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Company No: 06845891 (England and Wales)

SFS CRUISE LOGISTICS LTD

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

SFS CRUISE LOGISTICS LTD

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

SFS CRUISE LOGISTICS LTD

BALANCE SHEET

As at 31 August 2023
SFS CRUISE LOGISTICS LTD

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 4,728 5,119
4,728 5,119
Current assets
Debtors 4 257,681 451,840
Cash at bank and in hand 248,586 96,168
506,267 548,008
Creditors: amounts falling due within one year 5 ( 488,596) ( 551,794)
Net current assets/(liabilities) 17,671 (3,786)
Total assets less current liabilities 22,399 1,333
Net assets 22,399 1,333
Capital and reserves
Called-up share capital 100 100
Profit and loss account 22,299 1,233
Total shareholder's funds 22,399 1,333

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

Directors' responsibilities:

The financial statements of SFS Cruise Logistics Ltd (registered number: 06845891) were approved and authorised for issue by the Board of Directors on 01 May 2024. They were signed on its behalf by:

R A Negus
Director
SFS CRUISE LOGISTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
SFS CRUISE LOGISTICS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

SFS Cruise Logistics Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Units E, F & G Griffin Industrial Park, Totton, Southampton, SO40 3SH, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a [straight-line, reducing balance] basis over its expected useful life, as follows:

Plant and machinery 5 years straight line
Office equipment 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 9

3. Tangible assets

Plant and machinery Office equipment Total
£ £ £
Cost
At 01 September 2022 0 8,531 8,531
Additions 1,337 0 1,337
At 31 August 2023 1,337 8,531 9,868
Accumulated depreciation
At 01 September 2022 0 3,412 3,412
Charge for the financial year 22 1,706 1,728
At 31 August 2023 22 5,118 5,140
Net book value
At 31 August 2023 1,315 3,413 4,728
At 31 August 2022 0 5,119 5,119

4. Debtors

2023 2022
£ £
Trade debtors 249,785 443,286
Other debtors 7,896 8,554
257,681 451,840

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 108,977 128,765
Amounts owed to Group undertakings 286,670 233,878
Taxation and social security 10,936 5,057
Other creditors 82,013 184,094
488,596 551,794

6. Ultimate controlling party

Parent Company:

Southampton Freight Services Ltd