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Registered number: 07030734
Fishtail UK Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Your Accounts Team Ltd
10 Sudeley Place
Brighton
BN2 1HF
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 07030734
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 79,423 85,463
79,423 85,463
CURRENT ASSETS
Stocks 6 53,430 53,828
Debtors 7 68,194 39,748
Cash at bank and in hand 197,571 158,644
319,195 252,220
Creditors: Amounts Falling Due Within One Year 8 (235,897 ) (171,486 )
NET CURRENT ASSETS (LIABILITIES) 83,298 80,734
TOTAL ASSETS LESS CURRENT LIABILITIES 162,721 166,197
NET ASSETS 162,721 166,197
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 162,719 166,195
SHAREHOLDERS' FUNDS 162,721 166,197
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Duncan Clark
Director
26 October 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 2 153,479 153,481
Profit for the year and total comprehensive income - 74,128 74,128
Dividends paid - (61,412) (61,412)
As at 31 March 2023 and 1 April 2023 2 166,195 166,197
Profit for the year and total comprehensive income - 56,524 56,524
Dividends paid - (60,000) (60,000)
As at 31 March 2024 2 162,719 162,721
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Fishtail UK Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07030734 . The registered office is 7 Cliffe High Street, Lewes, East Sussex, BN7 2AH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are .... It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold Over the term of the lease
Plant & Machinery 20% p.a. Straight Line
Motor Vehicles 20% p.a. Straight Line
Fixtures & Fittings 20% p.a. Straight Line
Computer Equipment 33 1/3% p.a. Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 4
Page 5
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 35 (2023: 27)
35 27
4. Intangible Assets
Other
£
Cost
As at 1 April 2023 68,000
As at 31 March 2024 68,000
Amortisation
As at 1 April 2023 68,000
As at 31 March 2024 68,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 21,145 61,993 293,940 5,791 382,869
Additions - - 21,619 - 21,619
As at 31 March 2024 21,145 61,993 315,559 5,791 404,488
Depreciation
As at 1 April 2023 21,145 34,074 237,445 4,742 297,406
Provided during the period - 9,753 17,369 537 27,659
As at 31 March 2024 21,145 43,827 254,814 5,279 325,065
Net Book Value
As at 31 March 2024 - 18,166 60,745 512 79,423
As at 1 April 2023 - 27,919 56,495 1,049 85,463
Page 5
Page 6
6. Stocks
2024 2023
£ £
Finished goods 53,430 53,828
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 7,223 4,811
Other debtors 48,628 29,752
VAT 12,343 5,185
68,194 39,748
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 171,355 100,133
Corporation tax 17,455 4,097
Other taxes and social security 3,723 -
Net wages 24,095 -
Accruals and deferred income - 26,856
Directors' loan accounts 19,269 40,400
235,897 171,486
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 6