Caseware UK (AP4) 2023.0.135 2023.0.135 2024-07-312024-07-3119668500510809495003JRG Properties (Cornwall) Limited Mr J Godden Key Management Personnel2455079582truetrue2023-08-01falseProcessing and distribution of seafoods.127113truefalsefalse 05850222 2023-08-01 2024-07-31 05850222 2022-08-01 2023-07-31 05850222 2024-07-31 05850222 2023-07-31 05850222 4 2023-08-01 2024-07-31 05850222 4 2022-08-01 2023-07-31 05850222 d:Director1 2023-08-01 2024-07-31 05850222 d:RegisteredOffice 2023-08-01 2024-07-31 05850222 e:Buildings e:ShortLeaseholdAssets 2023-08-01 2024-07-31 05850222 e:Buildings e:ShortLeaseholdAssets 2024-07-31 05850222 e:Buildings e:ShortLeaseholdAssets 2023-07-31 05850222 e:PlantMachinery 2023-08-01 2024-07-31 05850222 e:PlantMachinery 2024-07-31 05850222 e:PlantMachinery 2023-07-31 05850222 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05850222 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 05850222 e:MotorVehicles 2023-08-01 2024-07-31 05850222 e:MotorVehicles 2024-07-31 05850222 e:MotorVehicles 2023-07-31 05850222 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05850222 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 05850222 e:FurnitureFittings 2023-08-01 2024-07-31 05850222 e:FurnitureFittings 2024-07-31 05850222 e:FurnitureFittings 2023-07-31 05850222 e:FurnitureFittings e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05850222 e:FurnitureFittings e:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 05850222 e:ComputerEquipment 2023-08-01 2024-07-31 05850222 e:ComputerEquipment 2024-07-31 05850222 e:ComputerEquipment 2023-07-31 05850222 e:ComputerEquipment e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05850222 e:ComputerEquipment e:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 05850222 e:OwnedOrFreeholdAssets 2023-08-01 2024-07-31 05850222 e:LeasedAssetsHeldAsLessee 2023-08-01 2024-07-31 05850222 e:CurrentFinancialInstruments 2024-07-31 05850222 e:CurrentFinancialInstruments 2023-07-31 05850222 e:Non-currentFinancialInstruments 2024-07-31 05850222 e:Non-currentFinancialInstruments 2023-07-31 05850222 e:CurrentFinancialInstruments e:WithinOneYear 2024-07-31 05850222 e:CurrentFinancialInstruments e:WithinOneYear 2023-07-31 05850222 e:Non-currentFinancialInstruments e:AfterOneYear 2024-07-31 05850222 e:Non-currentFinancialInstruments e:AfterOneYear 2023-07-31 05850222 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-07-31 05850222 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-07-31 05850222 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-07-31 05850222 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-07-31 05850222 e:UKTax 2023-08-01 2024-07-31 05850222 e:UKTax 2022-08-01 2023-07-31 05850222 e:ShareCapital 2024-07-31 05850222 e:ShareCapital 2023-07-31 05850222 e:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 05850222 e:RetainedEarningsAccumulatedLosses 2024-07-31 05850222 e:RetainedEarningsAccumulatedLosses 2022-08-01 2023-07-31 05850222 e:RetainedEarningsAccumulatedLosses 2023-07-31 05850222 e:RetainedEarningsAccumulatedLosses 2022-08-01 05850222 e:AcceleratedTaxDepreciationDeferredTax 2024-07-31 05850222 e:AcceleratedTaxDepreciationDeferredTax 2023-07-31 05850222 d:OrdinaryShareClass1 2023-08-01 2024-07-31 05850222 d:OrdinaryShareClass1 2024-07-31 05850222 d:OrdinaryShareClass1 2023-07-31 05850222 d:OrdinaryShareClass2 2023-08-01 2024-07-31 05850222 d:OrdinaryShareClass2 2024-07-31 05850222 d:OrdinaryShareClass2 2023-07-31 05850222 d:FRS102 2023-08-01 2024-07-31 05850222 d:Audited 2023-08-01 2024-07-31 05850222 d:FullAccounts 2023-08-01 2024-07-31 05850222 d:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 05850222 e:WithinOneYear 2024-07-31 05850222 e:WithinOneYear 2023-07-31 05850222 e:BetweenOneFiveYears 2024-07-31 05850222 e:BetweenOneFiveYears 2023-07-31 05850222 e:MoreThanFiveYears 2024-07-31 05850222 e:MoreThanFiveYears 2023-07-31 05850222 e:HirePurchaseContracts e:WithinOneYear 2024-07-31 05850222 e:HirePurchaseContracts e:WithinOneYear 2023-07-31 05850222 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-07-31 05850222 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-07-31 05850222 2 2023-08-01 2024-07-31 05850222 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2024-07-31 05850222 e:MotorVehicles e:LeasedAssetsHeldAsLessee 2023-07-31 05850222 f:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05850222
















