REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED (REGISTERED NUMBER: 00185767) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
45a Station Road |
Willington |
Bedfordshire |
MK44 3QL |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED (REGISTERED NUMBER: 00185767) |
BALANCE SHEET |
31 DECEMBER 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED (REGISTERED NUMBER: 00185767) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Inchcape Shipping Services (Gibraltar) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of the accounts is £ (Pound sterling). |
Preparation of consolidated financial statements |
The financial statements contain information about Inchcape Shipping Services (Gibraltar) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Beagle Midco Limited, 10 Lloyds Avenue, London, EC3N 3AJ. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
Judgement |
In preparing these financial statements, the director has made the following judgments: |
• Determine whether leases entered into by the company as a lessee are operating or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease-by-lease basis. |
• Determine whether there are indicators of impairment of the branch’s tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset. |
Impairment of debtors |
Adequate amount of allowance for impairment is provided where objective evidence of impairment exists. The Branch evaluates the amount of allowance for impairment based on available facts and circumstances affecting the collectability of the accounts, including, but not limited to the length of the Branch’s relationship with the customers, the customers’ current credit status, average age of accounts, collection experience and historical loss experience. |
The company did not recognise impairment loss during the current or prior year. |
Revenue recognition |
Revenue generated from agency business is recognised at the date on which the vessel sails. Where liabilities are incurred in the course of agency business that are recoverable from principals, the amounts owed are recorded as liabilities of the company and the corresponding receivables are recorded as assets of the company. Similarly where receivables are to be collected from third parties on behalf of principals in the course of the liner agency business, the amounts are recorded as assets of the company and the corresponding amounts payable to the principal are recorded as current liabilities. |
Where the company acts as contractor rather than agent the full revenue under the contract is recognised as turnover. |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED (REGISTERED NUMBER: 00185767) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
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. |
Foreign currency translation |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange on the balance sheet date. |
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. |
Exchange rate losses are recognised in the Income Statement. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED (REGISTERED NUMBER: 00185767) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed to group undertakings |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | £ | £ |
Ordinary | 1 | 60,000 | 60,000 |
INCHCAPE SHIPPING SERVICES (GIBRALTAR) |
LIMITED (REGISTERED NUMBER: 00185767) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES AND COMMITMENTS |
There were no contingent liabilities or commitments as at 31 December 2023 and 2022. |
11. | ULTIMATE CONTROLLING PARTY |
As at 31 December 2023, the immediate parent undertaking was ISS Group Holdings Limited and the ultimate controlling party is EndeavourCo TopCo Limited, a company incorporated in Jersey. |
The parent undertaking which heads the largest undertaking for which consolidated accounts are prepared is EndeavourCo TopCo Limited and the parent undertaking that headed the smallest undertaking for which consolidated accounts are prepared was Beagle Midco Limited. Copies of Beagle Midco Limited consolidated financial statements may be obtained from the secretary of Beagle Midco limited. |
12. | GOING CONCERN |
The directors believe that the company has adequate financial resources to continue in operation for the foreseeable future and to meet its obligations as they fall due. |
As at the balance sheet date the company has net liabilities of £685,313. This is due to substantial accumulated losses during the previous years. In the current year, the company recognised a loss of £ (107,060 2022 £30,838). |
The balance sheet at 31st December 2023 includes a total of current liabilities of £390,352 and current assets of £562,637 which show that the company has a positive working capital. The shareholder has confirmed to continue to provide the company such financial support as is necessary to enable to meet all the liabilities as they fall due for a period of at least twelve months, effective as from the date of the financial statements. |
Therefore, management is of the opinion that the going concern assumption is justified and these financial statements have been prepared on the basis of the going concern assumption. |