FOR THE YEAR ENDED 31 JULY 2024
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FLYINGFISH SEAFOODS COMPANY LIMITED
COMPANY INFORMATION
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FLYINGFISH SEAFOODS COMPANY LIMITED
CONTENTS
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FLYINGFISH SEAFOODS COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JULY 2024
The director presents his strategic review for the year ended 31 July 2024.
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).
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.
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.
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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.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
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.
The director who served during the year was:
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.
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FLYINGFISH SEAFOODS COMPANY LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2024
There have been no significant events affecting the Company since the year end.
The auditors, Bishop Fleming LLP, will 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.
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FLYINGFISH SEAFOODS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED
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 policies. The 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).
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.
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.
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 Report. Our 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.
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FLYINGFISH SEAFOODS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED (CONTINUED)
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.
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.
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FLYINGFISH SEAFOODS COMPANY LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF FLYINGFISH SEAFOODS COMPANY LIMITED (CONTINUED)
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
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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.
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Chy Nyverow
Newham Road
Cornwall
TR1 2DP
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FLYINGFISH SEAFOODS COMPANY LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 JULY 2024
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FLYINGFISH SEAFOODS COMPANY LIMITED
REGISTERED NUMBER:05850222
STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 10 to 23 form part of these financial statements.
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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
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:
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.
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.
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
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:
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.
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
2.ACCOUNTING POLICIES (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
There were no factors that may affect future tax charges.
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FLYINGFISH SEAFOODS COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024
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