REGISTERED NUMBER: 03104247 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

FLYING FISH UK LIMITED

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

DIRECTOR:

A J Hunt

REGISTERED OFFICE:

124 High Street

Cowes

Isle of Wight

PO31 7AY

REGISTERED NUMBER:

03104247 (England and Wales)

ACCOUNTANTS:

Hunter & Co.

Chartered Accountants

415 Blackburn Road

Bolton

BL1 8NJ

FIXED ASSETS

Tangible assets

4

268,195

178,557

CURRENT ASSETS

Debtors

5

204,639

170,402

Cash at bank

276,861

364,618

481,500

535,020

CREDITORS

Amounts falling due within one year

6

(368,401

)

(388,610

)

NET CURRENT ASSETS

113,099

146,410

TOTAL ASSETS LESS CURRENT LIABILITIES

381,294

324,967

CREDITORS

Amounts falling due after more than one year

7

(4,379

)

(14,776

)

PROVISIONS FOR LIABILITIES

9

(51,305

)

(44,991

)

NET ASSETS

325,610

265,200

CAPITAL AND RESERVES

Called up share capital

27,316

27,316

Share premium

10

16,357

16,357

Capital redemption reserve

10

2,185

2,185

Retained earnings

10

279,752

219,342

SHAREHOLDERS' FUNDS

325,610

265,200

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of comprehensive income has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 September 2025 and were signed by:

A J Hunt - Director

1.	BACKGROUND INFORMATION

Flying Fish UK Limited is a private company, limited by shares, registered in England & Wales.

The company's registered number is 03104247 and the registered office address is 124, High Street, Cowes, Isle of Wight PO31 7AY.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements haver been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 (FRS 102) "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention..

The presentation currency of the financial statements is the Pound Sterling (£)

Going concern

After detailed consideration, the directors have reasonable expectations that the company has adequate resources to continue in operational existence for the foreseeable future (being the 12 month period from the date these accounts are approved) and therefore continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any provision for impairment. The cost of tangible fixed assets includes only expenditure incurred in bringing the assets into working condition for their intended use. Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Yachts & Boats

- 25% reducing balance

Fixtures & Fittings

- 10% to 20% on cost

Website & Computers

- 20% on cost

Motor Vehicles

- 20% on cost

The assets residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of significant change since the last reporting date.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method.

Basic financial liabilities, including trade and other payables 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 receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefit will flow to the company. Revenue is measured at the fair value of the consideration received or receivable excluding discounts and Value Added Tax.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Yachts &

and

Motor

Website &

Boats

fittings

vehicles

Computers

Totals

£

£

£

£

£

COST

At 1 January 2024

107,532

57,206

-

108,626

273,364

Additions

83,950

4,824

46,278

43,449

178,501

Disposals

(22,479

)

-

-

-

(22,479

)

At 31 December 2024

169,003

62,030

46,278

152,075

429,386

DEPRECIATION

At 1 January 2024

26,338

14,511

-

53,958

94,807

Charge for year

38,915

6,203

9,256

25,005

79,379

Eliminated on disposal

(12,995

)

-

-

-

(12,995

)

At 31 December 2024

52,258

20,714

9,256

78,963

161,191

NET BOOK VALUE

At 31 December 2024

116,745

41,316

37,022

73,112

268,195

At 31 December 2023

81,194

42,695

-

54,668

178,557

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

12,902

16,515

Other debtors

191,737

153,887

204,639

170,402

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 8)

10,405

10,141

Trade creditors

91,012

41,220

Taxation and social security

34,760

44,219

Other creditors

232,224

293,030

368,401

388,610

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 8)

4,379

14,776

8.

LOANS

The Bank loan is a Coronavirus Bounce Back loan under the Government Scheme for a period of 6 years from May 2020. Interest is at a rate of 2.5% per annum. Year 1 interest is payable by the Government.

9.	PROVISIONS FOR LIABILITIES

2024

2023

£

£

Deferred tax

51,305

44,991

Deferred

tax

£

Balance at 1 January 2024

44,991

Provided during year

6,314

Balance at 31 December 2024

51,305

10.

RESERVES

Capital

Retained

Share

redemption

earnings

premium

reserve

Totals

£

£

£

£

At 1 January 2024

219,342

16,357

2,185

237,884

Profit for the year

105,733

-

-

105,733

Dividends

(45,323

)

-

-

(45,323

)

At 31 December 2024

279,752

16,357

2,185

298,294

11.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is A J Hunt.