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Registered number: 10046634










HODGSON FISH HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2017

 
HODGSON FISH HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Directors
Mr P Hodgson 
Mrs J Hodgson-Wood 
N Hodgson 
A Wood 




Registered number
10046634



Registered office
Hodgson Fish Fish Quay
Southgate

Hartlepool

TS24 0JH




Independent auditors
Waltons Clark Whitehill Limited
Chartered Accountants & Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

TS24 0UX





 
HODGSON FISH HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
3
Directors' report
1 - 2
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9 - 10
Company balance sheet
11 - 12
Consolidated statement of changes in equity
13
Company statement of changes in equity
14
Consolidated Statement of cash flows
15 - 16
Notes to the financial statements
17 - 34


 
HODGSON FISH HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2017

The directors present their report and the financial statements for the year ended 30 November 2017.

Directors' responsibilities statement

The directors are responsible for preparing the group strategic report, the directors' report and the consolidated 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 the group and of the profit or loss of the group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group 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 the group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

Hodgson Fish Holdings Limited holds investment properties and is the Holding Company for W Hodgson (Hartlepool) Limited. The principal activity of W Hodgson (Hartlepool) Limited during the year was that of wholesale and retail fish sales.

Results and dividends

The profit for the year, after taxation and minority interests, amounted to £808,602 (2016 - £769,363).

During the year dividends of £265,000 were paid with an additional £49,398 paid to minority interests.

Directors

The directors who served during the year were:

Mr P Hodgson 
Mrs J Hodgson-Wood 
N Hodgson 
A Wood 

Page 1

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017

Future developments

The directors and management consider the company to be in a strong financial position, with ample reserves to support continued trade, and increased growth. The plan for the future is to continue the growth of the company,although at a slower rate.
As mentioned in the business review we have recently acquired a 50% stake in another wholesale business in Huddersfield.

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 and the group'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 and the group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the group since the year end other than the purchase of a stake in another wholesale business by the subsidiary as mentioned above.

Auditors

The auditorsWaltons Clark Whitehill Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 19 August 2018 and signed on its behalf.
 





Mr P Hodgson
Director

Page 2

 
HODGSON FISH HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2017

INTRODUCTION
 
Hodgson Fish has continued to grow this year but at a much slower rate. Whilst growth has been good we are aware we need to make a conscious effort to reduce business costs to help improve a falling margin compared to a couple of years ago. We do not expect growth to continue this year as we have made a conscious decision to reduce new business taken on and have already seen that take effect in the first 3 months of this year.

BUSINESS REVIEW
 
Business has again been good this year and the company continues to outperform others in the same trade. We continue to have an enviable reputation in the North of England with our customers and due to the volume of fish we are now selling, we also continue to get good deals. The introduction of a new shareholder and operations director (Ian Kennedy) has had a positive effect on the business and this has allowed us to concentrate on other areas of management. We have recently acquired a 50% stake in another wholesale business in Huddersfield.

PRINCIPAL RISKS AND UNCERTAINTIES
 
The main risks within our industry are the continued problem of slow paying customers and the ease with which they can wind up a business and not pay for goods. The increase in demand for fresh fish and shellfish from abroad is making a big impact on the market price of fish, not helped by the weak Pound which squeezes our margin as the full increase is difficult to pass on. We have a very good band of key members of staff which would be hard to replace if they left, working permanent nights with fish is not the most attractive of propositions.

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  2017  2016  2015  2014  2013
Sales growth     16.9%  22.9%  12.1%  34.6%  30.8%
Gross profit growth    22.6%  12.4%  14.9%  34.5%  27.0%
Gross profit %    24.4%  23.2%  25.4%  24.8%  24.7%
Cash at bank and in hand   £998k  £671k  £1,118k £651k  £314k


This report was approved by the board on 19 August 2018 and signed on its behalf.


Mr P Hodgson
Director

Page 3

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Hodgson Fish Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2017, which comprise the group statement of comprehensive income, the group and company balance sheets, the group statement of cash flows, the group and company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 group's and of the parent company's affairs as at 30 November 2017 and of the group's 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 group 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.


