ACCOUNTS - Final Accounts

OPERATING PROFIT

The operating profit is stated after charging:

W. HODGSON (HARTLEPOOL) LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-11-302021-11-30false2020-12-01false8691false 01679298 2020-12-01 2021-11-30 01679298 2019-12-01 2020-11-30 01679298 2021-11-30 01679298 2020-11-30 01679298 2019-12-01 01679298 1 2020-12-01 2021-11-30 01679298 1 2019-12-01 2020-11-30 01679298 4 2020-12-01 2021-11-30 01679298 4 2019-12-01 2020-11-30 01679298 d:CompanySecretary1 2020-12-01 2021-11-30 01679298 d:Director1 2020-12-01 2021-11-30 01679298 d:Director2 2020-12-01 2021-11-30 01679298 d:Director5 2020-12-01 2021-11-30 01679298 d:RegisteredOffice 2020-12-01 2021-11-30 01679298 e:Buildings 2020-12-01 2021-11-30 01679298 e:Buildings 2021-11-30 01679298 e:Buildings 2020-11-30 01679298 e:Buildings e:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 01679298 e:LandBuildings 2021-11-30 01679298 e:LandBuildings 2020-11-30 01679298 e:PlantMachinery 2020-12-01 2021-11-30 01679298 e:PlantMachinery 2021-11-30 01679298 e:PlantMachinery 2020-11-30 01679298 e:PlantMachinery e:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 01679298 e:MotorVehicles 2020-12-01 2021-11-30 01679298 e:MotorVehicles 2021-11-30 01679298 e:MotorVehicles 2020-11-30 01679298 e:MotorVehicles e:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 01679298 e:OwnedOrFreeholdAssets 2020-12-01 2021-11-30 01679298 e:Goodwill 2021-11-30 01679298 e:Goodwill 2020-11-30 01679298 e:FreeholdInvestmentProperty 2021-11-30 01679298 e:FreeholdInvestmentProperty 2020-11-30 01679298 e:CurrentFinancialInstruments 2021-11-30 01679298 e:CurrentFinancialInstruments 2020-11-30 01679298 e:Non-currentFinancialInstruments 2021-11-30 01679298 e:Non-currentFinancialInstruments 2020-11-30 01679298 e:CurrentFinancialInstruments e:WithinOneYear 2021-11-30 01679298 e:CurrentFinancialInstruments e:WithinOneYear 2020-11-30 01679298 e:Non-currentFinancialInstruments e:AfterOneYear 2021-11-30 01679298 e:Non-currentFinancialInstruments e:AfterOneYear 2020-11-30 01679298 e:UKTax 2020-12-01 2021-11-30 01679298 e:UKTax 2019-12-01 2020-11-30 01679298 e:ShareCapital 2021-11-30 01679298 e:ShareCapital 2020-11-30 01679298 e:ShareCapital 2019-12-01 01679298 e:SharePremium 2020-12-01 2021-11-30 01679298 e:SharePremium 2021-11-30 01679298 e:SharePremium 2020-11-30 01679298 e:SharePremium 2019-12-01 01679298 e:CapitalRedemptionReserve 2020-12-01 2021-11-30 01679298 e:CapitalRedemptionReserve 2021-11-30 01679298 e:CapitalRedemptionReserve 2020-11-30 01679298 e:CapitalRedemptionReserve 2019-12-01 01679298 e:RetainedEarningsAccumulatedLosses 2020-12-01 2021-11-30 01679298 e:RetainedEarningsAccumulatedLosses 2021-11-30 01679298 e:RetainedEarningsAccumulatedLosses 2019-12-01 2020-11-30 01679298 e:RetainedEarningsAccumulatedLosses 2020-11-30 01679298 e:RetainedEarningsAccumulatedLosses 2019-12-01 01679298 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-11-30 01679298 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2020-11-30 01679298 e:FinancialAssetsAmortisedCost 2021-11-30 01679298 e:FinancialAssetsAmortisedCost 2020-11-30 01679298 e:FinancialLiabilitiesAmortisedCost 2021-11-30 01679298 e:FinancialLiabilitiesAmortisedCost 2020-11-30 01679298 d:OrdinaryShareClass1 2020-12-01 2021-11-30 01679298 d:OrdinaryShareClass1 2021-11-30 01679298 d:OrdinaryShareClass1 2020-11-30 01679298 d:OrdinaryShareClass2 2020-12-01 2021-11-30 01679298 d:OrdinaryShareClass2 2021-11-30 01679298 d:OrdinaryShareClass2 2020-11-30 01679298 d:OrdinaryShareClass3 2020-12-01 2021-11-30 01679298 d:OrdinaryShareClass3 2021-11-30 01679298 d:OrdinaryShareClass3 2020-11-30 01679298 d:FRS102 2020-12-01 2021-11-30 01679298 d:Audited 2020-12-01 2021-11-30 01679298 d:FullAccounts 2020-12-01 2021-11-30 01679298 d:PrivateLimitedCompanyLtd 2020-12-01 2021-11-30 01679298 e:HirePurchaseContracts e:WithinOneYear 2021-11-30 01679298 e:HirePurchaseContracts e:WithinOneYear 2020-11-30 01679298 e:HirePurchaseContracts e:BetweenOneFiveYears 2021-11-30 01679298 e:HirePurchaseContracts e:BetweenOneFiveYears 2020-11-30 01679298 e:AcceleratedTaxDepreciationDeferredTax 2021-11-30 01679298 e:AcceleratedTaxDepreciationDeferredTax 2020-11-30 01679298 e:OtherDeferredTax 2021-11-30 01679298 e:OtherDeferredTax 2020-11-30 01679298 e:JointVenture1 2020-12-01 2021-11-30 01679298 e:JointVenture1 1 2020-12-01 2021-11-30 01679298 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2021-11-30 01679298 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2020-11-30 01679298 e:LeasedAssetsHeldAsLessee 2021-11-30 01679298 e:LeasedAssetsHeldAsLessee 2020-11-30 01679298 e:Goodwill e:OwnedIntangibleAssets 2020-12-01 2021-11-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 01679298

