Company registration number 4099304 (England and Wales)
FYSHE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
FYSHE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
FYSHE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 OCTOBER 2024
31 October 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
362,176
-
0
Tangible assets
5
1,121
1,713
Investments
6
451,195
9,850
814,492
11,563
Current assets
Stocks
101,409
78,729
Debtors
8
385,635
997,769
Cash at bank and in hand
398
320
487,442
1,076,818
Creditors: amounts falling due within one year
9
(923,597)
(687,810)
Net current (liabilities)/assets
(436,155)
389,008
Total assets less current liabilities
378,337
400,571
Creditors: amounts falling due after more than one year
10
(6,049)
(16,816)
Net assets
372,288
383,755
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
372,286
383,753
Total equity
372,288
383,755
FYSHE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 OCTOBER 2024
31 October 2024
- 2 -

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the income statement within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 21 August 2025
CP Nurse
Director
Company registration number 4099304 (England and Wales)
FYSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 3 -
1
Accounting policies
Company information

Fyshe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Bonhill Street, London, EC2A 4DJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, rounded to the nearest £.

The financial statements have been prepared on the historical cost convention except for the modification to a fair value basis for certain financial instruments as specified in the accounting policies below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
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.

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

1.3
Intangible fixed assets other than goodwill

Intangible assets comprise development costs for overseas expansion. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over 5 years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% straight line
Fixtures, fittings & equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

FYSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 4 -

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

 

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount and is recognised immediately in the income statement.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash at bank and in hand

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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. It only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

 

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

 

Basic financial assets

Basic financial assets, which include trade and other receivables 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 less any impairment.

 

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 derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or the risks and rewards of ownership are transferred.

 

Basic financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

FYSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.11
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 income statement 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.

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.

1.12
Employee benefits

Short-term employee benefits and contributions to employees' personal pensions are recognised as an expense in the period in which they are incurred.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to the income statement on a straight line basis over the term of the relevant lease.

1.14
Foreign exchange

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.

FYSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
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.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
4
Intangible fixed assets
Development Costs
£
Cost
At 1 November 2023
-
0
Additions
452,720
At 31 October 2024
452,720
Amortisation and impairment
At 1 November 2023
-
0
Amortisation charged for the year
90,544
At 31 October 2024
90,544
Carrying amount
At 31 October 2024
362,176
At 31 October 2023
-
0
FYSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 7 -
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2023 and 31 October 2024
67,429
Depreciation and impairment
At 1 November 2023
65,716
Depreciation charged in the year
592
At 31 October 2024
66,308
Carrying amount
At 31 October 2024
1,121
At 31 October 2023
1,713
6
Fixed asset investments
2024
2023
£
£
Investments in subsidiaries
9,850
9,850
Loans to group undertakings and participating interests
441,345
-
0
451,195
9,850
Movements in fixed asset investments
Shares in subsidiaries
Loans to subsidiaries
Total
£
£
£
Cost or valuation
At 1 November 2023
9,850
-
9,850
Additions
-
441,345
441,345
At 31 October 2024
9,850
441,345
451,195
Carrying amount
At 31 October 2024
9,850
441,345
451,195
At 31 October 2023
9,850
-
9,850
7
Subsidiaries

Details of the company's wholly owned subsidiaries at 31 October 2024 are as follows:

FYSHE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
7
Subsidiaries
(Continued)
- 8 -
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Fyshe Italy SRL
Italy
Manufacture and sales of race wear
Ordinary
100.00
Fyshe Hong Kong Limited
Hong Kong
Sales of race wear
Ordinary
100.00
8
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
60,856
62,178
Amounts owed by group undertakings
46,722
767,281
Other debtors
278,057
168,310
385,635
997,769
9
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
35,246
31,484
Trade creditors
98,857
44,956
Amounts due to group undertakings
103,518
-
0
Other taxation and social security
2,798
1,343
Other creditors
683,178
610,027
923,597
687,810

The bank loan, included in creditors due within one year, is secured on the assets of the company.

10
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
6,049
16,816

 

The bank loan is secured on the assets of the company

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