23 31/03/2023 2023-03-31 false false false false true false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 10670359 2022-04-01 2023-03-31 10670359 2023-03-31 10670359 2022-03-31 10670359 2021-04-01 2022-03-31 10670359 2022-03-31 10670359 2021-03-31 10670359 bus:RegisteredOffice 2022-04-01 2023-03-31 10670359 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 10670359 bus:LeadAgentIfApplicable 2022-04-01 2023-03-31 10670359 bus:Agent2 2022-04-01 2023-03-31 10670359 bus:Director1 2022-04-01 2023-03-31 10670359 bus:Director2 2022-04-01 2023-03-31 10670359 bus:Director3 2022-04-01 2023-03-31 10670359 bus:Director4 2022-04-01 2023-03-31 10670359 core:PlantMachinery 2022-03-31 10670359 core:FurnitureFittingsToolsEquipment 2022-03-31 10670359 core:PlantMachinery 2023-03-31 10670359 core:FurnitureFittingsToolsEquipment 2023-03-31 10670359 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 10670359 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 10670359 core:WithinOneYear 2023-03-31 10670359 core:WithinOneYear 2022-03-31 10670359 bus:AllOrdinaryShares 2022-04-01 2023-03-31 10670359 bus:AllOrdinaryShares 2021-04-01 2022-03-31 10670359 core:ShareCapital 2023-03-31 10670359 core:ShareCapital 2022-03-31 10670359 core:SharePremium 2023-03-31 10670359 core:SharePremium 2022-03-31 10670359 core:HedgingReserve 2022-03-31 10670359 core:RetainedEarningsAccumulatedLosses 2023-03-31 10670359 core:RetainedEarningsAccumulatedLosses 2022-03-31 10670359 core:ShareCapital 2021-03-31 10670359 core:SharePremium 2021-03-31 10670359 core:HedgingReserve 2021-03-31 10670359 core:RetainedEarningsAccumulatedLosses 2021-03-31 10670359 bus:OrdinaryShareClass1 core:ShareCapital 2023-03-31 10670359 bus:OrdinaryShareClass1 core:ShareCapital 2022-03-31 10670359 core:BetweenOneFiveYears 2023-03-31 10670359 core:MoreThanFiveYears 2023-03-31 10670359 core:PlantMachinery 2022-04-01 2023-03-31 10670359 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 10670359 core:AfterOneYear 2023-03-31 10670359 core:AfterOneYear 2022-03-31 10670359 core:PlantMachinery 2022-03-31 10670359 core:FurnitureFittingsToolsEquipment 2022-03-31 10670359 bus:SmallEntities 2022-04-01 2023-03-31 10670359 bus:Audited 2022-04-01 2023-03-31 10670359 bus:AbridgedAccounts 2022-04-01 2023-03-31 10670359 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 10670359 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 10670359 core:AllAssociates 2022-04-01 2023-03-31 10670359 core:AllAssociates 2021-04-01 2022-03-31 10670359 core:OtherProvisionsContingentLiabilities 2022-04-01 2023-03-31 10670359 core:EmployeeBenefits 2023-03-31 10670359 core:AllAssociates 2023-03-31 10670359 core:AllAssociates 2022-03-31
Company registration number: 10670359
Windward Shipping (London) Limited
Abridged filleted financial statements
Year ended
31 March 2023
Windward Shipping (London) Limited
Contents
Directors and other information
Directors report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Windward Shipping (London) Limited
Directors and other information
Directors Mr Andrew Dawson
Mr Thomas Alexander Pitfield Hallett
Mr Sean Padriac Colgan
Mr Robert Kennedy Walsh
Company number 10670359
Registered office The Broadgate Tower
20 Primrose Street
City of London
London
EC2A 2EW
Business address Magdalene House
3rd Floor
136-148 Tooley street
London
SE1 2TU
Auditors Kay Peters & Co
Ground Floor East
30-40 Eastcheap
City of London
London
EC3M 1HD
David Constantine Kay
Accountants Kay Peters & Co
Ground Floor East
30-40 Eastcheap
City of London
London
EC3M 1HD
Bankers Lloyds Bank plc
39 Threadneedle Street
City of London
London
EC2R 8AU
Solicitors Hill Dickinson LLP
The Broadgate Tower
20 Primrose Street
City of London
London
EC2A 2EW
Windward Shipping (London) Limited
Directors report
Year ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended 31 March 2023.
Incorporation
The company was incorporated on the 14th March 2017. The company acts as shipping brokers and agents on behalf of shipping companies.
Directors
The directors who served the company during the year were as follows:
Mr Andrew Dawson
Mr Thomas Alexander Pitfield Hallett
Mr Sean Padriac Colgan
Mr Robert Kennedy Walsh
Particulars of recommended dividends are detailed in note 6 to the financial statements.
