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REGISTERED NUMBER: 03104247 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

FLYING FISH UK LIMITED

FLYING FISH UK LIMITED (REGISTERED NUMBER: 03104247)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company information 1

Balance sheet 2

Notes to the financial statements 4


FLYING FISH UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: W Hunt
A J Hunt





REGISTERED OFFICE: 124 High Street
Cowes
Isle of Wight
PO31 7AY





REGISTERED NUMBER: 03104247 (England and Wales)





ACCOUNTANTS: Hunter & Co.
Chartered Accountants
415 Blackburn Road
Bolton
BL1 8NJ

FLYING FISH UK LIMITED (REGISTERED NUMBER: 03104247)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 178,557 101,176

CURRENT ASSETS
Debtors 5 170,402 211,321
Cash at bank 364,618 349,908
535,020 561,229
CREDITORS
Amounts falling due within one year 6 (388,610 ) (323,907 )
NET CURRENT ASSETS 146,410 237,322
TOTAL ASSETS LESS CURRENT
LIABILITIES

324,967

338,498

CREDITORS
Amounts falling due after more than one
year

7

(14,776

)

(24,946

)

PROVISIONS FOR LIABILITIES 9 (44,991 ) (25,813 )
NET ASSETS 265,200 287,739

CAPITAL AND RESERVES
Called up share capital 27,316 29,501
Share premium 10 16,357 16,357
Capital redemption reserve 10 2,185 -
Retained earnings 10 219,342 241,881
SHAREHOLDERS' FUNDS 265,200 287,739

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

FLYING FISH UK LIMITED (REGISTERED NUMBER: 03104247)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:





A J Hunt - Director


FLYING FISH UK LIMITED (REGISTERED NUMBER: 03104247)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. BACKGROUND INFORMATION

Flying Fish UK Limited is a private company, limited by shares, registered in England & Wales.

The company's registered number is 03104247 and the registered office address is 124, High Street, Cowes, Isle of Wight PO31 7AY.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements haver been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention..

The presentation currency of the financial statements is the Pound Sterling (£)

Going concern
After detailed consideration, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future (being the 12 month period from the date these accounts are approved) and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any provision for impairment. The cost of tangible fixed assets includes only expenditure incurred in bringing the assets into working condition for their intended use. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Yachts & Boats- 25% reducing balance
Fixtures & Fittings- 10% to 20% on cost
Website & Computers- 20% on cost

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


FLYING FISH UK LIMITED (REGISTERED NUMBER: 03104247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued
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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company. Revenue is measured at the fair value of the consideration received or receivable excluding discounts and Value Added Tax.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Yachts & and Website &
Boats fittings Computers Totals
£    £    £    £   
COST
At 1 January 2023 52,128 39,305 79,291 170,724
Additions 55,404 17,901 29,335 102,640
At 31 December 2023 107,532 57,206 108,626 273,364
DEPRECIATION
At 1 January 2023 17,246 8,791 43,511 69,548
Charge for year 9,092 5,720 10,447 25,259
At 31 December 2023 26,338 14,511 53,958 94,807
NET BOOK VALUE
At 31 December 2023 81,194 42,695 54,668 178,557
At 31 December 2022 34,882 30,514 35,780 101,176

FLYING FISH UK LIMITED (REGISTERED NUMBER: 03104247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 16,515 67,792
Other debtors 153,887 143,529
170,402 211,321

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 10,141 9,857
Trade creditors 41,220 50,769
Taxation and social security 44,219 49,606
Other creditors 293,030 213,675
388,610 323,907

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 14,776 24,946

8. LOANS

The Bank loan is a Coronavirus Bounce Back loan under the Government Scheme for a period of 6 years from May 2020. Interest is at a rate of 2.5% per annum. Year 1 interest is payable by the Government.

9. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 44,991 25,813

Deferred
tax
£   
Balance at 1 January 2023 25,813
Provided during year 19,178
Balance at 31 December 2023 44,991

FLYING FISH UK LIMITED (REGISTERED NUMBER: 03104247)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

10. RESERVES
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 241,881 16,357 - 258,238
Profit for the year 14,831 - - 14,831
Dividends (33,000 ) - - (33,000 )
Purchase of own shares (4,370 ) - 2,185 (2,185 )
At 31 December 2023 219,342 16,357 2,185 237,884

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Hunt.