Use of our report
 

This report is made solely to the company's shareholders, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the company's shareholders 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 shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.


Page 4

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)


Conclusions relating to going concern


We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:


the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the group's or the parent company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.



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 auditors' 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 statementsour 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.


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 group 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 group strategic report and the directors' report have been prepared in accordance with applicable legal requirements.



Page 5

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.


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.


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.




Page 6

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)





 
Heather O'Driscoll FCA (senior statutory auditor)
  
for and on behalf of
Waltons Clark Whitehill Limited
 
Chartered Accountants
Statutory Auditors
  
Maritime House
Harbour Walk
The Marina
Hartlepool
TS24 0UX

20 August 2018
Page 7

 
HODGSON FISH HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2017

2017
2016
Note
£
£

  

Turnover
 3 
15,789,039
13,503,069

Cost of sales
  
(11,929,812)
(10,351,636)

GROSS PROFIT
  
3,859,227
3,151,433

Distribution costs
  
(547,296)
(409,527)

Administrative expenses
  
(2,249,647)
(1,851,761)

Other operating income
 4 
43,605
40,586

OPERATING PROFIT
 5 
1,105,889
930,731

Interest receivable and similar income
  
4,335
1,343

Interest payable and expenses
 9 
(4,904)
(5,436)

PROFIT BEFORE TAXATION
  
1,105,320
926,638

Tax on profit
 10 
(211,338)
(111,591)

PROFIT FOR THE FINANCIAL YEAR
  
893,982
815,047

  

  

TOTAL COMPREHENSIVE INCOME FOR THE YEAR
  
893,982
815,047

PROFIT FOR THE YEAR ATTRIBUTABLE TO:
  

Non-controlling interests
  
85,380
45,684

Owners of the parent company
  
808,602
769,363

  
893,982
815,047

There were no recognised gains and losses for 2017 or 2016 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 34 form part of these financial statements.

Page 8

 
HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634

CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2017

2017
2016
Note
£
£

FIXED ASSETS
  

Intangible assets
 12 
37,804
42,255

Tangible assets
 13 
960,685
902,784

Investment property
 15 
477,000
477,000

  
1,475,489
1,422,039

CURRENT ASSETS
  

Stocks
 16 
263,156
254,667

Debtors: amounts falling due within one year
 17 
1,683,258
1,562,990

Cash at bank and in hand
 18 
1,673,676
1,104,080

  
3,620,090
2,921,737

Creditors: amounts falling due within one year
 19 
(1,331,542)
(1,118,407)

NET CURRENT ASSETS
  
 
 
2,288,548
 
 
1,803,330

TOTAL ASSETS LESS CURRENT LIABILITIES
  
3,764,037
3,225,369

Creditors: amounts falling due after more than one year
 20 
(105,696)
(146,750)

PROVISIONS FOR LIABILITIES
  

Deferred taxation
 23 
(32,403)
(32,265)

NET ASSETS
  
3,625,938
3,046,354


CAPITAL AND RESERVES
  

Called up share capital 
 24 
6,316
6,316

Share premium account
 25 
84,649
84,649

Merger reserve
 25 
1,842
1,842

Fair value reserve
 25 
55,793
55,793

Profit and loss account
 25 
3,401,921
2,858,319

EQUITY ATTRIBUTABLE TO OWNERS OF THE PARENT COMPANY
  
3,550,521
3,006,919

Non-controlling interests
  
75,417
39,435

  
3,625,938
3,046,354


Page 9

 
HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634
    
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2018.




Mr P Hodgson
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 10

 
HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634

COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2017

2017
2016
Note
£
£

FIXED ASSETS
  

Investments
 14 
3,158
3,158

Investment property
 15 
477,000
477,000

  
480,158
480,158

CURRENT ASSETS
  

Debtors: amounts falling due within one year
 17 
3,159
103,158

Cash at bank and in hand
 18 
676,064
433,112

  
679,223
536,270

Creditors: amounts falling due within one year
 19 
(12,670)
(7,779)

NET CURRENT ASSETS
  
 
 
666,553
 
 
528,491

  

  

NET ASSETS
  
1,146,711
1,008,649


CAPITAL AND RESERVES
  

Called up share capital 
 24 
6,316
6,316

Profit and loss account
 25 
1,140,395
1,002,333

  
1,146,711
1,008,649


Page 11

 
HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2017

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 August 2018.


