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Registered number: 02685654
A.M. Shipping Limited
Financial Statements
For The Year Ended 31 March 2024
Hill Wooldridge Accountants Ltd
Chartered Certified Accountants
55 Crown Street
Brentwood
Essex
CM14 4BD
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 02685654
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,927 1,001
1,927 1,001
CURRENT ASSETS
Stocks 5 14,856 3,494
Debtors 6 28,695 47,703
Cash at bank and in hand 127,276 147,288
170,827 198,485
Creditors: Amounts Falling Due Within One Year 7 (83,328 ) (104,583 )
NET CURRENT ASSETS (LIABILITIES) 87,499 93,902
TOTAL ASSETS LESS CURRENT LIABILITIES 89,426 94,903
NET ASSETS 89,426 94,903
CAPITAL AND RESERVES
Called up share capital 8 500 500
Capital redemption reserve 500 500
Profit and Loss Account 88,426 93,903
SHAREHOLDERS' FUNDS 89,426 94,903
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his 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
Mr Anthony Michael
Director
25th November 2024
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
A.M. Shipping Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02685654 . The registered office is 55 Crown Street, Brentwood, Essex, CM14 4BD.
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 1/3 of cost per year
Fixtures & Fittings 15% of net book value per year
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.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
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3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 3)
3 3
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Total
£ £ £
Cost
As at 1 April 2023 1,790 2,755 4,545
Additions - 1,266 1,266
As at 31 March 2024 1,790 4,021 5,811
Depreciation
As at 1 April 2023 1,789 1,755 3,544
Provided during the period - 340 340
As at 31 March 2024 1,789 2,095 3,884
Net Book Value
As at 31 March 2024 1 1,926 1,927
As at 1 April 2023 1 1,000 1,001
5. Stocks
2024 2023
£ £
Stock 14,856 3,494
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 26,073 44,557
Prepayments and accrued income 586 561
VAT 2,036 2,585
28,695 47,703
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 62,257 85,608
Corporation tax 8,584 9,903
Accruals and deferred income 4,073 2,423
Director's loan account 8,414 6,649
83,328 104,583
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 500 500
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