Company registration number 00302828 (England and Wales)
FISHPOOLS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2024
FISHPOOLS LIMITED
COMPANY INFORMATION
Directors
Mr S J Fishpool
Mr I Carson
Secretary
Mr E Duggan
Company number
00302828
Registered office
107 - 115 High Street
Waltham Cross
Hertfordshire
EN8 7AL
Auditor
Moore NHC Audit Limited
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
FISHPOOLS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
FISHPOOLS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 1 -
The directors present the strategic report for the period ended 28 January 2024.
Review of the Business
This year marked a significant milestone for the business as we celebrate our 125th birthday. We have reached this point through decades of commitment to our core values of superb product choice and selection, leading customer service and continual reinvestment in the business and our people.
As we reported last year, the normalisation of trading levels following the turbulence of the pandemic years had intersected with rising cost-of-living pressures, which started to have an impact on big-ticket retail sales across the UK.
Whilst we were not immune to these sector-wide challenges, our order intake performance for last year was in line with our initial projections. This has been achieved whilst starting substantial updates to our furniture presentations in store and resisting the temptation to sacrifice margins to buy short-term volumes.
As sales and margins returned close to pre-pandemic levels, we continued to invest in our people, with a new learning and development strategy, together with substantial market-driven salary increases across the board and a very healthy profit related bonus scheme for all employees.
Throughout the year, we have continued to focus on optimising efficiency and effectiveness in everything we do, reviewing how we blend technology and people to best provide a fantastic customer experience for this market.
Despite these challenges and with the end of Government Covid support, we effectively managed controllable costs, with retail profit returning to pre-pandemic levels, although naturally lower than recent record years.
Principle risks and uncertainties:
Our principal risk continues to stem from a sluggish retail sector, influenced directly by cost-of-living constraints, a subdued housing market and political uncertainty. That said, bolstered by solid margins, prudent control of overheads, ongoing investment in our people and a solid cash position, we maintain complete confidence in our long-term strategy in an extremely difficult market.
Key performance indicators:
Total sales amounted to £29.1 million, as predicted back in line with pre-pandemic levels of trading. Notably, our gross margins strengthened to 47.1%, offsetting a portion of the volume decline.
Election years and cost of living challenges never make for great trading periods and 2024 is proving to be no different, however as we continue to celebrate our 125th birthday year we remain confident about our strategy of long-term decision making, balanced with a sensible day-to-day focus on immediate efficiencies and effectiveness – an approach which will continue to serve us well for many years to come.
Mr S J Fishpool
Director
7 August 2024
FISHPOOLS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 2 -
The directors present their annual report and financial statements for the period ended 28 January 2024.
Principal activities
The principal activity of the company continued to be that of the retailing of furniture and associated items.
Results and dividends
The results for the period are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the period and up to the date of signature of the financial statements were as follows:
Mr S J Fishpool
Mr I Carson
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going Concern
The directors have considered trading forecasts and cash flow requirements for a period of 12 months from the date of approval of these financial statements and have concluded that it is appropriate to prepare these financial statements on the going concern basis.
On behalf of the board
Mr S J Fishpool
Director
7 August 2024
FISHPOOLS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 28 JANUARY 2024
- 3 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FISHPOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FISHPOOLS LIMITED
- 4 -
Opinion
We have audited the financial statements of Fishpools Limited (the 'company') for the period ended 28 January 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 28 January 2024 and of its loss for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
FISHPOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FISHPOOLS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
FISHPOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF FISHPOOLS LIMITED
- 6 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, International Financial Reporting Standards as adopted by the UK, and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Daniel Garfield
Senior Statutory Auditor
For and on behalf of Moore NHC Audit Limited
12 August 2024
Chartered Accountants
Statutory Auditor
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
FISHPOOLS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 JANUARY 2024
- 7 -
Period
Period
ended
ended
28 January
29 January
2024
2023
Notes
£
£
Turnover
3
29,108,786
34,083,175
Cost of sales
(15,407,009)
(19,116,653)
Gross profit
13,701,777
14,966,522
Administrative expenses
(14,265,893)
(14,695,116)
Other operating income
107,267
326,147
Operating (loss)/profit
4
(456,849)
597,553
Interest receivable and similar income
7
554,628
197,361
Fair value losses on foreign exchange contracts
8
(52,731)
(15,524)
Profit before taxation
45,048
779,390
Tax on profit
9
(57,740)
(199,248)
(Loss)/profit for the financial period
(12,692)
580,142
The income statement has been prepared on the basis that all operations are continuing operations.