Mr P Hodgson
Director
The notes on pages 17 to 34 form part of these financial statements.

Page 12

HODGSON FISH HOLDINGS LIMITED


 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2017



Called up share capital
Share premium account
Merger reserve
Investment property revaluation reserve
Profit and loss account
Equity attributable to owners of parent company
Non-controlling interests
Total equity


£
£
£
£
£
£
£
£



At 1 December 2015
3,158
-
1,842
55,793
2,258,956
2,319,749
-
2,319,749





Profit for the year
-
-
-
-
769,363
769,363
45,684
815,047


Dividends: Equity capital
-
-
-
-
(170,000)
(170,000)
-
(170,000)


Shares issued during the year
3,158
84,649
-
-
-
87,807
-
87,807


Dividends to minority interest
-
-
-
-
-
-
(6,600)
(6,600)


Shares issued to minority interest
-
-
-
-
-
-
351
351





At 1 December 2016
6,316
84,649
1,842
55,793
2,858,319
3,006,919
39,435
3,046,354





Profit for the year
-
-
-
-
808,602
808,602
85,380
893,982


Dividends: Equity capital
-
-
-
-
(265,000)
(265,000)
-
(265,000)


Dividends to minority interest
-
-
-
-
-
-
(49,398)
(49,398)



At 30 November 2017
6,316
84,649
1,842
55,793
3,401,921
3,550,521
75,417
3,625,938

The notes on pages 17 to 34 form part of these financial statements.

Page 13
 
HODGSON FISH HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2017


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 December 2015
3,158
-
3,158



Profit for the year

-
1,062,333
1,062,333

Dividends: Equity capital
-
(60,000)
(60,000)

Shares issued during the year
3,158
-
3,158



At 1 December 2016
6,316
1,002,333
1,008,649



Profit for the year
-
403,062
403,062

Dividends: Equity capital
-
(265,000)
(265,000)


At 30 November 2017
6,316
1,140,395
1,146,711

The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
HODGSON FISH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2017

2017
2016
£
£

CASH FLOWS FROM OPERATING ACTIVITIES

Profit for year
893,982
815,047

ADJUSTMENTS FOR:

Amortisation of intangible assets
4,453
2,250

Depreciation of tangible assets
173,341
155,127

Loss on disposal of tangible assets
(4,415)
4,110

Interest paid
4,904
5,436

Interest received
(4,335)
(1,343)

Taxation charge
211,338
111,591

(Increase) in stocks
(8,489)
(22,489)

(Increase) in debtors
(120,272)
(484,207)

Increase/(decrease) in creditors
275,622
(23,962)

Corporation tax (paid)
(281,736)
(196,937)

NET CASH GENERATED FROM OPERATING ACTIVITIES

1,144,393
364,623

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of intangible fixed assets
-
(44,505)

Purchase of tangible fixed assets
(258,992)
(296,024)

Sale of tangible fixed assets
32,161
1,496

Interest received
4,335
1,343

HP interest paid
(4,904)
(5,436)

NET CASH FROM INVESTING ACTIVITIES

(227,400)
(343,126)

CASH FLOWS FROM FINANCING ACTIVITIES

Issue of ordinary shares
-
87,807

Repayment of/new finance leases
(32,999)
53,499

Dividends paid
(265,000)
(170,000)

Dividends paid to non controlling interests
(49,398)
(6,600)

Issue of shares to minority interest
-
351

NET CASH USED IN FINANCING ACTIVITIES
(347,397)
(34,943)

INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
569,596
(13,446)

Cash and cash equivalents at beginning of year
1,104,080
1,117,526

CASH AND CASH EQUIVALENTS AT THE END OF YEAR
1,673,676
1,104,080


CASH AND CASH EQUIVALENTS AT THE END OF YEAR COMPRISE:

Cash at bank and in hand
1,673,676
1,104,080
Page 15

 
HODGSON FISH HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017


2017
2016

£
£


1,673,676
1,104,080


The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

1.


