Silverfin false false 30/06/2024 01/07/2023 30/06/2024 K White 19/06/2000 L White 18/09/2013 S White 01/01/2005 13 November 2024 The principal activity of the Company during the financial year was international freight and shipping. 04017509 2024-06-30 04017509 bus:Director1 2024-06-30 04017509 bus:Director2 2024-06-30 04017509 bus:Director3 2024-06-30 04017509 2023-06-30 04017509 core:CurrentFinancialInstruments 2024-06-30 04017509 core:CurrentFinancialInstruments 2023-06-30 04017509 core:Non-currentFinancialInstruments 2024-06-30 04017509 core:Non-currentFinancialInstruments 2023-06-30 04017509 core:ShareCapital 2024-06-30 04017509 core:ShareCapital 2023-06-30 04017509 core:RetainedEarningsAccumulatedLosses 2024-06-30 04017509 core:RetainedEarningsAccumulatedLosses 2023-06-30 04017509 core:PlantMachinery 2023-06-30 04017509 core:Vehicles 2023-06-30 04017509 core:FurnitureFittings 2023-06-30 04017509 core:PlantMachinery 2024-06-30 04017509 core:Vehicles 2024-06-30 04017509 core:FurnitureFittings 2024-06-30 04017509 core:WithinOneYear 2024-06-30 04017509 core:WithinOneYear 2023-06-30 04017509 core:BetweenOneFiveYears 2024-06-30 04017509 core:BetweenOneFiveYears 2023-06-30 04017509 2023-07-01 2024-06-30 04017509 bus:FilletedAccounts 2023-07-01 2024-06-30 04017509 bus:SmallEntities 2023-07-01 2024-06-30 04017509 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 04017509 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 04017509 bus:Director1 2023-07-01 2024-06-30 04017509 bus:Director2 2023-07-01 2024-06-30 04017509 bus:Director3 2023-07-01 2024-06-30 04017509 core:PlantMachinery 2023-07-01 2024-06-30 04017509 core:Vehicles 2023-07-01 2024-06-30 04017509 core:FurnitureFittings 2023-07-01 2024-06-30 04017509 2022-07-01 2023-06-30 04017509 core:CurrentFinancialInstruments 2023-07-01 2024-06-30 04017509 core:Non-currentFinancialInstruments 2023-07-01 2024-06-30 iso4217:GBP xbrli:pure

Company No: 04017509 (England and Wales)

FCS INTERNATIONAL SHIPPING LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

FCS INTERNATIONAL SHIPPING LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

FCS INTERNATIONAL SHIPPING LIMITED

BALANCE SHEET

As at 30 June 2024
FCS INTERNATIONAL SHIPPING LIMITED

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 162,028 56,037
162,028 56,037
Current assets
Debtors 4 678,085 1,356,629
Cash at bank and in hand 669,407 542,039
1,347,492 1,898,668
Creditors: amounts falling due within one year 5 ( 1,221,130) ( 1,393,536)
Net current assets 126,362 505,132
Total assets less current liabilities 288,390 561,169
Creditors: amounts falling due after more than one year 6 ( 124,417) ( 34,722)
Provision for liabilities 7 ( 39,032) ( 13,059)
Net assets 124,941 513,388
Capital and reserves
Called-up share capital 100 100
Profit and loss account 124,841 513,288
Total shareholders' funds 124,941 513,388

For the financial year ending 30 June 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of FCS International Shipping Limited (registered number: 04017509) were approved and authorised for issue by the Board of Directors on 13 November 2024. They were signed on its behalf by:

L White
Director
FCS INTERNATIONAL SHIPPING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
FCS INTERNATIONAL SHIPPING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

FCS International Shipping Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Suite 7 ,Wellworthys Business Centre Parrett Way, Colley Lane, Bridgwater, TA6 5LB, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for the supply of freight and shipping services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either other creditors or other debtors in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Other Income

Other operating income not represented under turnover is recognised at the fair value of the consideration received or receivable, once the significant risks and rewards are considered to have been transferred to the company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 7 7

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £
Cost
At 01 July 2023 8,417 51,872 26,094 86,383
Additions 0 128,000 0 128,000
At 30 June 2024 8,417 179,872 26,094 214,383
Accumulated depreciation
At 01 July 2023 8,385 3,242 18,719 30,346
Charge for the financial year 8 20,157 1,844 22,009
At 30 June 2024 8,393 23,399 20,563 52,355
Net book value
At 30 June 2024 24 156,473 5,531 162,028
At 30 June 2023 32 48,630 7,375 56,037

4. Debtors

2024 2023
£ £
Trade debtors 644,784 957,937
Other debtors 33,301 398,692
678,085 1,356,629

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,556 5,556
Trade creditors 828,906 996,687
Taxation and social security 235,586 179,939
Obligations under finance leases and hire purchase contracts (secured) 25,400 0
Other creditors 125,682 211,354
1,221,130 1,393,536

Hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 29,167 34,722
Obligations under finance leases and hire purchase contracts (secured) 95,250 0
124,417 34,722

Hire purchase contracts are secured against the assets to which they relate

7. Provision for liabilities

2024 2023
£ £
Deferred tax 39,032 13,059

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 14,964 1,846
between one and five years 2,494 0
17,458 1,846

The company rents commercial premises and broadband services under a non-cancellable operating lease, for a minimum 2-year term.

9. Related party transactions

Transactions with the entity's directors

Advances

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2023, the balance owed by the directors was £360,788. During the year, £635,897 was advanced to the directors, and £996,685 was repaid by the directors. At 30 June 2024, the balance owed by the directors was £nil.

At 1 July 2022, the balance owed by the directors was £18,959. During the year, £629,965 was advanced to the directors, and £288,136 was repaid by the directors. At 30 June 2023, the balance owed by the directors was £360,788.