is due on the 18th January 2040. The carrying amount at the year end is £620,828 (2023 - £641,129). The repayment terms of this bank loan were monthly instalments of £4,366 including interest.
Bank loan 2 was refinanced from an existing loan on the 22nd November 2024. The loan is denominated in GBP with an annual interest rate of 1.50% over base rate and the final instalment is due on the 22nd December 2039. The carrying amount at the year end is £415,055 (2023 - £420,901). The repayment terms of this bank loan were monthly instalments of £3,729 including interest.
Bank loan 3 is denominated in GBP with a fixed annual interest rate of 5.00% and the final instalment is due on the 3rd May 2027. The carrying amount at the year end is £250,000 (2023 - £352,083). The repayment terms of this bank loan were monthly instalments of £8,333 including interest.
Bank loan 4 is denominated in GBP with an annual interest rate of 3.1% over base rate and the final instalment is due on the 5th June 2041. The carrying amount at the year end is £109,722 (2023 - £114,854). The repayment terms of this bank loan were monthly instalments of £743 including interest.
The above bank loans are secured by a way of fixed and floating charges over the companies assets owned now or in the future. In addition, other group companies and related parties have provided security, as detailed in note 28.
Invoice financing
The invoice financing facilities are denominated in GBP, Euros and USD depending on the currency that the sales are invoiced in. A margin of 1.5% is payable on the invoice value and interest is charged on the amounts advanced at the bank's base rate in GBP and at the bank's cost of funds for advances in Euros and USD. The amounts advanced are repayable on demand. The carrying amount at the year end is £2,561,949 (2023 - £2,055,668).
The invoice financing facilities are secured by way of a fixed and floating charge over all the assets of the company. In addition, other group companies and related parties have provided security, as detailed in note 28.
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
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 |
|
|
|
|
|
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 |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Dividends |
|
2024 |
2023 |
|||||
|
£ |
£ |
|||||
|
Interim dividend of £ |
|
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Related party transactions |
|
Transactions with directors |
|
2024 |
At 1 January 2024 |
Advances to director |
Repayments by director |
At 31 December 2024 |
|
Mr R A C Spear |
||||
|
Current account - interest free and repayable on demand |
|
|
( |
|
|
Mr A D J Spear |
||||
|
Current account - interest free and repayable on demand |
|
|
( |
|
|
2023 |
At 1 January 2023 |
Advances to director |
Repayments by director |
At 31 December 2023 |
|
Mr I J Spear |
||||
|
Current account - interest free and repayable on demand |
|
|
( |
- |
|
Mr R A C Spear |
||||
|
Current account - interest free and repayable on demand |
|
|
( |
|
|
Mr A D J Spear |
||||
|
Current account - interest free and repayable on demand |
- |
|
- |
|
Summary of transactions with parent
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Summary of transactions with other related parties
All loans are interest free and repayable on demand.
The company has a cross guarantee of up to £300,000 with Peninsula Seafoods Limited, as detailed in note 31.
The company has guaranteed the bank debt of A D J Spear and R A C Spear, up to £1,478,052, as detailed in note 31.
Coombefish Holdings Ltd has given a guarantee of up to £8,667,785 in respect of the bank debt of Coombe Fisheries Limited.
The company's bank borrowings of £1,395,605 are secured by charges over freehold properties owned by members of the Spear family.
The company has taken advantage of the exemption in Financial Reporting Standard 102 Section 33 and has not disclosed transactions between wholly owned members of the same group.
Income and receivables from related parties
|
2024 |
Other related parties |
|
Sale of goods |
|
|
|
|
|
2023 |
Other related parties |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Expenditure with and payables to related parties
|
2024 |
Other related parties |
|
Purchase of goods |
|
|
|
|
|
2023 |
Key management |
Other related parties |
|
Purchase of goods |
- |
|
|
Leases |
|
- |
|
|
|
|
|
Amounts payable to related party |
- |
|
|
|
||
Loans from related parties
|
2024 |
Key management |
Other related parties |
Total |
|
At start of period |
|
- |
|
|
Advanced |
- |
|
|
|
Repaid |
- |
( |
( |
|
At end of period |
|
|
|
|
|
|||
|
2023 |
Key management |
Total |
|
At start of period |
|
|
|
Repaid |
( |
( |
|
At end of period |
|
|
|
|
||
|
Financial instruments |
Financial assets measured at fair value
Foreign currency forward contracts
Foreign currency forward contracts are valued using the rate of the contract compared to the rate available were a similar contract to have been entered into at the year end.
The fair value is £1,770 (2023 - £(1,982)) and the change in value included in profit or loss is £3,152 (2023 - £6,739).
Coombe Fisheries Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Parent and ultimate parent undertaking |
The company's immediate parent is
|
Contingent liabilities |
In respect of the company's invoice financing facilities, there is a corporate guarantee with Peninsula Seafoods Limited. The contingent liability under this guarantee at 31 December 2024 is limited to £964,000 (2023 - £964,000).
The company has given a guarantee to National Westminster Bank Plc of up to £1,478,052 in respect of the bank borrowings of A D J Spear and R A C Spear (2023 - £1,478,052).
The company also has trade bond guarantees in place in respect of suppliers to the sum of £380,000.