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Registration number: 01717263

Avonmouth Shipping And Salvage Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Avonmouth Shipping And Salvage Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

Avonmouth Shipping And Salvage Limited

Company Information

Director

Mr John Raymond Mark Cox

Registered office

Greensplott Road
Chittening Estate
Avonmouth
Bristol
BS11 0YB

Accountants

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Avonmouth Shipping And Salvage Limited
for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Avonmouth Shipping And Salvage Limited for the year ended 31 July 2024 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Avonmouth Shipping And Salvage Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Avonmouth Shipping And Salvage Limited and state those matters that we have agreed to state to the Board of Directors of Avonmouth Shipping And Salvage Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Avonmouth Shipping And Salvage Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Avonmouth Shipping And Salvage Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Avonmouth Shipping And Salvage Limited. You consider that Avonmouth Shipping And Salvage Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Avonmouth Shipping And Salvage Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Burton Sweet
Chartered Certified Accountants
Cornerstone House
Midland Way
Thornbury
Bristol
BS35 2BS

26 September 2024

 

Avonmouth Shipping And Salvage Limited

(Registration number: 01717263)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

270,149

349,410

Current assets

 

Debtors

5

944,881

72,210

Cash at bank and in hand

 

409,105

550,629

 

1,353,986

622,839

Creditors: Amounts falling due within one year

6

(630,590)

(148,596)

Net current assets

 

723,396

474,243

Total assets less current liabilities

 

993,545

823,653

Creditors: Amounts falling due after more than one year

6

(1,144)

(793)

Provisions for liabilities

(43,385)

(38,550)

Net assets

 

949,016

784,310

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

150

150

Retained earnings

948,816

784,110

Shareholders' funds

 

949,016

784,310

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Avonmouth Shipping And Salvage Limited

(Registration number: 01717263)
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 26 September 2024
 

.........................................
Mr John Raymond Mark Cox
Director

 

Avonmouth Shipping And Salvage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Greensplott Road
Chittening Estate
Avonmouth
Bristol
BS11 0YB

These financial statements were authorised for issue by the director on 26 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Avonmouth Shipping And Salvage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Avonmouth Shipping And Salvage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Avonmouth Shipping And Salvage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 8).

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Other tangible assets
 £

Cost or valuation

At 1 August 2023

145,877

398

99,760

460,933

Additions

-

-

-

34,185

At 31 July 2024

145,877

398

99,760

495,118

Depreciation

At 1 August 2023

34,681

385

45,219

277,273

Charge for the year

14,588

13

24,940

73,905

At 31 July 2024

49,269

398

70,159

351,178

Carrying amount

At 31 July 2024

96,608

-

29,601

143,940

At 31 July 2023

111,196

14

54,541

183,659

 

Avonmouth Shipping And Salvage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

Total
£

Cost or valuation

At 1 August 2023

706,968

Additions

34,185

At 31 July 2024

741,153

Depreciation

At 1 August 2023

357,558

Charge for the year

113,446

At 31 July 2024

471,004

Carrying amount

At 31 July 2024

270,149

At 31 July 2023

349,410

Included within the net book value of land and buildings above is £96,608 (2023 - £111,196) in respect of freehold land and buildings.
 

5

Debtors

Current

2024
£

2023
£

Trade debtors

920,355

56,880

Prepayments

24,526

13,129

Other debtors

-

2,201

 

944,881

72,210

 

Avonmouth Shipping And Salvage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

133,185

59,761

Taxation and social security

296,855

32,687

Accruals and deferred income

90,041

3,852

Other creditors

110,509

52,296

630,590

148,596

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Other non-current financial liabilities

1,144

793

 

Avonmouth Shipping And Salvage Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Related party transactions

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Loan

378

(378)

352

352

2023

At 1 August 2022
£

At 31 July 2023
£

Loan

378

378