REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2024 |
FOR |
BUCKLE SHIPPING (IPSWICH) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2024 |
FOR |
BUCKLE SHIPPING (IPSWICH) LIMITED |
BUCKLE SHIPPING (IPSWICH) LIMITED (REGISTERED NUMBER: 01013092) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30th April 2024 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
BUCKLE SHIPPING (IPSWICH) LIMITED |
COMPANY INFORMATION |
for the year ended 30th April 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Priestley House |
Priestley Gardens |
Chadwell Heath |
Essex, RM6 4SN |
SOLICITORS: |
20-32 Museum Street |
Ipswich |
Suffolk |
IP1 1HZ |
BUCKLE SHIPPING (IPSWICH) LIMITED (REGISTERED NUMBER: 01013092) |
ABRIDGED BALANCE SHEET |
30th April 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
BUCKLE SHIPPING (IPSWICH) LIMITED (REGISTERED NUMBER: 01013092) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30th April 2024 |
1. | STATUTORY INFORMATION |
Buckle Shipping (Ipswich) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Rendering of services - When providing day services, turnover is usually recognised on completion of the service and, for monthly engagements, it is recognised by reference to the stage of completion at the balance sheet date. |
Tangible fixed assets |
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Long Leasehold - 6.67% on cost |
Fixtures and fittings - 25% on reducing balance |
Motor vehicles - 25% on reducing balance |
Computer equipment - 33% on cost |
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. |
BUCKLE SHIPPING (IPSWICH) LIMITED (REGISTERED NUMBER: 01013092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30th April 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st May 2023 |
Additions |
Disposals | ( |
) |
At 30th April 2024 |
DEPRECIATION |
At 1st May 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30th April 2024 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
BUCKLE SHIPPING (IPSWICH) LIMITED (REGISTERED NUMBER: 01013092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30th April 2024 |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1st May 2023 | 285,543 |
Additions | 131,574 |
At 30th April 2024 | 417,117 |
NET BOOK VALUE |
At 30th April 2024 | 417,117 |
At 30th April 2023 | 285,543 |
In the opinion of the directors, the market value of the unlisted investments exceeds cost. |
6. | SECURED DEBTS |
Bank borrowings are secured by a debenture over the assets of the company, dated 26th July 1990. |
7. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
8. | RELATED PARTY DISCLOSURES |
Mrs J Buckle is a director of Buckle Management & Holdings Limited and B M W Shipping Agents Limited, companies incorporated in England. |
Trading transactions |
Sales Ledger | Purchase Ledger | Balances |
Transactions | Transactions | at 30/4/24 |
£ | £ | £ |
J Buckle - |
Buckle Management & |
Holdings Ltd | - | 44,150 | - |
B M W Shipping Agents Ltd | - | - | - |
The purchase ledger transaction with Buckle Management and Holdings Limited is a management charge shown within administration expenses in the Profit & Loss Account. |
9. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
In common with many other businesses of our size and nature, our auditors provide general tax advice and assist us in the preparation of the financial statements and in the preparation and submission of returns to the tax authorities. |
BUCKLE SHIPPING (IPSWICH) LIMITED (REGISTERED NUMBER: 01013092) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30th April 2024 |
10. | ULTIMATE CONTROLLING PARTY |
At 30th April 2024 the ultimate holding company was Buckle Management and Holdings Limited, a company incorporated in England. |