Advance Shipping Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 06740319 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Advance Shipping Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs EV Kolobova

Mr AS Drury

REGISTERED OFFICE:

12 Mason's Avenue

London

EC2V 5BT

REGISTERED NUMBER:

06740319 (England and Wales)

FIXED ASSETS

Tangible assets

4

-

Investments

5

100

CURRENT ASSETS

Debtors

6

286,866

283,854

Prepayments and accrued income

43,300

32,759

Cash at bank

45,693

16,640

375,859

333,253

CREDITORS

Amounts falling due within one year

7

288,595

204,436

NET CURRENT ASSETS

87,264

128,817

TOTAL ASSETS LESS CURRENT
LIABILITIES

87,364

128,917

CAPITAL AND RESERVES

Called up share capital

9

100

Retained earnings

87,264

128,817

SHAREHOLDERS' FUNDS

87,364

128,917

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

Mrs EV Kolobova - Director

1.	STATUTORY INFORMATION

Advance Shipping Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office Equipment

-

25% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

Operating leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.

Group accounts

Group accounts have not been prepared because the group meets the qualifying conditions set out in section 399(2A) of the Companies Act 2006.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 10 ) .

4.	TANGIBLE FIXED ASSETS

Office

Equipment

£

COST

At 1 January 2024

and 31 December 2024

83,750

DEPRECIATION

At 1 January 2024

and 31 December 2024

83,750

NET BOOK VALUE

At 31 December 2024

-

At 31 December 2023

-

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

100

NET BOOK VALUE

At 31 December 2024

100

At 31 December 2023

100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Amounts owed by group undertakings

275,004

VAT

11,862

8,850

286,866

283,854

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade creditors

9,546

4,466

Amounts owed to group undertakings

186,379

64,900

Tax

60,177

72,357

Other creditors

1,024

1,280

Shareholder loans

8,509

Accrued expenses

22,960

52,924

288,595

204,436

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

Within one year

116,183

Between one and five years

232,366

348,549

464,732

Lease commencement 04 June 2022 for 5 years with additional 7 months rent free if break option is not exercised at the end of year 4.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

100

Ordinary

£1

100

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Advance Shipping Holding Limited.

Throughout the year the company was under the control of Advance Shipping Holding Limited, a company in which EV Kolobova and AS Drury hold 100% of the issued share capital.