Company registration number 00302828 (England and Wales)
FISHPOOLS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 FEBRUARY 2025
FISHPOOLS LIMITED
COMPANY INFORMATION
Director
Mr S J Fishpool
Secretary
Mr E Duggan
Company number
00302828
Registered office
107 - 115 High Street
Waltham Cross
Hertfordshire
EN8 7AL
Auditor
Moore NHC Audit Limited
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
FISHPOOLS LIMITED
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 22
FISHPOOLS LIMITED
STRATEGIC REPORT
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 1 -
The director presents the strategic report for the period ended 2 February 2025.
Review of the Business
In 2024 as Fishpools Limited reached the milestone of its 125th Birthday, we celebrated everything and everyone who had contributed to our sustained success whilst also planning for the substantial challenges that lay ahead.
Our core mission of providing customers with a fantastic selection of products, delivered with wonderful customer service has always been underpinned by a determination to apply commercial-common-sense in ensuring an appropriate balance of short- and longer-term decision making. Whilst these principles remain as important as ever, we must always challenge ourselves on the way we go about achieving these objectives.
Election years are typically tricky for the furniture sector and with the added pressures of global cost-of-living increases and geo-political tensions, 2024 proved to be just as challenging as we anticipated. This was clearly not helped by the Governments autumn budget which negatively affected consumer and business confidence alike.
Despite this external noise, we continued to review our product strategy across the business, with some of our accessories departments giving up trading space in order to further strengthen our furniture offering. The short to medium term disruption this generates will enhance our proposition going forward and it was pleasing to trade in line with expectations. Margins strengthened in the year, reflecting a more profitable product mix together with a somewhat calmer supply chain.
With trading back to pre-pandemic levels, we have continued the process of ensuring that overheads are consistent with both our longer-term strategy and immediate term market conditions. Overheads were sensibly managed, with efficiency and effectiveness paramount.
Our continued healthy balance sheet has allowed further strategic investment in the business, with a new online trading platform, new IT infrastructure and enhanced cyber security, together with the start of investments into solar power.
Principle Risks and Uncertainties
The primary risks to our business continue to be the lack of growth in the UK economy at a time of rising prices, combined with increasingly uncertain international trading conditions. Our response is to make the most of every sales opportunity, maintain strong margins, control overheads well and sensibly reinvest in the future of the business.
Key Performance Indicators
Sales at £27.0m were in line with internal targets, despite the impact of the space reallocation exercise. It is worth noting that this is broadly in line with the last full year before the pandemic. Margins were strong at 48.1% up 1 point on last year, limiting the drop in gross profit compared to last year to 5.4%.
Current year trading continues to be affected by last autumns government budget combined with international uncertainties; however we will continue to invest in all aspects of the business to ensure that we have solid foundations for future milestones for Fishpools Limited.
Mr S J Fishpool
Director
21 July 2025
FISHPOOLS LIMITED
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 2 -
The director presents his annual report and financial statements for the period ended 2 February 2025.
Principal activities
The principal activity of the company continued to be that of the retailing of furniture and associated items.
Results and dividends
The results for the period are set out on page 7.
No ordinary dividends were paid. The director does not recommend payment of a final dividend.
Director
The director who held office during the period and up to the date of signature of the financial statements was as follows:
Mr S J Fishpool
Mr I Carson
(Deceased 7 October 2024)
Auditor
The auditor, Moore NHC Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
Going Concern
The directors have considered trading forecasts and cash flow requirements for a period of 12 months from the date of approval of these financial statements and have concluded that it is appropriate to prepare these financial statements on the going concern basis.
On behalf of the board
Mr S J Fishpool
Director
21 July 2025
FISHPOOLS LIMITED
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 3 -
The director is responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;
make judgements 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 enable them 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.
FISHPOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FISHPOOLS LIMITED
- 4 -
Opinion
We have audited the financial statements of Fishpools Limited (the 'company') for the period ended 2 February 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 2 February 2025 and of its profit for the period 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.
