REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
LONDON'S FISH SHOP LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2022 |
FOR |
LONDON'S FISH SHOP LTD |
LONDON'S FISH SHOP LTD (REGISTERED NUMBER: 08250598) |
CONTENTS OF THE FINANCIAL STATEMENTS |
For The Year Ended 31 OCTOBER 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
LONDON'S FISH SHOP LTD |
COMPANY INFORMATION |
For The Year Ended 31 OCTOBER 2022 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
1 Kings Avenue |
London |
N21 3NA |
LONDON'S FISH SHOP LTD (REGISTERED NUMBER: 08250598) |
STATEMENT OF FINANCIAL POSITION |
31 OCTOBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
LONDON'S FISH SHOP LTD (REGISTERED NUMBER: 08250598) |
NOTES TO THE FINANCIAL STATEMENTS |
For The Year Ended 31 OCTOBER 2022 |
1. | STATUTORY INFORMATION |
London's Fish Shop Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, the accompanying disclosures, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected in future periods. |
The Company's management believes that judgements, estimates and assumptions used in the preparation of the financial statements are appropriate given the factual circumstances as at 31 October 2018. |
Various elements of the Company's accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other assessments. In particular, the Company has identified the following accounting policies which, due to the judgements, estimates and assumptions inherent in those policies, and the sensitivity of the financial statements to those judgements, estimates and assumptions, are critical to an understanding of the financial statements. |
i) Assets impairment |
The Company reviews on an annual basis the carrying amounts of investments, tangible assets and intangible assets, in order to determine if there is an indication of impairment. If any such indication exists an impairment review is carried out in order to determine the extent of the impairment loss. |
ii) Useful lives of depreciable tangible and intangible assets |
The management assesses the estimated useful lives and related depreciation & amortisation charges for purchased and internally generated intangible assets and tangible assets and reviews the assessment at regular intervals. Management estimates are based on the projected operating life cycle of these assets. Such estimates are not expected to change significantly, however, management may modify depreciation and amortisation rates wherever useful lives turn out to be different than previously estimated and writes down or writes off assets. |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable for goods supplied net of Value Added Tax. Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
LONDON'S FISH SHOP LTD (REGISTERED NUMBER: 08250598) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 OCTOBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment losses. Such cost included costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated residual value over their expected useful lives, on the following basis: |
Leasehold properties | Straight line over the life of the lease |
Plant & machinery | 20% on Reducing Balance |
Fixtures fittings and equipment | 20% on Reducing Balance |
Motor vehicles | 20% on Reducing Balance |
Computer equipment | 33% on Reducing Balance |
The carrying values of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Inventories |
Inventories are valued at lower of cost, using first in first out method, and estimated selling prices less cost to complete and sell. Cost includes all cost of purchases, cost of conversion and other costs incurred in bringing the inventories to their present location and condition. |
Financial instruments |
Basic financial assets and liabilities, which include debtors, creditors, cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
LONDON'S FISH SHOP LTD (REGISTERED NUMBER: 08250598) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 OCTOBER 2022 |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 November 2021 |
and 31 October 2022 |
AMORTISATION |
At 1 November 2021 |
Charge for year |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 November 2021 |
Additions |
Disposals | ( |
) |
At 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for year |
Eliminated on disposal |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
LONDON'S FISH SHOP LTD (REGISTERED NUMBER: 08250598) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 OCTOBER 2022 |
5. | PROPERTY, PLANT AND EQUIPMENT - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 November 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 October 2022 |
DEPRECIATION |
At 1 November 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 October 2022 |
NET BOOK VALUE |
At 31 October 2022 |
At 31 October 2021 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loan | 183,645 | 287,547 |
The bank loan is secured by a fixed and floating charge over the company's lease hold property and by a fixed and floating charge over the company's assets. |
LONDON'S FISH SHOP LTD (REGISTERED NUMBER: 08250598) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
For The Year Ended 31 OCTOBER 2022 |
10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 October 2022 and 31 October 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
During the year interest of £4,707 (2021: £3,822) was charged at the official interest on overdrawn amounts. |