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Company No: 10572894 (England and Wales)

NOTTING HILL FISH SHOP LIMITED

Unaudited Financial Statements
For the financial period from 01 August 2023 to 31 March 2024
Pages for filing with the registrar

NOTTING HILL FISH SHOP LIMITED

Unaudited Financial Statements

For the financial period from 01 August 2023 to 31 March 2024

Contents

NOTTING HILL FISH SHOP LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
NOTTING HILL FISH SHOP LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 31.03.2024 31.07.2023
£ £
Fixed assets
Tangible assets 4 217,338 620,090
217,338 620,090
Current assets
Stocks 5 62,344 96,968
Debtors 6 566,351 1,108,692
Cash at bank and in hand 7 188,521 19,480
817,216 1,225,140
Creditors: amounts falling due within one year 8 ( 997,796) ( 1,657,010)
Net current liabilities (180,580) (431,870)
Total assets less current liabilities 36,758 188,220
Net assets 36,758 188,220
Capital and reserves
Called-up share capital 9 2 1
Share premium account 0 249,999
Profit and loss account 36,756 ( 61,780 )
Total shareholders' funds 36,758 188,220

For the financial period 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Notting Hill Fish Shop Limited (registered number: 10572894) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

Christopher D'Sylva
Director

18 March 2025

NOTTING HILL FISH SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 31 March 2024
NOTTING HILL FISH SHOP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Notting Hill Fish Shop Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 1-3 Stanley Gardens, Flat 1a, London, W11 2ND, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Reporting period length

The company changed it's year-end to 31 March. The reporting period is 8 months.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery etc. 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

Period from
01.08.2023 to
31.03.2024
Year ended
31.07.2023
Number Number
Monthly average number of persons employed by the company during the period, including directors 81 67

4. Tangible assets

Land and buildings Plant and machinery etc. Total
£ £ £
Cost
At 01 August 2023 272,477 921,395 1,193,872
Additions 0 75,866 75,866
Disposals ( 70,443) ( 776,797) ( 847,240)
At 31 March 2024 202,034 220,464 422,498
Accumulated depreciation
At 01 August 2023 78,492 495,290 573,782
Charge for the financial period 13,469 13,830 27,299
Disposals ( 25,982) ( 369,939) ( 395,921)
At 31 March 2024 65,979 139,181 205,160
Net book value
At 31 March 2024 136,055 81,283 217,338
At 31 July 2023 193,985 426,105 620,090

5. Stocks

31.03.2024 31.07.2023
£ £
Stocks 62,344 96,968

6. Debtors

31.03.2024 31.07.2023
£ £
Trade debtors 176,212 153,082
Deferred tax asset 36,376 69,221
Other debtors 353,763 886,389
566,351 1,108,692

7. Cash and cash equivalents

31.03.2024 31.07.2023
£ £
Cash at bank and in hand 188,521 19,480

8. Creditors: amounts falling due within one year

31.03.2024 31.07.2023
£ £
Trade creditors 606,582 927,793
Amounts owed to group undertakings 91,931 0
Other taxation and social security 68,585 422,217
Other creditors 230,698 307,000
997,796 1,657,010

9. Called-up share capital

31.03.2024 31.07.2023
£ £
Allotted, called-up and fully-paid
142 Ordinary shares of £ 0.01 each 1.42 1.42
71 Ordinary B shares of £ 0.01 each (31.07.2023: nil shares) 0.71 0
2.13 1.42

10. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

31.03.2024 31.07.2023
£ £
within one year 170,000 170,000
between one and five years 168,333 281,667
338,333 451,667

11. Related party transactions

Other related party transactions

31.03.2024 31.07.2023
£ £
Dorian Restaurants Limited 86,495 622,777
Supermarket of Dreams Limited (72,903) 0
Schmaltz Limited (19,028) 0

The above debtors/( creditors) relate to company's incorporated in England and Wales. The entities are related by virtue of their shared ownership

In addition the directors of the company are owed £185,742 ( 2023: £264,674)