Silverfin false false 31/05/2025 01/06/2024 31/05/2025 Mr R D Clifford-Wing 05/05/1988 Mrs K Clifford-Wing 05/05/1988 Mr J C Clifford-Wing 01/06/2023 R D Clifford-Wing 13 December 2025 The principal activity of the company is the processing and wholesale of seafood and shellfish. 03557884 2025-05-31 03557884 bus:Director1 2025-05-31 03557884 bus:Director2 2025-05-31 03557884 bus:Director3 2025-05-31 03557884 2024-05-31 03557884 core:CurrentFinancialInstruments 2025-05-31 03557884 core:CurrentFinancialInstruments 2024-05-31 03557884 core:Non-currentFinancialInstruments 2025-05-31 03557884 core:Non-currentFinancialInstruments 2024-05-31 03557884 core:ShareCapital 2025-05-31 03557884 core:ShareCapital 2024-05-31 03557884 core:RetainedEarningsAccumulatedLosses 2025-05-31 03557884 core:RetainedEarningsAccumulatedLosses 2024-05-31 03557884 core:Goodwill 2024-05-31 03557884 core:OtherResidualIntangibleAssets 2024-05-31 03557884 core:Goodwill 2025-05-31 03557884 core:OtherResidualIntangibleAssets 2025-05-31 03557884 core:PlantMachinery 2024-05-31 03557884 core:Vehicles 2024-05-31 03557884 core:PlantMachinery 2025-05-31 03557884 core:Vehicles 2025-05-31 03557884 bus:OrdinaryShareClass1 2025-05-31 03557884 2024-06-01 2025-05-31 03557884 bus:FilletedAccounts 2024-06-01 2025-05-31 03557884 bus:SmallEntities 2024-06-01 2025-05-31 03557884 bus:AuditExemptWithAccountantsReport 2024-06-01 2025-05-31 03557884 bus:PrivateLimitedCompanyLtd 2024-06-01 2025-05-31 03557884 bus:Director1 2024-06-01 2025-05-31 03557884 bus:Director2 2024-06-01 2025-05-31 03557884 bus:Director3 2024-06-01 2025-05-31 03557884 bus:Director4 2024-06-01 2025-05-31 03557884 core:Goodwill core:TopRangeValue 2024-06-01 2025-05-31 03557884 core:OtherResidualIntangibleAssets core:TopRangeValue 2024-06-01 2025-05-31 03557884 core:PlantMachinery 2024-06-01 2025-05-31 03557884 core:Vehicles 2024-06-01 2025-05-31 03557884 2023-06-01 2024-05-31 03557884 core:Goodwill 2024-06-01 2025-05-31 03557884 core:OtherResidualIntangibleAssets 2024-06-01 2025-05-31 03557884 core:CurrentFinancialInstruments 2024-06-01 2025-05-31 03557884 core:Non-currentFinancialInstruments 2024-06-01 2025-05-31 03557884 bus:OrdinaryShareClass1 2024-06-01 2025-05-31 03557884 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 03557884 (England and Wales)

# WING OF ST MAWES LIMITED

### Unaudited Financial Statements
For the financial year ended 31 May 2025
Pages for filing with the registrar

WING OF ST MAWES LIMITED

## Unaudited Financial Statements

For the financial year ended 31 May 2025

Contents

WING OF ST MAWES LIMITED

## BALANCE SHEET

As at 31 May 2025
WING OF ST MAWES LIMITED

## BALANCE SHEET (continued)

As at 31 May 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Intangible assets | 3 | 48,834 |  | 82,042
Tangible assets | 4 | 506,583 |  | 575,389
|  | 555,417 |  | 657,431
Current assets |  |  |  |
Stocks | 5 | 248,215 |  | 265,092
Debtors | 6 | 392,939 |  | 337,735
Cash at bank and in hand |  | 759,255 |  | 719,724
|  | 1,400,409 |  | 1,322,551
Creditors: amounts falling due within one year | 7 | ( 694,138) |  | ( 661,640)
Net current assets |  | 706,271 |  | 660,911
Total assets less current liabilities |  | 1,261,688 |  | 1,318,342
Creditors: amounts falling due after more than one year | 8 | ( 160,561) |  | ( 191,855)
Provision for liabilities | 9 | ( 92,088) |  | ( 111,526)
Net assets |  | 1,009,039 |  | 1,014,961
Capital and reserves |  |  |  |
Called-up share capital | 10 | 4 |  | 4
Profit and loss account |  | 1,009,035 |  | 1,014,957
Total shareholder's funds |  | 1,009,039 |  | 1,014,961

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Wing of St Mawes Limited (registered number: 03557884) were approved and authorised for issue by the Board of Directors on 13 December 2025. They were signed on its behalf by:

