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Registered number: 02684661










SHEARWATER SHIPPING & CHARTERING LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
REGISTERED NUMBER: 02684661

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,976
1,163

  
1,976
1,163

Current assets
  

Debtors: amounts falling due after more than one year
 5 
2,070
2,070

Debtors: amounts falling due within one year
 5 
74,762
19,697

Cash at bank and in hand
 6 
36,362
16,823

  
113,194
38,590

Creditors: amounts falling due within one year
 7 
(25,832)
(22,067)

Net current assets
  
 
 
87,362
 
 
16,523

  

Net assets
  
89,338
17,686


Capital and reserves
  

Called up share capital 
  
32,000
32,000

Share premium account
  
184,000
184,000

Profit and loss account
  
(126,662)
(198,314)

  
89,338
17,686


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.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 16 September 2024.




J L Gliddon
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 1

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
32,000
184,000
(180,287)
35,713



Loss for the year
-
-
(18,027)
(18,027)



At 1 January 2023
32,000
184,000
(198,314)
17,686



Profit for the year
-
-
71,652
71,652


At 31 December 2023
32,000
184,000
(126,662)
89,338


The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Shearwater Shipping and Chartering Limited is a private company limited by shares and incorporated in England and Wales (02684661). Its registered address is Suite 101, Brewery House High Street, Westerham, England, TN16 1SF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The company has an existing customer agreement in place and the director has assessed this agreement and is satisfied that it will continue to meet it’s obligations under this agreement. As a consequence, the director believes that the company is well placed to meet its liabilities as they fall due.
 
The director have a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. The company has also received assurance from its parent company of continued financial support.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Telephones
-
25%
on written down value
Office furniture
-
25%
on written down value
Computer equipment
-
25%
on written down value

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 5

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).

Page 6

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office furniture
Computer equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
338
3,819
4,157


Additions
-
2,351
2,351


Disposals
-
(3,003)
(3,003)



At 31 December 2023

338
3,167
3,505



Depreciation


At 1 January 2023
301
2,693
2,994


Charge for the year on owned assets
9
868
877


Disposals
-
(2,342)
(2,342)



At 31 December 2023

310
1,219
1,529



Net book value



At 31 December 2023
28
1,948
1,976



At 31 December 2022
37
1,126
1,163

Page 7

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Debtors

2023
2022
£
£

Due after more than one year

Other debtors
2,070
2,070

2,070
2,070


2023
2022
£
£

Due within one year

Trade debtors
12,500
12,500

Other debtors
4,177
3,098

Prepayments and accrued income
58,085
4,099

74,762
19,697



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
36,362
16,823



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
1,713
1,680

Other taxation and social security
7,854
5,259

Other creditors
765
765

Accruals and deferred income
15,500
14,363

25,832
22,067


Page 8

 
SHEARWATER SHIPPING AND CHARTERING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £5,100 (2022 - £5,100).  Contributions totalling £765 (2022 - £765) were payable to the fund at the balance sheet date and are included in creditors.


9.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
6,900
6,900

Later than 1 year and not later than 5 years
575
7,475

7,475
14,375


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by Rajiv Thakerar FCA (Senior statutory auditor) on behalf of Sumer Auditco Limited.

 
Page 9