FISHPOOLS LIMITED
BALANCE SHEET
AS AT 28 JANUARY 2024
28 January 2024
- 8 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
9,701,448
9,786,008
Investment properties
11
475,000
475,000
10,176,448
10,261,008
Current assets
Stocks
13
3,003,024
3,529,590
Debtors
14
2,102,673
1,940,835
Investments
15
7,500
15,000
Cash at bank and in hand
14,890,416
14,092,270
20,003,613
19,577,695
Creditors: amounts falling due within one year
16
(12,418,177)
(12,103,518)
Net current assets
7,585,436
7,474,177
Total assets less current liabilities
17,761,884
17,735,185
Provisions for liabilities
Deferred tax liability
17
650,105
610,714
(650,105)
(610,714)
Net assets
17,111,779
17,124,471
Capital and reserves
Called up share capital
19
700,405
700,405
Revaluation reserve
20
10,000
10,000
Capital redemption reserve
21
320,196
320,196
Distributable profit and loss reserves
22
16,081,178
16,093,870
Total equity
17,111,779
17,124,471
The financial statements were approved by the board of directors and authorised for issue on 7 August 2024 and are signed on its behalf by:
Mr S J Fishpool
Director
Company Registration No. 00302828
FISHPOOLS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 28 JANUARY 2024
- 9 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 31 January 2022
700,405
25,524
320,196
15,498,204
16,544,329
Period ended 29 January 2023:
Profit and total comprehensive income
-
-
-
580,142
580,142
Other movements
-
(15,524)
-
15,524
-
Balance at 29 January 2023
700,405
10,000
320,196
16,093,870
17,124,471
Period ended 28 January 2024:
Loss and total comprehensive income
-
-
-
(12,692)
(12,692)
Balance at 28 January 2024
700,405
10,000
320,196
16,081,178
17,111,779
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 28 JANUARY 2024
- 10 -
1
Accounting policies
Company information
Fishpools Limited is a private company limited by shares incorporated in England and Wales. The registered office is 107 - 115 High Street, Waltham Cross, Hertfordshire, EN8 7AL.
1.1
Reporting period
The company reports on a 52 weeks basis and therefore the accounts have been prepared for the period from 30 January 2023 to 28 January 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Fishpools Holdings Limited. These consolidated financial statements are available from its registered office, 107-115 High Street, Waltham Cross, Hertfordshire, EN8 7AL.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 11 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually upon delivery or collection of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
1% straight line
Plant and equipment
20% straight line
Motor vehicles
20% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to net realisable value.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 12 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.17
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 15 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the course of preparing the financial statements, no judgments have been made in the process of applying the Company's accounting policies, other than those involving estimations as disclosed below, that have had a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
The value of investment property is based on underlying assumptions concerning the receipt of contractual rentals, expected future rentals and comparison with actual market transactions.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive due to the material nature of of the value of the fixed assets. The depreciation rates are derived after determining an estimate of an asset's expected economic useful life and the expected residual value at the end of its life. The useful economic lives are based on historical experience with similar assets as well as anticipation of future events, which may impact an assets life, such as changes in technology. Depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
Provisions
The company recognises provisions for impairment of trade receivables and stock in its financial statements, when considered appropriate. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.
3
Turnover and other revenue
The total turnover of the company for the period has been derived from its principal activity wholly undertaken in the United Kingdom.
2024
2023
£
£
Turnover analysed by class of business
Sale of goods
29,108,786
34,083,175
2024
2023
£
£
Other revenue
Interest income
554,628
197,361
Grants received
-
218,880
Grants received from the UK Government were in relation to furlough support and retail support.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 16 -
4
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the period is stated after charging/(crediting):
£
£
Exchange losses/(gains)
68,910
(69,834)
Government grants
-
(218,880)
Fees payable to the company's auditor for the audit of the company's financial statements
23,200
22,000
Depreciation of owned tangible fixed assets
591,571
633,405
Profit on disposal of tangible fixed assets
(61,539)
(17,844)
5
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Office and management
75
81
Sales and distribution
99
112
Total
174
193
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
6,322,547
6,525,891
Social security costs
606,429
664,573
Pension costs
135,619
135,383
7,064,595
7,325,847
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
174,609
155,000
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 17 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
531,560
197,361
Other interest income
23,068
Total income
554,628
197,361
8
Fair value gains/(losses) on foreign exchange contracts
2024
2023
£
£
Fair value gains/(losses) on financial instruments
Fair value gains/(losses) on foreign exchange contracts
(52,731)
(15,524)
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
18,349
172,572
Adjustments in respect of prior periods
26,676
Total current tax
18,349
199,248
Deferred tax
Origination and reversal of timing differences
39,391
Total tax charge
57,740
199,248
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
45,048
779,390
Expected tax charge based on the standard rate of corporation tax in the UK of 24.00% (2023: 19.00%)
10,812
148,084
Tax effect of expenses that are not deductible in determining taxable profit
587
5,404
Adjustments in respect of prior years
26,676
Tax at marginal rate
(100)
Fixed asset timing differences
7,050
19,084
Deferred tax on fixed asset timing differences
39,391
Taxation charge for the period
57,740
199,248
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 18 -
10
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 30 January 2023
10,232,502
3,195,417
816,962
14,244,881
Additions
440,278
75,579
515,857
Disposals
(157,891)
(157,891)
At 28 January 2024
10,232,502
3,635,695
734,650
14,602,847
Depreciation and impairment
At 30 January 2023
1,620,000
2,192,579
646,294
4,458,873
Depreciation charged in the period
108,013
396,556
87,002
591,571
Eliminated in respect of disposals
(149,045)
(149,045)
At 28 January 2024
1,728,013
2,589,135
584,251
4,901,399
Carrying amount
At 28 January 2024
8,504,489
1,046,560
150,399
9,701,448
At 29 January 2023
8,612,502
1,002,838
170,668
9,786,008
Fishpools Limited have confirmed that there has been no material movements in valuation across the year.
