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REGISTERED NUMBER: 10754325 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022

FOR

DISCOUNT SHIPPING LIMITED

DISCOUNT SHIPPING LIMITED (REGISTERED NUMBER: 10754325)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DISCOUNT SHIPPING LIMITED

COMPANY INFORMATION
for the Year Ended 31 October 2022







DIRECTORS: S Chapman
Mrs S Chapman





REGISTERED OFFICE: Carlton House
Bull Close Lane
Halifax
West Yorkshire
HX1 2EG





REGISTERED NUMBER: 10754325 (England and Wales)





ACCOUNTANTS: Bairstow and Atkinson Chartered Accountants
Carlton House
Bull Close Lane
Halifax
West Yorkshire
HX1 2EG

DISCOUNT SHIPPING LIMITED (REGISTERED NUMBER: 10754325)

BALANCE SHEET
31 October 2022

31.10.22 31.10.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 3,000
Tangible assets 5 1,327 1,132
1,327 4,132

CURRENT ASSETS
Debtors 6 67,841 27,368
Cash at bank 6,364 50
74,205 27,418
CREDITORS
Amounts falling due within one year 7 45,047 10,989
NET CURRENT ASSETS 29,158 16,429
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,485

20,561

PROVISIONS FOR LIABILITIES 252 215
NET ASSETS 30,233 20,346

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 30,231 20,344
30,233 20,346

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

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

The directors acknowledge their 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.

DISCOUNT SHIPPING LIMITED (REGISTERED NUMBER: 10754325)

BALANCE SHEET - continued
31 October 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 Board of Directors and authorised for issue on 18 October 2023 and were signed on its behalf by:




Mrs S Chapman - Director



S Chapman - Director


DISCOUNT SHIPPING LIMITED (REGISTERED NUMBER: 10754325)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 October 2022

1. STATUTORY INFORMATION

Discount Shipping Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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
Franchise licence, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on cost

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.

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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 2 ) .

DISCOUNT SHIPPING LIMITED (REGISTERED NUMBER: 10754325)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 October 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2021
and 31 October 2022 20,000
AMORTISATION
At 1 November 2021 17,000
Charge for year 3,000
At 31 October 2022 20,000
NET BOOK VALUE
At 31 October 2022 -
At 31 October 2021 3,000

5. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 November 2021 2,017
Additions 777
At 31 October 2022 2,794
DEPRECIATION
At 1 November 2021 885
Charge for year 582
At 31 October 2022 1,467
NET BOOK VALUE
At 31 October 2022 1,327
At 31 October 2021 1,132

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Trade debtors 67,249 56,355
Other debtors 592 (28,987 )
67,841 27,368

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.22 31.10.21
£    £   
Trade creditors 26,439 1,379
Taxation and social security 10,925 8,151
Other creditors 7,683 1,459
45,047 10,989