Silverfin false false 31/12/2024 01/01/2024 31/12/2024 Thorarinn Sveinn Gudbergsson 26/08/2005 11 August 2025 The principal activity of the Company during the financial year was a range of services such as selling and purchasing, vessel valuations, chartering, vessel transports and consulting. 05522072 2024-12-31 05522072 bus:Director1 2024-12-31 05522072 core:CurrentFinancialInstruments 2024-12-31 05522072 core:CurrentFinancialInstruments 2023-12-31 05522072 2023-12-31 05522072 core:ShareCapital 2024-12-31 05522072 core:ShareCapital 2023-12-31 05522072 core:RetainedEarningsAccumulatedLosses 2024-12-31 05522072 core:RetainedEarningsAccumulatedLosses 2023-12-31 05522072 bus:OrdinaryShareClass1 2024-12-31 05522072 2024-01-01 2024-12-31 05522072 bus:FilletedAccounts 2024-01-01 2024-12-31 05522072 bus:SmallEntities 2024-01-01 2024-12-31 05522072 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 05522072 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 05522072 bus:Director1 2024-01-01 2024-12-31 05522072 2023-01-01 2023-12-31 05522072 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 05522072 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 05522072 (England and Wales)

ALASUND SHIPBROKERS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

ALASUND SHIPBROKERS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

ALASUND SHIPBROKERS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
ALASUND SHIPBROKERS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Current assets
Debtors 3 360 360
Cash at bank and in hand 972 150
1,332 510
Creditors: amounts falling due within one year 4 ( 264,924) ( 264,724)
Net current liabilities (263,592) (264,214)
Total assets less current liabilities (263,592) (264,214)
Net liabilities ( 263,592) ( 264,214)
Capital and reserves
Called-up share capital 5 64 64
Profit and loss account ( 263,656 ) ( 264,278 )
Total shareholders' deficit ( 263,592) ( 264,214)

For the financial 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.

Director's responsibilities:

The financial statements of Alasund Shipbrokers Limited (registered number: 05522072) were approved and authorised for issue by the Director on 11 August 2025. They were signed on its behalf by:

Thorarinn Sveinn Gudbergsson
Director
ALASUND SHIPBROKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
ALASUND SHIPBROKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Alasund Shipbrokers Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Senate Court, Southernhay Gardens, Exeter, EX1 1NT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director notes that the business has net liabilities of £264,214. The Company is supported through loans from the director and an associated company. The director has confirmation that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements. Given the current position, the director believes that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Debtors

2024 2023
£ £
Trade debtors 360 360

4. Creditors: amounts falling due within one year

2024 2023
£ £
Amounts owed to director 145,643 145,643
Accruals 3,500 3,300
Other creditors 115,781 115,781
264,924 264,724

5. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
64 Ordinary shares of £ 1.00 each 64 64

6. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts owed to the Directors 145,643 145,643

The amount is repayable on demand and no interest was charged on the balance.