FLYINGFISH SEAFOODS COMPANY LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024


































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FLYINGFISH SEAFOODS COMPANY LIMITED

 
COMPANY INFORMATION


DIRECTOR
Mr J Godden 




REGISTERED NUMBER
05850222



REGISTERED OFFICE
Old School Industrial Park
Moorland Road

Indian Queens

Cornwall

TR9 6JP




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

Chy Nyverow

Newham Road

Truro

Cornwall

TR1 2DP






FLYINGFISH SEAFOODS COMPANY LIMITED


CONTENTS



Page
Strategic report
 
1
Director's report
 
2 - 3
Independent auditors' report
 
4 - 7
Statement of income and retained earnings
 
8
Statement of financial position
 
9
Notes to the financial statements
 
10 - 23



FLYINGFISH SEAFOODS COMPANY LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024

INTRODUCTION
 
The director presents his strategic review for the year ended 31 July 2024.

BUSINESS REVIEW
 
The director and staff of the company aim to share their passion for fish and seafood products with their customers, supplying quality products at competitive prices.
The results for the year show a pre-tax profit of £999,393 (2023: £1,815,622) and sales of £22,183,934 (2023: £22,491,150).

PRINCIPAL RISKS AND UNCERTAINTIES
 
Ordinarily, the main risk to the company is the supply of fish. The director seeks to mitigate this risk by ensuring that the company has a good relationship with key suppliers and paying them promptly.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The key performance indicators are the gross profit margin and wages costs as a percentage of sales. These are prepared on a monthly basis and monitored by the director.


This report was approved by the board on 26 March 2025 and signed on its behalf.



Mr J Godden
Director

Page 1


FLYINGFISH SEAFOODS COMPANY LIMITED

 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 JULY 2024

The director presents his report and the financial statements for the year ended 31 July 2024.

DIRECTOR'S RESPONSIBILITIES STATEMENT

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £835,575 (2023: £1,389,419).

Dividends of £447,890 (2023: £598,920) were declared during the year and no further dividends were proposed.

DIRECTOR

The director who served during the year was:

Mr J Godden 

FUTURE DEVELOPMENTS

The Company is expanding its geographical activities following the opening of its new depot last year.
It is also successfully expanding into the Corporate entertaining activity at Sports grounds and other large venues.

DISCLOSURE OF INFORMATION TO AUDITORS

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 2


FLYINGFISH SEAFOODS COMPANY LIMITED
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 






Mr J Godden
Director

Date: 26 March 2025

Old School Industrial Park
Moorland Road
Indian Queens
Cornwall
TR9 6JP

Page 3


FLYINGFISH SEAFOODS COMPANY LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED
OPINION


We have audited the financial statements of Flyingfish Seafoods Company Limited (the 'Company') for the year ended 31 July 2024, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 July 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


BASIS FOR OPINION


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


CONCLUSIONS RELATING TO GOING CONCERN


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The director is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 4


FLYINGFISH SEAFOODS COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Director's responsibilities statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.


Page 5


FLYINGFISH SEAFOODS COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the nature of the industry and sector, control environment and business performance
We have considered the results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters identified having obtained and reviewed the company's documentation of their policies and procedures relating to:
 
°Identifying, evaluation and complying with laws and regulations and whether they were aware of any instances of non-compliance;
°Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
°The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and
°We have considered the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
 
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in revenue recognition cut-off.
 
