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Registered number: 01679298 W HODGSON (HARTLEPOOL) LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
W HODGSON (HARTLEPOOL) LIMITED COMPANY INFORMATION
DIRECTORS | A Brogan
| A Farnworth
| A Selley
COMPANY SECRETARY | T Hamandi
REGISTERED NUMBER | 01679298
REGISTERED OFFICE | Seabank House Southport Business Park
| Wight Moss Way
| Southport
| PR8 4HQ
INDEPENDENT AUDITORS | Waltons Business Advisers Limited
| Chartered Accountants & Statutory Auditors
| Harbour Walk
| The Marina
| Hartlepool
| TS24 0UX
W HODGSON (HARTLEPOOL) LIMITED CONTENTS
| Page
Directors' report | 1 - 2
Strategic report | 3 - 4
Independent auditors' report | 5 - 7
Statement of comprehensive income | 8
Balance sheet | 9
Statement of changes in equity | 10
Consolidated statement of cash flows | 11 - 12
Analysis of net debt | 12
Notes to the financial statements | 13 - 27
W HODGSON (HARTLEPOOL) LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025 The directors present their report and the financial statements for the year ended 30 November 2025.
DIRECTORS' RESPONSIBILITIES STATEMENT
The directors are responsible for preparing the strategic report, the directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £1,699,855 (2024 - £1,546,144). Dividends totalling £1,395,000 were paid to the outgoing shareholders in the period up to the sale of the company in July 2025.
DIRECTORS
The directors who served during the year were:
A Brogan (appointed 30 July 2025)
A Farnworth (appointed 30 July 2025)
A Selley (appointed 30 July 2025)
P W Hodgson (resigned 30 July 2025)
J Hodgson-Wood (resigned 30 July 2025)
I Kennedy (resigned 30 July 2025)
FUTURE DEVELOPMENTS
The directors and management anticipate a similar, if not stronger trading performance in the next financial year as they develop and expand the range of products offered. Page 1
W HODGSON (HARTLEPOOL) LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this directors' report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
AUDITORS
The auditors, Waltons Business Advisers Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 16 July 2026 and signed on its behalf.
A Selley Director
Page 2
W HODGSON (HARTLEPOOL) LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 NOVEMBER 2025
INTRODUCTION
The directors present the strategic report for the year ended 30 November 2025.
BUSINESS REVIEW
The Company’s operating profit increased to £2,219,000 (2024: £1,662,000) and profit after taxation increased to £1,700,000 (2024: £1,546,000) due to increased sales and better cost control. The Company’s net assets position at 30 June 2024 of £5,708,000 improved to net assets of £6,013,000 as at 30 June 2025. Trade creditors at 30 June 2025 represented 35 days (2024: 31 days). It is the Company's policy in respect of all suppliers to agree payment terms in advance of the supply of goods and to adhere to those payment terms wherever practicable.
PRINCIPAL RISKS AND UNCERTAINTIES
The Company's activities expose it to a variety of financial risks, market risk and credit risk. The Company's overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company's financial performance. The Company uses derivative financial instruments to hedge specific purchases of raw material, such as forward currency contracts to hedge against purchases in foreign currencies, this establishes a predictable cost price for the organisation. The business is exposed to a market that can have an inherently high credit risk. We insure against the failure of credit customers, when the insurance is available at a price that is acceptable to the Company. This coupled with tight credit control and a credit risk management team that review the risk of current customers helps to mitigate against credit failure. Inflation is a risk to the business if the Company cannot pass on increasing fixed and variable costs to customers, this is mitigated by daily price reviews and good relationships with customers. The UK’s economic conditions pose somewhat of a risk to the business as the country continues to grapple with high interest rates as a result of prior years’ extreme inflation. These factors have the ability to reduce demand for the services of our Company’s customers and therefore the Company continues to advise upon opportunities for our existing customers and also to prospect for, and win, new business.
FINANCIAL KEY PERFORMANCE INDICATORS
The board monitors company performance using a range of indicators, some of the most significant of which are as follows:- Key performance indicators 2025 2024 2023 2022 2021 (in respect of trading company) Sales growth 1.3% (1.9)% (3.8)% 33.6% 29.3% Gross profit growth 1.1% 0.1% (5.3)% 31.7% 25.0% Gross profit % 26.4% 26.5% 26% 26.4% 26.8% Cash at bank and in hand £3,959k £4,312k £4,834k £4,001k £3,341k Page 3
W HODGSON (HARTLEPOOL) LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025 This report was approved by the board on 16 July 2026 and signed on its behalf.
