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COMPANY REGISTRATION NUMBER: 07089405
Limb Shipping & Chartering (UK) Limited
Filleted Unaudited Financial Statements
Year ended
31 December 2023
Limb Shipping & Chartering (UK) Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
45,148
1,810
Current assets
Debtors
6
400,833
636,608
Cash at bank and in hand
735,713
689,789
-------------
-------------
1,136,546
1,326,397
Creditors: amounts falling due within one year
7
606,956
771,048
-------------
-------------
Net current assets
529,590
555,349
----------
----------
Total assets less current liabilities
574,738
557,159
Provisions
4,007
430
----------
----------
Net assets
570,731
556,729
----------
----------
Capital and reserves
Called up share capital
100
100
Profit and loss account
570,631
556,629
----------
----------
Shareholders funds
570,731
556,729
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Limb Shipping & Chartering (UK) Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 24 July 2024 , and are signed on behalf of the board by:
Mr D J Booth
Director
Company registration number: 07089405
Limb Shipping & Chartering (UK) Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is White Rose Park, Larsen Road, Goole, DN14 6XF.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the sales invoice is raised. (d) Current & deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. (e) Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. (f) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (g) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20% reducing balance
Motor vehicles - 20% reducing balance
(h) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(i) Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
(j) Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Freehold property
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
8,237
8,237
Additions
24,059
1,562
22,989
48,610
--------
-------
--------
--------
At 31 December 2023
24,059
9,799
22,989
56,847
--------
-------
--------
--------
Depreciation
At 1 January 2023
6,427
6,427
Charge for the year
674
4,598
5,272
--------
-------
--------
--------
At 31 December 2023
7,101
4,598
11,699
--------
-------
--------
--------
Carrying amount
At 31 December 2023
24,059
2,698
18,391
45,148
--------
-------
--------
--------
At 31 December 2022
1,810
1,810
--------
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
375,528
625,815
Other debtors
25,305
10,793
----------
----------
400,833
636,608
----------
----------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
559,652
665,411
Corporation tax
40,280
97,905
Social security and other taxes
4,134
3,363
Other creditors
2,890
4,369
----------
----------
606,956
771,048
----------
----------
8. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D J Booth
10,000
117,386
( 127,386)
--------
----------
----------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr D J Booth
( 15,797)
120,717
( 94,920)
10,000
--------
----------
--------
--------