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 Auditor's 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 UK, including the FRC’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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the director's report for the financial period 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.
FISHPOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FISHPOOLS LIMITED (CONTINUED)
- 5 -
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 director
As explained more fully in the director's responsibilities statement, 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.
Auditor's 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 auditor's 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.
FISHPOOLS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF FISHPOOLS LIMITED (CONTINUED)
- 6 -
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.
Our approach was as follows:
We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, International Financial Reporting Standards as adopted by the UK, and UK taxation legislation.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 auditor's 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.
Daniel Garfield
Senior Statutory Auditor
For and on behalf of Moore NHC Audit Limited
21 July 2025
Chartered Accountants
Statutory Auditor
East Wing
Goffs Oak House
Goffs Lane
Goffs Oak
Hertfordshire
EN7 5GE
FISHPOOLS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 7 -
Period
Period
ended
ended
02 February
28 January
2025
2024
Notes
£
£
Turnover
3
26,987,353
29,108,786
Cost of sales
(14,026,150)
(15,407,009)
Gross profit
12,961,203
13,701,777
Administrative expenses
(13,680,880)
(14,265,893)
Other operating income
155,255
107,267
Operating loss
4
(564,422)
(456,849)
Interest receivable and similar income
8
709,317
554,628
Interest payable and similar expenses
9
(21,028)
Fair value gains/(losses) on foreign exchange contracts
10
42,043
(52,731)
Fair value gains and losses on investment properties
13
65,000
Profit before taxation
230,910
45,048
Tax on profit
11
(110,403)
(57,740)
Profit/(loss) for the financial period
120,507
(12,692)
The income statement has been prepared on the basis that all operations are continuing operations.
FISHPOOLS LIMITED
BALANCE SHEET
AS AT
2 FEBRUARY 2025
02 February 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
9,601,418
9,701,448
Investment properties
13
540,000
475,000
10,141,418
10,176,448
Current assets
Stocks
15
3,047,569
3,003,024
Debtors
16
1,660,520
2,102,673
Investments
17
7,500
7,500
Cash at bank and in hand
15,353,690
14,890,416
20,069,279
20,003,613
Creditors: amounts falling due within one year
18
(12,312,056)
(12,418,177)
Net current assets
7,757,223
7,585,436
Total assets less current liabilities
17,898,641
17,761,884
Provisions for liabilities
Deferred tax liability
19
666,355
650,105
(666,355)
(650,105)
Net assets
17,232,286
17,111,779
Capital and reserves
Called up share capital
21
700,405
700,405
Revaluation reserve
22
58,750
10,000
Capital redemption reserve
23
320,196
320,196
Distributable profit and loss reserves
22
16,152,935
16,081,178
Total equity
17,232,286
17,111,779
The financial statements were approved by the board of directors and authorised for issue on 21 July 2025 and are signed on its behalf by:
Mr S J Fishpool
Director
Company Registration No. 00302828
FISHPOOLS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 9 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 30 January 2023
700,405
10,000
320,196
16,093,870
17,124,471
Period ended 28 January 2024:
Loss and total comprehensive income
-
-
-
(12,692)
(12,692)
Balance at 28 January 2024
700,405
10,000
320,196
16,081,178
17,111,779
Period ended 2 February 2025:
Profit
-
-
-
120,507
120,507
Other comprehensive income net of taxation:
Revaluation of tangible fixed assets
-
65,000
-
-
65,000
Tax relating to revaluation gain
-
(16,250)
-
(16,250)
Total comprehensive income
-
48,750
-
120,507
169,257
Transfers
-
-
(48,750)
(48,750)
Balance at 2 February 2025
700,405
58,750
320,196
16,152,935
17,232,286
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 10 -
1
Accounting policies
Company information
Fishpools Limited is a private company limited by shares incorporated in England and Wales. The registered office is 107 - 115 High Street, Waltham Cross, Hertfordshire, EN8 7AL.
1.1
Reporting period
The financial statements cover a 53 week period (2024: 52 week period) and therefore the accounts have been prepared for the period from 29 January 2024 to 2 February 2025.
