Registered number
01518250
Interseas Shipstores Limited
Filleted Accounts
31 December 2023
Interseas Shipstores Limited
Registered number: 01518250
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 21,530 24,964
Current assets
Stocks 2,987 5,993
Debtors 4 47,139 77,375
Cash at bank and in hand 282,504 283,677
332,630 367,045
Creditors: amounts falling due within one year 5 (65,893) (78,646)
Net current assets 266,737 288,399
Net assets 288,267 313,363
Capital and reserves
Called up share capital 100 100
Profit and loss account 288,167 313,263
Shareholders' funds 288,267 313,363
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Constantopoulos
Director
Approved by the board on 24 September 2024
Interseas Shipstores Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and the sale is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Fixtures, fittings and equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 22,219 42,296 64,515
Additions 2,375 - 2,375
At 31 December 2023 24,594 42,296 66,890
Depreciation
At 1 January 2023 14,315 25,236 39,551
Charge for the year 1,544 4,265 5,809
At 31 December 2023 15,859 29,501 45,360
Net book value
At 31 December 2023 8,735 12,795 21,530
At 31 December 2022 7,904 17,060 24,964
4 Debtors 2023 2022
£ £
Trade debtors 42,482 72,804
Other debtors 4,657 4,571
47,139 77,375
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 8,363 8,759
Taxation and social security costs 7,298 2,040
Other creditors 50,232 67,847
65,893 78,646
6 Related party transactions
During the year dividends were paid to shareholding directors £33,660 (2022: £26,400).

The balance owed to the directors was £59,249 (2022: £63,873) at the year end.
7 Controlling party
The company is wholly controlled by the directors.
8 Other information
Interseas Shipstores Limited is a private company limited by shares and incorporated in England. Its registered office and trading address is:
Interseas House
Immingham Dock
Immingham
North East Lincolnshire
DN40 2LZ
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