| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Argyll Shipping Limited |
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 August 2024 |
| for |
| Argyll Shipping Limited |
| Argyll Shipping Limited (Registered number: 04412095) |
| Contents of the Financial Statements |
| for the Year Ended 31 August 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Argyll Shipping Limited |
| Company Information |
| for the Year Ended 31 August 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Old Printers Yard |
| 156 South Street |
| Dorking |
| Surrey |
| RH4 2HF |
| Argyll Shipping Limited (Registered number: 04412095) |
| Balance Sheet |
| 31 August 2024 |
| 31.8.24 | 31.8.23 |
| Notes | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| Argyll Shipping Limited (Registered number: 04412095) |
| Balance Sheet - continued |
| 31 August 2024 |
| The financial statements were approved by the director and authorised for issue on |
| Argyll Shipping Limited (Registered number: 04412095) |
| Notes to the Financial Statements |
| for the Year Ended 31 August 2024 |
| 1. | STATUTORY INFORMATION |
| Argyll Shipping Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Improvements to property | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| 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 currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Argyll Shipping Limited (Registered number: 04412095) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| 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. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 5. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| to | and | Computer |
| property | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 September 2023 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| DEPRECIATION |
| At 1 September 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 August 2024 |
| NET BOOK VALUE |
| At 31 August 2024 |
| At 31 August 2023 |
| 6. | DEBTORS |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due within one year: |
| Other debtors |
| Directors' current accounts | - | 10,671 |
| VAT |
| Prepayments |
| Argyll Shipping Limited (Registered number: 04412095) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 6. | DEBTORS - continued |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Amounts falling due after more than one year: |
| Other debtors |
| Aggregate amounts |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Tax |
| Social security and other taxes |
| Other creditors |
| Accrued expenses |
| 8. | SECURED DEBTS |
| The bank overdraft facility is secured by a personal guarantee given by the director. |
| 9. | OTHER FINANCIAL COMMITMENTS |
| The company had financial commitments not included in the financial statements totalling £123,563 (2023 - £156,512) at the year end. |
| 10. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023: |
| 31.8.24 | 31.8.23 |
| £ | £ |
| Balance outstanding at start of year |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year |
| 11. | ULTIMATE CONTROLLING PARTY |
| The controlling party is J F F Campbell. |
| 12. | ASSESSMENT BY THE DIRECTOR OF GOING CONCERN STATUS |
| The director has considered the going concern status of the company in the director's report. |
| Argyll Shipping Limited (Registered number: 04412095) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 August 2024 |
| 13. | CHARGES |
| A fixed charge, dated 23 February 2016, is held by DVB Bank SE, as agent, in respect of a commercial manager's undertaking by Argyll Shipping Ltd in relation to one ship.Two fixed charges, dated 27 October 2021 and 13 January 2023, are held by Credit Agricole Corporate and Investment Bank, as security agents, in respect of a commercial manager's undertaking by Argyll Shipping Ltd in relation to two ships. A fixed charge dated 13 February 2023 is held by Clifford Capital Pte. Ltd, as security agents in respect of a commercial manager's undertaking by Argyll Shipping Ltd in relation to one ship. A fixed charge dated 24 May 2024, is held by Credit Suisse AG in respect of a commercial managers undertaking by Argyll Shipping Ltd in relation to one ship. Under the commercial manager's undertakings, any and all claims by Argyll Shipping Ltd against the ships' insurers or other third parties, in respect of the ships concerned, will rank second to the claims of the chargor. Argyll Shipping Ltd will also forego their right to bring claims against the ship owners for any funds owed. |