FOR THE PERIOD ENDED 30 NOVEMBER 2019
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W. STEVENSON & SONS LIMITED
COMPANY INFORMATION
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W. STEVENSON & SONS LIMITED
CONTENTS
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W. STEVENSON & SONS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2019
The principal activity of the Company is the operation of a fishing fleet in the South West of England, together with running the daily fish auction in Newlyn.
A majority share of the company was acquired by a subsidiary of Ocean Holdings (South West) Limited shortly before year end. The performance of the business in this reporting period falls far short of the future expectations of the new parent company. Losses have been accumulated as a result of a number of issues in year; 1) Financing structure – The pre-acquisition Directors had elected to move away from high street banking for a more mezzanine form of capital. Consequently, the interest rates and administration charges associated with pre-acquisition working capital funding and vessel upgrade finance was extremely high. In excess of £2m of excess costs have been charged to the income statement in the year ending November 2019. The new parent company successfully refinanced the business at completion date which has set the cost of finance at competitive rates above the Bank of England base, providing a stable platform for future capital investment. 2) Vessel performance – the Company operates a number of ageing trawlers which have not received the necessary level of capital investment in recent years. A review of the fleet has now been undertaken with certain boats having received significant upgrades. This will improve fishing reliability and overall economic life of the vessel. With the support of our funders we have an agreed modernisation programme for future years which will allow an assessment of both new builds and replacement vessels given the strength of the European market. The wider Group have also agreed to purchase a large modern vessel called the “Enterprise” that will be brought onto the UK flag in the early stages of 2021 and improve earnings and maximise quota usage. Several of the oldest vessels have been decommissioned in year as they were beyond economic repair and costing to operate on a port-risk basis. 3) Discontinued operations – the company was operating a heavily loss-making retail department which serviced the local hospitality and food service sector. After an initial review of operations, the decision was made to close this business unit to ensure no further losses were incurred. The losses incurred in this financial year were circa £120k. 4) Redundancy and legal costs associated with the retail unit closure. With the Company now under new management and correctly funded it is fully anticipated that the business will return to a level of profitability over time and not experience losses in line with this year going forward.
A structured decommission and replacement programme is being appraised for vessels that are nearing the end of their useful economic life. This will ensure that days-at-sea and operational efficiencies are maximised. Directors are constantly reviewing new and innovative methods of fishing to ensure sustainability of all South West stocks for future generations.
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W. STEVENSON & SONS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2019
The directors ensure that senior managers are made aware of key risks facing the business.
A range of robust internal controls are continually monitored and reported on to ensure that an effective level of risk management exists. The principal risks facing the group are as follows; 1. Health and safety - It is important that we protect the health, safety and welfare of all our employees, contractors and fisherman. Health and safety will always be very high on the management agenda and is reported weekly to ensure company standards and focus remains high. We have dedicated H&S management resource and employees are provided with continual training to ensure that they continue to use best practice so that health and safety is never compromised. 2. Brexit – A ‘no-deal’ Brexit remains a risk to the business as it would likely to impact the route to market for fish landed by both Company and agency vessels, therefore potentially suppressing demand. Directors continue to lobby government and industry groups to ensure that our interests are fully considered in ongoing negotiations with the European Union. We remain optimistic that a sensible solution will be found to ensure the current trading arrangements with our European partners is preserved and that the UK derives increased benefit from its status as an independent coastal state. 3. COVID-19 – The Company was impacted throughout the first wave of the global pandemic as national and international food service demand weakened which impacted market prices and overall profitability. Prices did subsequently recover so there is hope that with a vaccination the market will re-stabilise in the medium term. The Directors’ believe that the Company is well placed to manage its business risks and the support of the bank to continue a wider Group vessel modernisation programme. Accordingly, the Directors’ have continued to adopt the going concern basis in the preparation of these accounts
This report was approved by the board on 30 November 2020
and signed on its behalf.
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W. STEVENSON & SONS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2019
The directors present their report and the financial statements for the period ended 30 November 2019.
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;
∙
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.
The loss for the period, after taxation, amounted to £
3,369,296
(2018:
loss
£
842,246
)
.
The directors who served during the period were:
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W. STEVENSON & SONS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2019
Each of the persons who are
directors at the time when this Directors' report is approved has confirmed that:
The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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W. STEVENSON & SONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W. STEVENSON & SONS LIMITED
We have audited the financial statements of W. Stevenson & Sons Limited (the 'Company') for the period ended 30 November 2019, which comprise the Statement of income and retained earnings, the Statement of financial position
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 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.
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 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.
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W. STEVENSON & SONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W. STEVENSON & SONS LIMITED (CONTINUED)
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 period 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.
