Dotty Fish Limited
Registered number: 07140928
Statement of Financial Position
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 56,895 74,334
Current assets
Stocks 103,509 193,553
Debtors 4 78,242 158,258
Cash at bank and in hand 7,350 37,196
189,101 389,007
Creditors: amounts falling due within one year 5 (237,766) (248,505)
Net current (liabilities)/assets (48,665) 140,502
Total assets less current liabilities 8,230 214,836
Creditors: amounts falling due after more than one year 6 (89,166) (140,693)
Provisions for liabilities - (14,123)
Net (liabilities)/assets (80,936) 60,020
Capital and reserves
Called up share capital 10 10
Profit and loss account (80,946) 60,010
Shareholders' funds (80,936) 60,020
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
H Chapman
Director
Approved by the board on 31 October 2024
Dotty Fish Limited
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Going concern
The company had retained losses as at the balance sheet date which were not covered by the share capital of the company. The company is continuing to trade as the director of the company is funding the company in the form of a director’s loan. The director is planning to continue this financial support for the company for the foreseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Website development over 5 years
Plant and machinery over 2 years
Motor vehicles over 10 years
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 8 11
3 Tangible fixed assets
Website development Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 June 2023 35,500 19,138 100,600 155,238
At 31 May 2024 35,500 19,138 100,600 155,238
Depreciation
At 1 June 2023 11,833 18,771 50,300 80,904
Charge for the year 7,100 279 10,060 17,439
At 31 May 2024 18,933 19,050 60,360 98,343
Net book value
At 31 May 2024 16,567 88 40,240 56,895
At 31 May 2023 23,667 367 50,300 74,334
4 Debtors 2024 2023
£ £
Trade debtors 40,069 70,353
Prepayments 16,339 47,266
Other debtors 21,834 40,639
78,242 158,258
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 41,667 41,667
Obligations under finance lease and hire purchase contracts 9,861 9,861
Trade creditors 16,001 32,766
Accruals 33,561 29,034
Other taxes and social security costs 2,819 4,864
Other creditors 133,857 130,313
237,766 248,505
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 69,444 111,111
Obligations under finance lease and hire purchase contracts 19,722 29,582
89,166 140,693
7 Other information
Dotty Fish Limited is a private company limited by shares and incorporated in England. Its registered office is:
Elles House, Suite A
4b Invincible Road Industrial Estate
Farnborough
GU14 7QU
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