1.2
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.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of Fishpools Holdings Limited. These consolidated financial statements are available from its registered office, 107-115 High Street, Waltham Cross, Hertfordshire, EN8 7AL.
1.3
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.4
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.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
1
Accounting policies
(Continued)
- 11 -
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually upon delivery or collection of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Freehold land and buildings
1% straight line
Plant and equipment
20% straight line
Motor vehicles
20% 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
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.7
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, which is equivalent to net realisable value.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
1
Accounting policies
(Continued)
- 12 -
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.
1.9
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.
1.10
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
1
Accounting policies
(Continued)
- 13 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.11
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
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.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.16
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 15 -
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.
In the course of preparing the financial statements, no judgments have been made in the process of applying the Company's accounting policies, other than those involving estimations as disclosed below, that have had a significant effect on the amounts recognised in the financial statements.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Valuation of investment property
The value of investment property is based on underlying assumptions concerning the receipt of contractual rentals, expected future rentals and comparison with actual market transactions.
Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive due to the material nature of of the value of the fixed assets. The depreciation rates are derived after determining an estimate of an asset's expected economic useful life and the expected residual value at the end of its life. The useful economic lives are based on historical experience with similar assets as well as anticipation of future events, which may impact an assets life, such as changes in technology. Depreciation rates are reviewed annually to ensure they are appropriate for the type of asset. Assets are reviewed for impairment on an annual basis.
Provisions
The company recognises provisions for impairment of trade receivables and stock in its financial statements, when considered appropriate. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.
3
Turnover and other revenue
The total turnover of the company for the period has been derived from its principal activity wholly undertaken in the United Kingdom.
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
26,987,353
29,108,786
2025
2024
£
£
Other revenue
Interest income
709,317
554,628
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 16 -
4
Operating loss
2025
2024
Operating loss for the period is stated after charging/(crediting):
£
£
Exchange losses
128,710
68,910
Depreciation of owned tangible fixed assets
595,340
591,571
Profit on disposal of tangible fixed assets
(663)
(61,539)
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
29,709
23,200
6
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2025
2024
Number
Number
Office and management
69
75
Sales and distribution
87
99
Total
156
174
Their aggregate remuneration comprised:
2025
2024
£
£
Wages and salaries
6,111,735
6,322,547
Social security costs
590,854
606,429
Pension costs
134,678
135,619
6,837,267
7,064,595
7
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
155,000
174,609
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 17 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
709,220
531,560
Other interest income
97
23,068
Total income
709,317
554,628
9
Interest payable and similar expenses
2025
2024
£
£
Other interest
21,028
10
Fair value gains/(losses) on foreign exchange contracts
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Gain/(loss) on hedging instrument in a fair value hedge
42,043
(52,731)
11
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
94,153
18,349
Deferred tax
Origination and reversal of timing differences
16,250
39,391
Total tax charge
110,403
57,740
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
11
Taxation
(Continued)
- 18 -
The actual charge for the period can be reconciled to the expected charge for the period based on the profit or loss and the standard rate of tax as follows:
2025
2024
£
£
Profit before taxation
230,910
45,048
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.00%)
57,728
10,812
Tax effect of expenses that are not deductible in determining taxable profit
173,504
587
Group relief
(749)
Permanent capital allowances in excess of depreciation
(136,330)
Tax at marginal rate
(100)
Fixed asset timing differences
7,050
Deferred tax on fixed asset timing differences
16,250
39,391
Taxation charge for the period
110,403
57,740
12
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 29 January 2024
10,232,502
3,635,695
734,650
14,602,847
Additions
503,791
503,791
Disposals
(20,670)
(20,670)
At 2 February 2025
10,232,502
4,118,816
734,650
15,085,968
Depreciation and impairment
At 29 January 2024
1,728,013
2,589,135
584,251
4,901,399
Depreciation charged in the period
110,091
434,475
50,774
595,340
Eliminated in respect of disposals
(12,189)
(12,189)
At 2 February 2025
1,838,104
3,011,421
635,025
5,484,550
Carrying amount
At 2 February 2025
8,394,398
1,107,395
99,625
9,601,418
At 28 January 2024
8,504,489
1,046,560
150,399
9,701,448
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 19 -
13
Investment property
2025
£
Fair value
At 29 January 2024
475,000
Net gains or losses through fair value adjustments
65,000
At 2 February 2025
540,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 2 February 2025 by Derrick Wade Waters, Chartered Surveyors, who are not connected with the company. This was carried out in accordance with Royal Institution of Chartered Surveyors' "RICS Valuation - Global Standards, 2020"(the 'Red Book'). The valuation was made on an open market value basis by reference to market evidence of transactions price for similar properties.
