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REGISTERED NUMBER: 09533965 (England and Wales)















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: G J Apps





REGISTERED OFFICE: 5 Crescent East
Thornton Cleveleys
Lancashire
FY5 3LJ





REGISTERED NUMBER: 09533965 (England and Wales)





AUDITORS: ma2 Limited
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:





G J Apps - Director


9 October 2024

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 £260 per share was paid on 31 December 2023. The director recommends that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 52,000 .

DIRECTOR
G J Apps held office during the whole of the period from 1 January 2023 to the date of this report.

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:





G J Apps - Director


9 October 2024

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.




Anthony Mills (Senior Statutory Auditor)
for and on behalf of ma2 Limited
Chartered Accountants and Statutory Auditor
5 Crescent East
Thornton Cleveleys
Lancashire
FY5 3LJ

9 October 2024

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 10,677,622 11,115,305

Cost of sales 7,133,730 7,903,123
GROSS PROFIT 3,543,892 3,212,182

Administrative expenses 2,973,376 2,921,244
570,516 290,938

Other operating income 12,000 9,944
OPERATING PROFIT 4 582,516 300,882


Interest payable and similar expenses 5 147,747 104,509
PROFIT BEFORE TAXATION 434,769 196,373

Tax on profit 6 178,029 -
PROFIT FOR THE FINANCIAL YEAR 256,740 196,373

Retained earnings at beginning of year 471,192 351,819

Dividends 7 (52,000 ) (77,000 )

RETAINED EARNINGS AT END OF
YEAR

675,932

471,192

MY FISH COMPANY LIMITED (REGISTERED NUMBER: 09533965)

BALANCE SHEET
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 88,831 125,972
Tangible assets 9 1,771,884 1,816,841
1,860,715 1,942,813

CURRENT ASSETS
Stocks 10 389,090 410,793
Debtors 11 1,330,341 1,148,572
Cash at bank and in hand 367,580 124,257
2,087,011 1,683,622
CREDITORS
Amounts falling due within one year 12 2,419,632 2,101,453
NET CURRENT LIABILITIES (332,621 ) (417,831 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,528,094

1,524,982

CREDITORS
Amounts falling due after more than one
year

13

(392,296

)

(694,138

)

PROVISIONS FOR LIABILITIES 17 (100,214 ) -
NET ASSETS 1,035,584 830,844

CAPITAL AND RESERVES
Called up share capital 18 200 200
Revaluation reserve 19 359,452 359,452
Retained earnings 19 675,932 471,192
SHAREHOLDERS' FUNDS 1,035,584 830,844

The financial statements were approved by the director and authorised for issue on 9 October 2024 and were signed by:





G J Apps - Director


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 1,132,815 368,817
Interest paid (125,538 ) (87,055 )
Interest element of hire purchase
payments paid

(22,209

)

(17,454

)
Tax paid 17,839 -
Net cash from operating activities 1,002,907 264,308

Cash flows from investing activities
Purchase of tangible fixed assets (227,978 ) (658,025 )
Net cash from investing activities (227,978 ) (658,025 )

Cash flows from financing activities
Loan repayments in year (324,979 ) (172,133 )
Capital repayments in year 5,344 87,587
Amount introduced by directors - 2,214
Amount withdrawn by directors (159,971 ) (20,587 )
Equity dividends paid (52,000 ) (77,000 )
Net cash from financing activities (531,606 ) (179,919 )

Increase/(decrease) in cash and cash equivalents 243,323 (573,636 )
Cash and cash equivalents at
beginning of year

2

124,257

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 434,769 196,373
Depreciation charges 294,666 185,847
Loss on disposal of fixed assets 15,408 -
Finance costs 147,747 104,509
892,590 486,729
Decrease/(increase) in stocks 21,703 (95,061 )
Increase in trade and other debtors (53,853 ) (43,024 )
Increase in trade and other creditors 272,375 20,173
Cash generated from operations 1,132,815 368,817

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
124,257 243,323 367,580
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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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.