W HODGSON (HARTLEPOOL) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

W HODGSON (HARTLEPOOL) LIMITED

COMPANY INFORMATION

DIRECTORS	Mr P W Hodgson
	Mrs J Hodgson-Wood
	Mr I Kennedy


COMPANY SECRETARY	Mrs J Hodgson-Wood


REGISTERED NUMBER	01679298


REGISTERED OFFICE	Hodgson Fish
	Fish Quay
	Southgate
	Hartlepool
	Cleveland
	TS24 0JH


INDEPENDENT AUDITORS	Waltons Business Advisers Limited
	Chartered Accountants & Statutory Auditors
	Maritime House
	Harbour Walk
	The Marina
	Hartlepool
	TS24 0UX

W HODGSON (HARTLEPOOL) LIMITED

CONTENTS

	Page
Strategic report	3
Directors' report	1 - 2
Independent auditors' report	4 - 7
Statement of comprehensive income	8
Balance sheet	9 - 10
Statement of changes in equity	11
Notes to the financial statements	12 - 26

W HODGSON (HARTLEPOOL) LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2021

The directors present their report and the financial statements for the year ended 30 November 2021.

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.

PRINCIPAL ACTIVITY

The principal activity of the company during the year was that of wholesale and retail fish sales.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,765,212 (2020 - £937,285).

During the year dividends of £1,378,200 were paid (2020: £513,200).

DIRECTORS

The directors who served during the year were:

Mr P W Hodgson

Mrs J Hodgson-Wood

Mr I Kennedy

FUTURE DEVELOPMENTS

The directors and management consider the company to be in a stronger financial position than most, trade is reasonable but costs to the business are escalating. It is going to be a tough year ahead for all food and hospitality businesses.

Page 1

W HODGSON (HARTLEPOOL) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2021

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.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the company since the year end.

AUDITORS

As a result of a change in auditors' name, from 1 March 2022 Waltons Clark Whitehill Limited became Waltons Business Advisers Limited.
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 22 June 2022 and signed on its behalf.

Mr P W Hodgson

Director

Page 2

W HODGSON (HARTLEPOOL) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 30 NOVEMBER 2021

INTRODUCTION

W Hodgson (Hartlepool) Limited has had another good year considering all of the problems around us within our sector. It was still interrupted by Covid 19 but we recorded excellent results across the 12 months.

BUSINESS REVIEW

Despite an interrupted year of trading we managed to produce an excellent year in terms of sales and profitability. The year was helped by the big surge for people getting out when business reopened in the spring and the boost of people staying in this county for holidays rather than going abroad.

PRINCIPAL RISKS AND UNCERTAINTIES

Our biggest uncertainty is the current supply issues and spiralling overheads. Supplies of our major lines have been hit hard by reduced availability and quota. We feel our margin will be hit by these increases and we also expect to see an increase in closures of restaurants.

