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REGISTERED NUMBER: 05169625 (England and Wales)














Financial Statements

for the Year Ended 31 March 2024

for

Shipvet Services Ltd

Shipvet Services Ltd (Registered number: 05169625)

Contents of the Financial Statements
for the Year Ended 31 March 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Shipvet Services Ltd

Company Information
for the Year Ended 31 March 2024







DIRECTOR: F Cullen





SECRETARY: Mrs H Cullen





REGISTERED OFFICE: Oriel House
2 - 8 Oriel Road
Bootle
Merseyside
L20 7EP





REGISTERED NUMBER: 05169625 (England and Wales)





ACCOUNTANTS: SB&P
Chartered Accountants
Oriel House
2-8 Oriel Road
Bootle
Liverpool
Merseyside
L20 7EP

Shipvet Services Ltd (Registered number: 05169625)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 13,177
Tangible assets 5 20,221 22,590
20,221 35,767

CURRENT ASSETS
Debtors 6 513,298 352,070
Cash at bank and in hand 372,427 231,025
885,725 583,095
CREDITORS
Amounts falling due within one year 7 255,274 199,692
NET CURRENT ASSETS 630,451 383,403
TOTAL ASSETS LESS CURRENT LIABILITIES 650,672 419,170

PROVISIONS FOR LIABILITIES 2,632 4,205
NET ASSETS 648,040 414,965

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 647,940 414,865
SHAREHOLDERS' FUNDS 648,040 414,965

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Shipvet Services Ltd (Registered number: 05169625)

Balance Sheet - continued
31 March 2024


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 September 2024 and were signed by:





F Cullen - Director


Shipvet Services Ltd (Registered number: 05169625)

Notes to the Financial Statements
for the Year Ended 31 March 2024


1. STATUTORY INFORMATION

Shipvet Services Ltd 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Shipvet Services Ltd (Registered number: 05169625)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Computer
Goodwill software Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 225,000 55,238 280,238
AMORTISATION
At 1 April 2023 225,000 42,061 267,061
Amortisation for year - 13,177 13,177
At 31 March 2024 225,000 55,238 280,238
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - 13,177 13,177

5. TANGIBLE FIXED ASSETS
Improvements
to Plant and
property machinery Totals
£    £    £   
COST
At 1 April 2023
and 31 March 2024 10,430 51,447 61,877
DEPRECIATION
At 1 April 2023 163 39,124 39,287
Charge for year 521 1,848 2,369
At 31 March 2024 684 40,972 41,656
NET BOOK VALUE
At 31 March 2024 9,746 10,475 20,221
At 31 March 2023 10,267 12,323 22,590

Shipvet Services Ltd (Registered number: 05169625)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 301,714 346,927
Other debtors 211,584 5,143
513,298 352,070

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors - 12,714
Taxation and social security 200,748 148,716
Other creditors 54,526 38,262
255,274 199,692

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.24 31.3.23
value: £    £   
100 Ordinary £1 100 100

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
F Cullen
Balance outstanding at start of year - -
Amounts advanced 466,866 -
Amounts repaid (311,753 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 155,113 -