Company registration number 08600295 (England and Wales)
COTTAGE FISH COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
COTTAGE FISH COMPANY LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
COTTAGE FISH COMPANY LIMITED
BALANCE SHEET
AS AT
23 MARCH 2024
23 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
918
1,147
Current assets
Stocks
30,000
6,000
Debtors
5
112,437
82,904
Cash at bank and in hand
188
3,436
142,625
92,340
Creditors: amounts falling due within one year
6
(142,774)
(143,084)
Net current liabilities
(149)
(50,744)
Total assets less current liabilities
769
(49,597)
Creditors: amounts falling due after more than one year
7
(12,923)
(23,035)
Net liabilities
(12,154)
(72,632)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(12,155)
(72,633)
Total equity
(12,154)
(72,632)
COTTAGE FISH COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
23 MARCH 2024
23 March 2024
- 2 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 23 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 11 March 2025
J L Horsley
Director
Company Registration No. 08600295
COTTAGE FISH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 23 MARCH 2024
- 3 -
1
Accounting policies
Company information
Cottage Fish Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Mentor House, Ainsworth Street, Blackburn, Lancashire, BB1 6AY.
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
Going concern
The company is reliant upon the support of its director. The financial statements have been prepared on a going concern basis on the assumption that this finance will continue to be made available to the company. At the date of approval of the company's financial statements the director confirms that he does not intend to withdraw such financial support for the foreseeable future.true
1.3
Reporting period
These financial statements have been prepared for the period ended 23 March 2024. The comparative financial statements were prepared for the year ended 24 March 2023.
1.4
Turnover
Turnover represents amounts receivable for goods and services net of VAT.
1.5
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:
Plant and machinery
20% Reducing Balance
Motor vehicles
25% 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 profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
COTTAGE FISH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
COTTAGE FISH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 MARCH 2024
- 5 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 25 March 2023 and 23 March 2024
33,862
Depreciation and impairment
At 25 March 2023
32,715
Depreciation charged in the period
229
At 23 March 2024
32,944
Carrying amount
At 23 March 2024
918
At 24 March 2023
1,147
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
90,000
51,755
Other debtors
22,437
31,149
112,437
82,904
COTTAGE FISH COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 23 MARCH 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,112
10,112
Trade creditors
72,471
11,124
Other creditors
55,691
117,348
Accruals and deferred income
4,500
4,500
142,774
143,084
The company's bank loan is secured by the UK Government as part of the Bounce Back Loan Scheme.
Other creditors represents amounts owed to the director of £55,691 (2023: £117,348).
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,923
23,035
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and not fully paid
1 Ordinary share of £1 each
1
1
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
23,000
34,500