GENERAL INFORMATION

The company is a private company, limited by share capital, incorporated in England and Wales and its
registered office is:
Hodgson Fish
Fish Quay
Southgate
Hartlepool
United Kingdom
TS24 0JH

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 group management to exercise judgment in applying the group's accounting policies.

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

 
2.3

GOING CONCERN

No material uncertainties that may cast significant doubt about the ability of the company to continue as a going concern have been identified by the directors.

 
2.4

REVENUE

Revenue relates to the sale of fish, both in retail shops and account sales. 
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the group 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 17

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

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.

 
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 charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Freehold property
-
over 50 years straight line
Plant and machinery
-
over 4 years straight line
Motor vehicles
-
over 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 the consolidated statement of comprehensive income.

 
2.7

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually 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

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 18

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

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.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of comprehensive income

 
2.10

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.11

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.

 
2.12

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.

 
2.13

CREDITORS

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

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 the consolidated statement of comprehensive income 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 consolidated statement of comprehensive income in the same period as the related expenditure.

 
2.15

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.

Page 19

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to the consolidated statement of comprehensive income on a straight line basis over the lease term.

 
2.17

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.

 
2.18

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the consolidated statement of comprehensive income, 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 and the group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 20

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

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

2017
2016
£
£

Grant released
8,513
9,010

Net rents receivable
35,092
31,576

43,605
40,586



5.


OPERATING PROFIT

The operating profit is stated after charging:

2017
2016
£
£

Depreciation of tangible fixed assets
173,343
155,127

Amortisation of intangible assets, including goodwill
4,451
2,250

Other operating lease rentals
37,924
21,626

Defined contribution pension cost
75,076
20,885


6.


AUDITORS' REMUNERATION

2017
2016
£
£


Fees payable to the group's auditor and its associates for the audit of the group's annual financial statements
5,650
4,750

FEES PAYABLE TO THE GROUP'S AUDITOR AND ITS ASSOCIATES IN RESPECT OF:


Other services relating to taxation
1,455
1,730

Services relating to corporate finance transactions
-
6,685

All other services
7,320
6,369

8,775
14,784

Page 21

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2017
2016
2017
2016
£
£
£
£


Wages and salaries
1,641,572
1,399,716
-
-

Social security costs
135,123
86,974
-
-

Cost of defined contribution scheme
75,076
20,885
50,000
-

1,851,771
1,507,575
50,000
-


The average monthly number of employees, including the directors, during the year was as follows:


        2017
        2016
            No.
            No.







Production
75
77



Admin
10
8

85
85

The parent company has no employees other than the directors, who did not receive any remuneration (2016 - £NIL)

8.


DIRECTORS' REMUNERATION

2017
2016
£
£

Company contributions to defined contribution pension schemes
50,000
-

50,000
-


During the year retirement benefits were accruing to 2 directors (2016 - 2) in respect of defined contribution pension schemes.


9.


INTEREST PAYABLE AND SIMILAR EXPENSES

2017
2016
£
£


Finance leases and hire purchase contracts
4,904
5,436

4,904
5,436

Page 22

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

10.


TAXATION


2017
2016
£
£

CORPORATION TAX


Current tax on profits for the year
211,200
191,736


TOTAL CURRENT TAX
211,200
191,736

DEFERRED TAX


Origination and reversal of timing differences
138
(80,145)

TOTAL DEFERRED TAX
138
(80,145)


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
211,338
111,591

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2016 - lower than) the standard rate of corporation tax in the UK of 19.33% (2016 - 20%). The differences are explained below:

2017
2016
£
£


Profit on ordinary activities before tax
1,105,320
926,638


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19.33% (2016 - 20%)
213,754
185,328

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
(754)
4,492

Capital allowances for year in excess of depreciation
(1,590)
2,185

Short term timing difference leading to an increase (decrease) in taxation
138
(80,145)

Non-taxable income
(210)
(269)

TOTAL TAX CHARGE FOR THE YEAR
211,338
111,591


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 23

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

11.


