Company registration number 03174702 (England and Wales)
THE SHIP SHOP (U.K.) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
THE SHIP SHOP (U.K.) LIMITED
COMPANY INFORMATION
Directors
Mr C J Wardle
Mrs R Wardle
Mr D J Wardle
Company number
03174702
Registered office
Coppice Farm Hill Top
Brown Edge
Stoke On Trent
Staffs
ST6 8TY
Accountants
Dains Accountants Limited
Suite 2, Albion House
2 Etruria Office Village
Forge Lane
Stoke on Trent
Staffordshire
ST1 5RQ
THE SHIP SHOP (U.K.) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
THE SHIP SHOP (U.K.) LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
676
2,263
Current assets
Debtors
5
12,236
11,127
Cash at bank and in hand
46,544
17,921
58,780
29,048
Creditors: amounts falling due within one year
Taxation and social security
5,848
2,503
Other creditors
6
51,875
39,361
57,723
41,864
Net current assets/(liabilities)
1,057
(12,816)
Net assets/(liabilities)
1,733
(10,553)
Capital and reserves
Called up share capital
7
3
3
Profit and loss reserves
1,730
(10,556)
Total equity
1,733
(10,553)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 22 November 2023 and are signed on its behalf by:
Mr D J Wardle
Director
Company registration number 03174702 (England and Wales)
THE SHIP SHOP (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -
1
Accounting policies
Company information

The Ship Shop (U.k.) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Coppice Farm Hill Top, Brown Edge, Stoke On Trent, Staffs, ST6 8TY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
33% on cost
1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE SHIP SHOP (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3
3
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation of owned tangible fixed assets
1,587
3,491
4
Tangible fixed assets
Computers
£
Cost
At 1 April 2022 and 31 March 2023
14,869
Depreciation and impairment
At 1 April 2022
12,606
Depreciation charged in the year
1,587
At 31 March 2023
14,193
Carrying amount
At 31 March 2023
676
At 31 March 2022
2,263
THE SHIP SHOP (U.K.) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,276
7,167
Other debtors
3,960
3,960
12,236
11,127
6
Other creditors falling due within one year
2023
2022
£
£
Trade creditors
5,993
1,015
Other creditors
44,932
37,219
Accruals and deferred income
950
1,127
51,875
39,361
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
3
3
3
3
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