1 false false false false false false false false false true false false false false false false No description of principal activity 2023-01-01 Sage Accounts Production Advanced 2021 - FRS102_2021 1,003 xbrli:pure xbrli:shares iso4217:GBP NI006793 2023-01-01 2023-12-31 NI006793 2023-12-31 NI006793 2022-12-31 NI006793 2022-01-01 2022-12-31 NI006793 2022-12-31 NI006793 core:PlantMachinery 2023-01-01 2023-12-31 NI006793 core:FurnitureFittings 2023-01-01 2023-12-31 NI006793 core:MotorVehicles 2023-01-01 2023-12-31 NI006793 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 NI006793 bus:Director1 2023-01-01 2023-12-31 NI006793 core:PlantMachinery 2022-12-31 NI006793 core:FurnitureFittings 2022-12-31 NI006793 core:MotorVehicles 2022-12-31 NI006793 core:PlantMachinery 2023-12-31 NI006793 core:FurnitureFittings 2023-12-31 NI006793 core:MotorVehicles 2023-12-31 NI006793 core:WithinOneYear 2023-12-31 NI006793 core:WithinOneYear 2022-12-31 NI006793 core:UKTax 2023-01-01 2023-12-31 NI006793 core:UKTax 2022-01-01 2022-12-31 NI006793 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 NI006793 core:ShareCapital 2023-12-31 NI006793 core:ShareCapital 2022-12-31 NI006793 core:RetainedEarningsAccumulatedLosses 2023-12-31 NI006793 core:RetainedEarningsAccumulatedLosses 2022-12-31 NI006793 core:AcceleratedTaxDepreciationDeferredTax 2023-12-31 NI006793 core:AcceleratedTaxDepreciationDeferredTax 2022-12-31 NI006793 core:PlantMachinery 2022-12-31 NI006793 core:FurnitureFittings 2022-12-31 NI006793 core:MotorVehicles 2022-12-31 NI006793 core:DeferredTaxation 2023-12-31 NI006793 bus:SmallEntities 2023-01-01 2023-12-31 NI006793 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 NI006793 bus:FullAccounts 2023-01-01 2023-12-31 NI006793 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 NI006793 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 NI006793 bus:OrdinaryShareClass1 2023-12-31 NI006793 bus:OrdinaryShareClass1 2022-12-31
COMPANY REGISTRATION NUMBER: NI006793
Dufferin Shipping Limited
Filleted Unaudited Financial Statements
31 December 2023
Dufferin Shipping Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
7
27,487
32,806
Current assets
Debtors
8
35,884
20,637
Cash at bank and in hand
234,244
260,484
---------
---------
270,128
281,121
Creditors: amounts falling due within one year
9
156,815
173,276
---------
---------
Net current assets
113,313
107,845
---------
---------
Total assets less current liabilities
140,800
140,651
Provisions
Taxation including deferred tax
10
1,003
1,003
---------
---------
Net assets
139,797
139,648
---------
---------
Capital and reserves
Called up share capital
12
15,000
15,000
Profit and loss account
124,797
124,648
---------
---------
Shareholders funds
139,797
139,648
---------
---------
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.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dufferin Shipping Limited
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 19 September 2024 , and are signed on behalf of the board by:
Mr A MacAuley
Director
Company registration number: NI006793
Dufferin Shipping 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 Northern Ireland. The address of the registered office is Linenhall Exchange, First Floor, 26 Linenhall Street, Belfast, BT2 8BG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
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 pay or recover 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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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 & machinery
-
10% straight line
Fixtures & fittings
-
10% straight line
Motor vehicles
-
25% reducing balance
Equipment
-
25% straight line
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
6,405
8,554
-------
-------
Tax on profit
6,405
8,554
-------
-------
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2022: lower than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Profit on ordinary activities before taxation
28,554
45,333
--------
--------
Profit on ordinary activities by rate of tax
5,425
8,613
Effect of capital allowances and depreciation
980
( 59)
--------
--------
Tax on profit
6,405
8,554
--------
--------
6. Dividends
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on Ordinary shares of £1 each
22,000
28,000
--------
--------
7. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023 and 31 December 2023
51,664
48,854
29,874
4,512
134,904
--------
--------
--------
-------
---------
Depreciation
At 1 January 2023
44,102
25,002
29,003
3,991
102,098
Charge for the year
1,053
3,853
218
195
5,319
--------
--------
--------
-------
---------
At 31 December 2023
45,155
28,855
29,221
4,186
107,417
--------
--------
--------
-------
---------
Carrying amount
At 31 December 2023
6,509
19,999
653
326
27,487
--------
--------
--------
-------
---------
At 31 December 2022
7,562
23,852
871
521
32,806
--------
--------
--------
-------
---------
8. Debtors
2023
2022
£
£
Trade debtors
33,299
16,050
Other debtors
2,585
4,587
--------
--------
35,884
20,637
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
46
Trade creditors
69,250
77,977
Corporation tax
16,763
16,263
Social security and other taxes
524
313
Other creditors
70,278
78,677
---------
---------
156,815
173,276
---------
---------
10. Provisions
Deferred tax (note 11)
£
At 1 January 2023 and 31 December 2023
1,003
-------
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 10)
1,003
1,003
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,003
1,003
-------
-------
The basis by which deferred taxation is calculated is stated in Note 1.
12. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
15,000
15,000
15,000
15,000
--------
--------
--------
--------
13. Contingencies
The company had no contingent liabilities as at 31 December 2023 (2022: nil).
14. Director's advances, credits and guarantees
During the year, the director advanced net loans of £48 to the company (2022: £146 was advanced to the director). At the balance sheet date, the company owed £768 to the director(2022: £720).
15. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102.
16. Controlling party