Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31No description of principal activity72023-04-01false7truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03382555 2023-04-01 2024-03-31 03382555 2022-04-01 2023-03-31 03382555 2024-03-31 03382555 2023-03-31 03382555 c:Director1 2023-04-01 2024-03-31 03382555 c:Director2 2023-04-01 2024-03-31 03382555 c:RegisteredOffice 2023-04-01 2024-03-31 03382555 c:Agent1 2023-04-01 2024-03-31 03382555 d:PlantMachinery 2023-04-01 2024-03-31 03382555 d:PlantMachinery 2024-03-31 03382555 d:PlantMachinery 2023-03-31 03382555 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03382555 d:MotorVehicles 2023-04-01 2024-03-31 03382555 d:MotorVehicles 2024-03-31 03382555 d:MotorVehicles 2023-03-31 03382555 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03382555 d:FurnitureFittings 2023-04-01 2024-03-31 03382555 d:FurnitureFittings 2024-03-31 03382555 d:FurnitureFittings 2023-03-31 03382555 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03382555 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 03382555 d:OtherPropertyPlantEquipment 2024-03-31 03382555 d:OtherPropertyPlantEquipment 2023-03-31 03382555 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03382555 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03382555 d:CurrentFinancialInstruments 2024-03-31 03382555 d:CurrentFinancialInstruments 2023-03-31 03382555 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03382555 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03382555 d:ShareCapital 2024-03-31 03382555 d:ShareCapital 2023-03-31 03382555 d:RetainedEarningsAccumulatedLosses 2024-03-31 03382555 d:RetainedEarningsAccumulatedLosses 2023-03-31 03382555 c:FRS102 2023-04-01 2024-03-31 03382555 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03382555 c:FullAccounts 2023-04-01 2024-03-31 03382555 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03382555 d:WithinOneYear 2024-03-31 03382555 d:WithinOneYear 2023-03-31 03382555 d:BetweenOneFiveYears 2024-03-31 03382555 d:BetweenOneFiveYears 2023-03-31 03382555 2 2023-04-01 2024-03-31 03382555 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure
Company registration number: 03382555







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024


1ST PENGUIN SHIPPING LIMITED






































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1ST PENGUIN SHIPPING LIMITED
 


 
COMPANY INFORMATION


Directors
Mr I E Biggs 
Mr S C Graham 




Registered number
03382555



Registered office
3000a Parkway

Whiteley

Hampshire

PO15 7FX




Accountants
Menzies LLP
Chartered Accountants

3000a Parkway

Whiteley

Hampshire

PO15 7FX




Bankers
Lloyds Bank Plc
63 London Road

Southampton

Hampshire

SO15 2US





 


1ST PENGUIN SHIPPING LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 8


 


1ST PENGUIN SHIPPING LIMITED
REGISTERED NUMBER:03382555



STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
35,077
9,471

  
35,077
9,471

Current assets
  

Debtors: amounts falling due within one year
 5 
343,897
303,363

Cash at bank and in hand
  
1,098,089
1,067,235

  
1,441,986
1,370,598

Creditors: amounts falling due within one year
 6 
(603,449)
(500,891)

Net current assets
  
 
 
838,537
 
 
869,707

Total assets less current liabilities
  
873,614
879,178

Provisions for liabilities
  

Deferred tax
  
(8,529)
(2,121)

  
 
 
(8,529)
 
 
(2,121)

Net assets
  
865,085
877,057

Page 1

 


1ST PENGUIN SHIPPING LIMITED
REGISTERED NUMBER:03382555


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

2024
2023
£
£

Capital and reserves
  

Called up share capital 
  
11,110
11,110

Profit and loss account
  
853,975
865,947

  
865,085
877,057


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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered 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 by: 


Mr I E Biggs
Director

Date: 1 August 2024

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 


1ST PENGUIN SHIPPING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

1st Penguin Shipping Limited is a private company limited by shares, registered in England and Wales. The address of it's registered office is disclosed on the company information page.
The trading address of 1st Penguin Shipping Limited is Unit 6 Belbins Business Park, Cupernham Lane, Romsey, SO51 7JF. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

Page 3

 


1ST PENGUIN SHIPPING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
25%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Other fixed assets
-

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.

 
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 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 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.

Page 4

 


1ST PENGUIN SHIPPING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
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

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.

 
2.9

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.

 
2.10

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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 Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 


1ST PENGUIN SHIPPING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

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.

 
2.14

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 reporting 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 reporting 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 reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2023 - 7).

Page 6

 


1ST PENGUIN SHIPPING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Cycle
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
17,805
14,521
46,461
-
78,787


Additions
64
38,000
2,653
1,172
41,889


Disposals
-
(14,521)
-
-
(14,521)



At 31 March 2024

17,869
38,000
49,114
1,172
106,155



Depreciation


At 1 April 2023
13,378
14,521
41,417
-
69,316


Charge for the year on owned assets
3,816
9,500
2,674
293
16,283


Disposals
-
(14,521)
-
-
(14,521)



At 31 March 2024

17,194
9,500
44,091
293
71,078



Net book value



At 31 March 2024
675
28,500
5,023
879
35,077



At 31 March 2023
4,427
-
5,044
-
9,471


5.


Debtors

2024
2023
£
£


Trade debtors
241,765
196,182

Other debtors
85,529
96,440

Prepayments and accrued income
16,603
10,741

343,897
303,363


Page 7

 


1ST PENGUIN SHIPPING LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
181,211
167,359

Corporation tax
182,965
125,536

Other taxation and social security
198,440
157,967

Other creditors
20,736
17,876

Accruals and deferred income
20,097
32,153

603,449
500,891



7.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
21,000
21,000

Later than 1 year and not later than 5 years
31,500
52,500

52,500
73,500

 
Page 8