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Registered number: 04995535
Easy Shipping Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—5
Page 1
Balance Sheet
Registered number: 04995535
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 1,244,428 1,382,159
1,244,428 1,382,159
CURRENT ASSETS
Debtors 5 494,468 434,504
Cash at bank and in hand 95,730 50,192
590,198 484,696
Creditors: Amounts Falling Due Within One Year 6 (254,696 ) (217,979 )
NET CURRENT ASSETS (LIABILITIES) 335,502 266,717
TOTAL ASSETS LESS CURRENT LIABILITIES 1,579,930 1,648,876
Creditors: Amounts Falling Due After More Than One Year 7 (1,001,151 ) (1,114,720 )
NET ASSETS 578,779 534,156
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 578,778 534,155
SHAREHOLDERS' FUNDS 578,779 534,156
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Sambanthapillai Kokularamanan
Director
01/05/2025
The notes on pages 2 to 5 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Easy Shipping Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 04995535 . The registered office is Unit 15, Liongate Enterprise Park, 80, Morden Road, Mitcham, Surrey, CR4 4NY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 20%
Motor Vehicles 25%
Fixtures & Fittings 15%
Computer Equipment 20%
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.5. Foreign Currencies
Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 36 (2023: 38)
36 38
Page 2
Page 3
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 January 2024 595,055 397,043 1,586,626 -
Additions - 1,288 98,279 10,958
Disposals - - (110,500 ) -
As at 31 December 2024 595,055 398,331 1,574,405 10,958
Depreciation
As at 1 January 2024 - 210,956 990,792 -
Provided during the period - 37,239 172,845 1,644
Disposals - - (75,009 ) -
As at 31 December 2024 - 248,195 1,088,628 1,644
Net Book Value
As at 31 December 2024 595,055 150,136 485,777 9,314
As at 1 January 2024 595,055 186,087 595,834 -
Computer Equipment Total
£ £
Cost
As at 1 January 2024 9,710 2,588,434
Additions - 110,525
Disposals - (110,500 )
As at 31 December 2024 9,710 2,588,459
Depreciation
As at 1 January 2024 4,527 1,206,275
Provided during the period 1,037 212,765
Disposals - (75,009 )
As at 31 December 2024 5,564 1,344,031
Net Book Value
As at 31 December 2024 4,146 1,244,428
As at 1 January 2024 5,183 1,382,159
Page 3
Page 4
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 254,556 226,638
Prepayments and accrued income 226,912 202,366
Other debtors 3,000 5,500
Director's loan account 10,000 -
494,468 434,504
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 186,940 160,508
Bank loans and overdrafts 4,871 5,782
Other taxes and social security 14,409 13,598
VAT 46,335 34,129
Net wages 1,020 -
Accruals and deferred income 1,121 3,962
254,696 217,979
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 370,564 429,803
Bank loans-Alica Bank 491,318 495,000
Bounce Back Loan 14,269 24,917
Other creditors long term 125,000 165,000
1,001,151 1,114,720
8. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Later than one year and not later than five years 370,564 429,803
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
Page 4
Page 5
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2024 Amounts advanced Amounts repaid Amounts written off As at 31 December 2024
£ £ £ £ £
Mr Sambanthapillai Kokularamanan - 10,000 - - 10,000
The above loan is unsecured, interest free and repayable on demand.
Page 5