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COMPANY REGISTRATION NUMBER: 06066008
Armac Shipping Services Ltd
Filleted Unaudited Financial Statements
30 April 2024
Armac Shipping Services Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
19,527
33,146
Current assets
Debtors
6
1,304,558
1,397,907
Cash at bank and in hand
118,167
24,616
------------
------------
1,422,725
1,422,523
Creditors: amounts falling due within one year
7
1,052,853
812,548
------------
------------
Net current assets
369,872
609,975
---------
---------
Total assets less current liabilities
389,399
643,121
Creditors: amounts falling due after more than one year
8
104,167
154,167
Provisions
423
423
---------
---------
Net assets
284,809
488,531
---------
---------
Capital and reserves
Called up share capital
20,004
20,004
Profit and loss account
264,805
468,527
---------
---------
Shareholders funds
284,809
488,531
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Armac Shipping Services Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 23 April 2025 , and are signed on behalf of the board by:
R Fraser
Director
Company registration number: 06066008
Armac Shipping Services Ltd
Notes to the Financial Statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 36 Sir Thomas Longley Road, Medway City Estate, Rochester, ME2 4DP, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 8 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023 and 30 April 2024
5,165
4,563
67,645
14,973
92,346
-------
-------
--------
--------
--------
Depreciation
At 1 May 2023
5,165
4,563
39,045
10,427
59,200
Charge for the year
11,911
1,708
13,619
-------
-------
--------
--------
--------
At 30 April 2024
5,165
4,563
50,956
12,135
72,819
-------
-------
--------
--------
--------
Carrying amount
At 30 April 2024
16,689
2,838
19,527
-------
-------
--------
--------
--------
At 30 April 2023
28,600
4,546
33,146
-------
-------
--------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
387,441
495,869
Amounts owed by group undertakings and undertakings in which the company has a participating interest
671,698
Other debtors
245,419
902,038
------------
------------
1,304,558
1,397,907
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
50,000
50,000
Trade creditors
515,845
478,466
Amounts owed to group undertakings and undertakings in which the company has a participating interest
276,052
148,973
Social security and other taxes
8,512
Other creditors
202,444
135,109
------------
---------
1,052,853
812,548
------------
---------
Charges are secured by way of fixed and floating charges on bank loans and overdrafts.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
104,167
154,167
---------
---------
Charges are secured by way of fixed and floating charges on bank loans and overdrafts.
9. Directors' advances, credits and guarantees
At the year end the company owed the directors £33,391 (2023: £33,391).
10. Related party transactions
At the year end the company owed £276,052 (2023: £46,940) to group companies. At the year end the company was owed £719,573 (2023: owed £102,033) to companies associated under common control.