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Registered number: 13884249












THE WHISTLING OYSTER (FISHMONGERS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED

CONTENTS



Page
Company information
 
 
1
Balance sheet
 
 
2 - 3
Notes to the financial statements
 
 
4 - 9


 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED
 
COMPANY INFORMATION


Directors
R J Gillon 
S K Mantel  
J A Robinson 




Registered number
13884249



Registered office
16 Great Queen Street
Covent Garden

London

United Kingdom

WC2B 5AH




Accountants
Blick Rothenberg Limited
Chartered Accountants

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:13884249
THE WHISTLING OYSTER (FISHMONGERS) LIMITED

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
89,284
114,893

Current assets
  

Stocks
  
17,892
16,627

Debtors: amounts falling due within one year
 5 
3,227
6,882

Cash at bank and in hand
  
11,493
3,289

  
32,612
26,798

Creditors: amounts falling due within one year
 6 
(368,067)
(286,092)

Total assets less current liabilities
  
 
 
(246,171)
 
 
(144,401)

  

Net liabilities
  
(246,171)
(144,401)


Capital and reserves
  

Called up share capital 
 7 
300
300

Profit and loss account
  
(246,471)
(144,701)

Net deficit
  
(246,171)
(144,401)


Page 2


 
REGISTERED NUMBER:13884249
THE WHISTLING OYSTER (FISHMONGERS) LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




S K Mantel
Director

Date: 21 November 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Whistling Oyster (Fishmongers) Limited is a private company limited by shares incorporated in London. The address of its registered office is 16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5AH.
The company was incorporated on 1 February 2022 and the prior period’s financial statements are made up to the period ended 31 March 2023, so the comparatives are not comparable with the current year’s financial statements.
The financial statements are prepared in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future, being a period of at least twelve months from the date these financial statements were approved. The company has received a letter of support from its owners pledging their support for a period of at least 12 months from the date of approval of these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Over the term of the lease
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.9

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 5

 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.10

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Page 6

 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)




Financial instruments (continued)

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.11

Share capital

Ordinary shares are classified as equity.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2023 - 3).

Page 7

 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Short-term leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost 


At 1 April 2023
107,819
27,189
3,886
138,894


Additions
-
-
4,288
4,288



At 31 March 2024

107,819
27,189
8,174
143,182



Depreciation


At 1 April 2023
19,253
4,336
412
24,001


Charge for the year 
21,564
6,797
1,536
29,897



At 31 March 2024

40,817
11,133
1,948
53,898



Net book value



At 31 March 2024
67,002
16,056
6,226
89,284



At 31 March 2023
88,566
22,853
3,474
114,893


5.


Debtors

2024
2023
£
£


Trade debtors
1,410
3,302

Other debtors
-
206

Prepayments and accrued income
1,817
3,374

3,227
6,882


Page 8

 

THE WHISTLING OYSTER (FISHMONGERS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank overdrafts
29,399
-

Trade creditors
82,311
44,009

Other taxation and social security
13,710
3,652

Other creditors
226,949
231,677

Accruals and deferred income
15,698
6,754

368,067
286,092



7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



300 (2023 - 100) Ordinary A shares shares of £1.00 each
300
100
Nil (2023 - 100) Ordinary B shares shares of £1.00 each
-
100
Nil (2023 - 100) Ordinary C shares shares of £1.00 each
-
100

300

300

On 15 August 2023, Ordinary B shares and Ordinary C shares were designated to Ordinary A shares.



8.


Pension commitments

The company operates a personal pension schemes for the benefits of its employees. The assets of the schemes are held seperately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the funds and amounted to £3,451 (2023:£798). Contributions totalling £467 (2023:£688) were payable to the funds at the balance sheet date.


9.


Related party transactions

As at the balance sheet date, the company owed £221,055 (2023:£225,055) to the directors. These are unsecured, interest free and repayble when cash flow permits. The company also paid rent of £32,000 (2023:£16,000) to a company in which one of the directors has an interest in.

 
Page 9