Caseware UK (AP4) 2022.0.179 2022.0.179 trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-01-01falseSea & Costal freight water transport4138truefalse 07365418 2023-01-01 2023-12-31 07365418 2022-01-01 2022-12-31 07365418 2023-12-31 07365418 2022-12-31 07365418 2022-01-01 07365418 c:Director1 2023-01-01 2023-12-31 07365418 d:PlantMachinery 2023-01-01 2023-12-31 07365418 d:PlantMachinery 2023-12-31 07365418 d:PlantMachinery 2022-12-31 07365418 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07365418 d:OfficeEquipment 2023-01-01 2023-12-31 07365418 d:OfficeEquipment 2023-12-31 07365418 d:OfficeEquipment 2022-12-31 07365418 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07365418 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07365418 d:CurrentFinancialInstruments 2023-12-31 07365418 d:CurrentFinancialInstruments 2022-12-31 07365418 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07365418 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07365418 d:ShareCapital 2023-12-31 07365418 d:ShareCapital 2022-12-31 07365418 d:RetainedEarningsAccumulatedLosses 2023-12-31 07365418 d:RetainedEarningsAccumulatedLosses 2022-12-31 07365418 c:FRS102 2023-01-01 2023-12-31 07365418 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07365418 c:FullAccounts 2023-01-01 2023-12-31 07365418 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07365418 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 07365418 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 07365418 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure
Registered number: 07365418





 
Britam Shipping Ltd          
 
Financial Statements          

For the Year Ended 31 December 2023          

 
Britam Shipping Ltd
Registered number:07365418

Balance sheet
As at 31 December 2023


2023

2022
                                                                                    Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
58,636
65,668

Current assets
  

Debtors
 5 
2,490,907
3,111,660

Cash at bank and in hand
 6 
3,031,217
1,848,230

  
5,522,124
4,959,890

Creditors: amounts falling due within one year
 7 
(2,484,644)
(2,567,802)

Net current assets
  
 
 
3,037,480
 
 
2,392,088

Total assets less current liabilities
  
3,096,116
2,457,756

Provisions for liabilities
  

Deferred tax
 8 
(14,659)
(12,477)

Net assets
  
3,081,457
2,445,279


Capital and reserves
  

Called up share capital 
  
125
125

Profit and loss account
  
3,081,332
2,445,154

  
3,081,457
2,445,279


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board; and were signed on its behalf on 22 March 2024.



R.P. Clarke
Director


The notes on pages 2 to 9 form part of these financial statements.
Page 1

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

1.


General information

Britam Shipping Ltd is a private company limited by shares, incorporated in England and Wales. Its registered office is Construction House, Runwell Road, Wickford, Essex, SS11 7HQ. Its principal place of business is Unit B1, East Gores Business Park, Salmons Lane, Coggeshall, CO6 1RZ.

2.Accounting policies

  
2.1
Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided at the following rates:

Plant and machinery
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Page 3

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)


2.6
Financial instruments (continued)

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.8
Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 4

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.9

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.10

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.11

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

2.Accounting policies (continued)

 
2.13

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
2
2



Administration
34
30



Warehouse
5
6

41
38

Page 6

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

4.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost


At 1 January 2023
84,376
62,316
146,692


Additions
486
10,927
11,413



At 31 December 2023

84,862
73,243
158,105



Depreciation


At 1 January 2023
44,844
36,180
81,024


Charge for the year
9,987
8,458
18,445



At 31 December 2023

54,831
44,638
99,469



Net book value



At 31 December 2023
30,031
28,605
58,636



At 31 December 2022
39,532
26,136
65,668

Page 7

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

5.


Debtors

2023
2022
£
£


Trade debtors
2,168,818
2,786,813

Other debtors
253,196
245,060

Prepayments and accrued income
68,893
79,787

2,490,907
3,111,660


Included within other debtors due within one year is a loan to R Clarke, a director, amounting to £10,000 (2022 - £Nil) and this was the maximum balance outstanding during the year. No interest was charge on this loan.




6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
3,031,217
1,848,230



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,586,430
1,938,457

Corporation tax
429,993
302,289

Other taxation and social security
72,525
77,265

Other creditors
1,412
329

Accruals and deferred income
394,284
249,462

2,484,644
2,567,802


Page 8

 
Britam Shipping Ltd
 
 
Notes to the financial statements
For the year ended 31 December 2023

8.


Deferred taxation




2023
2022


£

£






At beginning of year
12,477
14,001


Charged for/(released during) the year
2,182
(1,524)



At end of year
14,659
12,477

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
14,659
12,477

9.

Pensions commitments

The company operates defined contribution pension schemes for the benefit of the directors and employees. The assets of the schemes are administered by trustees in funds independent from those of the company.
The total contributions paid in the year amounted to £32,381
 (2022 - £27,313).

 
Page 9