DIVIDENDS

2017
2016
£
£


Dividends paid on equity capital
265,000
170,000

265,000
170,000


12.


INTANGIBLE ASSETS

Group and Company





Goodwill

£



Cost


At 1 December 2016
44,505



At 30 November 2017

44,505



Amortisation


At 1 December 2016
2,250


Charge for the year
4,451



At 30 November 2017

6,701



Net book value



At 30 November 2017
37,804



At 30 November 2016
42,255

All of the group's intangible fixed assets are held in the subsidiary company.

Page 24

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

13.


TANGIBLE FIXED ASSETS

Group






Land and buildings
Plant and machinery
Motor vehicles
Total

£
£
£
£



Cost 


At 1 December 2016
575,779
541,120
588,566
1,705,465


Additions
82,207
27,603
149,181
258,991


Disposals
-
-
(106,763)
(106,763)



At 30 November 2017

657,986
568,723
630,984
1,857,693



DEPRECIATION


At 1 December 2016
137,083
327,959
337,639
802,681


Charge for the year on owned assets
13,475
46,485
49,963
109,923


Charge for the year on financed assets
-
813
62,607
63,420


Disposals
-
-
(79,015)
(79,015)



At 30 November 2017

150,558
375,257
371,194
897,009



NET BOOK VALUE



At 30 November 2017
507,428
193,466
259,790
960,684



At 30 November 2016
438,696
213,161
250,927
902,784

All of the group's tangible fixed assets are held in the subsidiary company.




The net book value of land and buildings may be further analysed as follows:


2017
2016
£
£

Freehold
507,428
438,696

507,428
438,696


Page 25

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

           13.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2017
2016
£
£



Plant and machinery
3,419
4,231

Motor vehicles
166,443
160,143

169,862
164,374


14.


FIXED ASSET INVESTMENTS

Subsidiary undertakings

The following were subsidiary undertakings of the company:

Name
Class of shares
Holding
Principal activity

W Hodgson (Hartlepool) Limited
Ordinary
 90%
Trading


The aggregate of the share capital and reserves as at 30 November 2017 and of the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Aggregate of share capital and reserves
Profit/(loss)
£
£
W Hodgson (Hartlepool) Limited

2,482,792

854,207

2,482,792

854,207

Page 26

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

           14.FIXED ASSET INVESTMENTS (CONTINUED)

Company





Investments in subsidiary companies

£



Cost 


At 1 December 2016
3,158



At 30 November 2017

3,158






NET BOOK VALUE



At 30 November 2017
3,158



At 30 November 2016
3,158


Page 27

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

15.


INVESTMENT PROPERTY

Group


Freehold investment property

£



Valuation


At 1 December 2016
477,000



At 30 November 2017
477,000

The 2016 valuations were made by Greig Cavey Commercial Limited, Chartered Surveyors, on an open market value for existing use basis.

2017
2016
£
£

Fair value reserve


At 1 December 2016
55,793
55,793

At 30 November 2017
55,793
55,793




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2017
2016
£
£


Historic cost
421,207
421,207

421,207
421,207

Company





Freehold investment property

£



Valuation


At 1 December 2016
477,000



At 30 November 2017
477,000

Page 28

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
 
15.INVESTMENT PROPERTY (CONTINUED)

The 2016 valuations were made by Greig Cavey Commercial Limited, Chartered Surveyors, on an open market value for existing use basis.



16.


STOCKS

Group
Group
Company
Company
2017
2016
2017
2016
£
£
£
£

Goods for resale
263,156
254,667
-
-

263,156
254,667
-
-


Stock recognised in cost of sales during the year as an expense was £11,938,301 (2016 - £10,374,125).

Page 29

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

17.


DEBTORS

Group
Group
Company
Company
2017
2016
2017
2016
£
£
£
£


Trade debtors
1,651,425
1,524,422
-
-

Amounts owed by group undertakings
-
-
-
100,000

Other debtors
27,980
21,550
3,159
3,158

Prepayments and accrued income
3,853
17,016
-
-

1,683,258
1,562,988
3,159
103,158



18.


