Company registration number 03959614 (England and Wales)
HUTTON & CO (SHIPS CHANDLERS) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
HUTTON & CO (SHIPS CHANDLERS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 11
HUTTON & CO (SHIPS CHANDLERS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
5
124,775
166,505
Current assets
Stocks
953,547
1,131,720
Debtors: amounts falling due within one year
6
2,313,533
3,206,078
Cash at bank and in hand
2,762,047
198,917
6,029,127
4,536,715
Creditors: amounts falling due within one year
7
(2,845,556)
(2,622,766)
Net current assets
3,183,571
1,913,949
Total assets less current liabilities
3,308,346
2,080,454
Creditors: amounts falling due after more than one year
8
-
0
(78,362)
Net assets
3,308,346
2,002,092
Capital and reserves
Called up share capital
9
250,000
250,000
Profit and loss reserves
3,058,346
1,752,092
Total equity
3,308,346
2,002,092

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regim e and in accordance with the provisions of FRS 102 Section 1A - small entities.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 18 November 2025 and are signed on its behalf by:
Mr C D English
Director
Company registration number 03959614 (England and Wales)
HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Hutton & Co (Ships Chandlers) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Dianthus House, Witty Street, Hull, HU3 4TT. The registered number is 03959614.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates,

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of future receipts. The difference between the fair value of the consideration and the nominal amount is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Over the period of the lease
Fixtures and fittings
20-25% on cost
Computers
20% on cost
Motor vehicles
20% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost 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, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Judgements and 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 of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock provision

Stock is valued at the lower of cost and net realisable value. This requires management to assess based on sales experience and expectations which items of stock will be sold below cost or not at all. Inevitably some of these predictions will not correspond with the actual outcomes leading to a gain or loss in future periods.

Trade debtor provision

Trade debtors are valued at the lower of cost and net realisable value. This requires management to assess based on experience and expectations which debtors are currently expected not to pay in full or not at all. Inevitably some of these predictions will not correspond with the actual outcomes leading to a gain or loss in future periods.

HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
36
36
4
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2024
561,870
Disposals
(561,870)
At 31 December 2024
-
0
Amortisation and impairment
At 1 January 2024
561,870
Disposals
(561,870)
At 31 December 2024
-
0
Carrying amount
At 31 December 2024
-
0
At 31 December 2023
-
0
HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
96,877
370,124
467,001
Additions
-
0
35,028
35,028
Disposals
-
0
(126,182)
(126,182)
At 31 December 2024
96,877
278,970
375,847
Depreciation and impairment
At 1 January 2024
65,667
234,829
300,496
Depreciation charged in the year
3,526
45,026
48,552
Eliminated in respect of disposals
-
0
(97,976)
(97,976)
At 31 December 2024
69,193
181,879
251,072
Carrying amount
At 31 December 2024
27,684
97,091
124,775
At 31 December 2023
31,210
135,295
166,505

All fixed assets have been pledged to secure borrowings of the parent company. The company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity. Details of the security are provided in note 10.

6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,207,819
1,995,429
Corporation tax recoverable
1,841
-
0
Other debtors
30,232
1,161,117
Prepayments and accrued income
73,641
49,532
2,313,533
3,206,078

In the prior year the company’s trade debtors were covered by a debt factoring agreement with a third party. Amounts due to the factoring company were secured on the related trade debtors presented within creditors note 7. This was settled in full in 2024 and the agreement is no longer in place.

HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,498,211
1,426,183
Invoice discounting
-
287,052
Amounts owed to group undertakings
266,705
-
0
Corporation tax
609,896
248,563
Other taxation and social security
193,138
311,760
Other creditors
277,606
349,208
2,845,556
2,622,766

The invoice discounting was settled in the year and was secured by a fixed and floating charge over all assets of the company and by a personal guarantee from the directors.

8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Taxation and social security
-
0
78,362
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000
B Ordinary shares of £1 each
200,000
200,000
200,000
200,000
250,000
250,000
250,000
250,000
HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
10
Financial commitments, guarantees and contingent liabilities

The company has bonds, guarantees and indemnities with Barclays Bank plc of £20,000 for general corporate purposes.