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 2021 2020 2019 2018 2017
Sales growth 29.3% (18.8%) 9.0% 4.9% 16.9%
Gross profit growth 25.0% (12.5%) 8.7% 11.0% 22.6%
Gross profit % 26.8% 27.7% 25.7% 25.8% 24.4%
Cash at bank and in hand £2,912k £1,985k £1,016k £1,056k £998k

This report was approved by the board on 22 June 2022 and signed on its behalf.

Mr P W Hodgson

Director

Page 3

W HODGSON (HARTLEPOOL) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED

UNQUALIFIED OPINION

We have audited the financial statements of W Hodgson (Hartlepool) Limited (the 'company') for the year ended 30 November 2021, which comprise the statement of comprehensive income, the balance sheet, 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 2021 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 4

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 5

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.

Page 6

W HODGSON (HARTLEPOOL) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF W HODGSON (HARTLEPOOL) LIMITED (CONTINUED)

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 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.

Heather O'Driscoll FCA (senior statutory auditor)

for and on behalf of

Waltons Business Advisers Limited

Chartered Accountants

Statutory Auditors

Maritime House

Harbour Walk

The Marina

Hartlepool

TS24 0UX

6 July 2022

Page 7

W HODGSON (HARTLEPOOL) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 30 NOVEMBER 2021


	2021	2020
Note	£	£


Turnover	3	18,934,529	14,645,018
Cost of sales		(13,869,395)	(10,591,903)
GROSS PROFIT		5,065,134	4,053,115
Distribution costs		(423,360)	(668,798)
Administrative expenses		(2,895,999)	(2,574,270)
Other operating income	4	467,230	468,773
OPERATING PROFIT	5	2,213,005	1,278,820
Interest receivable and similar income		845	3,654
Interest payable and similar expenses	9	(899)	(3,095)
PROFIT BEFORE TAX		2,212,951	1,279,379
Tax on profit	10	(447,739)	(342,094)
PROFIT FOR THE YEAR		1,765,212	937,285

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 12 to 26 form part of these financial statements.

Page 8

W HODGSON (HARTLEPOOL) LIMITED

REGISTERED NUMBER: 01679298

BALANCE SHEET

AS AT 30 NOVEMBER 2021

		2021		2020
Note		£		£

FIXED ASSETS
Intangible assets	12		20,000		24,451
Tangible assets	13		1,247,215		1,089,330
Investments	14		50		50
Investment property	15		87,861		87,861
			1,355,126		1,201,692
CURRENT ASSETS
Stocks	16	299,788		302,338
Debtors: amounts falling due within one year	17	2,384,421		1,363,893
Cash at bank and in hand	18	2,911,785		1,984,798
		5,595,994		3,651,029
Creditors: amounts falling due within one year	19	(2,565,801)		(895,357)
NET CURRENT ASSETS			3,030,193		2,755,672
TOTAL ASSETS LESS CURRENT LIABILITIES			4,385,319		3,957,364
Creditors: amounts falling due after more than one year	20		(75,554)		(103,521)
PROVISIONS FOR LIABILITIES
Deferred tax	23		(191,936)		(123,026)
NET ASSETS			4,117,829		3,730,817

CAPITAL AND RESERVES
Called up share capital	24	3,509	3,509
Share premium account	25	84,649	84,649
Capital redemption reserve	25	1,842	1,842
Profit and loss account	25	4,027,829	3,640,817
		4,117,829	3,730,817

Page 9

W HODGSON (HARTLEPOOL) LIMITED

REGISTERED NUMBER: 01679298

BALANCE SHEET (CONTINUED)

AS AT 30 NOVEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 June 2022.

Mr P W Hodgson

Director

The notes on pages 12 to 26 form part of these financial statements.

Page 10

W HODGSON (HARTLEPOOL) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 30 NOVEMBER 2021

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
AT 1 DECEMBER 2019	3,509	84,649	1,842	3,216,732	3,306,732

Profit for the year	-	-	-	937,285	937,285
Dividends: Equity capital	-	-	-	(513,200)	(513,200)

AT 1 DECEMBER 2020	3,509	84,649	1,842	3,640,817	3,730,817

Profit for the year	-	-	-	1,765,212	1,765,212
Dividends: Equity capital	-	-	-	(1,378,200)	(1,378,200)
AT 30 NOVEMBER 2021	3,509	84,649	1,842	4,027,829	4,117,829

The notes on pages 12 to 26 form part of these financial statements.

