REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MY FISH COMPANY LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTOR AND |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MY FISH COMPANY LIMITED |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Director | 4 |
Report of the Independent Auditors | 5 |
Statement of Income and Retained Earnings | 9 |
Balance Sheet | 10 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 13 |
MY FISH COMPANY LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 December 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and Statutory Auditor |
5 Crescent East |
Thornton Cleveleys |
Lancashire |
FY5 3LJ |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
STRATEGIC REPORT |
for the Year Ended 31 December 2023 |
The director presents his strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
During the accounting period the Company maintained the level of achieved in the previous year, whilst focusing on margin improvements. |
The longer term market-place during the accounting period was healthy with high levels of enquiries. Despite the UK's political uncertainty during the period, together with other international factors, we are looking ahead in the medium term to continue our growth pattern, given the Company's ever strengthening reputation in our key operational sectors. |
We continue to strengthen our operational structure and anticipate we will thus enable the Company to continue to improve within our relevant market sectors. |
Projections for the following year highlight robust turnover, with profitable work-flows. |
Cash and working capital have strengthened during the accounting period with healthy Shareholder funds of £1.04m at the period end. |
The Company's brand continues to grow as we continue on our path ahead to become a leading player in our market-place. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Directors hold Health and Safety as the highest priority within the Company and continue to support, promote and deliver this message throughout the business. |
We predict good sales growth for the foreseeable future but remain acutely aware of the potential cyclical nature of the industry. However, the Company continues to seek controlled and manageable growth with a focus on improved profitability. Inflation continues to be considered for longer term projects, however, we perceived this to be a lower risk in the forthcoming year/medium term. |
The Company will continue to monitor closely the cost base of the business with a view to achieving efficiency savings wherever possible. |
Our staff retention policy has been successful with key personnel having been retained and recruited. |
The Company has remained profitable and, with increased Director lead strategies employed, we believe we can ensure the best possible results from whatever challenges and opportunities our market sector provides. |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
STRATEGIC REPORT |
for the Year Ended 31 December 2023 |
FINANCIAL KEY PERFORMANCE INDICATORS |
The Company has maintained the level of sales seen in the previous year, achieving an increase in gross profitability of over 4% as an overall percentage of turnover. |
Slight increases in the overhead base of the Company, together with increased margins, have resulted in a much improved net profit percentage of just over 4%, based on total turnover. |
We remain satisfied with the profitability of the Company but are continually striving to optimise returns from increased turnover and margins, controlled growth and well managed cost and risk profiles. |
Shareholders' funds have increased with our Balance sheet total increasing by just under 25%. |
ON BEHALF OF THE BOARD: |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
REPORT OF THE DIRECTOR |
for the Year Ended 31 December 2023 |
The director presents his report with the financial statements of the company for the year ended 31 December 2023. |
DIVIDENDS |
An interim dividend of £ |
The total distribution of dividends for the year ended 31 December 2023 will be £ |
DIRECTOR |
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations. |
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, ma2 Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MY FISH COMPANY LIMITED |
Opinion |
We have audited the financial statements of My Fish Company Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of 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 31 December 2023 and of its profit for the year 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. |
Basis for opinion |
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 Auditors' 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 director's 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 director with respect to going concern are described in the relevant sections of this report. |
Other information |
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MY FISH COMPANY LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements. |
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 Report of the Director. |
We have nothing to report in respect of the following matters where 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 director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of director |
As explained more fully in the Statement of Director's Responsibilities set out on page four, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MY FISH COMPANY LIMITED |
Auditors' 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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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.Our approach to identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations is as follows: |
As part of an audit in accordance with ISA's, we exercise professional judgement and maintain professional scepticism throughout. We also: |
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. |
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. |
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. |
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or,if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. |
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. |
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Other matters which we are required to address |
The comparative figures are unaudited. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MY FISH COMPANY LIMITED |
Use of our 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 a Report of the Auditors 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. |
for and on behalf of |
Chartered Accountants and Statutory Auditor |
5 Crescent East |
Thornton Cleveleys |
Lancashire |
FY5 3LJ |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
570,516 | 290,938 |
Other operating income |
OPERATING PROFIT | 4 |
Interest payable and similar expenses | 5 |
PROFIT BEFORE TAXATION |
Tax on profit | 6 |
PROFIT FOR THE FINANCIAL YEAR |
Retained earnings at beginning of year |
Dividends | 7 | ( |
) | ( |
) |
RETAINED EARNINGS AT END OF YEAR |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
BALANCE SHEET |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 8 |
Tangible assets | 9 |
CURRENT ASSETS |
Stocks | 10 |
Debtors | 11 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 12 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
