REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
BARENTS BULK COMPANY (UK) LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
BARENTS BULK COMPANY (UK) LIMITED |
BARENTS BULK COMPANY (UK) LIMITED (REGISTERED NUMBER: 07016172) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
BARENTS BULK COMPANY (UK) LIMITED |
Company Information |
for the year ended 31 December 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
BARENTS BULK COMPANY (UK) LIMITED (REGISTERED NUMBER: 07016172) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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. |
The financial statements were approved by the director and authorised for issue on |
BARENTS BULK COMPANY (UK) LIMITED (REGISTERED NUMBER: 07016172) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Barents Bulk Company (UK) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The accounts have been prepared on the going concern basis. |
As indicated in the balance sheet the company has incurred substantial losses in past years and has net current liabilities at the balance sheet date. The losses have been financed by loans and the lender has indicated it's willingness to continue support to the company. |
The director believes the above will enable the company to continue as a going concern for a period of at least one year from the approval date of the accounts and on this basis consider it appropriate to prepare the accounts on a going concern basis. |
If the accounts were not prepared on a going concern basis adjustments would be necessary to write down assets to their recoverable amounts, reclassify fixed assets as current and provide for additional liabilities. |
Property plant and equipment |
Property, plant and equipment are initially measured at cost (or deemed cost) and are subsequently measured at cost or valuation, net of depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration initially recorded at cost. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Computer equipment 25% on cost |
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 statement of financial position date. |
BARENTS BULK COMPANY (UK) LIMITED (REGISTERED NUMBER: 07016172) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in other operating expenses. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
BARENTS BULK COMPANY (UK) LIMITED (REGISTERED NUMBER: 07016172) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Loans | 944,044 | 974,753 |
Accruals and deferred income |
6. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is J R Hall, a director of the company. |