Nuussisut Shipping Limited 13095332 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is rental of shipping vessel Digita Accounts Production Advanced 6.30.9574.0 true false true 13095332 2022-04-01 2023-03-31 13095332 2023-03-31 13095332 bus:OrdinaryShareClass1 2023-03-31 13095332 core:CurrentFinancialInstruments 2023-03-31 13095332 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 13095332 core:FurnitureFittingsToolsEquipment 2023-03-31 13095332 bus:SmallEntities 2022-04-01 2023-03-31 13095332 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 13095332 bus:FullAccounts 2022-04-01 2023-03-31 13095332 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 13095332 bus:RegisteredOffice 2022-04-01 2023-03-31 13095332 bus:Director1 2022-04-01 2023-03-31 13095332 bus:Director2 2022-04-01 2023-03-31 13095332 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 13095332 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 13095332 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 13095332 core:PlantMachinery 2022-04-01 2023-03-31 13095332 1 2022-04-01 2023-03-31 13095332 countries:EnglandWales 2022-04-01 2023-03-31 13095332 2022-03-31 13095332 core:FurnitureFittingsToolsEquipment 2022-03-31 13095332 2020-12-22 2022-03-31 13095332 2022-03-31 13095332 bus:OrdinaryShareClass1 2022-03-31 13095332 core:CurrentFinancialInstruments 2022-03-31 13095332 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 13095332 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 13095332

Nuussisut Shipping Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Nuussisut Shipping Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Nuussisut Shipping Limited

Company Information

Directors

M K Jensen

U B Vedel

Registered office

Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

 

Nuussisut Shipping Limited

(Registration number: 13095332)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

333,624

351,674

Current assets

 

Debtors

5

194,192

116,485

Cash at bank and in hand

 

331

321

 

194,523

116,806

Creditors: Amounts falling due within one year

6

(520,566)

(461,516)

Net current liabilities

 

(326,043)

(344,710)

Total assets less current liabilities

 

7,581

6,964

Provisions for liabilities

(1,440)

(1,323)

Net assets

 

6,141

5,641

Capital and reserves

 

Called up share capital

7

1

1

Retained earnings

6,140

5,640

Shareholders' funds

 

6,141

5,641

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 November 2023 and signed on its behalf by:
 

.........................................
M K Jensen
Director

.........................................
U B Vedel
Director

 

Nuussisut Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 13095332.

The address of its registered office is:
Kingfisher Court
Plaxton Bridge Road
Woodmansey
Beverley
East Yorkshire
HU17 0RT

The principal place of business is:
Qujanarteq
1 PO Box 191
3922 Nanortalik
Greenland

These financial statements were authorised for issue by the Board on 24 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover arises from the rental of a boat. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the rents receivable in the normal course of business.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Nuussisut Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or subsequently enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5% reducing balance

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Nuussisut Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 2 (2022 - 2).

 

Nuussisut Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2022

370,183

370,183

At 31 March 2023

370,183

370,183

Depreciation

At 1 April 2022

18,509

18,509

Charge for the year

18,050

18,050

At 31 March 2023

36,559

36,559

Carrying amount

At 31 March 2023

333,624

333,624

At 31 March 2022

351,674

351,674

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

194,192

116,485

Total current trade and other debtors

 

194,192

116,485

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to group undertakings and undertakings in which the company has a participating interest

495,336

448,696

Accruals and deferred income

 

25,230

12,820

 

520,566

461,516

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Nuussisut Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Parent and ultimate parent undertaking

The company has taken advantage of the exemption included in FRS 102 from disclosing transactions with other members of the group

 The Company's immediate parent is Artic Unlimited APS, incorporated in Greenland.

 The ultimate parent is Mash Holdings APS, incorporated in Greenland.

  These financial statements are available upon request from Qujanarteq 1, PO Box 191, 3922 Nanortalik, Greenland.