Directors responsibilities statement
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 21 November 2023 and signed on behalf of the board by:
Mr Thomas Alexander Pitfield Hallett Mr Andrew Dawson
Director Director
Windward Shipping (London) Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 7 138,077 42,220
_______ _______
138,077 42,220
Current assets
Debtors 8 1,474,875 1,476,840
Cash at bank and in hand 4,531,943 3,156,302
_______ _______
6,006,818 4,633,142
Creditors: amounts falling due
within one year 9 ( 1,560,189) ( 1,234,957)
_______ _______
Net current assets 4,446,629 3,398,185
_______ _______
Total assets less current liabilities 4,584,706 3,440,405
Provisions for liabilities 10 ( 75,358) -
_______ _______
Net assets 4,509,348 3,440,405
_______ _______
Capital and reserves
Called up share capital 11 200 200
Share premium account 74,178 74,178
Fair value reserve - 3,480
Profit and loss account 4,434,970 3,362,547
_______ _______
Shareholders funds 4,509,348 3,440,405
_______ _______
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 abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income for the current year ending 31 March 2023 in accordance with Section 444(2A) of the Companies Act 2006.
The Financial Statemernts were audited by David Kay ,Statutory Auditor.In his opinion the Financial Statements give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year then ended;
These financial statements were approved by the board of directors and authorised for issue on 21 November 2023 , and are signed on behalf of the board by:
Mr Andrew Dawson Mr Thomas Alexander Pitfield Hallett
Director Director
Company registration number: 10670359
Windward Shipping (London) Limited
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Share premium account Fair value reserve Profit and loss account Total
£ £ £ £ £
At 1 April 2020 200 74,178 3,480 1,190,240 1,268,098
Profit for the year 3,282,307 3,282,307
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 3,282,307 3,282,307
Dividends paid and payable ( 1,110,000) ( 1,110,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 1,110,000) ( 1,110,000)
_______ _______ _______ _______ _______
At 31 March 2022 and 1 April 2022 200 74,178 - 3,366,026 3,440,404
Profit for the year 4,058,944 4,058,944
_______ _______ _______ _______ _______
Total comprehensive income for the year - - - 4,058,944 4,058,944
Dividends paid and payable ( 2,990,000) ( 2,990,000)
_______ _______ _______ _______ _______
Total investments by and distributions to owners - - - ( 2,990,000) ( 2,990,000)
_______ _______ _______ _______ _______
At 31 March 2023 200 74,178 - 4,434,970 4,509,348
_______ _______ _______ _______ _______
Windward Shipping (London) Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Broadgate Tower, 20 Primrose Street, City of London, London, EC2A 2EW.
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 services rendered, net of discounts .
Revenue from the services rendered is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on agreement of the services); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 23 (2022: 15 ).
5. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
Year Year
ended ended
2023 2022
£ £
Remuneration 1,091,667 950,000
Company contributions to pension schemes in respect of qualifying services 52,229 11,250
_______ _______
1,143,896 961,250
The number of directors who accrued benefits under company pension plans was as follows:
2023 2022
Number Number
Defined contribution plans 2 2
_______ _______
The total pension contributions include an exceptional charge £37,958 to equate past pension contributions.
6. Dividends
Equity dividends
2023 2022
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 2,990,000 1,110,000
_______ _______
The dividends were declared and distributed during the year.
7. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 April 2022 45,560 56,500 102,060
Additions 45,721 82,262 127,983
_______ _______ _______
At 31 March 2023 91,281 138,762 230,043
_______ _______ _______
Depreciation
At 1 April 2022 27,744 32,096 59,840
Charge for the year 12,708 19,418 32,126
_______ _______ _______
At 31 March 2023 40,452 51,514 91,966
_______ _______ _______
Carrying amount
At 31 March 2023 50,829 87,248 138,077
_______ _______ _______
At 31 March 2022 17,816 24,404 42,220
_______ _______ _______
8. Debtors
2023 2022
£ £
Trade debtors 935,378 635,274
Amounts owed by group undertakings and undertakings in which the company has a participating interest 143,862 -
Other debtors 395,635 841,566
_______ _______
1,474,875 1,476,840
_______ _______
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Other debtors 108,507 40,012
_______ _______
Debtor amounts relate to Lease Deposits in respect of the trading premises.
9. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 975,000 796,538
Social security and other taxes 226,582 308,899
Other creditors 358,607 129,520
_______ _______
1,560,189 1,234,957
_______ _______
10. Provisions
Dilapidations and Pension Contributions Total
£ £
At 1 April 2022 - -
Additions 75,358 75,358
_______ _______
At 31 March 2023 75,358 75,358
_______ _______
The company made has made a provision for dilapidations in respect of its former and current trading premises of £37,400. The company made a further provision for past pension contributions £37,958.
11. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 200 200 200 200
_______ _______ _______ _______
12. 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 168,034 -
Later than 1 year and not later than 5 years 670,912 -
Later than 5 years 105,890 -
_______ _______
944,836 -
_______ _______
The payments relate to the non cancellable leased premises entered into the company as discounted by 8%.
13. Summary audit opinion
The auditor's report for the year dated 23 November 2023 was unqualified.
The statutory auditor was Kay Peters & Co
14. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Services rendered to associated company 5,206,089 3,398,207 388,283 310,373
Advances to overseas branch-Singapore 374,606 327,758 100,000 700,000
Advances to overseas branch-Turkey 254,692 - - -
_______ _______ _______ _______
The services rendered related to Windward Shipping (US) Management LLC incorporated in the USA which is a significant shareholder in Windward Shipping (London) Limited . The advances and amounts due relate to transactions between Windward Shipping (London) Limited and its overseas branches.
15. Controlling party
Windward Shipping (London) Limited is controlled by its directors and Windward Shipping (US) Management LLC incorporated in the USA through their respective shareholdngs.