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REGISTERED NUMBER: 08716293 (England and Wales)









Unaudited Financial Statements

for the Year Ended 31 December 2023

for

LP Shipping Ltd

LP Shipping Ltd (Registered number: 08716293)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LP Shipping Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTOR: L W Philpott





SECRETARY:





REGISTERED OFFICE: The Annex
143 - 145 Stanwell Road
Ashford
Middlesex
TW15 3QN





REGISTERED NUMBER: 08716293 (England and Wales)





ACCOUNTANT: Robert Thorne FCCA
Chartered Certified Accountant
The Annex
143 - 145 Stanwell Road
Ashford
Middlesex
TW15 3QN

LP Shipping Ltd (Registered number: 08716293)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 27,175 64,951

CURRENT ASSETS
Debtors 5 234,077 532,518
Cash at bank and in hand 86,959 12,099
321,036 544,617
CREDITORS
Amounts falling due within one year 6 129,366 368,448
NET CURRENT ASSETS 191,670 176,169
TOTAL ASSETS LESS CURRENT
LIABILITIES

218,845

241,120

CREDITORS
Amounts falling due after more than one
year

7

(23,458

)

(36,007

)

PROVISIONS FOR LIABILITIES (5,163 ) (6,467 )
NET ASSETS 190,224 198,646

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 190,223 198,645
SHAREHOLDERS' FUNDS 190,224 198,646

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

LP Shipping Ltd (Registered number: 08716293)

Balance Sheet - continued
31 December 2023


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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2024 and were signed by:





L W Philpott - Director


LP Shipping Ltd (Registered number: 08716293)

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

1. STATUTORY INFORMATION

LP Shipping 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

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

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

LP Shipping Ltd (Registered number: 08716293)

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Computer
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 January 2023 32,220 113,290 5,882 151,392
Additions 540 - 3,426 3,966
Disposals - (45,980 ) - (45,980 )
At 31 December 2023 32,760 67,310 9,308 109,378
DEPRECIATION
At 1 January 2023 12,660 70,703 3,078 86,441
Charge for year 5,252 7,500 1,402 14,154
Eliminated on disposal - (18,392 ) - (18,392 )
At 31 December 2023 17,912 59,811 4,480 82,203
NET BOOK VALUE
At 31 December 2023 14,848 7,499 4,828 27,175
At 31 December 2022 19,560 42,587 2,804 64,951

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 22,999 113,290 136,289
Disposals - (45,980 ) (45,980 )
At 31 December 2023 22,999 67,310 90,309
DEPRECIATION
At 1 January 2023 9,800 70,703 80,503
Charge for year 3,300 7,500 10,800
Eliminated on disposal - (18,392 ) (18,392 )
At 31 December 2023 13,100 59,811 72,911
NET BOOK VALUE
At 31 December 2023 9,899 7,499 17,398
At 31 December 2022 13,199 42,587 55,786

LP Shipping Ltd (Registered number: 08716293)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 148,406 430,592
Other debtors 85,671 101,926
234,077 532,518

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts 11,227 7,516
Trade creditors 78,414 281,445
Taxation and social security 11,593 29,984
Other creditors 28,132 49,503
129,366 368,448

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Hire purchase contracts 23,458 36,007

8. CONTINGENT LIABILITIES

The company has a contingent liability of £86,444 in respect of claims for under-declared import VAT and Duty which are currently under appeal with HMRC.