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Registration number: 06787296

Wedge Fish Limited

Annual Report and Unaudited Financial Statements

for the year ended 31 January 2024

 

Wedge Fish Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Wedge Fish Limited

(Registration number: 06787296)
Statement of Financial Position
31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

35,492

48,866

Current assets

 

Stocks

5

269,296

99,017

Debtors

6

891,159

1,183,497

Cash at bank and in hand

 

16,761

8,230

 

1,177,216

1,290,744

Creditors: Amounts falling due within one year

7

(92,101)

(196,205)

Net current assets

 

1,085,115

1,094,539

Total assets less current liabilities

 

1,120,607

1,143,405

Creditors: Amounts falling due after more than one year

7

-

(24,167)

Provisions for liabilities

(6,744)

(4,935)

Net assets

 

1,113,863

1,114,303

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,113,763

1,114,203

Shareholders' funds

 

1,113,863

1,114,303

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Wedge Fish Limited

(Registration number: 06787296)
Statement of Financial Position
31 January 2024

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 30 October 2024 and signed on its behalf by:
 

.........................................
D J Connolly
Director

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Wiston House
1 Wiston Avenue
Worthing
West Sussex
BN14 7QL

These financial statements were authorised for issue by the Board on 30 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

2

Accounting policies (continued)

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

over 5 years

Motor vehicles

over 4 years

Equipment

over 4 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 February 2023

24,822

63,987

40,528

129,337

Additions

2,122

-

363

2,485

At 31 January 2024

26,944

63,987

40,891

131,822

Depreciation

At 1 February 2023

17,336

35,935

27,200

80,471

Charge for the year

1,656

9,617

4,586

15,859

At 31 January 2024

18,992

45,552

31,786

96,330

Carrying amount

At 31 January 2024

7,952

18,435

9,105

35,492

At 31 January 2023

7,486

28,052

13,328

48,866

5

Stocks

2024
£

2023
£

Other inventories

269,296

99,017

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

123,139

286,220

Prepayments

1,613

650

Other debtors

766,407

896,627

 

891,159

1,183,497

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

3,274

131,296

Trade creditors

 

63,886

56,122

Taxation and social security

 

18,691

8,787

Other creditors

 

6,250

-

 

92,101

196,205

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

-

24,167

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

24,167

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

124,583

Bank overdrafts

3,274

6,713

3,274

131,296

 

Wedge Fish Limited

Notes to the Unaudited Financial Statements
for the year ended 31 January 2024

9

Related party transactions

Transactions with directors

2024

At 1 February 2023
£

Repayments by director
£

At 31 January 2024
£

D J Connolly

Directors loan account

35,591

(20,150)

15,441

V Connolly

Directors loan account

35,590

(20,150)

15,440

2023

At 1 February 2022
£

Repayments by director
£

At 31 January 2023
£

D J Connolly

Directors loan account

76,428

(40,837)

35,591

V Connolly

Directors loan account

76,427

(40,837)

35,590