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REGISTERED NUMBER: 06097766 (England and Wales)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

INDEPENDENT VESSEL OPERATIONS
SERVICES LIMITED

INDEPENDENT VESSEL OPERATIONS
SERVICES LIMITED (REGISTERED NUMBER: 06097766)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


INDEPENDENT VESSEL OPERATIONS
SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: N I Wiggins





SECRETARY: L A Wiggins





REGISTERED OFFICE: 10 Coronation Villas
Chapel Hill
Eythorne
Dover
Kent
CT15 4BD





REGISTERED NUMBER: 06097766 (England and Wales)





ACCOUNTANTS: SHPD Accountants
10 Littlebourne Road
Maidstone
Kent
ME14 5QP

INDEPENDENT VESSEL OPERATIONS
SERVICES LIMITED (REGISTERED NUMBER: 06097766)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,332 1,480
Tangible assets 5 12,495 15,969
13,827 17,449

CURRENT ASSETS
Stocks 13,510 30,700
Debtors 6 116,922 96,292
Cash at bank 96 8,580
130,528 135,572
CREDITORS
Amounts falling due within one year 7 129,346 69,026
NET CURRENT ASSETS 1,182 66,546
TOTAL ASSETS LESS CURRENT LIABILITIES 15,009 83,995

CREDITORS
Amounts falling due after more than one year 8 (27,806 ) (16,861 )

PROVISIONS FOR LIABILITIES (2,374 ) (3,034 )
NET (LIABILITIES)/ASSETS (15,171 ) 64,100

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (15,271 ) 64,000
SHAREHOLDERS' FUNDS (15,171 ) 64,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 November 2024 and were signed by:





N I Wiggins - Director


INDEPENDENT VESSEL OPERATIONS
SERVICES LIMITED (REGISTERED NUMBER: 06097766)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

Independent Vessel Operations Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2023, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2023 - 7 ) .

INDEPENDENT VESSEL OPERATIONS
SERVICES LIMITED (REGISTERED NUMBER: 06097766)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 29 February 2024 1,480
AMORTISATION
Charge for year 148
At 29 February 2024 148
NET BOOK VALUE
At 29 February 2024 1,332
At 28 February 2023 1,480

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 March 2023 4,789 7,033 13,516 25,338
Additions 1,284 - 816 2,100
At 29 February 2024 6,073 7,033 14,332 27,438
DEPRECIATION
At 1 March 2023 291 1,150 7,928 9,369
Charge for year 1,215 1,508 2,851 5,574
At 29 February 2024 1,506 2,658 10,779 14,943
NET BOOK VALUE
At 29 February 2024 4,567 4,375 3,553 12,495
At 28 February 2023 4,498 5,883 5,588 15,969


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 17,600 32,487
Amounts owed by group undertakings 5,954 1,610
Other debtors 93,368 62,195
116,922 96,292

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,586 -
Trade creditors 18,608 -
Taxation and social security 64,851 56,034
Other creditors 35,301 12,992
129,346 69,026

INDEPENDENT VESSEL OPERATIONS
SERVICES LIMITED (REGISTERED NUMBER: 06097766)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Other creditors 27,806 16,861

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
N I Wiggins
Balance outstanding at start of year 31,172 -
Amounts advanced 25,152 31,172
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 56,324 31,172

10. RELATED PARTY DISCLOSURES

Independent Vessels Ltd

A company under common control.

As at the balance sheet date, a balance of £5,874 (2023 - £1,530) was owed to the company by Independent Vessels Ltd.


Independent Vessel Holdings Ltd

A company under common control.

As at the balance sheet date, a balance of £80 (2023 - £80) was owed to the company by Independent Vessels Ltd.

11. ULTIMATE CONTROLLING PARTY

The controlling party is N I Wiggins.