Company registration number 00316379 (England and Wales)
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
73,136
84,562
Investments
4
100
100
73,236
84,662
Current assets
Stocks
915
1,210
Debtors
6
41,211
37,838
Cash at bank and in hand
160,621
156,251
202,747
195,299
Creditors: amounts falling due within one year
7
(42,326)
(61,281)
Net current assets
160,421
134,018
Total assets less current liabilities
233,657
218,680
Provisions for liabilities
(2,555)
Net assets
233,657
216,125
Reserves
Other reserves
9
1,000
1,000
Income and expenditure account
232,657
215,125
Members' funds
233,657
216,125
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 2 -
For the financial year ended 31 May 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 of its financial statements for the year in question in accordance with section 476.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 November 2024 and are signed on its behalf by:
A Crook
C Murphy
Director
Director
Company registration number 00316379 (England and Wales)
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
1
Accounting policies
Company information
The National Federation of Fish Friers Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 4 Greenwood Mount, Meanwood, Leeds, LS6 4LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Income and expenditure
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and excluding VAT.
Income is recognised when goods and services have been delivered to members and customers such that risks and rewards of ownership have transferred to them.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold property
2% straight line
Head Office refurbishment
8.33% straight line
Fixtures and fittings
20% reducing balance
Computers
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 4 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
Stocks
Stock is valued at the lower of cost and estimated selling price less cost to sell.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently amortised cost using the effective interest method.
Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at 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 Statement of Income and Retained Earnings.
1.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.
Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged / (credited) to the Statement of Income and Retained Earnings.
1.9
Employee benefits
Short-term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
201,529
70,191
271,720
Additions
466
466
Disposals
(608)
(608)
At 31 May 2024
201,529
70,049
271,578
Depreciation and impairment
At 1 June 2023
125,491
61,667
187,158
Depreciation charged in the year
8,785
2,866
11,651
Eliminated in respect of disposals
(367)
(367)
At 31 May 2024
134,276
64,166
198,442
Carrying amount
At 31 May 2024
67,253
5,883
73,136
At 31 May 2023
76,038
8,524
84,562
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
100
100
5
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
The Fish Friers Review Limited
England
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
5
Subsidiaries
(Continued)
- 6 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
The Fish Friers Review Limited
100
The business and assets of this company were transferred into the National Federation of Fish Friers Limited on 1 January 1989 and the Fish Friers Review Limited is now a dormant company. Group Accounts have not been prepared as the group qualifies as a small sized group.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
20,703
20,498
Other debtors
20,508
17,340
41,211
37,838
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
836
932
Trade creditors
9,417
12,400
Corporation tax
6,230
6,610
Other taxation and social security
11,595
8,150
Other creditors
14,248
33,189
42,326
61,281
8
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
9
Other reserves
2024
2023
£
£
At the beginning and end of the year
1,000
1,000
THE NATIONAL FEDERATION OF FISH FRIERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
10
Contingent liabilities
In accordance with the Bye-laws, funds belonging to any defunct Association or Branch left in trust with the Federation which have been held for a period of six years or more become the property of the Federation. However, if at some future date an Association or Branch shall reform, the Federation will return any funds previously held in trust.
At the Balance Sheet date, funds claimed by the Federation in this way amounted to £14,888 (2023 - £14,888).
11
Related party transactions
Directors of the company had dealings with the company through the nature of their business and as members of the Federation. The transactions were all conducted on a commercial basis.