Fishdance Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 08725553

Fishdance Limited

Filleted Unaudited Financial Statements

31 October 2023

Fishdance Limited

Statement of Financial Position

31 October 2023

	2023	2022
Note	£	£

Fixed assets

Tangible assets	4	3,485,448	3,485,448
Investments	5	18,652,889	5,850,542
		---------------	--------------
		22,138,337	9,335,990

Current assets

Stocks		379,457	359,325
Debtors	6	35,597	70,852
Cash at bank and in hand		273,474	13,855,989
		-----------	---------------
		688,528	14,286,166

Creditors: amounts falling due within one year	7	13,510,123	14,173,063
		---------------	---------------
Net current (liabilities)/assets		( 12,821,595)	113,103
		---------------	--------------
Total assets less current liabilities		9,316,742	9,449,093

Provisions	49,678	( 62,233)
	--------------	--------------
Net assets	9,267,064	9,511,326
	--------------	--------------

Capital and reserves

Called up share capital	200	200
Profit and loss account	9,266,864	9,511,126
	--------------	--------------
Shareholders funds	9,267,064	9,511,326
	--------------	--------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Fishdance Limited

Statement of Financial Position (continued)

31 October 2023

These financial statements were approved by the board of directors and authorised for issue on 25 April 2024 , and are signed on behalf of the board by:

DJ Fish

Director

Company registration number: 08725553

Fishdance Limited

Notes to the Financial Statements

Year ended 31 October 2023

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Castle Business Village, Station Road, Hampton, Middlesex, TW12 2BX.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover represents the fair value of the consideration received for the sale of horses and race prize money. Revenue from the sale of horses is recognised when the risks and rewards of ownership have transferred to the buyer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Forward foreign exchange contracts are valued at the accounting date and any gain or loss at that date recognised in the profit and loss account.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Tangible assets

Tangible assets are initially recorded at cost,and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Rental furniture & equipment	-	25% straight line
Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stock consist of breeding horses valued at the lower of cost and net realisable value. Cost includes nomination fees.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

4. Tangible assets

	Freehold property	Rental furniture & equipment	Equipment	Total
	£	£	£	£
Cost
At 1 November 2022 and 31 October 2023	3,485,448	33,145	357	3,518,950
	--------------	---------	-----	--------------
Depreciation
At 1 November 2022 and 31 October 2023	–	33,145	357	33,502
	--------------	---------	-----	--------------
Carrying amount
At 31 October 2023	3,485,448	–	–	3,485,448
	--------------	---------	-----	--------------
At 31 October 2022	3,485,448	–	–	3,485,448
	--------------	---------	-----	--------------

Investment properties are included at original cost, which in the opinion of the directors, is not significantly different from market value. No depreciation is charged on investment properties.

5. Investments

	Other investments other than loans
	£
Market value
At 1 November 2022	5,850,542
Additions	22,896,418
Disposals	( 10,874,753)
Revaluations	780,682
	---------------
At 31 October 2023	18,652,889
	---------------
Impairment
At 1 November 2022 and 31 October 2023	–
	---------------

Carrying amount
At 31 October 2023	18,652,889
	---------------
At 31 October 2022	5,850,542
	---------------

6. Debtors

	2023	2022
	£	£
Other debtors	35,597	70,852
	---------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Bank loans and overdrafts	15,955	–
Trade creditors	43,262	12,135
Corporation tax	6,495	239,813
Other creditors	13,444,411	13,921,115
	---------------	---------------
	13,510,123	14,173,063
	---------------	---------------

8. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2023	2022
	£	£

Financial assets measured at fair value through profit or loss

Listed investments measured at fair value through profit or loss	18,652,889	5,850,542
	---------------	--------------

9. Related party transactions

The company was under the control of the directors throughout the current year. At the balance sheet date the company owed the directors the following amount: D&L Fish £13,410,669. (2022 - £13,883,345) This amount is interest free, unsecured and repayable on demand.