11
Investment property
2024
£
Fair value
At 30 January 2023 and 28 January 2024
475,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 12 June 2024 by Derrick Wade Waters, Chartered Surveyors, who are not connected with the company. This was carried out in accordance with Royal Institution of Chartered Surveyors' "RICS Valuation - Global Standards, 2020"(the 'Red Book'). The valuation was made on an open market value basis by reference to market evidence of transactions price for similar properties.
All fair value movements have been transferred to the revaluation reserve, of which there were none for the period ended 28 January 2024. Derrick Wade Waters, Chartered Surveyors have confirmed that there has been no material movements in valuation across the year.
12
Financial instruments
2024
2023
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Foreign exchange contracts
52,731
-
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
12
Financial instruments
(Continued)
- 19 -
The company's policy is to eliminate the majority of its currency exposure by the use of facilities which have contractually fixed rates and time periods in which the currency must be purchased. At the balance sheet date, the company had a number of commitments to buy and sell foreign currencies, the total fair value of which was a loss of £52,731 (2023: nil).
All fair value movements have been transferred to the revaluation reserve, of which there were none for the period ended 28 January 2024. Derrick Wade Waters, Chartered Surveyors have confirmed that there has been no material movements in valuation across the year.
13
Stocks
2024
2023
£
£
Finished goods and goods for resale
3,003,024
3,529,590
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
146,784
299,200
Corporation tax recoverable
526,065
502,855
Other debtors
485,646
122,372
Prepayments and accrued income
944,178
1,016,408
2,102,673
1,940,835
15
Current asset investments
2024
2023
£
£
Unlisted investments
7,500
15,000
16
Creditors: amounts falling due within one year
2024
2023
£
£
Payments received on account
3,129,886
3,308,699
Trade creditors
898,072
1,055,094
Amounts owed to group undertakings
6,515,151
5,459,444
Corporation tax
18,349
172,572
Other taxation and social security
857,942
916,440
Derivative financial instruments
52,731
Other creditors
32,427
31,935
Accruals and deferred income
913,619
1,159,334
12,418,177
12,103,518
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
- 20 -
17
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
650,105
610,986
Other timing differences
-
(272)
650,105
610,714
2024
Movements in the period:
£
Liability at 30 January 2023
610,714
Charge to profit or loss
39,391
Liability at 28 January 2024
650,105
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,619
135,383
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £28,452 (2023: £27,846) were payable to the fund at the period end date and are included in creditors.
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
700,404 Ordinary shares of £1 each
700,404
700,404
700,404
700,404
1 Special redeemable share of £1 each
1
1
1
1
700,405
700,405
700,405
700,405
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 28 JANUARY 2024
19
Share capital
(Continued)
- 21 -
The Ordinary shares carry all rights normally ascribed to Ordinary shares.
The Special Rights Redeemable share is non-transferable and non-voting, save for where a resolution is proposed to alter the rights of the special share, alter Regulation 12 or adapt new Articles of Association, where the share shall carry the right to the number of votes equal to the number of ordinary shares in issue at the date of resolution.
The share confers no right of participation in the profits or assets of the company, nor to any distribution of capital on winding up of the company. The company may redeem the share for cash at par at any time after the death of the holder or the date on which the holder ceases to be employed by the company.
20
Revaluation reserve
All current and prior period revaluations on investment properties and financial instruments measured at fair value.
21
Capital redemption reserve
The nominal value of shares repurchased and still held at the end of the reporting period.
22
Related party transactions
The company has taken advantage of FRS 102 section 33.1A exemption to not disclose any related party transactions with companies that are wholly owned with the group. There has been no related party transactions outside of intercompany transactions.
23
Ultimate controlling party
The immediate and ultimate parent undertaking is Fishpools Holdings Limited. The group is jointly controlled by the Carson family and the Fishpool family.
The smallest and largest group into which the results of the company are consolidated is Fishpools Holdings Limited. A copy of the consolidated accounts are available from the registered office of Fishpools Holdings Limited.
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