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Registration number: 05536147

Global Shipping Services Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2023

 

Global Shipping Services Limited

Contents

Company Information

1

Director's Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 10

 

Global Shipping Services Limited

Company Information

Director

Mr PJ Waud

Registered office

Timber Terminal
Normandy Way
Goole
East Yorkshire
DN14 5SP

Auditors

Ballards LLP
Chartered Accountants
Oakmoore Court
11C Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Global Shipping Services Limited

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr PJ Waud

Going concern

Having taken into account the continued financial performance experienced to date together with forecast revenues, the company's ongoing operational expenditure, and the likely capital additions and capital repayments, the company's director has concluded that it is appropriate that these financial statements are prepared and presented using the going concern principle.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Small companies provision statement

This report has 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.

Approved by the director on 23 September 2024 and signed on its behalf by:

.........................................
Mr PJ Waud
Director

   
     
 

Global Shipping Services Limited

(Registration number: 05536147)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

115,931

62,435

Current assets

 

Debtors

5

2,986,913

3,009,019

Cash at bank and in hand

 

162,112

104,419

 

3,149,025

3,113,438

Creditors: Amounts falling due within one year

6

(1,727,080)

(1,780,397)

Net current assets

 

1,421,945

1,333,041

Total assets less current liabilities

 

1,537,876

1,395,476

Creditors: Amounts falling due after more than one year

6

(21,789)

(11,860)

Provisions for liabilities

(16,460)

(3,106)

Net assets

 

1,499,627

1,380,510

Capital and reserves

 

Called up share capital

1,248

1,248

Retained earnings

1,498,379

1,379,262

Shareholders' funds

 

1,499,627

1,380,510

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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 23 September 2024
 

.........................................
Mr PJ Waud
Director

   
 

Global Shipping Services Limited

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

1

General information

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

The address of its registered office is:
Timber Terminal
Normandy Way
Goole
East Yorkshire
DN14 5SP
England

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.

Going concern

The director has prepared the financial statements on a going concern basis. Having taken into account the continued financial performance experienced to date, together with forecast revenues, the company's ongoing operational expenditure, and the likely capital additions and likely capital repayments, the company's director has concluded that it is appropriate that these financial statements are prepared and presented using the going concern principle.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 26 September 2024 was Mark Skellum FCA, who signed for and on behalf of Ballards LLP.

Judgements

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

Global Shipping Services Limited

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

Functional currency

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the nearest £.

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.

Contract revenue recognition

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.

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.

 

Global Shipping Services Limited

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

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:

Asset class

Depreciation method and rate

Short-term leasehold property

Over the period of the lease

Plant and machinery

10-25% straight line

Motor vehicles

25% straight line

Fixtures and fittings

20-25% straight line

Office equipment

20-25% straight line

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.

Trade debtors

Trade debtors are amounts due from customers for 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Global Shipping Services Limited

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

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 are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 shareholder 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 114 (2022 - 108).

 

Global Shipping Services Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other property, plant and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

72,482

36,755

204,700

331,454

645,391

Additions

-

-

42,490

66,728

109,218

Disposals

-

-

(2,623)

-

(2,623)

At 31 December 2023

72,482

36,755

244,567

398,182

751,986

Depreciation

At 1 January 2023

72,482

30,973

180,086

299,415

582,956

Charge for the year

-

5,769

24,040

25,913

55,722

Eliminated on disposal

-

-

(2,623)

-

(2,623)

At 31 December 2023

72,482

36,742

201,503

325,328

636,055

Carrying amount

At 31 December 2023

-

13

43,064

72,854

115,931

At 31 December 2022

-

5,782

24,614

32,039

62,435

Included within the net book value above is £12,400 (2022 - £44,417) in respect of assets held under hire purchase contracts.

5

Debtors

2023
£

2022
£

Trade debtors

813,855

930,259

Owed by related parties

1,949,494

1,919,494

Other debtors

223,564

159,266

Total current trade and other debtors

2,986,913

3,009,019

 

Global Shipping Services Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

7

18,912

306,422

Trade creditors

 

895,563

832,055

Taxation and social security

 

98,824

94,959

Other creditors

 

713,781

546,961

 

1,727,080

1,780,397

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

7

21,789

11,860

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Finance lease liabilities

21,789

11,860

Current loans and borrowings

2023
£

2022
£

Bank borrowings

-

287,730

Finance lease liabilities

18,912

18,692

18,912

306,422

Security

Bibby Financial Services Limited, David Jobes and Roger Leitch hold fixed and floating charges over the company's assets.

 

Global Shipping Services Limited

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

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,236,177 (2022 - £1,773,026). Financial commitments in respect of operating lease commitments total £1,504,177 (2022 - £1,773,026) and £1,071,422 of these relate to leases of land and buildings (2022 - £1,253,750).

Financial commitments in 2023 include £732,000 in respect of capital commitments for the acquisition of Plant & Machinery (2022 - £nil).

9

Parent and ultimate parent undertaking

The ultimate parent company and ultimate controlling party is Timbergate Holdings Limited, which owns 100% of the issued share capital of Lupfaw 424 Limited, the immediate parent.

10

Related party transactions

As a subsidiary of Lupfaw 424 Limited, the company has taken advantage of the exemption in FRS 102 Section 33.1A from disclosing transactions with other wholly-owned members of the group headed by Timbergate Holdings Limited.