Page 11

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

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
Cleveland
TS24 0JH

2.ACCOUNTING POLICIES

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention 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 as amended by the December 2017 triennial review.
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 accounting policies
The company, being a subsidiary undertaking in a group whose consolidated financial statements are publicly available, is exempt from the requirement to draw up a cash flow statement in accordance with FRS 102.
The following principal accounting policies have been applied:

2.2

Joint ventures

Joint ventures are held at cost less impairment.

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, 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 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 12

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

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 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 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 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 & 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 profit or loss.

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 profit or loss.

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.

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.

Page 13

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

2.ACCOUNTING POLICIES (CONTINUED)

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 14

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

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.

TURNOVER

The whole of the turnover is attributable to the sale of fish.

All turnover arose within the United Kingdom.

4.	OTHER OPERATING INCOME
		2021	2020
		£	£

Grants released	13,332	13,332
Net rents receivable	7,695	10,878
Coronavirus job retention scheme	438,203	414,563
Covid rates grant	8,000	30,000
	467,230	468,773

Page 15

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

Depreciation of tangible fixed assets	253,104	261,834
Amortisation of intangible assets, including goodwill	4,451	4,451
Defined contribution pension cost	45,442	42,153
Other operating lease rentals	43,218	33,276

6.	AUDITORS' REMUNERATION
		2021	2020
		£	£

Fees payable to the company's auditor and its associates for the audit of the company's annual financial statements

5,250

5,050

Fees payable to the company's auditor and its associates in respect of:
Audit-related assurance services	3,090	2,960
Other services relating to taxation	1,070	1,030
All other services	7,940	6,124
	12,100	10,114

Page 16

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

Wages and salaries	2,073,760	1,830,040
Social security costs	178,505	139,094
Cost of defined contribution scheme	45,442	42,153
	2,297,707	2,011,287

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

	2021	2020
	No.	No.

Production	75	79
Admin	11	12

	86	91

8.	DIRECTORS' REMUNERATION
		2021	2020
		£	£

Directors' emoluments	35,070	30,000
Company contributions to defined contribution pension schemes	6,870	4,668
	41,940	34,668

During the year retirement benefits were accruing to 3 directors (2020 - 3) in respect of defined contribution pension schemes.

9.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2021	2020
		£	£

	Finance leases and hire purchase contracts	899	3,095
		899	3,095

Page 17

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

Corporation tax
Current tax on profits for the year	378,829	261,726

Total current tax	378,829	261,726

Deferred tax
Origination and reversal of timing differences	68,910	80,368
Total deferred tax	68,910	80,368


	Taxation on profit on ordinary activities	447,739	342,094

Profit on ordinary activities before tax

2,212,950

1,279,379

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	420,461	243,082
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	(1,556)	(1,224)
Capital allowances for year in excess of depreciation	28,834	100,236
Total tax charge for the year	447,739	342,094

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 18

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

11.	DIVIDENDS
		2021	2020
		£	£

	Dividends paid on equity capital	1,378,200	513,200
		1,378,200	513,200

12.	INTANGIBLE ASSETS

		Goodwill
		£
	Cost
	At 1 December 2020	44,505
	At 30 November 2021	44,505
	Amortisation
	At 1 December 2020	20,054
	Charge for the year on owned assets	4,451
	At 30 November 2021	24,505
	Net book value
	At 30 November 2021	20,000
	At 30 November 2020	24,451

Page 19

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

13.	TANGIBLE FIXED ASSETS

	Freehold property	Plant & machinery	Motor vehicles	Total
	£	£	£	£
Cost
At 1 December 2020	715,693	818,514	810,835	2,345,042
Additions	11,299	179,691	219,999	410,989
Disposals	-	-	(24,700)	(24,700)
At 30 November 2021	726,992	998,205	1,006,134	2,731,331
Depreciation
At 1 December 2020	192,213	488,381	575,118	1,255,712
Charge for the year on owned assets	14,389	72,535	166,180	253,104
Disposals	-	-	(24,700)	(24,700)
At 30 November 2021	206,602	560,916	716,598	1,484,116
Net book value
At 30 November 2021	520,390	437,289	289,536	1,247,215
At 30 November 2020	523,480	330,133	235,717	1,089,330

The net book value of land and buildings may be further analysed as follows:
	2021	2020
	£	£

Freehold	520,390	523,480
	520,390	523,480

Page 20

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

13.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2021	2020
	£	£


Motor vehicles	41,140	65,129
	41,140	65,129

14.	FIXED ASSET INVESTMENTS

		Investment in joint ventures
		£
	Cost
	At 1 December 2020	50
	At 30 November 2021	50

JOINT VENTURE
The following was a joint venture of the company:
Name	Registered office	Holding

Sailbrand (2018) Limited - Ordinary shares

Units 11- 15 New Wholesale Market
Red Doles Lane
Huddersfield
West Yorkshire
England
HD2 1YF

50%

Page 21

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

15.	INVESTMENT PROPERTY

		Freehold investment property
		£
	Valuation
	At 1 December 2020	87,861
	At 30 November 2020	87,861

No valuation of the investment property has been carried out in the current year. The property was purchased in October 2018 and this value is considered to be the fair value of the investment property at the reporting date.