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:
As explained more fully in the Directors' responsibilities statement on page 3, 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.
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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W. STEVENSON & SONS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF W. STEVENSON & SONS LIMITED (CONTINUED)
This report is made solely to the Company's members
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 members 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 members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditors
2nd Floor Stratus House
Emperor Way
Exeter Business Park
EX1 3QS
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W. STEVENSON & SONS LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
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W. STEVENSON & SONS LIMITED
REGISTERED NUMBER:
03569268
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 10 to 27 form part of these financial statements.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
W. Stevenson & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Harbour offices, Newlyn, Penzance, Cornwall, TR18 5HB.
2.
ACCOUNTING POLICIES
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
.
These financial statements cover the 11 month period to 30 November 2019 and is therefore not entirely comparable with the prior 12 month period. The accounting period has been shortened in line with its fellow group companies.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙
the requirements of Section 7 Statement of Cash Flows;
∙
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Ocean Holdings South West Limited as at 30 November 2019 and these financial statements may be obtained from the parent company's registered office, Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall PL26 8LX.
The directors have considered the outbreak of COVID-19 in early 2020 and the impact it will have on the ongoing operations of the Company which was acquired on 14 October 2019 by W Stevenson Investments Limited as an investment by the Ocean Holdings South West Limited Group. This Group is well diversified across its sales and supply channels and remained relatively robust during an initial wave of COVID-19.
Despite W Stevenson & Sons Limited making losses during the period to 30 November 2019 this is a strategic purchase by the Group and the directors intention is to return this company to profitability in line with other group companies. Additionally, the company has new funding in place and the support of its ultimate parent company, Ocean Holdings South West Limited. The directors have reviewed the Group’s current stock holdings, working capital and future trading ability, and as a result anticipate that the business will be able to continue successfully trading despite the difficulties posed as a result of COVID-19. In light of this, the directors consider it appropriate for the financial statements to be prepared on a going concern basis.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
2.
ACCOUNTING POLICIES (continued)
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
2.
ACCOUNTING POLICIES (continued)
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2018 to continue to be charged over the period to the first market rent review rather than the term of the lease.
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 income and retained earnings in the same period as the related expenditure.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in profit or loss in the period in which they are incurred.
DEFINED CONTRIBUTION PENSION PLAN
The Company operates 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
2.
ACCOUNTING POLICIES (continued)
Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.
The fishing licenses and quotas are included in the accounts at historical cost. Having considered the values achieved in the active markets for these types of asset the directors have assigned residual values equal to the cost of the asset. No amortisation has therefore been charged and an annual impairment assessment is made by the directors.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, over the following bases.
Depreciation is provided on the following basis:
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.
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 averagebasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting 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 profit or loss.
Debt instruments (other than those wholly repayable or receivable within one year), including loans
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
2.
ACCOUNTING POLICIES (continued)
and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carraying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilites are as follows: Depreciation period for fixed assets Depreciation is estimated, based upon the estimated useful economic life and residual value of assets. Having considered the values achievable in the active market intangible assets are considered to have a residual value, at least equal to cost and therefore no amortisation has been charged. Impairment of tangible and intangible assets Directors consider the carrying value and future recoverable value of assets, based upon industry knowledge, current trading and future opportunities.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
Analysis of turnover by country of destination:
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
9.
TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
12.
TANGIBLE FIXED ASSETS (CONTINUED)
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
The loans are secured on first legal charges over the company's freehold property, fixed charges over book and other debts, chattels, goodwill, uncalled capital present and furture and over intellectual property, and floating charges over other assets.
Hire purchases and finance lease liabilities are secured on the assets to which they relate.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
The loans are secured on first legal charges over the company's freehold property, fixed charges over book and other debts, chattels, goodwill, uncalled capital present and furture and over intellectual property, and floating charges over other assets.
Hire purchases and finance lease liabilities are secured on the assets to which they relate.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
Profit and loss account
declared dividends.
There is an unlimited multilateral guarentee between the company and the following companies within the group; Ocean Holdings South West Ltd, Vistgate Limited and S. Riddler Limited.
The Company operates 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 £22,457 (2018: £16,363). Contributions totalling £2,299 (2018: £2,686) were payable to the fund at the reporting date and are included in creditors.
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W. STEVENSON & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2019
70% of the company's ordinary share capital was acquired on 14 October 2019 by
Ocean Holdings South West Ltd is controlled by The consolidated financial statements of Ocean Holdings South West Ltd are available upon request from the parent company's registered office, Unit 2a/2b Victoria Business Park, Roche, St Austell, Cornwall PL26 8LX.
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