Eggar Forrester Shipbroking Limited
Annual Report and Unaudited Financial Statements
For the year ended 31 March 2024
Company Registration No. 00976041 (England and Wales)
Eggar Forrester Shipbroking Limited
Company Information
Director
P.D.T. Willcox
Company number
00976041
Registered office
51 Moorgate
London
England
EC2R 6BH
Accountants
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London
EC2A 2AP
Eggar Forrester Shipbroking Limited
Contents
Page
Director's report
1
Accountants' report
2
Income statement
3
Statement of financial position
4
Notes to the financial statements
5 - 7
Eggar Forrester Shipbroking Limited
Director's Report
For the year ended 31 March 2024
Page 1
The director presents his annual report and financial statements for the year ended 31 March 2024.
Principal activities
The principal activity of the company continued to be that of shipbroking.
Director
The director who held office during the year and up to the date of signature of the financial statements was as follows:
P.D.T. Willcox
Statement of director's responsibilities
The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is 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 director is 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. He is 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
Eggar Forrester Shipbroking Limited
Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Eggar Forrester Shipbroking 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 Eggar Forrester Shipbroking Limited for the year ended 31 March 2024 which comprise the income statement, the statement of financial position 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 Eggar Forrester Shipbroking 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 Eggar Forrester Shipbroking Limited and state those matters that we have agreed to state to the Board of Directors of Eggar Forrester Shipbroking 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 Eggar Forrester Shipbroking Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Eggar Forrester Shipbroking 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 profit of Eggar Forrester Shipbroking Limited. You consider that Eggar Forrester Shipbroking 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 Eggar Forrester Shipbroking 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
EC2A 2AP
Eggar Forrester Shipbroking Limited
Income Statement
For the year ended 31 March 2024
Page 3
2024
2023
£
£
Turnover
140,863
237,476
Cost of sales
(61,355)
(98,155)
Gross profit
79,508
139,321
Administrative expenses
(19,295)
(43,291)
Operating profit
60,213
96,030
Interest receivable and similar income
79
Profit before taxation
60,292
96,030
Tax on profit
(18,246)
Profit for the financial year
60,292
77,784
Eggar Forrester Shipbroking Limited
Statement of Financial Position
As at 31 March 2024
Page 4
2024
2024
2023
2023
Notes
£
£
£
£
Current assets
Debtors
4
374,005
274,211
Cash at bank and in hand
15,818
68,091
389,823
342,302
Creditors: amounts falling due within one year
5
(17,204)
(29,975)
Net current assets
372,619
312,327
Capital and reserves
Called up share capital
6
100,000
100,000
Profit and loss reserves
272,619
212,327
Total equity
372,619
312,327
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 director acknowledges his 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 and signed by the director and authorised for issue on 30 October 2024
P.D.T. Willcox
Director
Company Registration No. 00976041
Eggar Forrester Shipbroking Limited
Notes to the Financial Statements
For the year ended 31 March 2024
Page 5
1
Accounting policies
Company information
Eggar Forrester Shipbroking Limited is a private company limited by shares incorporated and domiciled 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 as applicable to companies subject to the small companies regime.
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 have been prepared under the historical cost convention.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue comprises commissions receivable less 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.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.
Eggar Forrester Shipbroking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 6
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 profit and loss account, 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
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:
2024
2023
Number
Number
Total
1
1
3
Director's Emoluments
The director received no remuneration in respect of his services to the company.
Eggar Forrester Shipbroking Limited
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
39,383
39,668
Amounts owed by group undertakings
334,622
234,543
374,005
274,211
5
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
25,633
Accruals and deferred income
17,204
4,342
17,204
29,975
6
Share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100,000
100,000
100,000
100,000
7
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.
8
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.