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REGISTERED NUMBER: NI057006 (Northern Ireland)












Derry Bros Shipping Limited

Unaudited Financial Statements for the Year Ended 31 December 2022






Derry Bros Shipping Limited (Registered number: NI057006)






Contents of the Financial Statements
for the year ended 31 December 2022




Page

Balance sheet 1

Notes to the financial statements 3


Derry Bros Shipping Limited (Registered number: NI057006)

Balance Sheet
31 December 2022

2022 2021
Notes £    £   
Fixed assets
Intangible assets 4 20,356 27,826
Tangible assets 5 744,590 756,893
Investments 6 15,000 15,000
779,946 799,719

Current assets
Debtors 7 3,243,012 2,975,023
Cash at bank and in hand 301,120 311,774
3,544,132 3,286,797
Creditors
Amounts falling due within one year 8 (3,168,183 ) (2,884,620 )
Net current assets 375,949 402,177
Total assets less current liabilities 1,155,895 1,201,896

Creditors
Amounts falling due after more than one
year

9

(147,105

)

(199,857

)
Net assets 1,008,790 1,002,039

Capital and reserves
Called up share capital 30,100 30,100
Retained earnings 978,690 971,939
Shareholders' funds 1,008,790 1,002,039

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

Derry Bros Shipping Limited (Registered number: NI057006)

Balance Sheet - continued
31 December 2022


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 Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 September 2023 and were signed by:





Mrs B Morgan - Director


Derry Bros Shipping Limited (Registered number: NI057006)

Notes to the Financial Statements
for the year ended 31 December 2022

1. Statutory information

Derry Bros Shipping Limited is a private company, limited by shares , registered in Northern Ireland. The company's registered number and registered office address are as below:

Registered number: NI057006

Registered office: Oakmont House
2 Queens Road
Lisburn
BT27 4TZ

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


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% Straight line
Plant and machinery - 15% Straight line
Fixtures and fittings - 15% Reducing balance
Motor vehicles - 15% Straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Derry Bros Shipping Limited (Registered number: NI057006)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. Accounting policies - continued

Financial instruments
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legal enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors, 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 unless 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. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
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 company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest 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.


Derry Bros Shipping Limited (Registered number: NI057006)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. Accounting policies - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the
ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment, A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Derry Bros Shipping Limited (Registered number: NI057006)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

2. Accounting policies - continued

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3. Employees and directors

The average number of employees during the year was 15 (2021 - 14 ) .

4. Intangible fixed assets
Computer
Goodwill software Totals
£    £    £   
Cost
At 1 January 2022
and 31 December 2022 30,000 49,803 79,803
Amortisation
At 1 January 2022 30,000 21,977 51,977
Amortisation for year - 7,470 7,470
At 31 December 2022 30,000 29,447 59,447
Net book value
At 31 December 2022 - 20,356 20,356
At 31 December 2021 - 27,826 27,826

Derry Bros Shipping Limited (Registered number: NI057006)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

5. Tangible fixed assets
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Cost
At 1 January 2022 578,977 70,729 191,880 244,980 1,086,566
Additions - - 34,799 47,724 82,523
Disposals - - - (31,000 ) (31,000 )
At 31 December 2022 578,977 70,729 226,679 261,704 1,138,089
Depreciation
At 1 January 2022 96,307 26,215 102,497 104,654 329,673
Charge for year 9,731 9,034 16,573 37,788 73,126
Eliminated on disposal - - - (9,300 ) (9,300 )
At 31 December 2022 106,038 35,249 119,070 133,142 393,499
Net book value
At 31 December 2022 472,939 35,480 107,609 128,562 744,590
At 31 December 2021 482,670 44,514 89,383 140,326 756,893

6. Fixed asset investments
Shares in
group
undertakings
£   
Cost
At 1 January 2022
and 31 December 2022 15,000
Net book value
At 31 December 2022 15,000
At 31 December 2021 15,000

7. Debtors: amounts falling due within one year
2022 2021
£    £   
Trade debtors 2,201,445 1,940,842
Bad debt provision (214,215 ) (170,512 )
Other debtors 329,454 282,696
Directors' current accounts 894,757 783,613
VAT - 12,125
Prepayments and accrued income - 39,536
Prepayments 31,571 86,723
3,243,012 2,975,023

Derry Bros Shipping Limited (Registered number: NI057006)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

8. Creditors: amounts falling due within one year
2022 2021
£    £   
Bank loans and overdrafts (see note 10) 45,825 45,825
Hire purchase contracts 7,978 10,000
Trade creditors 1,728,073 1,847,602
Corporation tax 163,468 138,835
Social security and other taxes 5,884 5,131
Pension commitments 1,086 517
VAT 54,035 -
Other creditors 1,150,008 805,072
Accrued expenses 11,826 31,638
3,168,183 2,884,620

9. Creditors: amounts falling due after more than one year
2022 2021
£    £   
Bank loans (see note 10) 147,105 191,738
Hire purchase contracts - 8,119
147,105 199,857

10. Loans

An analysis of the maturity of loans is given below:

2022 2021
£    £   
Amounts falling due within one year or on demand:
Bank loans 45,825 45,825

Amounts falling due between one and two years:
Bank loans - 1-2 years 49,620 49,620

Amounts falling due between two and five years:
Bank loans - 2-5 years 97,485 142,118

11. Secured debts

The following secured debts are included within creditors:

2022 2021
£    £   
Hire purchase contracts 7,978 18,119

AIB Group (UK) plc bank overdrafts are secured by way of a fixed and floating charge over all the property or undertaking of the company.

Derry Bros Shipping Limited (Registered number: NI057006)

Notes to the Financial Statements - continued
for the year ended 31 December 2022

12. Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 December 2022 and 31 December 2021:

2022 2021
£    £   
Mrs B Morgan
Balance outstanding at start of year 783,612 150,701
Amounts advanced 692,815 1,259,404
Amounts repaid (581,671 ) (626,493 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 894,756 783,612