Fisk & Sons Limited 10373822 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the manufacture of jewellery and related articles. Digita Accounts Production Advanced 6.30.9574.0 true true 10373822 2022-03-01 2023-02-28 10373822 2023-02-28 10373822 core:CurrentFinancialInstruments 2023-02-28 10373822 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 10373822 core:OtherResidualIntangibleAssets 2023-02-28 10373822 core:FurnitureFittingsToolsEquipment 2023-02-28 10373822 bus:SmallEntities 2022-03-01 2023-02-28 10373822 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 10373822 bus:FullAccounts 2022-03-01 2023-02-28 10373822 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10373822 bus:RegisteredOffice 2022-03-01 2023-02-28 10373822 bus:Director2 2022-03-01 2023-02-28 10373822 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10373822 core:IntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 10373822 core:OtherResidualIntangibleAssets 2022-03-01 2023-02-28 10373822 core:FurnitureFittings 2022-03-01 2023-02-28 10373822 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 10373822 countries:EnglandWales 2022-03-01 2023-02-28 10373822 2022-02-28 10373822 core:OtherResidualIntangibleAssets 2022-02-28 10373822 core:FurnitureFittingsToolsEquipment 2022-02-28 10373822 2021-03-01 2022-02-28 10373822 2022-02-28 10373822 core:CurrentFinancialInstruments 2022-02-28 10373822 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 10373822 core:OtherResidualIntangibleAssets 2022-02-28 10373822 core:FurnitureFittingsToolsEquipment 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 10373822

Fisk & Sons Limited

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Fisk & Sons Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Fisk & Sons Limited

Company Information

Director

Ms S Vahman

Registered office

78 York Street
London
London
W1H 1DP

Accountants

Sterling Grove Accountants Limited
Chartered Certified Accountants
Fawley House
2 Marlow Road
Bourne End
Bucks
SL8 5TD

 

Fisk & Sons Limited

(Registration number: 10373822)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

1,878

2,656

Tangible assets

5

3,461

4,972

 

5,339

7,628

Current assets

 

Stocks

6

382,117

337,509

Debtors

7

6,924

3,594

Cash at bank and in hand

 

9,787

2,626

 

398,828

343,729

Creditors: Amounts falling due within one year

8

(518,534)

(421,032)

Net current liabilities

 

(119,706)

(77,303)

Net liabilities

 

(114,367)

(69,675)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(114,368)

(69,676)

Shareholders' deficit

 

(114,367)

(69,675)

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 November 2023
 

Ms S Vahman
Director

 

Fisk & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
78 York Street
London
London
W1H 1DP
England

These financial statements were authorised for issue by the director on 1 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Fisk & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Going concern

The balance sheet currently shows an insolvent position, however the director has provided adequate finance to enable the entity to continue to meet its financial obligations and pay its debts and as such the accounts have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Other Intangible Asset

20% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Fisk & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity.

 

Fisk & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Fisk & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2022

3,888

3,888

At 28 February 2023

3,888

3,888

Amortisation

At 1 March 2022

1,232

1,232

Amortisation charge

778

778

At 28 February 2023

2,010

2,010

Carrying amount

At 28 February 2023

1,878

1,878

At 28 February 2022

2,656

2,656

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

9,608

9,608

Additions

1,575

1,575

Disposals

(1,166)

(1,166)

At 28 February 2023

10,017

10,017

Depreciation

At 1 March 2022

4,636

4,636

Charge for the year

2,353

2,353

Eliminated on disposal

(433)

(433)

At 28 February 2023

6,556

6,556

Carrying amount

At 28 February 2023

3,461

3,461

At 28 February 2022

4,972

4,972

 

Fisk & Sons Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Stocks

2023
£

2022
£

Other inventories

382,117

337,509

7

Debtors

Current

2023
£

2022
£

Trade debtors

6,824

-

Prepayments

100

-

Other debtors

-

3,594

 

6,924

3,594

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

52,784

4,426

Amounts owed to related parties

461,474

415,086

Taxation and social security

 

2,951

-

Accruals and deferred income

 

1,325

1,520

 

518,534

421,032