2022-12-012023-11-302023-11-30false01553276Adam Shipping 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Adam Shipping Limited

Registered Number
01553276
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

Adam Shipping Limited
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

Mrs D Harris
Mr B Hughes

Registered Address

10 Western Road
Romford
RM1 3JT

Registered Number

01553276 (England and Wales)
Adam Shipping Limited
Balance Sheet as at
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Intangible assets37,2007,600
Tangible assets42,3371,159
9,5378,759
Current assets
Debtors5304,998184,637
Cash at bank and on hand291,365470,569
596,363655,206
Creditors amounts falling due within one year6(454,561)(296,784)
Net current assets (liabilities)141,802358,422
Total assets less current liabilities151,339367,181
Provisions for liabilities7(584)(220)
Net assets150,755366,961
Capital and reserves
Called up share capital22
Profit and loss account150,753366,959
Shareholders' funds150,755366,961
The financial statements were approved and authorised for issue by the Board of Directors on 8 July 2024, and are signed on its behalf by:
Mr B Hughes
Director
Mrs D Harris
Director

Registered Company No. 01553276
Adam Shipping Limited
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
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 goods and from the rendering of services.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
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 on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
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.
Intangible assets
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is twenty years. For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment20
2.Average number of employees

20232022
Average number of employees during the year55
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 December 228,0008,000
At 30 November 238,0008,000
Amortisation and impairment
At 01 December 22400400
Charge for year400400
At 30 November 23800800
Net book value
At 30 November 237,2007,200
At 30 November 227,6007,600
4.Tangible fixed assets

Office Equipment

Total

££
Cost or valuation
At 01 December 221,4481,448
Additions1,7621,762
At 30 November 233,2103,210
Depreciation and impairment
At 01 December 22289289
Charge for year584584
At 30 November 23873873
Net book value
At 30 November 232,3372,337
At 30 November 221,1591,159
5.Debtors: amounts due within one year

2023

2022

££
Trade debtors / trade receivables303,151182,925
Other debtors1,8471,712
Total304,998184,637
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables357,569165,841
Taxation and social security94,136127,955
Other creditors514514
Accrued liabilities and deferred income2,3422,474
Total454,561296,784
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
7.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)584220
Total584220