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Registered number: 08808676













S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
UNAUDITED
FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
COMPANY INFORMATION


Director
S Malliaroudakis 




Registered number
08808676



Registered office
2nd Floor Connaught House
1-3 Mount Street

London

W1K 3NB




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 9


 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
REGISTERED NUMBER:08808676

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2021

2021
2020
Note
£
£

Fixed assets
  

Intangible assets
 4 
10,795
12,235

Tangible assets
 5 
2,249
1,613

  
13,044
13,848

Current assets
  

Debtors: amounts falling due within one year
 6 
214,011
123,606

Cash at bank and in hand
  
216,301
141,087

  
430,312
264,693

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(90,290)
(59,105)

Net current assets
  
 
 
340,022
 
 
205,588

Creditors: amounts falling due after more than one year
 8 
(102,954)
(137,666)

  

Net assets
  
250,112
81,770


Capital and reserves
  

Called up share capital 
 10 
1,030
1,000

Profit and loss account
  
249,082
80,770

  
250,112
81,770


Page 1

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
REGISTERED NUMBER:08808676
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2021

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 September 2022.




S Malliaroudakis
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

1.


General information

S.A. Malliaroudakis Maritime (UK) Limited is a limited liability Company registered in England and Wales. Its registered office address is 2nd Floor Connaught House, 1-3 Mount Street, London, W1K 3NB.
The principal activity of the Company during the year was that of the provision of specialist software services.
 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the Company in respect of services provided during the year, exclusive of Value Added Tax.
Revenue is recognised when the services are provided.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are
repayable on demand and form an integral part of the company's cash management.

 
2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 4

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

 
2.7

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. 

 
2.9

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2020 -2).

Page 5

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

4.


Intangible assets




Development expenditure

£



Cost


At 1 January 2021
14,395



At 31 December 2021

14,395



Amortisation


At 1 January 2021
2,160


Charge for the year on owned assets
1,440



At 31 December 2021

3,600



Net book value



At 31 December 2021
10,795



At 31 December 2020
12,235



Page 6

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

5.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2021
1,067
6,825
7,892


Additions
-
1,818
1,818



At 31 December 2021

1,067
8,643
9,710



Depreciation


At 1 January 2021
636
5,643
6,279


Charge for the year on owned assets
267
915
1,182



At 31 December 2021

903
6,558
7,461



Net book value



At 31 December 2021
164
2,085
2,249



At 31 December 2020
431
1,182
1,613

Page 7

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

6.


Debtors

2021
2020
£
£


Trade debtors
151,918
84,301

Prepayments and accrued income
2,342
1,530

Other debtors
59,751
37,775

214,011
123,606



7.


Creditors: Amounts falling due within one year

2021
2020
£
£

Bank loans
28,000
2,333

Trade creditors
893
46,098

Other taxation and social security
55,525
8,364

Other creditors
5,872
2,310

90,290
59,105



8.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Bank loans
102,954
137,666



9.


Loans


Analysis of the maturity of loans is given below:


2021
2020
£
£

Amounts falling due within one year

Bank loans
28,000
2,333


Amounts falling due 2-5 years

Bank loans
102,954
137,667


130,954
140,000


The bank loans are secured by a fixed and floating charge over the assets of the Company.

Page 8

 
S.A. MALLIAROUDAKIS MARITIME (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021

10.


Share capital

2021
2020
£
£
Allotted, called up and fully paid



1,000 (2020 -1,000) Ordinary shares of £1 each
1,000
1,000
10 (2020 -) Ordinary A shares of £1 each
10
-
10 (2020 -) Ordinary B shares of £1 each
10
-
10 (2020 -) Ordinary C shares of £1 each
10
-

1,030

1,000


During the year 10 Ordinary-A, 10 Ordinary-B and 10 Ordinary-C shares was issued at nominal value of £1.
The Ordinary shares has the full voting, dividends and capital distribution (including on winding up) rights. 
Each Ordinary-A has no voting rights, dividend and capital distribution (including on winding up) rights. Each Ordinary-B has no voting rights, dividend and capital distribution (including on winding up) rights. Each Ordinary-C has no voting rights, dividend and capital distribution (including on winding up) rights. 

 
Page 9