Development costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance

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 1,558,157 1,613,075
Social security costs 144,037 152,022
Other pension costs 28,640 26,394
1,730,834 1,791,491

The average number of employees during the year was as follows:
31.12.23 31.12.22

Directors 1 1
Others 55 72
56 73

31.12.23 31.12.22
£    £   
Director's remuneration 15,000 15,000

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 52,034 53,619
Other operating leases 92,512 78,219
Depreciation - owned assets 257,527 149,031
Loss on disposal of fixed assets 15,408 -
Goodwill and brand costs amortisation 10,338 6,660
Development costs amortisation 26,803 30,156
Auditors' remuneration 9,750 -

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.23 31.12.22
£    £   
Factoring discount fee 56,966 35,036
Loan interest 68,572 52,019
Hire purchase costs 22,209 17,454
147,747 104,509

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 77,815 -

Deferred tax 100,214 -
Tax on profit 178,029 -

7. DIVIDENDS
31.12.23 31.12.22
£    £   
Ordinary shares of £1 each
Interim 52,000 77,000

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 99,544 184,281 283,825
AMORTISATION
At 1 January 2023 27,177 130,676 157,853
Amortisation for year 10,338 26,803 37,141
At 31 December 2023 37,515 157,479 194,994
NET BOOK VALUE
At 31 December 2023 62,029 26,802 88,831
At 31 December 2022 72,367 53,605 125,972

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST OR VALUATION
At 1 January 2023 898,293 950,999 96,839
Additions 5,115 55,386 4,548
Disposals - - -
Reclassification/transfer (59,063 ) 55,208 2,135
At 31 December 2023 844,345 1,061,593 103,522
DEPRECIATION
At 1 January 2023 62,232 376,209 40,772
Charge for year 39,106 127,149 12,135
Eliminated on disposal - - -
At 31 December 2023 101,338 503,358 52,907
NET BOOK VALUE
At 31 December 2023 743,007 558,235 50,615
At 31 December 2022 836,061 574,790 56,067

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 629,308 53,832 2,629,271
Additions 156,032 6,897 227,978
Disposals (104,108 ) (6,000 ) (110,108 )
Reclassification/transfer - 1,720 -
At 31 December 2023 681,232 56,449 2,747,141
DEPRECIATION
At 1 January 2023 324,930 8,287 812,430
Charge for year 69,109 10,028 257,527
Eliminated on disposal (92,540 ) (2,160 ) (94,700 )
At 31 December 2023 301,499 16,155 975,257
NET BOOK VALUE
At 31 December 2023 379,733 40,294 1,771,884
At 31 December 2022 304,378 45,545 1,816,841

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 389,090 410,793

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 1,059,230 1,065,348
Amounts owed by associates - 36,841
Other debtors - 2,303
Directors' current accounts 157,757 -
VAT 15,486 8,613
Prepayments 97,868 35,467
1,330,341 1,148,572

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) 115,981 156,745
Hire purchase contracts (see note 15) 130,817 114,721
Trade creditors 934,639 796,137
Factoring creditor 865,314 880,411
Amounts owed to associates 6,134 -
Tax 95,654 -
PAYE/Pensions 104,528 44,731
Directors' current accounts - 2,214
Accruals and sundry creditors 166,565 106,494
2,419,632 2,101,453

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) 130,783 421,873
Hire purchase contracts (see note 15) 261,513 272,265
392,296 694,138

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 115,981 156,745

Amounts falling due between one and two years:
Bank loans - 1-2 years 101,617 293,005

Amounts falling due between two and five years:
Bank loans - 2-5 years 29,166 128,868

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 130,817 114,721
Between one and five years 261,513 272,265
392,330 386,986

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 246,764 578,618
Hire purchase contracts 392,330 386,986
Invoice finance facilities 865,314 880,411
1,504,408 1,846,015

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 100,214
Balance at 31 December 2023 100,214

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
200 Ordinary £1 200 200

19. RESERVES
Retained Revaluation
earnings reserve Totals
£    £    £   

At 1 January 2023 471,192 359,452 830,644
Profit for the year 256,740 256,740
Dividends (52,000 ) (52,000 )
At 31 December 2023 675,932 359,452 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 G J Apps.

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.