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Registered number: 8423681
POSITIVE SHIPPING LIMITED
Unaudited Financial Statements
For The Year Ended 29 February 2024
Ads Accountants
Certified Practising Accountants
117 Dartford Road
Dartford
Kent
DA1 3EN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 8423681
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 49,036 65,381
49,036 65,381
CURRENT ASSETS
Stocks 5 32,215 39,460
Debtors 6 274,526 271,821
Cash at bank and in hand 68,376 181,071
375,117 492,352
Creditors: Amounts Falling Due Within One Year 7 (289,029 ) (395,135 )
NET CURRENT ASSETS (LIABILITIES) 86,088 97,217
TOTAL ASSETS LESS CURRENT LIABILITIES 135,124 162,598
Creditors: Amounts Falling Due After More Than One Year 8 (22,417 ) (32,556 )
NET ASSETS 112,707 130,042
CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Profit and Loss Account 111,707 129,042
SHAREHOLDERS' FUNDS 112,707 130,042
Page 1
Page 2
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Berlinda Osei
Director
13/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
POSITIVE SHIPPING LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 8423681 . The registered office is 117 Dartford Road, Dartford, Kent, DA1 3EN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25%
Computer Equipment 25%
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2023: 4)
4 4
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4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 March 2023 114,499 5,970 120,469
As at 29 February 2024 114,499 5,970 120,469
Depreciation
As at 1 March 2023 51,124 3,964 55,088
Provided during the period 15,844 501 16,345
As at 29 February 2024 66,968 4,465 71,433
Net Book Value
As at 29 February 2024 47,531 1,505 49,036
As at 1 March 2023 63,375 2,006 65,381
5. Stocks
2024 2023
£ £
Stock 32,215 -
Work in progress - 39,460
32,215 39,460
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 271,236 271,236
Other taxes and social security 3,290 585
274,526 271,821
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (5,166 ) 25,477
Corporation tax 20,366 9,731
VAT 25,417 25,292
Other creditors 248,412 334,635
289,029 395,135
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Page 5
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 22,417 32,556
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
10. Dividends
2024 2023
£ £
On equity shares:
Final dividend paid 66,000 75,000
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