Registered number
03165203
Something Fishy (Sussex) Limited
Filleted Accounts
31 July 2023
Something Fishy (Sussex) Limited
Registered number: 03165203
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 50,526 67,200
50,527 67,201
Current assets
Stocks 15,000 15,000
Debtors 5 110,508 127,746
Cash at bank and in hand 86,853 72,904
212,361 215,650
Creditors: amounts falling due within one year 6 (64,075) (101,924)
Net current assets 148,286 113,726
Total assets less current liabilities 198,813 180,927
Creditors: amounts falling due after more than one year 7 (19,100) (29,536)
Net assets 179,713 151,391
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 178,713 150,391
Shareholders' funds 179,713 151,391
The director is 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 director acknowledges his 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 and delivered 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.
Mr A Shaw
Director
Approved by the board on 30 July 2024
Something Fishy (Sussex) Limited
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Leasehold property 20% straight line
Plant and machinery 25% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks 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 (which is usually the invoice 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 (which is usually the invoice 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.
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
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 4,000
At 31 July 2023 4,000
Amortisation
At 1 August 2022 3,999
At 31 July 2023 3,999
Net book value
At 31 July 2023 1
At 31 July 2022 1
Goodwill has been written off in equal annual instalments over its estimated economic life of 4 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 40,400 211,880 38,985 291,265
Additions - 171 - 171
At 31 July 2023 40,400 212,051 38,985 291,436
Depreciation
At 1 August 2022 40,399 171,341 12,325 224,065
Charge for the year - 10,179 6,666 16,845
At 31 July 2023 40,399 181,520 18,991 240,910
Net book value
At 31 July 2023 1 30,531 19,994 50,526
At 31 July 2022 1 40,539 26,660 67,200
5 Debtors 2023 2022
£ £
Trade debtors 102,785 97,520
Other debtors 7,723 30,226
110,508 127,746
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 649 3,896
Trade creditors 10,317 50,007
Taxation and social security costs 23,947 19,112
Other creditors 19,162 18,909
64,075 101,924
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,100 28,887
Obligations under finance lease and hire purchase contracts - 649
19,100 29,536
8 Other information
Something Fishy (Sussex) Limited is a private company limited by shares and incorporated in England. Its registered office is:
12 The Parade
East Wittering
Chichester
West Sussex
PO20 8BN
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