R D Clifford-Wing Director |

WING OF ST MAWES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2025
WING OF ST MAWES LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Wing of St Mawes Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lowin House, Tregolls Road, Truro, TR1 2NA, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of 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.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

##### Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill | 10 years straight line
Other intangible assets | 4 years straight line

##### Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery | 15 - 25 % reducing balance
Vehicles | 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

##### Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
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.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Government grants

The company has received grant funding from the Marine Management Organisation (MMO) to part fund improvements to the company's fish processing infrastructure.
The company has elected to account for such grants under the accruals model as permitted by FRS102. Grants of a revenue nature are recognised in other operating income within profit or loss in the same period as the related expenditure. Grants relating to capital items are included in deferred income and released to other operating income in profit & loss so as to match the consumption of the underlying assets.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 44 |  | 41

#### 3. Intangible assets

| Goodwill |  | Other intangible assets |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 June 2024 | 30,001 |  | 132,832 |  | 162,833
At 31 May 2025 | 30,001 |  | 132,832 |  | 162,833
Accumulated amortisation |  |  |  |  |
At 01 June 2024 | 30,001 |  | 50,790 |  | 80,791
Charge for the financial year | 0 |  | 33,208 |  | 33,208
At 31 May 2025 | 30,001 |  | 83,998 |  | 113,999
Net book value |  |  |  |  |
At 31 May 2025 | 0 |  | 48,834 |  | 48,834
At 31 May 2024 | 0 |  | 82,042 |  | 82,042

#### 4. Tangible assets

| Plant and machinery |  | Vehicles |  | Total
| £ |  | £ |  | £
Cost |  |  |  |  |
At 01 June 2024 | 914,621 |  | 321,628 |  | 1,236,249
Additions | 5,080 |  | 59,355 |  | 64,435
Disposals | 0 |  | ( 51,493) |  | ( 51,493)
At 31 May 2025 | 919,701 |  | 329,490 |  | 1,249,191
Accumulated depreciation |  |  |  |  |
At 01 June 2024 | 522,959 |  | 137,901 |  | 660,860
Charge for the financial year | 60,907 |  | 50,107 |  | 111,014
Disposals | 0 |  | ( 29,266) |  | ( 29,266)
At 31 May 2025 | 583,866 |  | 158,742 |  | 742,608
Net book value |  |  |  |  |
At 31 May 2025 | 335,835 |  | 170,748 |  | 506,583
At 31 May 2024 | 391,662 |  | 183,727 |  | 575,389

#### 5. Stocks

| 2025 |  | 2024
| £ |  | £
Stocks | 248,215 |  | 265,092

#### 6. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 315,631 |  | 241,319
Amounts owed by Group undertakings | 25,221 |  | 2
Prepayments | 32,362 |  | 9,555
VAT recoverable | 13,677 |  | 42,091
Corporation tax | 0 |  | 1,700
Other debtors | 6,048 |  | 43,068
| 392,939 |  | 337,735

#### 7. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Trade creditors | 361,308 |  | 404,831
Amounts owed to Group undertakings | 143,693 |  | 0
Amounts owed to directors | 69,180 |  | 130,053
Accruals and deferred income | 38,144 |  | 68,261
Corporation tax | 24,856 |  | 0
Other taxation and social security | 25,111 |  | 19,087
Obligations under finance leases and hire purchase contracts | 6,873 |  | 19,656
Other creditors | 24,973 |  | 19,752
| 694,138 |  | 661,640

The hire purchase liabilities are secured on the assets to which they relate.

#### 8. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Deferred income | 160,561 |  | 184,982
Obligations under finance leases and hire purchase contracts | 0 |  | 6,873
| 160,561 |  | 191,855

The hire purchase liabilities are secured on the assets to which they relate.

#### 9. Provision for liabilities

| 2025 |  | 2024
| £ |  | £
Deferred tax | 92,088 |  | 111,526

#### 10. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
4 Ordinary shares of £ 1.00 each | 4 |  | 4

#### 11. Financial commitments

Commitments

| 2025 |  | 2024
| £ |  | £
Total future minimum lease payments under non-cancellable operating leases | 1,193,269 |  | 2,984,457

Commitments includes £1,187,500 future lease payments due for the rent of the company's land and buildings (2024 £2,970,000). The rental agreement was varied during the year with a reduced rent payable from 1 June 2025.

#### 12. Related party transactions

Transactions with the entity's directors

| 2025 |  | 2024
| £ |  | £
Directors loan | 69,180 |  | 130,053

The directors have provided working capital to the company by way of an interest free loan.

#### 13. Ultimate controlling party

Parent Company:

Cortez Holdings Limited
Lowin House, Tregolls Road, Truro, TR1 2NA