REGISTERED NUMBER: |
Time & Tide Shipping Limited |
Financial Statements |
for the period |
1 January 2022 to 30 April 2023 |
REGISTERED NUMBER: |
Time & Tide Shipping Limited |
Financial Statements |
for the period |
1 January 2022 to 30 April 2023 |
Time & Tide Shipping Limited (Registered number: 03033777) |
Contents of the Financial Statements |
for the period 1 January 2022 to 30 April 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Time & Tide Shipping Limited |
Company Information |
for the period 1 January 2022 to 30 April 2023 |
Director: |
Registered office: |
Registered number: |
Business address: |
Norwich |
NR1 1RY |
Time & Tide Shipping Limited (Registered number: 03033777) |
Balance Sheet |
30 April 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current (liabilities)/assets | ( |
) |
Total assets less current liabilities | ( |
) |
Capital and reserves |
Called up share capital | 7 |
Retained earnings | 8 | ( |
) |
Shareholders' funds | ( |
) |
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. |
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 |
Time & Tide Shipping Limited (Registered number: 03033777) |
Notes to the Financial Statements |
for the period 1 January 2022 to 30 April 2023 |
1. | Statutory information |
Time & Tide Shipping Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, they are prepared in £ sterling , rounded to the nearest £. |
Significant judgements and estimates |
In applying the Company's accounting policies, the director is required to make judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The director's judgements, estimated and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods, if the revision affects both current and future periods. |
Critical judgements in applying the Company's accounting policies |
The critical judgement that the director has made in the process of applying the Company's accounting policies that have the most significant effect on the amounts recognised in the statutory financial statements are discussed below: |
(i) Assessing indicators and impairment |
In assessing whether there have been any indicators or impairment of assets, the director has considered both external and internal sources of information such as market conditions, counterparty credit ratings and experience or recoverability. There have been no indicators or impairments identified during the current financial year. |
Key sources of estimation uncertainty |
The key assumptions concerning the future, and other key sources of estimation uncertainty that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: |
(ii) Recoverability of receivables |
The Company establishes a provision for receivables that are estimated not to be recoverable. When assessing recoverability the director considers factors such as the aging of the receivables, past experience and recoverability, and the credit profile of individual or groups of customers. |
Turnover |
Turnover represents the total value of commission and fees earned during the year. Revenue is recognised for the relevant period. |
Time & Tide Shipping Limited (Registered number: 03033777) |
Notes to the Financial Statements - continued |
for the period 1 January 2022 to 30 April 2023 |
2. | Accounting policies - continued |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at that date the transaction took place. Where this is not possible to determine, income and expense items are translated using an average exchange rate for the period. |
Monetary assets and liabilities denominated in foreign currencies at the reporting date are reported at the rates of exchange prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at the reporting date of monetary assets and liabilities are reported in profit or loss. |
Going concern |
These financial statements have been prepared on a going concern basis. |
The current economic conditions present increased risks for all businesses. In response to such conditions, the director has carefully considered these risks including an assessment on uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis. |
Based on assessment, the director considers that the Company maintains an appropriate level of liquidity, sufficient to meet the demands of the business including any capital and servicing obligations and external debt liabilities. |
In addition, the Company's assets are assessed for recoverability on a regular basis, and the director considers that the Company is not exposed to losses on these assets which would affect their decision to adopt the going concern basis. |
The director has a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and that there are no material uncertainties that lead to significant doubts upon the Company's ability to continue as a going concern. Thus the director has continued to adopt the going concern basis of accounting in preparing these financial statements |
Time & Tide Shipping Limited (Registered number: 03033777) |
Notes to the Financial Statements - continued |
for the period 1 January 2022 to 30 April 2023 |
2. | Accounting policies - continued |
Financial instruments |
Financial assets and liabilities are recognised when the Company becomes party to the contractual provisions of the financial instrument. The Company holds financial instruments which comprise cash and cash equivalents, trade and other receivables, trade and other payables, and loans and borrowings. The company has chosen to apply the provisions of Section 11 Basic Financial Instruments in full. |
Financial assets - classified as basic financial instruments |
(i) Cash and cash equivalents |
Include cash in hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. |
(ii) Trade and other receivables |
Trade and other receivables are initially recognised at the transaction price, including any transaction costs, and subsequently measured at amortised cost including the effective interest method, less any provision for impairment. Amounts that are receivable within one year are measured at the undiscounted amount of the cash expected to be received, net of any impairment. |
At the end of each reporting period, the Company assesses whether there is objective evidence that a receivable amount may be impaired. A provision for impairment 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. The amount of the provision is the difference between the asset's carrying amount and the present value of the estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised immediately in profit or loss. |
(iii) Trade and other payables and loans and borrowings |
Trade and other payables and loans and borrowings are initially measured at the transaction price, including any transaction costs, and subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount of the cash expected to be paid. |
3. | Employees and directors |
The average number of employees during the period was |
Time & Tide Shipping Limited (Registered number: 03033777) |
Notes to the Financial Statements - continued |
for the period 1 January 2022 to 30 April 2023 |
4. | Tangible fixed assets |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
Cost |
At 1 January 2022 |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
Depreciation |
At 1 January 2022 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 April 2023 |
Net book value |
At 30 April 2023 |
At 31 December 2021 |
5. | Debtors: amounts falling due within one year |
2023 | 2021 |
£ | £ |
Other debtors |
VAT |
Prepayments |
6. | Creditors: amounts falling due within one year |
2023 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Social security and other taxes |
Other creditors |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2021 |
value: | £ | £ |
Ordinary | £1 | 500 | 500 |
Time & Tide Shipping Limited (Registered number: 03033777) |
Notes to the Financial Statements - continued |
for the period 1 January 2022 to 30 April 2023 |
8. | Reserves |
Retained |
earnings |
£ |
At 1 January 2022 |
Deficit for the period | ( |
) |
At 30 April 2023 | ( |
) |
9. | Related party disclosures |
During the year, the company charged fees totalling £97,982 (2021 £218,500 ) to a company under ultimate common control. |
Amounts owed to companies under common control as at year end £76,255 |