C.W. Kellock & Co. Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2024
Company Registration No. 00553139 (England and Wales)
C.W. Kellock & Co. Limited
Company Information
Directors
P.D.T. Willcox
M.E. Hodgson
C.H. Horsley
A.C.T. Willcox
Company number
00553139
Registered office
51 Moorgate
London
England
EC2R 6BH
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
C.W. Kellock & Co. Limited
Contents
Page
Directors' report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Statement of changes in equity
5
Notes to the financial statements
6 - 9
C.W. Kellock & Co. Limited
Directors' Report
For the year ended 31 March 2024
Page 1
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company throughout the year was shipbroking.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
P.D.T. Willcox
M.E. Hodgson
C.H. Horsley
A.C.T. Willcox
Statement of directors' responsibilities
The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and Applicable Law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
P.D.T. Willcox
Director
30 October 2024
C.W. Kellock & Co. Limited
Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of C.W. Kellock & Co. Limited for the year ended 31 March 2024
Page 2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of C.W. Kellock & Co. Limited for the year ended 31 March 2024 which comprise the income statement, the statement of financial position, the statement of changes in equity and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation
This report is made solely to the Board of Directors of C.W. Kellock & Co. Limited, as a body, in accordance with the terms of our engagement letter dated 2 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of C.W. Kellock & Co. Limited and state those matters that we have agreed to state to the Board of Directors of C.W. Kellock & Co. Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than C.W. Kellock & Co. Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that C.W. Kellock & Co. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of C.W. Kellock & Co. Limited. You consider that C.W. Kellock & Co. Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of C.W. Kellock & Co. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Moore Kingston Smith LLP
8 November 2024
Chartered Accountants
6th Floor
9 Appold Street
London
EC2A 2AP
C.W. Kellock & Co. Limited
Income Statement
For the year ended 31 March 2024
Page 3
2024
2023
£
£
Revenue
110,107
432,237
Administrative expenses
(225,185)
(426,538)
Operating (loss)/profit
(115,078)
5,699
Investment income
1,068
601
(Loss)/profit on ordinary activities before taxation
(114,010)
6,300
Taxation
(108)
265
(Loss)/profit for the financial year
(114,118)
6,565
C.W. Kellock & Co. Limited
Statement of Financial Position
As at 31 March 2024
Page 4
2024
2024
2023
2023
Notes
£
£
£
£
Current assets
Trade and other receivables
4
113,522
199,114
Cash at bank and in hand
64,410
109,141
177,932
308,255
Payables: amounts falling due within one year
5
(277,791)
(293,996)
Net current (liabilities)/assets
(99,859)
14,259
Equity
Called up share capital
6
10,500
10,500
Share premium account
7
4,500
4,500
Retained earnings
(114,859)
(741)
Total Equity
(99,859)
14,259
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 30 October 2024 and are signed on its behalf by:
P.D.T. Willcox
Director
Company Registration No. 00553139
C.W. Kellock & Co. Limited
Statement of Changes in Equity
For the year ended 31 March 2024
Page 5
Share capital
Share premium account
Retained earnings
Total
Notes
£
£
£
£
Balance at 1 April 2022
10,500
4,500
592,694
607,694
Year ended 31 March 2023:
Profit and total comprehensive income for the year
-
-
6,565
6,565
Dividends
-
-
(600,000)
(600,000)
Balance at 31 March 2023
10,500
4,500
(741)
14,259
Year ended 31 March 2024:
Loss and total comprehensive income for the year
-
-
(114,118)
(114,118)
Balance at 31 March 2024
10,500
4,500
(114,859)
(99,859)
C.W. Kellock & Co. Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 6
1
Accounting policies
Company information
C.W. Kellock & Co. Limited is a private company limited by shares that is domiciled and incorporated in England and Wales. The registered office is 51 Moorgate, London, EC2R 6BH.
1.1
Accounting convention
These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Ttruehe results of the company subsequent to the year end indicate the company has continued to be loss making.
The company's parent undertaking, The Eggar Forrester Group Limited, has undertaken to provide support to the company for at least twelve months from the date of approval of the financial statements. As result, the directors consider that the company has adequate resources to continue in operational existence for the foreseeable future and meet its liabilities as they fall due. Thus the directors continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Revenue
Revenue comprises commissions receivable less external commissions payable and ship selling costs, exclusive of VAT, and is earned entirely within the UK and derives from the company's principal activity of shipbroking.
Commission revenue is recognised when the sale contract for the ship completes.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
C.W. Kellock & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 7
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
The company operates a defined contribution scheme for its employees. The assets of the scheme are held separately from the company in independently administered funds. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 3 (2023 - 4).
C.W. Kellock & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
3
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 April 2023
15,322
Disposals
(4,780)
At 31 March 2024
10,542
Depreciation and impairment
At 1 April 2023
15,322
Eliminated in respect of disposals
(4,780)
At 31 March 2024
10,542
Carrying amount
At 31 March 2024
At 31 March 2023
4
Trade and other receivables
2024
2023
Amounts falling due within one year:
£
£
Trade receivables
13,495
15,085
Amounts due from group undertakings
85,553
169,485
Other receivables
13,983
13,945
113,031
198,515
Amounts falling due after one year:
Deferred tax asset
491
599
Total debtors
113,522
199,114
C.W. Kellock & Co. Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 9
5
Payables: amounts falling due within one year
2024
2023
£
£
Trade payables
600
24
Amounts owed to group undertakings
249,398
263,242
Accruals and deferred income
27,793
30,730
277,791
293,996
Included in cash at bank and in hand and other payables is an amount of £5,509 (2023 - £5,588) relating to cash held on behalf of clients.
6
Share capital
2024
2023
£
£
Issued and fully paid
10,500 Ordinary shares of £1 each
10,500
10,500
7
Share premium account
2024
2023
£
£
At beginning and end of year
4,500
4,500
8
Related party transactions
The company has taken advantage of the exemption available in accordance with FRS 102 'Related Party Disclosures' not to disclose transactions with group companies.
9
Controlling party
The immediate controlling party is The Eggar Forrester Group Limited, a company registered in England and Wales. The ultimate controlling party is The Eggar Forrester Group Holdings Limited, a company registered in England and Wales. The registered address is 51 Moorgate, London, EC2R 6BH.
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