16.	STOCKS
		2021	2020
		£	£

Raw materials and consumables	299,788	302,338
	299,788	302,338

17.

DEBTORS

					2021	2020
					£	£


Trade debtors	2,172,692	1,076,152
Amounts owed by group undertakings	17,189	7,891
Amounts owed by joint ventures	124,950	124,950
Other debtors	69,356	148,175
Prepayments and accrued income	234	6,725
	2,384,421	1,363,893

Page 22

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

18.	CASH AND CASH EQUIVALENTS
		2021	2020
		£	£

Cash at bank and in hand	2,911,785	1,984,798
	2,911,785	1,984,798

19.	CREDITORS: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	1,966,693	581,649
Corporation tax	260,511	156,788
Other taxation and social security	41,149	44,138
Obligations under finance lease and hire purchase contracts	13,510	24,850
Other creditors	47,039	38,177
Accruals and deferred income	236,899	49,755
	2,565,801	895,357

20.	CREDITORS: Amounts falling due after more than one year
		2021	2020
		£	£

Net obligations under finance leases and hire purchase contracts	10,132	24,768
Accruals and deferred income	65,422	78,753
	75,554	103,521

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

Page 23

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

Within one year	13,510	24,850
Between 1-5 years	10,132	24,768
	23,642	49,618

22.	FINANCIAL INSTRUMENTS
		2021	2020
		£	£

Financial assets
Financial assets measured at fair value through profit or loss	2,911,785	1,984,798
Financial assets that are debt instruments measured at amortised cost	2,384,187	1,357,168
	5,295,972	3,341,966

	Financial liabilities
	Financial liabilities measured at amortised cost	(2,380,844)	(842,090)

	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, obligations under finance lease and hire purchase contracts, other creditors and accruals.

Page 24

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

23.	DEFERRED TAXATION

		2021
		£

	At beginning of year	123,026
	Charged to profit or loss	68,910
	At end of year	191,936

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

Accelerated capital allowances	192,517	123,390
Pension contributions, short term timing difference	(581)	(364)
	191,936	123,026

24.	SHARE CAPITAL
		2021	2020
		£	£

Allotted, called up and fully paid

3,000 (2020 - 3,000) Ordinary shares of £1.00 each	3,000	3,000
158 (2020 - 158) A Ordinary shares of £1.00 each	158	158
351 (2020 - 351) B Ordinary shares of £1.00 each	351	351

	3,509	3,509

25.

RESERVES

Share premium account

The share premium reserve of £84,649 is the value paid for B £1 ordinary shares 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 & loss account

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

Page 25

W HODGSON (HARTLEPOOL) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2021

26.	CONTINGENT LIABILITIES

The company has received grant funding which may be repayable if the terms and conditions of the grant are not adhered to. A contingent liability exists at the year end in respect of:
Tees Valley Business Compass - £28,502 until December 2021.

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 £45,442 (2020 - £42,153).
Contributions totalling £9,694 (2020 - £5,684) were payable to the fund at the balance sheet date.

28.

RELATED PARTY TRANSACTIONS

During the year rent of £9,996 was charged to the company for the use of premises which are owned by Mr W A Hodgson, a shareholder of the controlling party and father of two directors.
During the year dividends of £213,600 were paid to the directors.
Remuneration of key management personnel during the year was £41,600 (2020: £40,560).
At the year end £29,130 was owed to the company by a director. Interest is to be charged on the advance using HMRC's average interest rate (2.25% for 2020/21 and 2% for 2021/22).

29.	CONTROLLING PARTY

The company is a 90% owned subsidiary of Hodgson Fish Holdings Limited (address: Fish Quay, Southgate, Hartlepool, TS24 0JH), a company incorporated in England and Wales.
The company has taken advantage of the exemption from disclosing transactions with group companies
on the grounds that the consolidated financial statements are publicly available from Companies House,
Crown Way, Maindy, Cardiff.

Page 26