Dotty Fish Limited
Registered number: 07140928
Statement of Financial Position
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 74,334 91,700
Current assets
Stocks 193,553 345,223
Debtors 5 158,258 186,683
Cash at bank and in hand 37,196 41,491
389,007 573,397
Creditors: amounts falling due within one year 6 (248,505) (355,976)
Net current assets 140,502 217,421
Total assets less current liabilities 214,836 309,121
Creditors: amounts falling due after more than one year 7 (140,693) (192,220)
Provisions for liabilities (14,123) (17,423)
Net assets 60,020 99,478
Capital and reserves
Called up share capital 10 10
Profit and loss account 60,010 99,468
Shareholders' funds 60,020 99,478
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Chapman
Director
Approved by the board on 17 October 2023
Dotty Fish Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Website development over 5 years
Plant and machinery over 2 years
Motor vehicles over 10 years
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 11 13
3 Government grants
The company received a business interruption payment relating to interest payable on a bounce back loan taken out in the period. The grant is shown in the the profit and loss in the period in which the related interest was incurred.
2023 2022
£ £
Business interruption payments - 7,917
4 Tangible fixed assets
Website development Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2022 35,500 18,714 100,600 154,814
Additions - 424 - 424
At 31 May 2023 35,500 19,138 100,600 155,238
Depreciation
At 1 June 2022 4,733 18,141 40,240 63,114
Charge for the year 7,100 630 10,060 17,790
At 31 May 2023 11,833 18,771 50,300 80,904
Net book value
At 31 May 2023 23,667 367 50,300 74,334
At 31 May 2022 30,767 573 60,360 91,700
5 Debtors 2023 2022
£ £
Trade debtors 70,353 101,634
Prepayments 47,266 74,682
Other debtors 40,639 10,367
158,258 186,683
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 41,667 41,667
Obligations under finance lease and hire purchase contracts 9,861 9,861
Trade creditors 32,766 30,220
Accruals 29,034 52,936
Corporation tax - 3,454
Other taxes and social security costs 4,864 14,818
Other creditors 130,313 203,020
248,505 355,976
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 111,111 152,777
Obligations under finance lease and hire purchase contracts 29,582 39,443
140,693 192,220
8 Other information
Dotty Fish Limited is a private company limited by shares and incorporated in England. Its registered office is:
Elles House, Suite A
4b Invincible Road Industrial Estate
Farnborough
GU14 7QU
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