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REGISTERED NUMBER: 01336338 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Odin Shipping Limited

Odin Shipping Limited (Registered number: 01336338)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Odin Shipping Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: J Hansson
M P C Russell





SECRETARY: M P C Russell





REGISTERED OFFICE: East Quay House
South Docks
Sunderland
Tyne and Wear
SR1 2EE





REGISTERED NUMBER: 01336338 (England and Wales)





ACCOUNTANTS: TTR Barnes Limited
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG

Odin Shipping Limited (Registered number: 01336338)

Statement of Financial Position
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 30,846 32,267

CURRENT ASSETS
Debtors 5 38,905 9,749
Cash at bank and in hand 334,132 249,953
373,037 259,702
CREDITORS
Amounts falling due within one year 6 127,049 94,742
NET CURRENT ASSETS 245,988 164,960
TOTAL ASSETS LESS CURRENT
LIABILITIES

276,834

197,227

PROVISIONS FOR LIABILITIES 3,029 2,324
NET ASSETS 273,805 194,903

CAPITAL AND RESERVES
Called up share capital 4,000 4,000
Share premium 500 500
Retained earnings 269,305 190,403
SHAREHOLDERS' FUNDS 273,805 194,903

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Odin Shipping Limited (Registered number: 01336338)

Statement of Financial Position - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:





M P C Russell - Director


Odin Shipping Limited (Registered number: 01336338)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Odin 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.

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which is considered to be appropriate by the directors.

Turnover
Turnover represents net sales of services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to leasehold property - 4% on cost
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 33% Straight line

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Odin Shipping Limited (Registered number: 01336338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Fixtures
leasehold and
property Website fittings
£    £    £   
COST
At 1 January 2023 12,767 3,750 34,550
Additions - - 1,917
At 31 December 2023 12,767 3,750 36,467
DEPRECIATION
At 1 January 2023 5,619 3,750 32,628
Charge for year 511 - 700
At 31 December 2023 6,130 3,750 33,328
NET BOOK VALUE
At 31 December 2023 6,637 - 3,139
At 31 December 2022 7,148 - 1,922

Odin Shipping Limited (Registered number: 01336338)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 20,392 5,276 76,735
Additions - 3,642 5,559
At 31 December 2023 20,392 8,918 82,294
DEPRECIATION
At 1 January 2023 346 2,125 44,468
Charge for year 4,009 1,760 6,980
At 31 December 2023 4,355 3,885 51,448
NET BOOK VALUE
At 31 December 2023 16,037 5,033 30,846
At 31 December 2022 20,046 3,151 32,267

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 28,838 6,311
Amounts owed by participating interests - 1,540
Other debtors 10,067 1,898
38,905 9,749

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 97,988 73,598
Taxation and social security 26,014 16,608
Other creditors 3,047 4,536
127,049 94,742

7. CONTROL

The controlling party is J Hansson.