Company registration number 04716907 (England and Wales)
IMPERIAL RO-RO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
IMPERIAL RO-RO LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
IMPERIAL RO-RO LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
$
$
$
$
Current assets
Debtors
3
4,188,332
4,377,982
Creditors: amounts falling due within one year
4
(22,121)
(86,654)
Net current assets
4,166,211
4,291,328
Provisions for liabilities
(632,500)
(632,500)
Net assets
3,533,711
3,658,828
Capital and reserves
Called up share capital
5
4,535,002
4,535,002
Profit and loss reserves
(1,001,291)
(876,174)
Total equity
3,533,711
3,658,828

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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 December 2023 and are signed on its behalf by:
Mr C M Kjellberg
Director
Company Registration No. 04716907
IMPERIAL RO-RO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Imperial Ro-Ro Limited is a private company limited by shares incorporated in England and Wales. The registered office is 200 Court Road, Eltham, London, SE9 4EW.

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 US dollars ("$"), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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. This is despite the sale of the ship in the previous year as the directors remain committed to investigating any future opportunities to reinvest in a new ship. 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.

 

Time chartered vessels

Contracts are entered into for use of a shipping company vessel for a fixed period of time at a specified daily charter hire rate. Revenue is recognised as it is earned rateably over the duration of the time charter period.

 

Voyage expenses, primarily consisting of port, canal and bunker expenses that are unique to a particular charter, are paid for directly by the charterer under the time charter arrangements, except for commissions and ship management which are always paid by the shipping companies.

1.4
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

IMPERIAL RO-RO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
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 income statement 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.

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.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Foreign exchange

Transactions in currencies other than US Dollars are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

IMPERIAL RO-RO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -
2
Employees

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

2022
2021
Number
Number
Total
2
2
3
Debtors
2022
2021
Amounts falling due within one year:
$
$
Amounts owed by group undertakings
4,172,858
3,335,510
Other debtors
-
0
1,026,998
4,172,858
4,362,508
2022
2021
Amounts falling due after more than one year:
$
$
Deferred tax asset
15,474
15,474
Total debtors
4,188,332
4,377,982
4
Creditors: amounts falling due within one year
2022
2021
$
$
Other creditors
22,121
86,654
5
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
$
$
Issued and fully paid
Ordinary shares of £1 each
3,520,001
3,520,001
4,535,002
4,535,002
6
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

IMPERIAL RO-RO LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
6
Audit report information
(Continued)
- 5 -
Senior Statutory Auditor:
Ian Hughes ACA
Statutory Auditor:
Gravita II LLP
7
Related party transactions

The company has taken advantage of the exemption under FRS102 section 1AC.35 related parties not to disclose transactions with other wholly owned group companies.

8
Parent company

At the reporting date, the company's immediate and ultimate parent company is Svenska Orient Linien AB. (SOL) a company incorporated in Sweden. SOL prepare group consolidated accounts including the results of Imperial Ro-Ro Limited which are available at the Swedish companies registration office. The registered office of SOL is Goteborg kommun, Vastra Gotalands Ian, Klippan 1A, 414 51 Goteborg.

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