Registered number:
FOR THE YEAR ENDED 30 NOVEMBER 2017
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HODGSON FISH HOLDINGS LIMITED
COMPANY INFORMATION
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HODGSON FISH HOLDINGS LIMITED
CONTENTS
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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.
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 2006. They 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.
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.
The directors who served during the year were:
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HODGSON FISH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2017
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.
Each of the persons who are directors at the time when this directors' report is approved has confirmed that:
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.
The auditors, Waltons Clark Whitehill Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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HODGSON FISH HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2017
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 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.
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.
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.
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HODGSON FISH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED
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 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:
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.
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 2006. Our 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.
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HODGSON FISH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)
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.
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 statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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.
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HODGSON FISH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)
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:
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.
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.
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HODGSON FISH HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF HODGSON FISH HOLDINGS LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Maritime House
Harbour Walk
The Marina
TS24 0UX
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HODGSON FISH HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2017
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HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634
CONSOLIDATED BALANCE SHEET
AS AT 30 NOVEMBER 2017
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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.
The notes on pages 17 to 34 form part of these financial statements.
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HODGSON FISH HOLDINGS LIMITED
REGISTERED NUMBER: 10046634
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2017
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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
The notes on pages 17 to 34 form part of these financial statements.
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