CASH AND CASH EQUIVALENTS

Group
Group
Company
Company
2017
2016
2017
2016
£
£
£
£

Cash at bank and in hand
1,673,676
1,104,080
676,064
433,112

1,673,676
1,104,080
676,064
433,112



19.


CREDITORS: Amounts falling due within one year

Group
Group
Company
Company
2017
2016
2017
2016
£
£
£
£

Trade creditors
966,049
793,652
-
-

Amounts owed to group undertakings
-
-
1,740
-

Corporation tax
121,313
191,849
9,629
6,483

Other taxation and social security
28,825
24,658
-
-

Obligations under finance lease and hire purchase contracts
42,095
44,186
-
-

Other creditors
6,114
12,996
-
-

Accruals and deferred income
167,146
51,064
1,301
1,295

1,331,542
1,118,405
12,670
7,778


Page 30

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

20.


CREDITORS: Amounts falling due after more than one year

Group
Group
Company
Company
2017
2016
2017
2016
£
£
£
£

Net obligations under finance leases and hire purchase contracts
20,182
51,092
-
-

Accruals and deferred income
85,514
95,658
-
-

105,696
146,750
-
-


Secured loans
The net obligations under finance lease and hire purchase contracts are secured on the assets to which they relate.

Please provide details of the terms of payment or repayment and the rates of any interest payable on the amounts repayable more than five years after the balance sheet date.


21.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2017
2016
£
£

Within one year
42,105
44,186

Between 1-2 years
20,182
35,287

Between 2-5 years
-
15,805

62,287
95,278

Page 31

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

22.


FINANCIAL INSTRUMENTS

Group
Group
Company
Company
2017
2016
2017
2016
£
£
£
£

FINANCIAL ASSETS

Financial assets measured at fair value through profit or loss
1,673,676
1,104,080
676,064
433,112

Financial assets that are debt instruments measured at amortised cost
1,679,405
1,545,973
3,159
103,158

3,353,081
2,650,053
679,223
536,270


FINANCIAL LIABILITIES

Financial liabilities measured at amortised cost
(1,315,925)
(1,131,892)
(3,040)
(1,296)

(1,315,925)
(1,131,892)
(3,040)
(1,296)


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 and other debtors.


Financial liabilities measured at amortised cost comprise trade creditors, amounts owed to group undertakings, PAYE, obligations under finance lease and hire purchase contracts, other creditors and accruals.


23.


DEFERRED TAXATION


Group



2017


£






At 1 December 2016
32,265


Charged to profit or loss
(138)



At 30 November 2017
32,403

Page 32

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017
 
23.DEFERRED TAXATION (CONTINUED)







AT END OF YEAR
The provision for deferred taxation is made up as follows:

Group
2017
£

Accelerated capital allowances
32,403

32,403


24.


SHARE CAPITAL

2017
2016
£
£
Allotted, called up and fully paid



316 Ordinary A 1 GBP shares of £1 each
316
316
300 Ordinary B 1 GBP shares of £1 each
300
-
5,700 (2016 - 6,000) Ordinary 1 GBP shares of £1 each
5,700
6,000

6,316

6,316


25.


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.
Fair value reserve
The investment property revaluation reserve relates to the excess of the investment property valuation over the initial purchase price.

Merger Reserve

The merger reserve of £1,842 relates to a previous year buy back of shares.

Profit and loss account

The profit and loss account relates to the retained profits of the group.

Page 33

 
HODGSON FISH HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2017

26.


CAPITAL COMMITMENTS




At 30 November 2017 the group and company had capital commitments as follows:


Group
Group
2017
2016
£
£

Contracted for but not provided in these financial statements
-
68,050

-
68,050


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 £25,076 (2016 - £20,885).
Contributions totalling £Nil (2016 - £Nil) were payable to the fund at the balance sheet date.


28.


RELATED PARTY TRANSACTIONS

During the year rent of £10,000 was charged to the company for the use of premises which are owned by Mr W A Hodgson, a shareholder and father of two directors.
During the year dividends of £248,000 were paid to the directors.
Remuneration of key management personnel during the year was £69,650 (2016: £28,000)

 
Page 34