UKO Shipping Ltd
Registered number: 08166325
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 82,390 43,871
Current assets
Stocks 3,170 -
Debtors 4 59,836 30,377
Cash at bank and in hand 48,944 48,818
111,950 79,195
Creditors: amounts falling due within one year 5 (20,020) (5,257)
Net current assets 91,930 73,938
Total assets less current liabilities 174,320 117,809
Creditors: amounts falling due after more than one year 6 (12,300) (15,815)
Net assets 162,020 101,994
Capital and reserves
Called up share capital 100 100
Profit and loss account 161,920 101,894
Shareholders' funds 162,020 101,994
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M H Jang
Director
Approved by the board on 1 April 2025
UKO Shipping Ltd
Notes to the Accounts
for the year ended 31 August 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2023 - 79,462 79,462
Additions 27,125 43,750 70,875
Disposals - (27,490) (27,490)
At 31 August 2024 27,125 95,722 122,847
Depreciation
At 1 September 2023 - 35,591 35,591
Charge for the year 6,781 20,682 27,463
On disposals - (22,597) (22,597)
At 31 August 2024 6,781 33,676 40,457
Net book value
At 31 August 2024 20,344 62,046 82,390
At 31 August 2023 - 43,871 43,871
4 Debtors 2024 2023
£ £
Other debtors 59,836 30,377
5 Creditors: amounts falling due within one year 2024 2023
£ £
Corporation tax 5,567 1,845
Other taxes and social security costs 3,798 2,972
Other creditors 10,655 440
20,020 5,257
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 12,300 15,815
7 Other information
UKO Shipping Ltd is a private company limited by shares and incorporated in England. Its registered office is:
13 Oakfield Avenue
Cippenham
Slough
SL1 5AE
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