In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override of controls.
We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, Financial Reporting Standard 102 and UK tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements, but compliance with which may be fundamental to the company's ability to operate or avoid a material penalty. These included food safety regulations, data protection regulations, occupational health and safety regulations and employment legislation.
Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries, and other adjustments, assessing whether the judgments made in making accounting
Page 6


FLYINGFISH SEAFOODS COMPANY LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED (CONTINUED)

estimates are indicative of potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


USE OF OUR REPORT
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.






Alison Oliver FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Truro
Cornwall
TR1 2DP

31 March 2025
Page 7


FLYINGFISH SEAFOODS COMPANY LIMITED

 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024

2024
2023
Note
£
£

  

Turnover
  
22,183,934
22,491,150

Cost of sales
  
(14,038,208)
(14,179,610)

Gross profit
  
8,145,726
8,311,540

Distribution costs
  
(947,473)
(901,147)

Administrative expenses
  
(6,170,581)
(5,540,978)

Other operating income
  
9,206
15,919

Operating profit
  
1,036,878
1,885,334

Interest payable and similar expenses
  
(37,485)
(69,712)

Profit before tax
  
999,393
1,815,622

Tax on profit
  
(163,818)
(426,203)

Profit after tax
  
835,575
1,389,419

  

  

Retained earnings at the beginning of the year
  
3,689,984
2,899,485

  
3,689,984
2,899,485

Profit for the year
  
835,575
1,389,419

Dividends declared and paid
  
(447,890)
(598,920)

Retained earnings at the end of the year
  
4,077,669
3,689,984
The notes on pages 10 to 23 form part of these financial statements.
Page 8


FLYINGFISH SEAFOODS COMPANY LIMITED
REGISTERED NUMBER:05850222

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
2,680,109
2,275,865

  
2,680,109
2,275,865

Current assets
  

Stocks
 14 
238,681
380,432

Debtors: amounts falling due within one year
 15 
2,935,723
3,212,218

Cash at bank and in hand
 16 
137,223
877,039

  
3,311,627
4,469,689

Creditors: amounts falling due within one year
 17 
(1,306,214)
(1,780,283)

Net current assets
  
 
 
2,005,413
 
 
2,689,406

Total assets less current liabilities
  
4,685,522
4,965,271

Creditors: amounts falling due after more than one year
 18 
(109,075)
(810,673)

Provisions for liabilities
  

Deferred tax
 21 
(497,212)
(463,048)

Net assets
  
4,079,235
3,691,550


Capital and reserves
  

Called up share capital 
 22 
1,566
1,566

Profit and loss account
  
4,077,669
3,689,984

  
4,079,235
3,691,550


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





Mr J Godden
Director

Date: 26 March 2025

The notes on pages 10 to 23 form part of these financial statements.

Page 9


FLYINGFISH SEAFOODS COMPANY LIMITED

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

1.


GENERAL INFORMATION

Flyingfish Seafoods Company Limited (company number 05850222) is a private limited liability company incorporated and registered in England. The registered office is Old School Industrial Park, Moorland Road, Indian Queens, Cornwall, TR9 6JP.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The financial statements use British Pounds Sterling as the presentational currency, and are rounded to the nearest £1 throughout.

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of J R G Properties (Cornwall) Limited as at 31 July 2024 and these financial statements may be obtained from Companies House.

 
2.3

GOING CONCERN

The company has a business continuity plan in place which is aimed to reduce the impact of any unforeseen events. 
The risk has been assessed by the director and he believes there are more than sufficient financial resources available. The director has concluded it is appropriate that the financial statements have been prepared on a going concern basis. The director's assumptions and outlook is supported by post balance sheet events.
The financial statements do not reflect the adjustments that would be necessary should the long term ability of the company to trade be jeopardised. Current circumstances clearly demonstrate that no such adjustments will be necessary and that the company can continue to trade successfully even at a much reduced level.

Page 10


FLYINGFISH SEAFOODS COMPANY LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.4

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.

