Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31112023-04-01falseNo description of principal activity11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01616815 2023-04-01 2024-03-31 01616815 2022-04-01 2023-03-31 01616815 2024-03-31 01616815 2023-03-31 01616815 c:Director1 2023-04-01 2024-03-31 01616815 d:PlantMachinery 2023-04-01 2024-03-31 01616815 d:PlantMachinery 2024-03-31 01616815 d:PlantMachinery 2023-03-31 01616815 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01616815 d:MotorVehicles 2023-04-01 2024-03-31 01616815 d:MotorVehicles 2024-03-31 01616815 d:MotorVehicles 2023-03-31 01616815 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01616815 d:FurnitureFittings 2023-04-01 2024-03-31 01616815 d:FurnitureFittings 2024-03-31 01616815 d:FurnitureFittings 2023-03-31 01616815 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01616815 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 01616815 d:CurrentFinancialInstruments 2024-03-31 01616815 d:CurrentFinancialInstruments 2023-03-31 01616815 d:Non-currentFinancialInstruments 2024-03-31 01616815 d:Non-currentFinancialInstruments 2023-03-31 01616815 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 01616815 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 01616815 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 01616815 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 01616815 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 01616815 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 01616815 d:ShareCapital 2024-03-31 01616815 d:ShareCapital 2023-03-31 01616815 d:CapitalRedemptionReserve 2024-03-31 01616815 d:CapitalRedemptionReserve 2023-03-31 01616815 d:RetainedEarningsAccumulatedLosses 2024-03-31 01616815 d:RetainedEarningsAccumulatedLosses 2023-03-31 01616815 c:FRS102 2023-04-01 2024-03-31 01616815 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 01616815 c:FullAccounts 2023-04-01 2024-03-31 01616815 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 01616815 d:AcceleratedTaxDepreciationDeferredTax 2024-03-31 01616815 d:AcceleratedTaxDepreciationDeferredTax 2023-03-31 01616815 6 2023-04-01 2024-03-31 01616815 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 01616815









GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED
REGISTERED NUMBER: 01616815

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
101,582
119,710

Investments
  
71
71

  
101,653
119,781

Current assets
  

Stocks
 5 
22,875
22,875

Debtors: amounts falling due within one year
 6 
817,774
740,625

Cash at bank and in hand
 7 
35,074
24,931

  
875,723
788,431

Creditors: amounts falling due within one year
 8 
(185,719)
(104,604)

Net current assets
  
 
 
690,004
 
 
683,827

Total assets less current liabilities
  
791,657
803,608

Creditors: amounts falling due after more than one year
 9 
(30,792)
(33,481)

Provisions for liabilities
  

Deferred tax
 11 
(6,346)
(8,966)

  
 
 
(6,346)
 
 
(8,966)

Net assets
  
754,519
761,161


Capital and reserves
  

Called up share capital 
  
112
112

Capital redemption reserve
  
38
38

Profit and loss account
  
754,369
761,011

  
754,519
761,161


Page 1

 
GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED
REGISTERED NUMBER: 01616815
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The Director considers 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 Director acknowledges his 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 statement of comprehensive income 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 by: 




C D Townsend
Director

Date: 14 February 2025

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

Page 2

 
GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Galleon International Shipping Company Limited is a private company, limited by shares and incorporated in England (registered number 01616815). The registered office is 101 New Cavendish Street, 1st Floor South, London, United Kingdom, W1W 6XH.

2.Accounting policies

 
2.1

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.2

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as described below.

Depreciation is provided on the following basis:

Plant and machinery
-
8%
Reducing balance method
Motor vehicles
-
20%
Reducing balance method
Fixtures and fittings
-
8%
Reducing balance method

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.

 
2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 3

 
GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2023 - 11).

Page 4

 
GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2023
142,615
339,179
116,003
597,797



At 31 March 2024

142,615
339,179
116,003
597,797



Depreciation


At 1 April 2023
113,669
265,978
98,440
478,087


Charge for the year on owned assets
2,171
14,640
1,317
18,128



At 31 March 2024

115,840
280,618
99,757
496,215



Net book value



At 31 March 2024
26,775
58,561
16,246
101,582



At 31 March 2023
28,946
73,202
17,563
119,711


5.


Stocks

2024
2023
£
£

Finished goods and goods for resale
22,875
22,875

22,875
22,875



6.


Debtors

2024
2023
£
£


Trade debtors
124,784
103,870

Amounts owed by group undertakings
620,790
589,157

Other debtors
47,200
47,598

Prepayments and accrued income
25,000
-

817,774
740,625


Page 5

 
GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
35,074
24,931

35,074
24,931



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
5,685
7,259

Trade creditors
133,423
71,481

Corporation tax
4,395
3,853

Other taxation and social security
17,079
3,750

Obligations under finance lease and hire purchase contracts
-
1,028

Other creditors
20,387
12,483

Accruals and deferred income
4,750
4,750

185,719
104,604



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
30,792
33,481

30,792
33,481


Page 6

 
GALLEON INTERNATIONAL SHIPPING COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
5,685
7,259


5,685
7,259


Amounts falling due 2-5 years

Bank loans
30,792
33,481


30,792
33,481


36,477
40,740



11.


Deferred taxation




2024


£






At beginning of year
(8,966)


Charged to profit or loss
2,618



At end of year
(6,348)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(6,348)
(8,966)

(6,348)
(8,966)

 
Page 7