Company registration number 02118674 (England and Wales)
A.B. PLANT SHIPPING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
A.B. PLANT SHIPPING LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 8
A.B. PLANT SHIPPING LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,911
4,313
Current assets
Debtors
4
675,165
784,364
Cash at bank and in hand
617,659
271,055
1,292,824
1,055,419
Creditors: amounts falling due within one year
5
(1,220,948)
(1,075,235)
Net current assets/(liabilities)
71,876
(19,816)
Net assets/(liabilities)
74,787
(15,503)
Capital and reserves
Called up share capital
6
13,680
13,680
Capital redemption reserve
6,320
6,320
Profit and loss reserves
54,787
(35,503)
Total equity
74,787
(15,503)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 2 May 2024 and are signed on its behalf by:
Mr H J Nilsson
Director
Company Registration No. 02118674
A.B. PLANT SHIPPING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
A.B. Plant Shipping Ltd is a private company limited by shares incorporated in England and Wales. The registered office is First Floor, 5 Town Quay, Southampton, Hampshire, SO14 2AQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable from the principal activity of shipping and freight forwarding net of value added tax. Turnover is recognised on a shipping date basis, being the date when the amount of revenue can be reliably measured and when it is probable that future economic benefit will flow to the company.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold property
20% reducing balance
Fixtures and fittings
20% straight line
Office equipment
33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
A.B. PLANT SHIPPING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
A.B. PLANT SHIPPING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
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, or a right to pay less or to receive more tax.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.11
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into Sterling at the rate ruling on the date of the
transaction.
Exchange gains and losses are recognised in the Profit and loss account.
A.B. PLANT SHIPPING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
7
7
3
Tangible fixed assets
Leasehold property
Fixtures and fittings
Office equipment
Total
£
£
£
£
Cost
At 1 January 2023
84,801
3,959
15,355
104,115
Additions
592
1,094
1,686
At 31 December 2023
84,801
4,551
16,449
105,801
Depreciation and impairment
At 1 January 2023
84,801
3,803
11,198
99,802
Depreciation charged in the year
275
2,813
3,088
At 31 December 2023
84,801
4,078
14,011
102,890
Carrying amount
At 31 December 2023
473
2,438
2,911
At 31 December 2022
156
4,157
4,313
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
630,244
743,735
Other debtors
16,014
18,164
Prepayments and accrued income
21,818
15,283
668,076
777,182
Deferred tax asset
7,089
7,182
675,165
784,364
A.B. PLANT SHIPPING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
828,877
745,260
Amounts owed to group undertakings
231,520
231,520
Corporation tax
46,841
51,916
Other taxation and social security
17,251
14,930
Other creditors
31,335
1,426
Accruals and deferred income
65,124
30,183
1,220,948
1,075,235
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
13,680
13,680
13,680
13,680
7
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Sale of goods
Purchase of goods
2023
2022
2023
2022
£
£
£
£
Entities with control, joint control or significant influence over the company
148,862
74,183
967,353
1,403,248
A.B. PLANT SHIPPING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Related party transactions
(Continued)
- 8 -
Balances with related parties
Entities under common control
At the year end the company was due £15,175 (2022 - £nil) from related parties and owed £204,508 (2022 - £183,739) to related parties under common control. In addition the company maintains a balance owed to its parent company amounting to £231,519 (2022- £231,519).
No guarantees have been given or received.
9
Parent company
Throughout the year the company was wholly owned by NMT Holdings BV, a company registered in the Netherlands. Stena AB have a controlling interest in NMT Holding BV, through its subsidiary Stena Logistics Holding AB, both companies registered in Sweden. The ultimate controlling party is considered to be Mr D. Sten Olsson, by virtue of his controlling interest in Stena AB.