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Company registration number: 02074902
(England and Wales)
Wallis Shipping Services Limited
Unaudited filleted financial statements
for the year ended
31 December 2021
Wallis Shipping Services Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Wallis Shipping Services Limited
Directors and other information
Directors Mr S. J. Gregory
Mrs S. B. Gregory
Mr P. J. Lasky (Resigned 24 January 2022)
Mrs J. L. Morgan
Miss K. Munro
Secretary Miss K Munro
Company number 02074902
Registered office Unit 19, Langham Barns
Langham Lane
Colchester
Essex
CO4 5ZS
Business address Unit 19, Langham Barns
Langham Lane
Colchester
Essex
CO4 5ZS
Accountants Griffin Chapman
4 & 5 The Cedars
Apex 12
Old Ipswich Road
Colchester, Essex
CO7 7QR
Wallis Shipping Services Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Wallis Shipping Services Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wallis Shipping Services Limited for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Wallis Shipping Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wallis Shipping Services Limited and state those matters that we have agreed to state to the board of directors of Wallis Shipping Services Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallis Shipping Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Wallis Shipping Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wallis Shipping Services Limited. You consider that Wallis Shipping Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Wallis Shipping Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars
Apex 12
Old Ipswich Road
Colchester, Essex
CO7 7QR
7 September 2022
Wallis Shipping Services Limited
Statement of financial position
31 December 2021
2021 2020
Note £ £ £ £
Fixed assets
Tangible assets 6 45,957 63,656
_______ _______
45,957 63,656
Current assets
Debtors 7 1,588,997 1,036,203
Cash at bank and in hand 19,299 126,159
_______ _______
1,608,296 1,162,362
Creditors: amounts falling due
within one year 8 ( 1,259,660) ( 820,253)
_______ _______
Net current assets 348,636 342,109
_______ _______
Total assets less current liabilities 394,593 405,765
Creditors: amounts falling due
after more than one year 9 ( 112,500) ( 142,500)
Provisions for liabilities ( 9,552) ( 10,116)
_______ _______
Net assets 272,541 253,149
_______ _______
Capital and reserves
Called up share capital 60,000 60,000
Profit and loss account 212,541 193,149
_______ _______
Shareholders funds 272,541 253,149
_______ _______
For the year ending 31 December 2021 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.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 September 2022 , and are signed on behalf of the board by:
Mr S. J. Gregory Mrs S. B. Gregory
Director Director
Company registration number: 02074902
Wallis Shipping Services Limited
Notes to the financial statements
Year ended 31 December 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 19, Langham Barns, Langham Lane, Colchester, Essex, CO4 5ZS.
The principal activity of the company continued to be the provision of international freight management services .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and 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:
Computer equipment - 25 % straight line
Fixtures, fittings & equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised using the accrual model and the performance model.
Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Other operating income
2021 2020
£ £
Government grant income 29,265 146,691
_______ _______
Government grants include those received under the Coronavirus Job Retention Scheme, Customs grants and interest paid by UK government support, including that on the Coronavirus Business Interruption loan.
5. Employee numbers
The average number of persons employed by the company during the year amounted to 30 (2020: 32 ).
6. Tangible assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 January 2021 50,648 123,380 174,028
Additions 1,748 419 2,167
_______ _______ _______
At 31 December 2021 52,396 123,799 176,195
_______ _______ _______
Depreciation
At 1 January 2021 24,440 85,932 110,372
Charge for the year 8,113 11,753 19,866
_______ _______ _______
At 31 December 2021 32,553 97,685 130,238
_______ _______ _______
Carrying amount
At 31 December 2021 19,843 26,114 45,957
_______ _______ _______
At 31 December 2020 26,208 37,448 63,656
_______ _______ _______
7. Debtors
2021 2020
£ £
Trade debtors 1,491,150 992,913
Other debtors 97,847 43,290
_______ _______
1,588,997 1,036,203
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 124,834 19,620
Trade creditors 619,583 622,262
Taxation and social security 93,633 69,536
Other creditors 421,610 108,835
_______ _______
1,259,660 820,253
_______ _______
The bank overdraft and loan are secured by a debenture over all assets of the company, in favour of National Westminster Bank PLC and secures all present and future liabilities.
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 112,500 142,500
_______ _______
Included within creditors: amounts falling due after more than one year is an amount of £ - (2020 £ 22,500 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The Coronavirus Business Interruption loan includes a period during which interest is paid by the UK government. Interest of this nature is charged to the profit and loss account with a corresponding amount recognised as government grant income. The loan is partially guaranteed by the UK government.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 40,197 37,309
Later than 1 year and not later than 5 years 73,318 84,050
_______ _______
113,515 121,359
_______ _______