Registered number
01518425
Mason Shipbrokers Limited
Filleted Accounts
31 December 2024
Mason Shipbrokers Limited
Registered number: 01518425
Balance Sheet
as at 31 December 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,338 1,641
Investments 4 30,185 28,803
31,523 30,444
Current assets
Debtors 5 34,672 23,635
Cash at bank and in hand 296,054 338,505
330,726 362,140
Creditors: amounts falling due within one year 6 (109,978) (180,064)
Net current assets 220,748 182,076
Net assets 252,271 212,520
Capital and reserves
Called up share capital 11,000 11,000
Profit and loss account 241,271 201,520
Shareholders' funds 252,271 212,520
The directors are 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 directors acknowledge their 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 M Long
Director
Approved by the board on 22 July 2025
Mason Shipbrokers Limited
Notes to the Accounts
for the year ended 31 December 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 from the rendering of shipbroking services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
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:
IT equipment over four years
Investments
Listed investments are measured at fair value.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery
£
Cost
At 1 January 2024 3,701
Additions 763
At 31 December 2024 4,464
Depreciation
At 1 January 2024 2,060
Charge for the year 1,066
At 31 December 2024 3,126
Net book value
At 31 December 2024 1,338
At 31 December 2023 1,641
4 Investments
Other
investments
£
Cost
At 1 January 2024 28,803
Additions 1,382
At 31 December 2024 30,185
5 Debtors 2024 2023
£ £
Trade debtors - 4,226
Other debtors 34,672 19,409
34,672 23,635
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 107 482
Taxation and social security costs 106,457 173,447
Other creditors 3,414 6,135
109,978 180,064
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases - 5,137
8 Controlling party
The company is under the control of the holder of the lasting power of attorney who is acting for and on behalf of J R G Mason, who is the legal owner of the majority of the shares in the company.
9 Other information
Mason Shipbrokers Limited is a private company limited by shares and incorporated in England. Its registered office is:
5/6 Blake House
Admirals Way, Waterside
London
E14 9UJ
Mason Shipbrokers Limited 01518425 false 2024-01-01 2024-12-31 2024-12-31 VT Final Accounts April 2025 M M Long No description of principal activity 01518425 2023-01-01 2023-12-31 01518425 core:WithinOneYear 2023-12-31 01518425 core:ShareCapital 2023-12-31 01518425 core:RetainedEarningsAccumulatedLosses 2023-12-31 01518425 core:AllPeriods 2023-12-31 01518425 2024-01-01 2024-12-31 01518425 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01518425 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 01518425 bus:Director40 2024-01-01 2024-12-31 01518425 1 2024-01-01 2024-12-31 01518425 2 2024-01-01 2024-12-31 01518425 core:PlantMachinery 2024-01-01 2024-12-31 01518425 countries:England 2024-01-01 2024-12-31 01518425 bus:FRS102 2024-01-01 2024-12-31 01518425 bus:FilletedAccounts 2024-01-01 2024-12-31 01518425 2024-12-31 01518425 core:WithinOneYear 2024-12-31 01518425 core:ShareCapital 2024-12-31 01518425 core:RetainedEarningsAccumulatedLosses 2024-12-31 01518425 core:PlantMachinery 2024-12-31 01518425 core:AdditionsToInvestments 2024-12-31 01518425 core:AllPeriods 2024-12-31 01518425 2023-12-31 01518425 core:PlantMachinery 2023-12-31 iso4217:GBP xbrli:pure