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Registered number: 03545994














BROINTERMED LINES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
BROINTERMED LINES LIMITED
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7


 
BROINTERMED LINES LIMITED
REGISTERED NUMBER:03545994

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2023
2022
2022
Note

Fixed assets
  

Tangible assets
 4 
518,164
577,678

  
518,164
577,678

Current assets
  

Debtors: amounts falling due within one year
 5 
2,854,076
3,962,757

Cash at bank and in hand
 6 
292,761
79,353

  
3,146,837
4,042,110

Creditors: amounts falling due within one year
 7 
(6,768,107)
(6,787,816)

Net current liabilities
  
 
 
(3,621,270)
 
 
(2,745,706)

Total assets less current liabilities
  
(3,103,106)
(2,168,028)

  

Net liabilities
  
(3,103,106)
(2,168,028)


Capital and reserves
  

Called up share capital 
 8 
11,596,907
11,596,907

Profit and loss account
  
(14,700,013)
(13,764,935)

  
(3,103,106)
(2,168,028)


1

 
BROINTERMED LINES LIMITED
REGISTERED NUMBER:03545994
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 November 2024.




G Guccione
Director

The notes on pages 3 to 7 form part of these financial statements.

2

 
BROINTERMED LINES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Brointermed Lines Limited is a private company, limited by shares, registered in England and Wales, registration number 03545994
The registered office address is Quayside Court, The Quay, Harwich, Essex, CO12 3HH.
The principal activity of the company continued to be that of operating a maritime freight service.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The ultimate shareholders have considered the implications of a net deficit in the Balance Sheet. The ultimate shareholders have agreed to provide financial support to the company to satisfy its financial obligations for at least 12 months from the date of signature of the financial statements, which have been prepared on the going concern basis.

 
2.3

Turnover

Turnover from the company's principal activity is recognised on the date the service commences, to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

3

 
BROINTERMED LINES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line or reducing balance method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
30 years straight-line
Motor vehicles
-
25% reducing balance basis
Office equipment
-
20-33% reducing balance basis
Containers
-
10% reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.7

Creditors

Short term creditors are measured at the transaction price. 

 
2.8

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is the Euro.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

4

 
BROINTERMED LINES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

 Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.11

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.12

 Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2022 - 4).

5

 
BROINTERMED LINES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Short-term leasehold property
Office equipment
Containers
Total




Cost


At 1 January 2023
55,438
149,207
959,780
1,164,425



At 31 December 2023

55,438
149,207
959,780
1,164,425



Depreciation


At 1 January 2023
42,503
137,409
406,836
586,748


Charge for the year on owned assets
1,848
2,371
55,294
59,513



At 31 December 2023

44,351
139,780
462,130
646,261



Net book value



At 31 December 2023
11,087
9,427
497,650
518,164



At 31 December 2022
12,935
11,798
552,944
577,677


5.


Debtors

2023
2022


Trade debtors
2,844,039
3,905,977

Other debtors
6,205
6,475

Prepayments and accrued income
3,832
50,305

2,854,076
3,962,757


Trade and other debtors include significant amounts which are overdue for settlement. The directors are confident that these balances will be fully recoverable and accordingly have made no provision for potential irrecoverability. The delay in settlement is predominantly due to the political situation in Libya and the directors are confident that there are indications that this will improve in the foreseeable future.

6

 
BROINTERMED LINES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash

2023
2022

Cash at bank and in hand
292,761
79,353

Less: bank overdrafts
-
(10)

292,761
79,343



7.


Creditors: Amounts falling due within one year

2023
2022

Bank overdrafts
-
10

Trade creditors
5,175,584
5,279,178

Amounts owed to group undertakings
1,580,791
1,498,291

Accruals and deferred income
11,732
10,337

6,768,107
6,787,816



8.


Share capital

2023
2022
Allotted, called up and fully paid



9,796,747 (2022 - 9,796,747) Ordinary shares of £1.00 each
11,596,907
11,596,907


There is a single class of ordinary share. There are no restrictions on the distribution of dividends and the repayment of capital.



9.


Related party transactions

No disclosure has been made of the transactions with wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35.
During the year, the parent company advanced loans of €144,000 (2022 - €535,000). The company repaid €61,500 (2022 - €126,209). At the balance sheet date, the company owed the parent company €1,580,791 (2022 - €1,498,291). The loan is interest free and repayable on demand.
During the year, the directors received emoluments of €106,220 (2022 - €106,252).


10.


Controlling party

There is no ultimate controlling party.

 
7