All fair value movements have been transferred to the revaluation reserve.
14
Financial instruments
2025
2024
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
42,043
-
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Foreign exchange contracts
-
52,731
The company's policy is to eliminate the majority of its currency exposure by the use of facilities which have contractually fixed rates and time periods in which the currency must be purchased. At the balance sheet date, the company had a number of commitments to buy and sell foreign currencies, the total fair value of which was a gain of £42,043 (2024: loss - £52,731).
All fair value movements have been transferred to the revaluation reserve.
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
3,047,569
3,003,024
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 20 -
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
128,152
146,784
Corporation tax recoverable
526,065
Derivative financial instruments
42,043
-
Other debtors
466,943
485,646
Prepayments and accrued income
1,023,382
944,178
1,660,520
2,102,673
17
Current asset investments
2025
2024
£
£
Unlisted investments
7,500
7,500
18
Creditors: amounts falling due within one year
2025
2024
£
£
Payments received on account
2,967,904
3,129,886
Trade creditors
790,744
898,072
Amounts owed to group undertakings
6,603,590
6,515,151
Corporation tax
94,153
18,349
Other taxation and social security
732,233
857,942
Derivative financial instruments
52,731
Other creditors
4,675
32,427
Accruals and deferred income
1,118,757
913,619
12,312,056
12,418,177
19
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
650,105
650,105
Revaluations
16,250
-
666,355
650,105
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
19
Deferred taxation
(Continued)
- 21 -
2025
Movements in the period:
£
Liability at 29 January 2024
650,105
Charge to profit or loss
16,250
Liability at 2 February 2025
666,355
20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
134,678
135,619
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £700 (2024: £28,452) were payable to the fund at the period end date and are included in creditors.
21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
700,404 Ordinary shares of £1 each
700,404
700,404
700,404
700,404
1 Special redeemable share of £1 each
1
1
1
1
700,405
700,405
700,405
700,405
The Ordinary shares carry all rights normally ascribed to Ordinary shares.
The Special Rights Redeemable share is non-transferable and non-voting, save for where a resolution is proposed to alter the rights of the special share, alter Regulation 12 or adapt new Articles of Association, where the share shall carry the right to the number of votes equal to the number of ordinary shares in issue at the date of resolution.
The share confers no right of participation in the profits or assets of the company, nor to any distribution of capital on winding up of the company. The company may redeem the share for cash at par at any time after the death of the holder or the date on which the holder ceases to be employed by the company.
22
Revaluation reserve
All current and prior period revaluations on investment properties and financial instruments measured at fair value.
FISHPOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 2 FEBRUARY 2025
- 22 -
23
Capital redemption reserve
The nominal value of shares repurchased and still held at the end of the reporting period.
24
Related party transactions
The company has taken advantage of FRS 102 section 33.1A exemption to not disclose any related party transactions with companies that are wholly owned with the group. There has been no related party transactions outside of intercompany transactions.
25
Ultimate controlling party
The immediate and ultimate parent undertaking is Fishpools Holdings Limited. The group is jointly controlled by the Carson family and the Fishpool family.
The smallest and largest group into which the results of the company are consolidated is Fishpools Holdings Limited. A copy of the consolidated accounts are available from the registered office of Fishpools Holdings Limited.
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