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Ship Associates Ltd

FINANCIAL STATEMENTS

YEAR ENDED 30 JUNE 2024




















Company Registration Number - 09090388

















AVENET ACCOUNTANCY

IFA Accountants



1.
Ship Associates Ltd
COMPANY NUMBER - 09090388

Balance sheet as at 30 June 2024





2024
2023

Notes
£ £ £ £
FIXED ASSETS





Tangible assets 4
4,792
4,792

Current assets




Debtors 5 31,449
2,521

Cash at bank and in hand
91,861
101,131




123,310
103,652
Current liabilities




Creditors - Amounts
falling due within one year 6 47,425
41,621


NET CURRENT ASSETS

75,885
62,031


Total assets less current liabilities

80,677
66,823





Creditors - Amounts falling

due after more than one year 6 9,243
9,243





Provisions for liabilities

Deferred taxation 7 374
374





(9,617)
(9,617)


Net assets

71,060
57,206














2.
Ship Associates Ltd
COMPANY NUMBER - 09090388

Balance sheet as at 30 June 2024





2024
2023

Notes
£
£
CAPITAL AND RESERVES

Called up share capital 8
1
1

Profit and Loss account

71,059
57,205


Shareholders' funds

71,060
57,206



These financial statements have been prepared in accordance with the provisions of FRS102 Section 1A of the Companies Act 2006 relating to small companies.
In accordance with section 444 of the Companies Act 2006, the directors' report and the profit and loss account have not been delivered.

For the financial year ended 30 June 2024, the company was entitled to exemption from audit under section 477 of the Companies Act 2006; and no notice has been deposited under section 476.

The members have not required the company to obtain an audit.


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.


Approved by the board of directors on 28 March 2025
and signed on their behalf by:




J R McKenzie



Director



The notes on pages 3 to 5 form an integral part of these accounts.


3.
Ship Associates Ltd

Notes to the Financial Statements

For the year ended 30 June 2024


1. General Information

Ship Associates Ltd is a Private Company, limited by shares, domiciled in England and Wales, registration number 09090388.


The company's registered office is Gemini House, 136-140 Old Shoreham Road, Brighton, East Sussex BN3 7DB.


2. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance with FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.


Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents goods supplied or services rendered, stated net of Value Added Tax. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Turnover from the sale of goods is recognised when goods are delivered and legal title has passed.


Tangible fixed assets and depreciation

Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life:


Fixtures and fittings - NN% reducing balance


Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.


Financial Instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


3. Employees

The average number employed by the company (including directors) during the year 2024 was 1
and in the previous year 2023 was 1.


4.
Ship Associates Ltd

Notes to the Financial Statements

For the year ended 30 June 2024


4. Fixed assets - tangible

Plant and

Machinery

etc.


Fair value £


At 1 July 2023 9,160
and 30 June 2024


Depreciation
At 1 July 2023 4,368

At 30 June 2024 4,368

Net book values
At 30 June 2024 4,792
At 1 July 2023 4,792





2024
2023


£
£
5. Debtors

Due within one year:



Trade debtors 32,326
3,398
Other debtors (877)
(877)



31,449
2,521



6. Creditors

Amounts falling due within one year:



Bank Loan (444)
(608)
Accurals 840
840
Taxation and social security 28,822
34,215
Director's Current Accounts 18,207
7,174


47,425 41,621


Amounts falling due after one year:



Other creditors:



Other 9,243
9,243



7. Deferred taxation

At 1 July 2023 374
374


At 30 June 2024 374 374




5.
Ship Associates Ltd

Notes to the Financial Statements

For the year ended 30 June 2024




2024
2023


£
£

8. Called up share capital

There was no change in share capital during the year.


Allotted, called up and fully paid



Ordinary shares of £1 each 1
1