A Selley Director
Page 4
W HODGSON (HARTLEPOOL) LIMITED INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED
OPINION
We have audited the financial statements of W Hodgson (Hartlepool) Limited (the 'Company') for the year ended 30 November 2025, which comprise the statement of comprehensive income, the analysis of net debt, the balance sheet, the statement of cash flows, the statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 November 2025 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 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 are 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. Page 5
W HODGSON (HARTLEPOOL) LIMITED INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED (CONTINUED)
OTHER INFORMATION
The other information comprises the information included in the Annual Report other than the financial statements and our auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the strategic report and the 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 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 strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the directors' responsibilities statement set out on page 1, 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. Page 6
W HODGSON (HARTLEPOOL) LIMITED INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED (CONTINUED)
AUDITORS' 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 auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We gained an understanding of the legal and regulatory framework applicable to the company and the area in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. We identified the greatest potential for fraud in the following areas: existence and timing of recognition of income and the posting of unusual journals. We discussed these risks with management and designed audit procedures as follows: • to test the timing and existence of revenue, • to review journals posted to key control accounts or posted around the year end to look for potential “window dressing” as well as looking at a sample throughout the year. 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 auditors' report.
USE OF OUR REPORT
This report is made solely to the Company's directors, 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 directors those matters we are required to state to them in an auditors' 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 directors, as a body, for our audit work, for this report, or for the opinions we have formed. Heather O'Driscoll FCA (senior statutory auditor) for and on behalf of Waltons Business Advisers Limited Chartered Accountants Statutory Auditors Harbour Walk The Marina Hartlepool TS24 0UX 21 July 2026 Page 7
W HODGSON (HARTLEPOOL) LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 NOVEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 3 | 24,178,457 | 23,868,317
Cost of sales |  | (17,795,195) | (17,555,068)
GROSS PROFIT |  | 6,383,262 | 6,313,249
Distribution costs |  | (825,402) | (874,192)
Administrative expenses |  | (3,573,152) | (3,815,236)
Other operating income | 4 | 234,342 | 38,055
OPERATING PROFIT | 5 | 2,219,050 | 1,661,876
Income from fixed assets investments |  | 22,000 | 201,250
Interest receivable and similar income | 10 | 57,007 | 82,673
Interest payable and similar expenses | 11 | (87) | (58)
PROFIT BEFORE TAX |  | 2,297,970 | 1,945,741
Tax on profit | 12 | (598,115) | (399,597)
PROFIT FOR THE FINANCIAL YEAR |  | 1,699,855 | 1,546,144
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 13 to 27 form part of these financial statements.
Page 8
W HODGSON (HARTLEPOOL) LIMITED REGISTERED NUMBER: 01679298 BALANCE SHEET AS AT 30 NOVEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Intangible assets | 14 |  | - |  | 6,649
Tangible assets | 15 |  | 943,371 |  | 1,024,802
Investments | 16 |  | - |  | 50
Investment property | 17 |  | - |  | 87,861
|  |  | 943,371 |  | 1,119,362
CURRENT ASSETS |  |  |  |  |
Stocks | 18 | 353,297 |  | 339,630 |
Debtors: amounts falling due within one year | 19 | 3,150,437 |  | 2,125,669 |
Cash at bank and in hand | 20 | 3,958,630 |  | 4,312,548 |
|  | 7,462,364 |  | 6,777,847 |
Creditors: amounts falling due within one year | 21 | (2,226,284) |  | (1,971,230) |
NET CURRENT ASSETS |  |  | 5,236,080 |  | 4,806,617
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 6,179,451 |  | 5,925,979
Creditors: amounts falling due after more than one year | 22 |  | (62,831) |  | (73,438)
PROVISIONS FOR LIABILITIES |  |  |  |  |
Deferred tax | 24 | (103,550) |  | (144,326) |
|  |  | (103,550) |  | (144,326)
NET ASSETS |  |  | 6,013,070 |  | 5,708,215
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 25 |  | 3,509 |  | 3,509
Share premium account | 26 |  | 84,649 |  | 84,649
Capital redemption reserve | 26 |  | 1,842 |  | 1,842
Profit and loss account | 26 |  | 5,923,070 |  | 5,618,215
|  |  | 6,013,070 |  | 5,708,215
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 July 2026.
