2022-02-012023-01-312023-01-31falseSC295023ALFA SHIPPING SERVICES 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ALFA SHIPPING SERVICES LIMITED

Registered Number
SC295023
(Scotland)

Unaudited Financial Statements for the Year ended
31 January 2023

ALFA SHIPPING SERVICES LIMITED
Company Information
for the year from 1 February 2022 to 31 January 2023

Director

FLEMING, Alistair James

Company Secretary

FLEMING, Alistair James

Registered Address

19/5 Kirn Street
Glasgow
G20 0DD

Registered Number

SC295023 (Scotland)
ALFA SHIPPING SERVICES LIMITED
Balance Sheet as at
31 January 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets37291,060
7291,060
Current assets
Debtors4156,19472,931
Cash at bank and on hand102,71872,474
258,912145,405
Creditors amounts falling due within one year5(207,116)(125,300)
Net current assets (liabilities)51,79620,105
Total assets less current liabilities52,52521,165
Provisions for liabilities(182)(265)
Net assets52,34320,900
Capital and reserves
Called up share capital100100
Profit and loss account52,24320,800
Shareholders' funds52,34320,900
The financial statements were approved and authorised for issue by the Director on 31 July 2024, and are signed on its behalf by:
FLEMING, Alistair James
Director
Registered Company No. SC295023
ALFA SHIPPING SERVICES LIMITED
Notes to the Financial Statements
for the year ended 31 January 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Scotland. The company's registered office is 19/5 Kirn Street, Glasgow, Scotland, G20 0DD.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard), 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 FRS102 have been applied other than where additional disclosure is required to show a true and fair view.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of services attributable to the one principal activity of the company being that of shipping agents. Income is recognised when the service has been provided.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss and represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fittings - 20% on reducing balance Computers - 33.33% on reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately within current liabilities.
Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year12
3.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 February 226692,5093,178
At 31 January 236692,5093,178
Depreciation and impairment
At 01 February 224981,6202,118
Charge for year34297331
At 31 January 235321,9172,449
Net book value
At 31 January 23137592729
At 31 January 221718891,060
4.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables138,31249,498
Other debtors17,88223,433
Total156,19472,931
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables184,642113,853
Taxation and social security15,6418,172
Other creditors298141
Accrued liabilities and deferred income6,5353,134
Total207,116125,300
6.Directors advances, credits and guarantees
As at 31 January 2023, the director owed the company £9,842 (2022 - £15,914).