Direct Fish Limited 04712449 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is wholesale of fish. Digita Accounts Production Advanced 6.30.9574.0 true 04712449 2023-04-01 2024-03-31 04712449 2024-03-31 04712449 bus:OrdinaryShareClass1 2024-03-31 04712449 core:RetainedEarningsAccumulatedLosses 2024-03-31 04712449 core:ShareCapital 2024-03-31 04712449 core:CurrentFinancialInstruments 2024-03-31 04712449 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 04712449 core:Goodwill 2024-03-31 04712449 core:FurnitureFittings 2024-03-31 04712449 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 04712449 core:MotorVehicles 2024-03-31 04712449 core:OfficeEquipment 2024-03-31 04712449 core:PlantMachinery 2024-03-31 04712449 bus:SmallEntities 2023-04-01 2024-03-31 04712449 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 04712449 bus:FilletedAccounts 2023-04-01 2024-03-31 04712449 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 04712449 bus:RegisteredOffice 2023-04-01 2024-03-31 04712449 bus:CompanySecretary1 2023-04-01 2024-03-31 04712449 bus:Director1 2023-04-01 2024-03-31 04712449 bus:Director3 2023-04-01 2024-03-31 04712449 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 04712449 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 04712449 core:Goodwill 2023-04-01 2024-03-31 04712449 core:ComputerEquipment 2023-04-01 2024-03-31 04712449 core:FurnitureFittings 2023-04-01 2024-03-31 04712449 core:InvestmentPropertyIncludedWithinPPE 2023-04-01 2024-03-31 04712449 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 04712449 core:MotorVehicles 2023-04-01 2024-03-31 04712449 core:OfficeEquipment 2023-04-01 2024-03-31 04712449 core:PlantMachinery 2023-04-01 2024-03-31 04712449 countries:AllCountries 2023-04-01 2024-03-31 04712449 2023-03-31 04712449 core:Goodwill 2023-03-31 04712449 core:FurnitureFittings 2023-03-31 04712449 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04712449 core:MotorVehicles 2023-03-31 04712449 core:OfficeEquipment 2023-03-31 04712449 core:PlantMachinery 2023-03-31 04712449 2022-04-01 2023-03-31 04712449 2023-03-31 04712449 bus:OrdinaryShareClass1 2023-03-31 04712449 core:RetainedEarningsAccumulatedLosses 2023-03-31 04712449 core:ShareCapital 2023-03-31 04712449 core:CurrentFinancialInstruments 2023-03-31 04712449 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04712449 core:FurnitureFittings 2023-03-31 04712449 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 04712449 core:MotorVehicles 2023-03-31 04712449 core:OfficeEquipment 2023-03-31 04712449 core:PlantMachinery 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 04712449

Direct Fish Limited

trading as Out of The Blue Fish

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Direct Fish Limited

trading as Out of The Blue Fish

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Direct Fish Limited

trading as Out of The Blue Fish

Company Information

Directors

Mr David Roy Yarwood

Mr William Yarwood

Company secretary

Mrs Emma Yarwood

Registered office

C/O Bright Partnership,
26 Edward Court,
Altrincham
England
WA14 5GL

Accountants

Bright Partnership Limited
Unit 26 Edward Court
Altrincham Business Park
Altrincham
WA14 5GL

 

Direct Fish Limited

trading as Out of The Blue Fish

(Registration number: 04712449)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

32,072

39,032

Current assets

 

Stocks

10,250

10,250

Debtors

6

121,326

93,421

Cash at bank and in hand

 

1,099,304

1,029,261

 

1,230,880

1,132,932

Creditors: Amounts falling due within one year

7

(201,902)

(143,870)

Net current assets

 

1,028,978

989,062

Total assets less current liabilities

 

1,061,050

1,028,094

Provisions for liabilities

(8,017)

(7,416)

Net assets

 

1,053,033

1,020,678

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,052,933

1,020,578

Shareholders' funds

 

1,053,033

1,020,678

For the financial year ending 31 March 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.

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 25 July 2024 and signed on its behalf by:
 

 

Direct Fish Limited

trading as Out of The Blue Fish

(Registration number: 04712449)
Statement of Financial Position as at 31 March 2024

.........................................
Mr David Roy Yarwood
Director

.........................................
Mr William Yarwood
Director

 

Direct Fish Limited

trading as Out of The Blue Fish

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
C/O Bright Partnership,
26 Edward Court,
Altrincham
England
WA14 5GL

These financial statements were authorised for issue by the Board on 25 July 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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities 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.

These financial statements are presented in sterling, which is the functional currency of the entity.

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.

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.

 

Direct Fish Limited

trading as Out of The Blue Fish

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Investment to Property

10% Straight Line

Fixture and Fittings

15% Reducing Balance

Motor Vehicles

25% Reducing Balance

Plant & Machinery

15% Reducing Balance

Computer equipment

25% Straight Line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its useful life of ten years.

Asset class

Amortisation method and rate

Goodwill

NIL

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.

 

Direct Fish Limited

trading as Out of The Blue Fish

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Direct Fish Limited

trading as Out of The Blue Fish

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Direct Fish Limited

trading as Out of The Blue Fish

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

25,000

25,000

At 31 March 2024

25,000

25,000

Amortisation

At 1 April 2023

25,000

25,000

At 31 March 2024

25,000

25,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Freehold property
£

Plant and machinery
£

Fixtures and fittings
£

Motor vehicles
 £

Cost or valuation

At 1 April 2023

75,295

2,588

80,000

41,597

Additions

-

924

-

-

At 31 March 2024

75,295

3,512

80,000

41,597

Depreciation

At 1 April 2023

75,295

1,237

65,859

19,667

Charge for the year

-

279

1,879

5,482

At 31 March 2024

75,295

1,516

67,738

25,149

Carrying amount

At 31 March 2024

-

1,996

12,262

16,448

At 31 March 2023

-

1,351

14,141

21,930

 

Direct Fish Limited

trading as Out of The Blue Fish

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Computer equipment
£

Total
£

Cost or valuation

At 1 April 2023

2,868

202,348

Additions

554

1,478

At 31 March 2024

3,422

203,826

Depreciation

At 1 April 2023

1,258

163,316

Charge for the year

798

8,438

At 31 March 2024

2,056

171,754

Carrying amount

At 31 March 2024

1,366

32,072

At 31 March 2023

1,610

39,032

 

Direct Fish Limited

trading as Out of The Blue Fish

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

114,156

87,268

Prepayments

4,518

3,239

Other debtors

2,652

2,914

 

121,326

93,421

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

68,756

57,140

Taxation and social security

67,650

45,752

Accruals and deferred income

3,800

-

Other creditors

61,696

40,978

201,902

143,870

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100