A Selley
Director
The notes on pages 13 to 27 form part of these financial statements. Page 9

|  | W HODGSON (HARTLEPOOL) LIMITED |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 NOVEMBER 2025
|  | Called up share capital | Share premium account | Capital redemption reserve | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £
| At 1 December 2023 | 3,509 | 84,649 | 1,842 | 5,555,071 | 5,645,071
| Profit for the year | - | - | - | 1,546,144 | 1,546,144
| Dividends: Equity capital | - | - | - | (1,483,000) | (1,483,000)
| At 1 December 2024 | 3,509 | 84,649 | 1,842 | 5,618,215 | 5,708,215
| Profit for the year | - | - | - | 1,699,855 | 1,699,855
| Dividends: Equity capital | - | - | - | (1,395,000) | (1,395,000)
| AT 30 NOVEMBER 2025 | 3,509 | 84,649 | 1,842 | 5,923,070 | 6,013,070
| The notes on pages 13 to 27 form part of these financial statements.
Page 10

W HODGSON (HARTLEPOOL) LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 NOVEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
CASH FLOWS FROM OPERATING ACTIVITIES |  |
<-- Enter row heading --> | 1,699,855 | 1,546,144
ADJUSTMENTS FOR: |  |
Amortisation of intangible assets | - | 4,450
Depreciation of tangible assets | 315,779 | 307,585
Loss on disposal of tangible assets | 16,493 | (12,500)
Interest paid | 87 | 58
Interest received | (57,007) | (82,673)
Taxation charge | 598,115 | 399,597
(Increase) in stocks | (13,667) | (55,479)
(Increase)/decrease in debtors | (41,957) | 90,197
(Increase)/decrease in amounts owed by groups | (982,811) | -
Increase/(decrease) in creditors | 124,857 | (246,845)
Corporation tax (paid) | (519,301) | (453,242)
NET CASH GENERATED FROM OPERATING ACTIVITIES | 1,140,443 | 1,497,292
CASH FLOWS FROM INVESTING ACTIVITIES |  |
Sale of intangible assets | 6,649 | -
Purchase of tangible fixed assets | (239,660) | (253,188)
Sale of tangible fixed assets | (11,181) | 12,500
Sale of investment properties | 87,861 | -
Sale of share in joint ventures | 50 | -
Interest received | 57,007 | 82,673
HP interest paid | (87) | (58)
NET CASH FROM INVESTING ACTIVITIES | (99,361) | (158,073)
CASH FLOWS FROM FINANCING ACTIVITIES |  |
Dividends paid | (1,395,000) | (1,483,000)
NET CASH USED IN FINANCING ACTIVITIES | (1,395,000) | (1,483,000)
(DECREASE) IN CASH AND CASH EQUIVALENTS | (353,918) | (143,781)
Page 11
W HODGSON (HARTLEPOOL) LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash and cash equivalents at beginning of year | 4,312,548 | 4,456,329
CASH AND CASH EQUIVALENTS AT THE END OF YEAR | 3,958,630 | 4,312,548
CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE: |  |
Cash at bank and in hand | 3,958,630 | 4,312,548
| 3,958,630 | 4,312,548
ANALYSIS OF NET DEBT FOR THE YEAR ENDED 30 NOVEMBER 2025
| At 1 December 2024 | Cash flows | At 30 November 2025
| £ | £ | £
Cash at bank and in hand | 4,312,548 | (353,918) | 3,958,630
| 4,312,548 | (353,918) | 3,958,630
The notes on pages 13 to 27 form part of these financial statements.
Page 12
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
1. | GENERAL INFORMATION
The company is a private company, limited by share capital, incorporated in England and Wales and its registered office is: Seabank House Southport Business Park Wight Moss Way Southport England PR8 4HQ 2.ACCOUNTING POLICIES
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Associates and joint ventures
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control.
| 2.3 | Going concern
The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.
| 2.4 | Revenue
Revenue relates to the sale of fish. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Page 13
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | Intangible assets
Goodwill Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the consolidated statement of comprehensive income over its useful economic life which has been assessed to be ten years. Negative goodwill is recognised in the consolidated statement of comprehensive income in the period in which it is considered to be realised.
| 2.6 | Tangible fixed assets
Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is provided on the following basis: The estimated useful lives range as follows:
|  |  |  | Freehold property | - | 50 | years straight line
|  |  |  | Plant and machinery | - | 8 | years straight line
|  |  |  | Motor vehicles | - | 3 | years straight line
|  |  |  | Office equipment | - | 8 | years straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.7 | Investment property
Investment property is carried at fair value determined by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the consolidated statement of comprehensive income.
| 2.8 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Page 14
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
| 2.10 | Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
| 2.11 | Government grants
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income. Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
| 2.12 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
| 2.13 | Operating leases
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.14 | Pensions
Defined contribution pension plan The company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense in the statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Page 15
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.15 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
3. | TURNOVER
The whole of the turnover is attributable to the sale of fish.
| All turnover arose within the United Kingdom.
