23
31/03/2023
2023-03-31
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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
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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.