PTP Accounts Production v24.2.0.383 06740319 Board of Directors 1.1.23 31.12.23 31.12.23 18.9.24 true false true false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh067403192022-12-31067403192023-12-31067403192023-01-012023-12-31067403192021-12-31067403192022-01-012022-12-31067403192022-12-3106740319ns15:EnglandWales2023-01-012023-12-3106740319ns14:PoundSterling2023-01-012023-12-3106740319ns10:Director12023-01-012023-12-3106740319ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3106740319ns10:SmallEntities2023-01-012023-12-3106740319ns10:Audited2023-01-012023-12-3106740319ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3106740319ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3106740319ns10:FullAccounts2023-01-012023-12-3106740319ns10:OrdinaryShareClass12023-01-012023-12-3106740319ns10:Director22023-01-012023-12-3106740319ns10:RegisteredOffice2023-01-012023-12-3106740319ns5:CurrentFinancialInstruments2023-12-3106740319ns5:CurrentFinancialInstruments2022-12-3106740319ns5:ShareCapital2023-12-3106740319ns5:ShareCapital2022-12-3106740319ns5:RetainedEarningsAccumulatedLosses2023-12-3106740319ns5:RetainedEarningsAccumulatedLosses2022-12-3106740319ns5:FurnitureFittings2023-01-012023-12-3106740319ns5:FurnitureFittings2022-12-3106740319ns5:FurnitureFittings2023-12-3106740319ns5:FurnitureFittings2022-12-3106740319ns5:CostValuation2022-12-3106740319ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-3106740319ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-3106740319ns5:WithinOneYear2023-12-3106740319ns5:WithinOneYear2022-12-3106740319ns5:BetweenOneFiveYears2023-12-3106740319ns5:BetweenOneFiveYears2022-12-3106740319ns5:AllPeriods2023-12-3106740319ns5:AllPeriods2022-12-3106740319ns10:OrdinaryShareClass12023-12-31
REGISTERED NUMBER: 06740319 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Advance Shipping Limited

Advance Shipping Limited (Registered number: 06740319)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Advance Shipping Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs EV Kolobova
Mr AS Drury





REGISTERED OFFICE: 12 Mason's Avenue
London
EC2V 5BT





REGISTERED NUMBER: 06740319 (England and Wales)





AUDITOR: Paul Hartley FCA
Statutory Auditor
PO Box 27075
London
N2 0FZ

Advance Shipping Limited (Registered number: 06740319)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investments 5 100 100
100 100

CURRENT ASSETS
Debtors 6 283,854 4,227,210
Prepayments and accrued income 32,759 12,474
Cash at bank 16,640 2,246
333,253 4,241,930
CREDITORS
Amounts falling due within one year 7 204,436 4,083,243
NET CURRENT ASSETS 128,817 158,687
TOTAL ASSETS LESS CURRENT
LIABILITIES

128,917

158,787

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 128,817 158,687
SHAREHOLDERS' FUNDS 128,917 158,787

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 September 2024 and were signed on its behalf by:





Mrs EV Kolobova - Director


Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Advance Shipping Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.

Group accounts
Group accounts have not been prepared because the group meets the qualifying conditions set out in section 399(2A) of the Companies Act 2006.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 13 ) .

4. TANGIBLE FIXED ASSETS
Office
Equipment
£   
COST
At 1 January 2023
and 31 December 2023 83,750
DEPRECIATION
At 1 January 2023
and 31 December 2023 83,750
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 275,004 4,210,438
Other debtors - 4,260
VAT 8,850 12,512
283,854 4,227,210

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,466 24,459
Amounts owed to group undertakings 64,900 -
Tax 72,357 68,109
Social security and other taxes - 3,920,978
Other creditors 1,280 2,048
Shareholder loans 8,509 8,509
Accrued expenses 52,924 59,140
204,436 4,083,243

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 116,183 116,183
Between one and five years 348,549 464,732
464,732 580,915

Lease commencement 05 June 2019 for 8 years with additional 4 months rent free if break option is not exercised at the end of year 5.

Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditor was unqualified.

Paul Hartley FCA

11. ULTIMATE CONTROLLING PARTY

The controlling party is Advance Shipping Holding Limited.

Throughout the year the company was under the control of Advance Shipping Holding Limited, a company in which EV Kolobova and AS Drury hold 100% of the issued share capital.