4. | OTHER OPERATING INCOME
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 10,922 | 12,928
| Net rents receivable | 6,420 | 25,127
| Sale of FQA licences | 217,000 | -
|  | 234,342 | 38,055
Page 16
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
5. | OPERATING PROFIT
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 114,311 | 307,585
| Exchange differences | - | 4,450
| Other operating lease rentals | 14,466 | 53,419
| Share-based payment | 40,902 | 52,023
6. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 12,000 | 7,080
| Tax compliance services | 1,375 | 1,250
| All non-audit services not included in the above | 22,835 | 27,025
7. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,514,078 | 2,693,434
| Social security costs | 283,564 | 228,247
| Cost of defined contribution scheme | 40,902 | 52,023
|  | 2,838,544 | 2,973,704
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Production | 75 | 86
|  | Admin | 18 | 18
|  |  | 93 | 104
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W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 20,400 | 31,800
| Company contributions to defined contribution pension schemes | 109 | 217
|  | 20,509 | 32,017
| During the year retirement benefits were accruing to no directors (2024 - 2) in respect of defined contribution pension schemes.
| Directors' remuneration relates to the previous directors, who resigned on 30th July 2025. None of the current directors are remunerated by W Hodgson (Hartlepool) Limited.
9. | INCOME FROM INVESTMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends received from unlisted investments | 22,000 | 201,250
|  | 22,000 | 201,250
10. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 57,007 | 82,673
|  | 57,007 | 82,673
11. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 87 | 58
|  | 87 | 58
Page 18
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
12. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 638,891 | 413,661
|  | 638,891 | 413,661
| Total current tax | 638,891 | 413,661
| Deferred tax |  |
| Origination and reversal of timing differences | (40,776) | (14,064)
| Total deferred tax | (40,776) | (14,064)
| Tax on profit | 598,115 | 399,597
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024 - lower than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,297,970 | 1,945,741
| Effects of: |  |
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 20,137 | 16,829
| Capital allowances for year in excess of depreciation | 50,570 | (39,490)
| Increase or decrease in pension fund prepayment leading to an increase (decrease) in tax | (809) | 200
| Short-term timing difference leading to an increase (decrease) in taxation | (40,776) | (14,064)
| Dividends from UK companies | (5,500) | (50,313)
| Total tax charge for the year | 598,115 | 399,597
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W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
13. | DIVIDENDS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Dividends paid | 1,395,000 | 1,483,000
|  | 1,395,000 | 1,483,000
14. | INTANGIBLE ASSETS
|  | Goodwill
|  | £
| At 1 December 2024 | 44,505
| Disposals | (44,505)
| At 30 November 2025 | -
| At 1 December 2024 | 37,856
| On disposals | (37,856)
| At 30 November 2025 | -
| Net book value |
| At 30 November 2025 | -
| At 30 November 2024 | 6,649
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W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
15. | TANGIBLE FIXED ASSETS
|  | Freehold property | Plant and machinery | Motor vehicles | Total
|  | £ | £ | £ | £
| Cost |  |  |  |
| At 1 December 2024 | 731,492 | 1,050,908 | 1,236,385 | 3,018,785
| Additions | - | - | 239,660 | 239,660
| Disposals | (12,864) | (105,175) | (90,017) | (208,056)
| At 30 November 2025 | 718,628 | 945,733 | 1,386,028 | 3,050,389
| Depreciation |  |  |  |
| At 1 December 2024 | 250,469 | 815,851 | 927,663 | 1,993,983
| Charge for the year on owned assets | 14,371 | 99,940 | 201,468 | 315,779
| Disposals | (9,597) | (103,130) | (90,017) | (202,744)
| At 30 November 2025 | 255,243 | 812,661 | 1,039,114 | 2,107,018
| Net book value |  |  |  |
| At 30 November 2025 | 463,385 | 133,072 | 346,914 | 943,371
| At 30 November 2024 | 481,023 | 235,057 | 308,722 | 1,024,802
16. | FIXED ASSET INVESTMENTS
|  | Investment in joint ventures
|  | £
| Valuation |
| At 1 December 2024 | 50
| Disposals | (50)
| At 30 November 2025 | -
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W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
17. | INVESTMENT PROPERTY
|  | Freehold investment property
|  | £
| At 1 December 2024 | 87,861
| Disposals | (87,861)
| At 30 November 2025 | -
The investment property has been valued during the sales process. No investment properties remain in the company at the reporting date.
18. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Goods for resale | 353,297 | 339,630
|  | 353,297 | 339,630
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W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
19. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 1,973,398 | 1,938,955
| Amounts owed by group undertakings | 1,000,000 | 17,189
| Amounts owed by joint ventures and associated undertakings | - | 124,950
| Other debtors | 175,941 | 30,425
| Prepayments and accrued income | 1,098 | 14,150
|  | 3,150,437 | 2,125,669
20. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 3,958,630 | 4,312,548
|  | 3,958,630 | 4,312,548
21. | CREDITORS: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,697,891 | 1,508,781
| Amounts owed to group undertakings | 35,338 | -
| Corporation tax | 334,527 | 214,937
| Other taxation and social security | 80,788 | 59,013
| Other creditors | 39,363 | 56,012
| Accruals and deferred income | 38,377 | 132,487
|  | 2,226,284 | 1,971,230
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W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
22. | CREDITORS: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accruals and deferred income | 62,831 | 73,438
|  | 62,831 | 73,438
23. | FINANCIAL INSTRUMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 3,958,630 | 4,312,548
| Financial assets that are debt instruments measured at amortised cost | 3,105,737 | 2,111,519
|  | 7,064,367 | 6,424,067
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 1,954,588 | 1,829,731
| Financial assets measured at fair value through profit or loss comprise bank and cash in hand. Financial assets that are debt instruments measured at amortised cost comprise trade debtors, amounts owed by group undertakings and other debtors.
| Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, PAYE, other creditors and accruals.
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W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
24. | DEFERRED TAXATION
|  | 2025 | 2024
|  | £ | £
| At beginning of year | 144,326 | 158,390
| Charged to profit or loss | (40,776) | (14,064)
| At end of year | 103,550 | 144,326
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | 103,550 | 145,817
| Pension surplus | - | (1,491)
|  | 103,550 | 144,326
25. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 3,000 (2024 - 3,000) Ordinary shares of £1.00 each | 3,000 | 3,000
|  | 158 (2024 - 158) Ordinary A shares of £1.00 each | 158 | 158
|  | 351 (2024 - 351) Ordinary B shares of £1.00 each | 351 | 351
|  |  | 3,509 | 3,509
| All shares carry full voting rights and rights to dividends and in the event of wind up rank pari passu.
Page 25
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
26. | RESERVES
Share premium account The share premium reserve of £84,649 is the value paid for the B ordinary shares in W Hodgson (Hartlepool) Limited over and above the price per share of £1. Capital redemption reserve The capital redemption reserve of £1,842 relates to a previous purchase of own shares Profit and loss account The profit and loss account relates to the retained profits of the company.
27. | PENSION COMMITMENTS
The company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £40,902 (2024 - £52,023). Contributions totalling £nil (2024 - £5,963) were payable to the fund at the balance sheet date
28. | RELATED PARTY TRANSACTIONS
| During the year dividends of £1,395,000 were paid to the former shareholders of the company. During the year, the company sold goods totalling £10,485 to a company in which a former director has an interest. This balance was repaid in full by the year end. During the year, the company sold goods to Sailbrand Limited totalling £1,256,480 and purchased goods totalling £530,109. At the year end W Hodgson (Hartlepool) Limited was owed £191,712. During the year, the company loaned funds amounting to £1,000,000 to Sailbrand Limited. This balance was outstanding at the year end. During the year, the company sold goods to Taylor Foods Limited totalling £2,949 and purchased goods totalling £4,933. At the year end, W Hodgson (Hartlepool) Limited was owed £556. At the year end, the company owed £35,338 to the parent company, Bidfresh Limited.
Page 26
W HODGSON (HARTLEPOOL) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2025
29. | CONTROLLING PARTY
The company's ultimate controlling party is Bid Corporation Limited (address: Postnet Suite 136, Private Bag X9976, Johannesburg 2146, South Africa), a company incorporated in South Africa. The immediate parent company is Bidfresh Limited (address: Seabank House Southport Business Park, Wight Moss Way, Southport, England, PR8 4HQ). The smallest group in which the results are consolidated is that headed by Bidcorp Foodservice International Limited. The largest group in which the results are consolidated is Bid Corporation Limited, incorporated in South Africa, which is the ultimate parent company. The consolidated financial statements of the group are available to the public from the registered office at Postnet Suite 136, Private Bag X9976, Johannesburg 2146, South Africa or from www.BidcorpGroup.com.
Page 27