13 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 17 | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the director and authorised for issue on |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
CASH FLOW STATEMENT |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
( |
) |
Tax paid |
Net cash from operating activities |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Net cash from investing activities | ( |
) | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year |
Amount introduced by directors | - | 2,214 |
Amount withdrawn by directors | (159,971 | ) | (20,587 | ) |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
697,893 |
Cash and cash equivalents at end of year |
2 |
367,580 |
124,257 |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE CASH FLOW STATEMENT |
for the Year Ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 147,747 | 104,509 |
892,590 | 486,729 |
Decrease/(increase) in stocks | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 367,580 | 124,257 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 124,257 | 697,893 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 124,257 | 243,323 | 367,580 |
124,257 | 367,580 |
Debt |
Finance leases | (386,986 | ) | (5,344 | ) | (392,330 | ) |
Debts falling due within 1 year | (156,745 | ) | 40,764 | (115,981 | ) |
Debts falling due after 1 year | (421,873 | ) | 291,090 | (130,783 | ) |
(965,604 | ) | 326,510 | (639,094 | ) |
Total | (841,347 | ) | 569,833 | (271,514 | ) |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
My Fish Company Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the 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. |
Goodwill and brand costs |
Goodwill and brand costs are capitalised and written off over their estimated useful life of 20 years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
Development costs |
Expenditure on development is written off over a period of 5 years.. |
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. |
Financial instruments |
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Basic financial assets, which include stocks, debtors, prepayments, and cash and bank balances, are initially measured at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the asset is measured at the present value of the future receipts discounted at a market rate of interest. Basic financial liabilities, which include creditors, loans, accruals and factoring liabilities, are initially recognised at transaction price and are subsequently carried at cost unless the arrangement indicates otherwise and then the liability is measured at the present value of the future obligations discounted at a market rate of interest. |
3. | EMPLOYEES AND DIRECTORS |
31.12.23 | 31.12.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
31.12.23 | 31.12.22 |
Directors | 1 | 1 |
Others | 55 | 72 |
31.12.23 | 31.12.22 |
£ | £ |
Director's remuneration |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
4. | OPERATING PROFIT |
The operating profit is stated after charging: |
31.12.23 | 31.12.22 |
£ | £ |
Hire of plant and machinery |
Other operating leases |
Depreciation - owned assets |
Loss on disposal of fixed assets |
Goodwill and brand costs amortisation |
Development costs amortisation |
Auditors' remuneration |
5. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.12.23 | 31.12.22 |
£ | £ |
Factoring discount fee |
Loan interest |
Hire purchase costs |
6. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
7. | DIVIDENDS |
31.12.23 | 31.12.22 |
£ | £ |
Ordinary shares of £1 each |
Interim |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
8. | INTANGIBLE FIXED ASSETS |
Goodwill |
and brand | Development |
costs | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
9. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals |
Reclassification/transfer | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Reclassification/transfer |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Improvements | Fixtures |
to | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
Valuation in 2018 | 158,418 | 201,034 | - |
Cost | 685,927 | 860,559 | 103,522 |
844,345 | 1,061,593 | 103,522 |
Motor | Office |
vehicles | equipment | Totals |
£ | £ | £ |
Valuation in 2018 | - | - | 359,452 |
Cost | 681,232 | 56,449 | 2,387,689 |
681,232 | 56,449 | 2,747,141 |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
9. | TANGIBLE FIXED ASSETS - continued |
If tangible fixed assets had not been revalued they would have been included at the following historical cost: |
31.12.23 | 31.12.22 |
£ | £ |
Cost | 2,387,689 | 2,269,819 |
Tangible fixed assets were valued on an open market basis on 30 June 2018 by the director . |
At the year end tangible fixed assets held under hire purchase contracts were £439,906 (2022: £511,015). The depreciation charged on these assets was £71,109 (2022: £63,860). |
10. | STOCKS |
31.12.23 | 31.12.22 |
£ | £ |
Stocks |
11. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by associates |
Other debtors |
Directors' current accounts | 157,757 | - |
VAT |
Prepayments |
The directors' current accounts balance was repaid to the company in September 2024. |
12. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts (see note 14) |
Hire purchase contracts (see note 15) |
Trade creditors |
Factoring creditor | 865,314 | 880,411 |
Amounts owed to associates | 6,134 | - |
Tax |
PAYE/Pensions |
Directors' current accounts | - | 2,214 |
Accruals and sundry creditors |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans (see note 14) |
Hire purchase contracts (see note 15) |
14. | LOANS |
An analysis of the maturity of loans is given below: |
31.12.23 | 31.12.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
15. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
31.12.23 | 31.12.22 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
16. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
Hire purchase contracts | 392,330 | 386,986 |
Invoice finance facilities | 865,314 | 880,411 |
Loans and invoice finance facilities, included in trade creditors, are secured by fixed and floating charges over the assets of the company. Hire purchase liabilities are secured over the assets to which they relate. |
17. | PROVISIONS FOR LIABILITIES |
31.12.23 | 31.12.22 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 100,214 | 92,458 |
Tax losses | - | (92,458 | ) |
100,214 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 31 December 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | £1 | 200 | 200 |
19. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 January 2023 | 830,644 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 1,035,384 |
MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 December 2023 |
20. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £52,000 (2022 - £77,000) were paid to the director . |
At the year end the director's current account was overdrawn, and disclosed in debtors £157,757 (2022: £nil). This loan was repaid to the company in September 2024. |
21. | ULTIMATE CONTROLLING PARTY |
The controlling party is G J Apps. |
The ultimate controlling party is |
22. | GOING CONCERN |
The company has substantial net assets at the balance sheet date, but is in a net current liability position, acknowledging that it relies on the support of its bankers. |