Kingstown Shipping Limited Accounts






Kingstown Shipping Limited

	Company No. 02025160
		Information for Filing with The Registrar
		30 June 2025

at	30 June 2025
Company No.		02025160	Notes	2025	2024
				£	£
Fixed assets
	Intangible assets		4	-	-
	Tangible assets		5	44,923	48,118


				44,923	48,118
Current assets

	Debtors		6	138,039	135,163

	Cash at bank and in hand			588,506	715,465
				726,545	850,628
Creditors: Amount falling due within one year			7	(190,828)	(244,103)
Net current assets				535,717	606,525
Total assets less current liabilities				580,640	654,643

Provisions for liabilities
	Deferred taxation			(8,221)	(8,672)

Net assets				572,419	645,971

Capital and reserves
	Called up share capital			67	67


	Capital redemption reserve		9	36	36
	Profit and loss account		9	572,316	645,868

Total equity				572,419	645,971



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the year ended 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 05 September 2025 and signed on its behalf by:
S. Shores
Director
05 September 2025

for the year ended 30 June 2025

General information

Kingstown Shipping Limited is a private company limited by shares and incorporated in England and Wales.

Its registered number is: 02025160

Its registered office is:

7d Priory Tec Park

Saxon Way

Hessle

East Yorkshire

HU13 9PB

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Accounting policies

Turnover

Turnover is measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from the sale of goods is recognised when all the following conditions are satisfied:
• the Company has transferred to the buyer the significant risks and rewards of ownership of the
goods;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the economic benefits associated with the transaction will flow to the Company;
and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Specifically, revenue from the sale of goods is recognised when goods are delivered and legal title is passed.

Intangible fixed assets

Intangible fixed assets are carried at cost less accumulated amortisation and impairment losses.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

33% Straight line

Motor vehicles

25% Reducing balance

Furniture, fittings and equipment

15% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

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.

Trade and other creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Foreign currencies

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

Transactions in currencies, other than the functional currency of the Company, are recorded at the rate of exchange on the date the transaction occurred. Monetary items denominated in other currencies are translated at the rate prevailing at the end of the reporting period. all differences are taken to the profit and loss account. Non-monetary items that are measured at historic cost in a foreign currency are not retranslated.

Leased assets

Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to the Company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the Company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the Company's policy on borrowing costs (see the accounting policy above).

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Defined contribution pensions

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.

The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

3	Employees
			2025	2024
			Number	Number
		The average monthly number of employees (including directors) during the year was:	10	10

4	Intangible fixed assets
			Goodwill	Total
			£	£
		Cost
		At 1 July 2024	6,753	6,753


		At 30 June 2025	6,753	6,753
		Amortisation and impairment
		At 1 July 2024	6,753	6,753



		At 30 June 2025	6,753	6,753
		Net book values
		At 30 June 2025	-	-
		At 30 June 2024	-	-

		Intangible fixed assets relate to purchased goodwill.

5	Tangible fixed assets
			Motor vehicles	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 July 2024	49,563	91,739	141,302
		Additions	-	1,767	1,767



		At 30 June 2025	49,563	93,506	143,069
		Depreciation
		At 1 July 2024	21,742	71,442	93,184
		Charge for the year	871	4,091	4,962



		At 30 June 2025	22,613	75,533	98,146
		Net book values
		At 30 June 2025	26,950	17,973	44,923
		At 30 June 2024	27,821	20,297	48,118

6	Debtors
			2025	2024
			£	£
		Trade debtors	116,705	99,907



		VAT recoverable	4,015	8,654

		Other debtors	6,290	3,290
		Prepayments and accrued income	11,029	23,312
			138,039	135,163

7	Creditors:
		amounts falling due within one year
			2025	2024
			£	£




		Trade creditors	64,768	56,292

		Taxes and social security	82,778	128,514
		Loans from directors	36	36
		Other creditors	8,486	7,866
		Accruals and deferred income	34,760	51,395
			190,828	244,103

Share Capital

Share capital of 67 Ordinary shares of £1 comprises 34 ordinary A shares of £1 all issued and fully paid, 25 ordinary B shares of £1 issued and fully paid, and 8 ordinary C shares of £1 issued and fully paid.

9	Reserves
			Capital redemption reserve	Total other reserves
			£	£
		At 1 July 2023	36	36



		At 30 June 2024 and 1 July 2024	36	36



		At 30 June 2025	36	36


		Capital redemption reserve - records the nominal value of shares repurchased by the company.

		Profit and loss account - includes all current and prior period retained profits and losses.

Contingent Liabilities

A duty deferment guarantee for £80,000 (2023 £80,000) is held by the bank in favour of H M Revenue and Customs. In the opinion of the directors no amounts are likely to be paid under the guarantee.

11	Dividends
			2025	2024
			£	£
		Dividends for the period:
		Dividends paid in the period	135,000	-

			135,000	-

		Dividends by type:

		Equity dividends	135,000	-
			135,000	-