Ship Shape World Ltd 05980353 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is supply of bedding and other accessories for yachts Digita Accounts Production Advanced 6.30.9574.0 true true true 05980353 2023-01-01 2023-12-31 05980353 2023-12-31 05980353 bus:OrdinaryShareClass1 2023-12-31 05980353 bus:OrdinaryShareClass2 2023-12-31 05980353 bus:OrdinaryShareClass3 2023-12-31 05980353 bus:Revised 2023-12-31 05980353 core:CurrentFinancialInstruments 2023-12-31 05980353 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 05980353 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 05980353 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 05980353 core:MotorVehicles 2023-12-31 05980353 core:OfficeEquipment 2023-12-31 05980353 core:PlantMachinery 2023-12-31 05980353 bus:SmallEntities 2023-01-01 2023-12-31 05980353 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 05980353 bus:FullAccounts 2023-01-01 2023-12-31 05980353 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 05980353 bus:RegisteredOffice 2023-01-01 2023-12-31 05980353 bus:Director3 2023-01-01 2023-12-31 05980353 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 05980353 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 05980353 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 05980353 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05980353 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-01-01 2023-12-31 05980353 core:MotorVehicles 2023-01-01 2023-12-31 05980353 core:OfficeEquipment 2023-01-01 2023-12-31 05980353 core:PlantMachinery 2023-01-01 2023-12-31 05980353 1 2023-01-01 2023-12-31 05980353 countries:England 2023-01-01 2023-12-31 05980353 2022-12-31 05980353 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 05980353 core:MotorVehicles 2022-12-31 05980353 core:OfficeEquipment 2022-12-31 05980353 core:PlantMachinery 2022-12-31 05980353 2022-01-01 2022-12-31 05980353 2022-12-31 05980353 bus:OrdinaryShareClass1 2022-12-31 05980353 bus:OrdinaryShareClass2 2022-12-31 05980353 bus:OrdinaryShareClass3 2022-12-31 05980353 core:CurrentFinancialInstruments 2022-12-31 05980353 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 05980353 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 05980353 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-12-31 05980353 core:MotorVehicles 2022-12-31 05980353 core:OfficeEquipment 2022-12-31 05980353 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05980353

Ship Shape World Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Ship Shape World Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Ship Shape World Ltd

Company Information

Director

Mr Matthew Nudd

Registered office

Ludham Road Business Park Ludham Road
Catfield
Great Yarmouth
NR29 5PY

Accountants

CG ACCOUNTING & TAX LTD
4 Ashingdon Heights
Rochford
Essex
SS43TH

 

Ship Shape World Ltd

(Registration number: 05980353)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

436

436

Tangible assets

5

93,112

87,344

 

93,548

87,780

Current assets

 

Stocks

6

142,159

102,882

Debtors

7

163,051

150,864

Cash at bank and in hand

 

121,802

193,925

 

427,012

447,671

Creditors: Amounts falling due within one year

8

(96,363)

(169,197)

Net current assets

 

330,649

278,474

Total assets less current liabilities

 

424,197

366,254

Creditors: Amounts falling due after more than one year

8

(98,234)

(175,564)

Provisions for liabilities

(6,123)

(4,272)

Net assets

 

319,840

186,418

Capital and reserves

 

Called up share capital

9

2,500

2,500

Retained earnings

317,340

183,918

Shareholders' funds

 

319,840

186,418

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

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Ship Shape World Ltd

(Registration number: 05980353)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 9 February 2024
 

.........................................
Mr Matthew Nudd
Director

 

Ship Shape World Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Ludham Road Business Park Ludham Road
Catfield
Great Yarmouth
NR29 5PY
England

These financial statements were authorised for issue by the director on 9 February 2024.

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.

Going concern

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

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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.

 

Ship Shape World Ltd

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

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

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

20% reducing balance basis

Office Equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

20% straight line basis

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Ship Shape World Ltd

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

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Ship Shape World Ltd

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 8 (2022 - 8).

 

Ship Shape World Ltd

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

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

5,060

5,060

At 31 December 2023

5,060

5,060

Amortisation

At 1 January 2023

4,624

4,624

At 31 December 2023

4,624

4,624

Carrying amount

At 31 December 2023

436

436

At 31 December 2022

436

436

The aggregate amount of research and development expenditure recognised as an expense during the period is £- (2022 - £-).
 

 

Ship Shape World Ltd

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

5

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

-

19,233

113,080

132,313

Additions

13,500

-

19,950

33,450

Disposals

-

-

(8,000)

(8,000)

At 31 December 2023

13,500

19,233

125,030

157,763

Depreciation

At 1 January 2023

-

11,875

33,094

44,969

Charge for the year

2,700

1,472

22,732

26,904

Eliminated on disposal

-

-

(7,222)

(7,222)

At 31 December 2023

2,700

13,347

48,604

64,651

Carrying amount

At 31 December 2023

10,800

5,886

76,426

93,112

At 31 December 2022

-

7,358

79,986

87,344

6

Stocks

2023
£

2022
£

Other inventories

142,159

102,882

7

Debtors

Current

2023
£

2022
£

Trade debtors

163,051

150,864

8

Creditors

Creditors: amounts falling due within one year

 

Ship Shape World Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,702

10,702

Trade creditors

 

24,371

107,569

Taxation and social security

 

60,312

49,924

Other creditors

 

978

1,002

 

96,363

169,197

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

98,234

175,564

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A Shares of £1 each

2,190

2,190

2,190

2,190

Ordinary B Shares of £1 each

10

10

10

10

Ordinary C Shares of £1 each

300

300

300

300

 

2,500

2,500

2,500

2,500

10

Related party transactions

 

Ship Shape World Ltd

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

53,150

45,125

Contributions paid to money purchase schemes

1,258

1,156

54,408

46,281

11

Parent and ultimate parent undertaking

Nudd Holdings Llimited own 100% of the 2190 Ordinary A shares and 100% of the 300 Ordinary C shares

 The company's immediate parent is Nudd Holdings Limited, incorporated in England.