The company is party to unlimited cross-company guarantees for the borrowings of its parent company, Hutton Ship Chandlers Holdings Limited ("Holdings"). Security against bank borrowings are secured by the following:

- a comprehensive fixed and floating charge over all assets of the company

- a deed of subordination placing strict rules on payment of other debts

- right to control enforcement strategy and recovery actions

- a negative pledge

Amounts owed to the investors of Holdings rank behind those of the bank and are are secured by the following:

- a fixed charge over all freehold and leasehold property

- a fixed charge over all intellectual property

- a floating charge over all assets and undertakings

- a negative pledge

At the year end, the Directors are of the opinion that the probability of any security being called upon in this company is remote and accordingly have not provided for any liability under the terms of either security.

11
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
2,427,389
2,106,566
12
Events after the reporting date

On the 13th November 2025 a dividend of £650,000 was declared payable to the company's shareholders Hutton Ship Chandlers Holdings Limited.

13
Related party transactions
Remuneration of key management personnel
2024
2023
£
£
Compensation paid to key management personnel in the year totalled:
275,434
126,607
HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
13
Related party transactions
(Continued)
- 10 -

Directors' loan account

During the year, advances of £6,236 (2023: £989,008) were made to directors. Repayments received from directors were £740,095 (£245,975). As at 31 December 2024, £5,455 (2023: £739,314) was owed by the director to the company . This balance is included within other debtors.

Transactions with related parties

During the year, management charges of £80,000 (2023: £240,000) were charged to the company by a related party controlled by a member of Key Management Personnel. As at 31 December 2024, there were no amounts owed in re s pect of this.

During the year, the company made rental lease payments totalling £36,000 (2023: £36,000) to a member of Key management Personnel. As at 31 December 2024, no amounts were owed.

During the year, the company made rental lease payments totalling £170,0 00 (2023: £170,000) to a related party which is controlled by a member of Key Management Personnel. As at 31 December 2024, no amounts were owed.

Other information

The company has taken advantage of the exemption available under FRS 102 section 33.1A and has not disclosed transactions with wholly owned subsidiaries of the ultimate parent company, Hutton Ship Chandlers Holdings Limited.

14
Parent company

The company is a wholly owned subsidiary of Hutton Ship Chandlers Holdings Limited, which is incorporated in the United Kingdom. The ultimate controlling party is Foresight Group LLP, by virtue of their ownership of Foresight Regional Investment Fund IV LP and Foresight Regional Investment Fund V LP. The company is not included within the consolidated financial statements of any other company.

15
Directors' transactions
Loans
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director Loan 1
-
739,314
-
(739,314)
-
Director Loan 2
-
-
6,236
(781)
5,455
739,314
6,236
(740,095)
5,455
16
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is qualified and includes the following:

HUTTON & CO (SHIPS CHANDLERS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
16
Audit report information
(Continued)
- 11 -

Qualified Opinion

In our opinion, except for the effects of the matter described in the basis for qualified opinion section of our report, 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 profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

As a result of our appointment as the company’s auditor after the year ended 31 December 2024, we were not able to attend the company’s stock counts on 31 December 2023 or 31 December 2024. We were unable to satisfy ourselves by alternative means concerning the stock quantities held at 31 December 2023, which are included in the Balance sheet at £1,131,720. Consequently we were unable to determine whether any adjustment to the amounts at 31 December 2023 was necessary or whether there was any consequential effect on the cost of sales for the year ended 31 December 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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 qualified opinion.

Matters on which we are required to report by exception

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.

Arising solely from the limitation on the scope of our audit work relating to opening stocks within cost of sales, referred to above:

- we have not obtained all the information and explanations that we considered necessary for the purpose of our audit; and

- we were unable to determine whether adequate accounting records had been maintained.

Senior Statutory Auditor:
Thomas Allison
Statutory Auditor:
Buzzacott Audit LLP
Date of audit report:
19 November 2025
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