BrightAccountsProduction v1.0.0 v1.0.0 2023-01-01 The company was not dormant during the period The company was trading for the entire period International freight movement. 31 May 2024 1 1 13752993 2023-12-31 13752993 2022-12-31 13752993 2021-12-31 13752993 2023-01-01 2023-12-31 13752993 2022-01-01 2022-12-31 13752993 uk-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13752993 uk-curr:USDollar 2023-01-01 2023-12-31 13752993 uk-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 13752993 uk-bus:AbridgedAccounts 2023-01-01 2023-12-31 13752993 uk-core:ShareCapital 2023-12-31 13752993 uk-core:ShareCapital 2022-12-31 13752993 uk-core:RetainedEarningsAccumulatedLosses 2023-12-31 13752993 uk-core:RetainedEarningsAccumulatedLosses 2022-12-31 13752993 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2023-12-31 13752993 uk-core:TotalEquityAttributableToOwnersParentBeforeNon-controllingInterests 2022-12-31 13752993 uk-bus:FRS102 2023-01-01 2023-12-31 13752993 uk-core:PlantMachinery 2023-01-01 2023-12-31 13752993 uk-bus:Audited 2023-01-01 2023-12-31 13752993 uk-core:ParentEntities 2023-01-01 2023-12-31 13752993 uk-core:UltimateParent 2023-01-01 2023-12-31 13752993 uk-countries:Malta 2023-01-01 2023-12-31 13752993 uk-bus:Director1 2023-01-01 2023-12-31 xbrli:pure iso4217:USD iso4217:GBP xbrli:shares
 
 
 
Furadino Shipping Limited
 
Abridged Financial Statements
 
for the financial year ended 31 December 2023



Furadino Shipping Limited
Company Registration Number: 13752993
ABRIDGED BALANCE SHEET
as at 31 December 2023

2023 2022
Notes $ $
 
Fixed Assets
Tangible assets 7 12,368,202 14,123,469
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Current Assets
Stocks 106,046 477,220
Debtors 645,310 1,123,118
Cash and cash equivalents 698,808 690,888
───────── ─────────
1,450,164 2,291,226
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Creditors: amounts falling due within one year (11,227,499) (12,244,027)
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Net Current Liabilities (9,777,335) (9,952,801)
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Total Assets less Current Liabilities 2,590,867 4,170,668
 
Provisions for liabilities - (197,099)
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Net Assets 2,590,867 3,973,569
═════════ ═════════
 
Capital and Reserves
Called up share capital 121 121
Retained earnings 2,590,746 3,973,448
───────── ─────────
Equity attributable to owners of the company 2,590,867 3,973,569
═════════ ═════════
 
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).
           
All of the members have consented to the preparation of abridged accounts in accordance with section 444(2A) of the Companies Act 2006.
           
The company has taken advantage of the exemption under section 444 not to file the Abridged Profit and Loss Account and Director's Report.
           
Approved by the Director and authorised for issue on 31 May 2024
           
           
________________________________          
John Fleming          
Director          
           



Furadino Shipping Limited
NOTES TO THE ABRIDGED FINANCIAL STATEMENTS
for the financial year ended 31 December 2023

   
1. General Information
 
Furadino Shipping Limited is a company limited by shares incorporated and registered in the England and Wales. The registered number of the company is 13752993. The registered office of the company is 5th Floor, 62-64 Baker Street, London, W1U 7DF, England and Wales. The nature of the company's operations and its principal activities are set out in the Director's Report. The financial statements have been presented in US Dollar ($) which is also the functional currency of the company.
         
2. Summary of Significant Accounting Policies
 
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements.
 
Statement of compliance
The financial statements of the company for the financial year ended 31 December 2023 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006.
 
Basis of preparation
The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets.
 
Turnover
Turnover comprises the invoice value of fees in relation to the international movement of freight by the company, exclusive of trade discounts and value added tax.
 
Tangible assets and depreciation
Tangible assets are stated at cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible assets, less their estimated residual value, over their expected useful lives as follows:
 
  Ship and equipment - 12.5% to 20% Straight line
 
The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable.
 
Stocks
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition.  Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
 
Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.
 
Provisions
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the same value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
 
Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.
 
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
 
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Balance Sheet date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Profit and Loss Account.
 
Ordinary share capital
The ordinary share capital of the company is presented as equity.
   
3. Going concern
 
Having undertaken a going concern review, the director has considered the company's principal risk areas, including the ship being out of service for periods of time and the potential impact of rising costs and inflation, when assessing the ability of the company to continue as a going concern. The director has stress tested the forecasts by considering potential downturns in performance which represent severe but plausible scenarios in these uncertain times.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company has the support of other group companies who are committed to ongoing financial support. The company therefore continues to adopt the going concern basis in preparing its financial statements.
   
4. INFORMATION RELATING TO THE AUDITOR'S REPORT
 
The Audit Report was unqualified. There were no matters to which the auditor was required to refer by way of emphasis.
 
The financial statements were audited by Crowley Young.
The Auditor's Report was signed by Fintan Crowley (Senior Statutory Auditor) for and on behalf of Crowley Young on 31st May 2024.
 
   
5. Provisions Available for Audits of Small Entities
 
In common with many other businesses of our size and nature, we use our auditors to prepare and submit tax returns to His Majesty's Revenue and Customs and to assist with the preparation of the financial statements.
       
6. Employees
 
The average monthly number of employees, including director, during the financial year was 1, (2022 - 1).
 
  2023 2022
  Number Number
 
Management 1 1
  ═════════ ═════════
       
7. Tangible assets
  Ship and Total
  equipment  
     
  $ $
Cost
At 1 January 2023 15,592,725 15,592,725
Additions 18,132 18,132
  ───────── ─────────
At 31 December 2023 15,610,857 15,610,857
  ───────── ─────────
Depreciation
At 1 January 2023 1,469,256 1,469,256
Charge for the financial year 1,773,399 1,773,399
  ───────── ─────────
At 31 December 2023 3,242,655 3,242,655
  ───────── ─────────
Net book value
At 31 December 2023 12,368,202 12,368,202
  ═════════ ═════════
At 31 December 2022 14,123,469 14,123,469
  ═════════ ═════════
       
8. Capital commitments
 
The company had no material capital commitments at the financial year-ended 31 December 2023.
   
9. Parent and ultimate parent company
 
The company regards Furadino Holdings Limited as its parent company.
 
The companys ultimate parent undertaking is Lewisrock Limited.
 
The parent of the largest group in which the results are consolidated is Lewisrock Limited.
Lewisrock Limited is registered in Malta.
 
   
10. Post-Balance Sheet Events
 
There have been no significant events affecting the company since the financial year-end.