 
2.5

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

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.

 
2.8

BORROWING COSTS

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

 
2.9

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 Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 11


FLYINGFISH SEAFOODS COMPANY LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


 
2.11

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, on either the reducing balance basis or the straight-line basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
10 years straight line
Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% straight line
Fixtures and fittings
-
10% reducing balance
Computer equipment
-
3 years straight line

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.

Page 12


FLYINGFISH SEAFOODS COMPANY LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.12

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 reporting 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.

 
2.13

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.18

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Page 13


FLYINGFISH SEAFOODS COMPANY LIMITED

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

3.



JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

No significant judgments and estimates have been identified in preparing the financial statements.


4.


TURNOVER

All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2024
2023
£
£

Sundry income
9,206
15,919



6.


OPERATING PROFIT

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
145,476
132,489


7.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
23,000
22,280

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 14


FLYINGFISH SEAFOODS COMPANY LIMITED

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

8.


EMPLOYEES

Staff costs, including director's remuneration, were as follows:


2024
2023
£
£

Wages and salaries
3,798,029
3,315,747

Social security costs
342,593
315,055

Cost of defined contribution scheme
118,955
122,530

4,259,577
3,753,332


The average monthly number of employees, including the director, during the year was as follows:


        2024
        2023
            No.
            No.







Management
39
32



Operations
88
81

127
113


9.


DIRECTOR'S REMUNERATION

2024
2023
£
£

Director's emoluments
17,107
16,413

Company contributions to defined contribution pension schemes
10,000
10,000

27,107
26,413


During the year retirement benefits were accruing to 1 director (2023: 1) in respect of defined contribution pension schemes.


10.


INTEREST PAYABLE AND SIMILAR EXPENSES

2024
2023
£
£


Bank interest payable
14,107
49,340

Finance leases and hire purchase contracts
23,378
17,824

Other interest payable
-
2,548

37,485
69,712

Page 15


FLYINGFISH SEAFOODS COMPANY LIMITED

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

11.


TAXATION


2024
2023
£
£

CORPORATION TAX


Current tax on profits for the year
255,915
389,304

Adjustments in respect of previous periods
(126,261)
-


129,654
389,304


TOTAL CURRENT TAX
129,654
389,304

DEFERRED TAX


Origination and reversal of timing differences
34,164
36,899

TOTAL DEFERRED TAX
34,164
36,899


TAX ON PROFIT
163,818
426,203

FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25.00% (2023: 21.01%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
999,393
1,815,622


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25.00% (2023: 21.01%)
249,848
381,380

EFFECTS OF:


Expenses not deductible for tax purposes
38,829
39,858

Fixed asset differences
1,402
(931)

Adjustments to tax charge in respect of prior periods
(126,261)
-

Short-term timing difference leading to an increase (decrease) in taxation
-
5,896

TOTAL TAX CHARGE FOR THE YEAR
163,818
426,203


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 16


FLYINGFISH SEAFOODS COMPANY LIMITED

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

12.


DIVIDENDS

2024
2023
£
£


Dividends paid on equity capital
447,890
598,920

Page 17

FLYINGFISH SEAFOODS COMPANY LIMITED



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



13.


TANGIBLE FIXED ASSETS






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Website
Total

£
£
£
£
£
£



COST OR VALUATION


At 1 August 2023
1,855,987
455,403
1,440,947
241,422
4,584
3,998,343


Additions
363,130
112,997
539,069
59,372
9,180
1,083,748


Disposals
-
-
(97,755)
(1,088)
-
(98,843)



At 31 July 2024

2,219,117
568,400
1,882,261
299,706
13,764
4,983,248



DEPRECIATION


At 1 August 2023
874,531
208,043
553,220
82,136
4,548
1,722,478


Charge for the year on owned assets
196,685
45,797
87,200
17,306
2,586
349,574


Charge for the year on financed assets
-
-
307,300
-
-
307,300


Disposals
-
-
(75,937)
(276)
-
(76,213)



At 31 July 2024

1,071,216
253,840
871,783
99,166
7,134
2,303,139



NET BOOK VALUE



At 31 July 2024
1,147,901
314,560
1,010,478
200,540
6,630
2,680,109



At 31 July 2023
981,456
247,360
887,727
159,286
36
2,275,865

Page 18

FLYINGFISH SEAFOODS COMPANY LIMITED

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

           13.TANGIBLE FIXED ASSETS (CONTINUED)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Motor vehicles
308,527
622,854


14.


