Company registration number 03859690 (England and Wales)
CROUCH SHIPPING AGENCY LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
CROUCH SHIPPING AGENCY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
CROUCH SHIPPING AGENCY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
4
456,252
384,564
Cash at bank and in hand
250
250
456,502
384,814
Creditors: amounts falling due within one year
5
(72,100)
(26,694)
Net current assets
384,402
358,120
Capital and reserves
Called up share capital
43,571
43,571
Profit and loss reserves
340,831
314,549
Total equity
384,402
358,120
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
N J McKillop
Director
Company Registration No. 03859690
CROUCH SHIPPING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Crouch Shipping Agency Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 9, Cirencester Office Park, Tetbury Road, Cirencester, Gloucestershire, GL7 6JJ. Its principal place of business is Baltic Wharf, Rochford, SS4 2HA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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 FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Advantage has been taken of the exemption from the requirement to present a cash flow statement as part of the company's financial statements as the company is a qualifying entity, it being a member of a group that prepares publically available consolidated financial statements.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding value added tax.
Turnover from the rendering of services is recognised once the company's service obligations have been satisfied.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.
1.5
Financial instruments
The company applies the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments, which are classified as basic.
Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
CROUCH SHIPPING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CROUCH SHIPPING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
7,300
6,850
3
Employees
The average monthly number of persons (excluding directors who are not remunerated) employed by the company during the year was 1 (2021: 1).
4
Debtors: amounts falling due within one year
2023
2022
£
£
Trade debtors
19,470
311
Amounts owed by group undertakings
427,330
375,193
Other debtors
9,452
9,060
456,252
384,564
CROUCH SHIPPING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
24,924
19,488
Amounts owed to group undertakings
39,603
Taxation and social security
1,481
2,064
Other creditors
6,092
5,142
72,100
26,694
6
Retirement benefit schemes
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Contributions totalling £294 (2022: £392) were payable to the fund at the balance sheet date and are included within other creditors.
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Daniel Graves BA(Hons) FCA
Statutory Auditor:
Azets Audit Services
8
Financial commitments, guarantees and contingent liabilities
In January 2022, Bergs Timber AB signed an agreement with Danske Bank and SEB as creditors on the refinancing of the bulk of the group’s existing loans. The new credit facilities totalling SEK 650 million have a three-year maturity and encompass one term loan totalling SEK 250 million and a revolving credit facility of SEK 400 million. At the end of 2022, the option to extend the facilities by one year to January 2026 was exercised. In addition to these credit facilities, the Bergs Timber AB Group has an overdraft facility of SEK 50 million with Danske Bank. The loan agreement contains the customary obligations, such as the one limiting the scope for action for Bergs Timber AB (publ) regarding pledging of assets, raising loans or issuing securities, selling or transferring assets, acquisitions and merging or consolidating operations with another company. In contrast to the Bergs Timber AB Group’s existing loans, the new loan agreement is non-guaranteed and in general involves better terms for the Group.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
10,480
CROUCH SHIPPING AGENCY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
10
Related party transactions
Bergs Timber AB prepares group financial statements and copies can be obtained from Bergs väg 13, SE-570 84, Mörlunda, Sweden. Accordingly the company has taken advantage of the exemptions available in paragraph 33.1A of FRS102 not to make disclosures concerning group related party transactions.
The balances due from group undertakings are disclosed in notes 4 and 5.
11
Parent company
The immediate parent company is Continental Wood Limited, a company registered in England, and the intermediate parent company is Bergs Timber AB, a company registered in Sweden, which was previously the ultimate parent company.
From 29 November 2023 the ultimate parent company is Norvik hf., a company registered in Iceland. Norvik hf forms the smallest and largest group for which group accounts are prepared and of which the company is a member. The registered office of Norvik hf. is Vallakor 4, 203 Koubavogira (Kopavogur), Iceland.