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Registered Number: 08429001
England and Wales

 

 

 

FIRST KLASS SHIPPING SPECIALIST LIMITED


Report of the Directors and Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors Michael Obeng
Mary Obeng
Registered Number 08429001
Registered Office Unit 8 Summer Hill Industrial Estate, 4 Goodman Street,
Birmingham,
West Midlands,
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2024.
Principal activities
Principal activity of the company during the financial period ended 31/03/2024 was of Carriage and Freight
Directors
The directors who served the company throughout the year were as follows:
Michael Obeng
Mary Obeng
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
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 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
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • 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. The directors 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.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Michael Obeng
Director
----------------------------------
Mary Obeng
Director

Date approved: 26 December 2024
2
 
 
Notes
 
2024
£
  2023
£
Turnover 1,667,648    1,345,678 
Gross profit 1,667,648    1,345,678 
Selling and distribution costs (947,972)   (825,057)
Administrative expenses (448,572)   (387,463)
Operating profit 2 271,104    133,158 
Interest payable and similar charges 4 (3,480)   (4,305)
Profit/(Loss) on ordinary activities before taxation 267,624    128,853 
Tax on profit on ordinary activities 5 (54,759)   (14,607)
Profit/(Loss) for the financial year 212,865    114,246 
 
3
 
 
Notes
 
2024
£
  2023
£
Profit for the financial year after taxation 212,865    114,246 
Total comprehensive income/(loss) for the year 212,865    114,246 
4
 
 
Notes
 
2024
£
  2023
£
Fixed assets      
Tangible fixed assets 6 256,504    211,848 
256,504    211,848 
Current assets      
Debtors 7 13,935    6,045 
Cash at bank and in hand 573,090    239,155 
587,025    245,200 
Creditors: amount falling due within one year 8 (427,162)   (191,400)
Net current assets 159,863    53,800 
 
Total assets less current liabilities 416,367    265,648 
Creditors: amount falling due after more than one year 9 (70,240)   (86,378)
Net assets 346,127    179,270 
 

Capital and reserves
     
Profit and loss account 10 346,127    179,270 
Shareholders' funds 346,127    179,270 
 


For the 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.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 on 26 December 2024 and were signed on its behalf by:


-------------------------------
Michael Obeng
Director
-------------------------------
Mary Obeng
Director
5
General Information
First Klass Shipping Specialist Limited is a private company, limited by shares, registered in England and Wales, registration number 08429001, registration address Unit 8 Summer Hill Industrial Estate, 4 Goodman Street, , Birmingham,, West Midlands,.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
2.

Operating profit/(loss)

2024
£
  2023
£
The operating profit is stated after charging:

 
Depreciation of tangible fixed assets 29,683    15,055 

3.

Average number of employees

Average number of employees during the year was 8 (2023 : 8).
4.

Interest payable and similar charges

2024
£
  2023
£
Bank & Other Loan Interest 3,480    4,305 
3,480    4,305 

5.

Tax on profit on ordinary activities

2024
£
  2023
£
UK Corporation Tax 54,759    14,607 
54,759    14,607 

6.

Tangible fixed assets

Cost or valuation Land and Buildings   Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £   £
At 01 April 2023 170,000    18,034    90,443    7,221    285,698 
Additions   25,773    43,900    4,667    74,340 
Disposals        
At 31 March 2024 170,000    43,807    134,343    11,888    360,038 
Depreciation
At 01 April 2023 2,408    6,849    60,562    4,030    73,849 
Charge for year   9,240    18,787    1,658    29,685 
On disposals        
At 31 March 2024 2,408    16,089    79,349    5,688    103,534 
Net book values
Closing balance as at 31 March 2024 167,592    27,718    54,994    6,200    256,504 
Opening balance as at 01 April 2023 167,592    11,184    29,881    3,191    211,848 


7.

Debtors: amounts falling due within one year

2024
£
  2023
£
Other Debtors 13,945    6,055 
13,945    6,055 

7.

Debtors: amounts falling due after one year

2024
£
  2023
£
Called Up Share Capital Not Paid (10)   (10)
(10)   (10)

8.

Creditors: amount falling due within one year

2024
£
  2023
£
Bank Loans & Overdrafts (Secured) 7,942    7,659 
Bank Loans & Overdrafts 10,648    10,648 
Corporation Tax 54,759    14,607 
PAYE & Social Security 6,556    3,583 
Other Creditors 346,809    154,903 
Pension 448   
427,162    191,400 

9.

Creditors: amount falling due after more than one year

2024
£
  2023
£
Bank Loans & Overdrafts (secured) 57,614    63,016 
Bank Loans & Overdrafts 12,626    23,362 
70,240    86,378 

10.

Profit and loss account

  2024
£
Balance at 01 April 2023 179,262 
Profit for the year 212,865 
Equity Dividends Proposed (46,000)
Balance at 31 March 2024 346,127 

6