STOCKS

2024
2023
£
£

Finished goods and goods for resale
238,681
380,432


Page 19


FLYINGFISH SEAFOODS COMPANY LIMITED

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

15.


DEBTORS

2024
2023
£
£


Trade debtors
2,366,289
2,543,433

Other debtors
395,243
587,225

Prepayments and accrued income
174,191
81,560

2,935,723
3,212,218



16.


CASH AND CASH EQUIVALENTS

2024
2023
£
£

Cash at bank and in hand
137,223
877,039



17.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024
2023
£
£

Bank loans
-
300,000

Trade creditors
884,006
710,482

Corporation tax
-
204,690

Other taxation and social security
64,959
78,350

Obligations under finance lease and hire purchase contracts
199,452
281,006

Other creditors
20,267
83,102

Accruals and deferred income
137,530
122,653

1,306,214
1,780,283



18.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024
2023
£
£

Bank loans
-
525,000

Net obligations under finance leases and hire purchase contracts
109,075
285,673

109,075
810,673


Page 20


FLYINGFISH SEAFOODS COMPANY LIMITED

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

19.


LOANS


Analysis of the maturity of loans is given below:


2024
2023
£
£

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
-
300,000

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
-
300,000

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
-
225,000


-
825,000


Included within bank loans was £825,000 in respect of a Coronavirus Business Interruption Loan from the company's bankers. Interest payments for the initial 12 months were met by the UK government in the form of Business Interruption Payments. Following this initial period, interest is charged at 1.75% above the Bank of England base rate. The loan is repayable over a six year period, by monthly repayments of £25,000.
The loan was repaid in full in October 2023.


20.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
199,452
281,006

Between 1-5 years
109,075
285,673

308,527
566,679


21.


DEFERRED TAXATION




2024


£






At beginning of year
(463,048)


Charged to profit or loss
(34,164)



AT END OF YEAR
(497,212)

Page 21


FLYINGFISH SEAFOODS COMPANY LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
 
21.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(497,212)
(463,048)


22.


SHARE CAPITAL

2024
2023
£
£
ALLOTTED, CALLED UP AND FULLY PAID



1,380 (2023: 1,380) Ordinary shares of £1.00 each
1,380
1,380
186 (2023: 186) Ordinary A shares of £1.00 each
186
186

1,566

1,566

Ordinary A shares have no rights to dividends or voting rights attached to them.



23.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. the pension cost charge for the year was £118,955 (2023: £122,530). Contributions totaling £Nil (2023: £Nil) were payable to the fund at the balance sheet date and are included in creditors.


24.


COMMITMENTS UNDER OPERATING LEASES

At 31 July 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
133,152
110,000

Later than 1 year and not later than 5 years
501,737
440,000

Later than 5 years
971,667
1,081,667

1,606,556
1,631,667

Page 22


FLYINGFISH SEAFOODS COMPANY LIMITED

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

25.


RELATED PARTY TRANSACTIONS

In the year the company paid rent of £110,000 (2023: £110,000) to JRG Properties (Cornwall) Limited. An amount of £14,805  was owed to Flyingfish Seafoods Company Limited at 31 July 2024 (2023: £76,158 was owed to J R G Properties (Cornwall) Limited).
At the year end, £9,745 was owed to Mr J Godden by the company (2023: £3,424).
Key management personnel
The total remuneration paid to Key Management Personnel was £400,809 (2023: £385,003).


26.


CONTROLLING PARTY

During the year the company was under the control of J R G Properties (Cornwall) Limited.
J R G Properties (Cornwall) Limited is the immediate and ultimate parent undertaking and controlling party. The consolidated financial statements of J R G Properties (Cornwall) Limited may be obtained from Companies House.
Page 23