Company registration number 03210813 (England and Wales)
Guide Flyfishing Limited
Annual Report and
Unaudited Financial Statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Guide Flyfishing Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Guide Flyfishing Limited
Statement Of Financial Position
as at 31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
30,598
40,797
Tangible assets
4
60,195
39,467
90,793
80,264
Current assets
Stocks
1,086,329
1,422,226
Debtors
545,362
465,685
Cash at bank and in hand
252,166
33,744
1,883,857
1,921,655
Creditors: amounts falling due within one year
(709,847)
(887,795)
Net current assets
1,174,010
1,033,860
Total assets less current liabilities
1,264,803
1,114,124
Creditors: amounts falling due after more than one year
(39,262)
(37,352)
Net assets
1,225,541
1,076,772
Capital and reserves
Called up share capital
5
62,145
62,145
Capital redemption reserve
28,755
28,755
Profit and loss reserves
1,134,641
985,872
Total equity
1,225,541
1,076,772
Guide Flyfishing Limited
Statement Of Financial Position (continued)
as at 31 December 2023
- 2 -
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
J Legg
Director
Company Registration No. 03210813
Guide Flyfishing Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
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.
Turnover is recognised upon the provision of goods.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
33% reducing balance
Computer equipment
33% straight line
Motor vehicles
25% 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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.
Guide Flyfishing Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Foreign exchange
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
14
14
3
Intangible fixed assets
Total
£
Cost
At 1 January 2023 and 31 December 2023
50,996
Amortisation and impairment
At 1 January 2023
10,199
Amortisation charged for the year
10,199
At 31 December 2023
20,398
Carrying amount
At 31 December 2023
30,598
At 31 December 2022
40,797
Guide Flyfishing Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
4
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
18,671
41,669
20,063
80,403
Additions
4,540
2,616
43,000
50,156
Disposals
(1,832)
(1,832)
At 31 December 2023
23,211
42,453
63,063
128,727
Depreciation and impairment
At 1 January 2023
8,230
27,691
5,015
40,936
Depreciation charged in the year
4,944
8,108
15,766
28,818
Eliminated in respect of disposals
(1,222)
(1,222)
At 31 December 2023
13,174
34,577
20,781
68,532
Carrying amount
At 31 December 2023
10,037
7,876
42,282
60,195
At 31 December 2022
10,441
13,978
15,048
39,467
5
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
61,400
61,400
61,400
61,400
B Ordinary shares of 1p each
74,500
74,500
745
745
135,900
135,900
62,145
62,145
6
Parent company
The ultimate parent company is Guide Flyfishing Holdings Ltd, a company registered in England and Wales. The registered office is Unit 5 Moor Lane Trading Estate, Sherburn in Elmet, Leeds, West Yorkshire, LS25 6ES.
7
Company information
Guide Flyfishing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5, Moor Lane Trading Estate, Sherburn In Elmet, Leeds, West Yorkshire, LS25 6ES.