Global Shipping Services Limited

Director's Report for the Year Ended 31 December 2024

The director presents his report and the financial statements for the year ended 31 December 2024.

Director of the company

The director who held office during the year was as follows:

Mr PJ Waud

Going concern

Having taken into account the continued financial performance experienced to date together with forecast revenues, the company's ongoing operational expenditure, and the likely capital additions and capital repayments, the company's director has concluded that it is appropriate that these financial statements are prepared and presented using the going concern principle.

Disclosure of information to the auditors

The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the director on 2 July 2025 and signed on its behalf by:

......................................... Mr PJ Waud Director

Global Shipping Services Limited

(Registration number: 05536147)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Tangible assets	4	876,907	115,931
Current assets
Debtors	5	3,288,322	2,986,913
Cash at bank and in hand		523,273	162,112
		3,811,595	3,149,025
Creditors: Amounts falling due within one year	6	(2,011,161)	(1,727,080)
Net current assets		1,800,434	1,421,945
Total assets less current liabilities		2,677,341	1,537,876
Creditors: Amounts falling due after more than one year	6	(469,506)	(21,789)
Provisions for liabilities		(210,624)	(16,460)
Net assets		1,997,211	1,499,627
Capital and reserves
Called up share capital		1,248	1,248
Retained earnings		1,995,963	1,498,379
Shareholders' funds		1,997,211	1,499,627

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 2 July 2025
 

......................................... Mr PJ Waud Director

Global Shipping Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Timber Terminal
Normandy Way
Goole
East Yorkshire
DN14 5SP
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The director has prepared the financial statements on a going concern basis. Having taken into account the continued financial performance experienced to date, together with forecast revenues, the company's ongoing operational expenditure, and the likely capital additions and likely capital repayments, the company's director has concluded that it is appropriate that these financial statements are prepared and presented using the going concern principle.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 2 July 2025 was Mark Skellum FCA, who signed for and on behalf of Ballards LLP.

Judgements

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Global Shipping Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Functional currency

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements have been rounded to the nearest £.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Contract revenue recognition

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Global Shipping Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Short-term leasehold property	Over the period of the lease
Plant and machinery	10-25% straight line
Motor vehicles	25% straight line
Fixtures and fittings	20-25% straight line
Office equipment	20-25% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Global Shipping Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

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 are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholder is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 110 (2023 - 114).

Global Shipping Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

4	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 January 2024	72,482	36,755	244,567	398,182	751,986
Additions	-	-	30,995	863,486	894,481
Disposals	-	-	(20,000)	-	(20,000)
At 31 December 2024	72,482	36,755	255,562	1,261,668	1,626,467
Depreciation
At 1 January 2024	72,482	36,742	201,503	325,328	636,055
Charge for the year	-	13	23,172	110,320	133,505
Eliminated on disposal	-	-	(20,000)	-	(20,000)
At 31 December 2024	72,482	36,755	204,675	435,648	749,560
Carrying amount
At 31 December 2024	-	-	50,887	826,020	876,907
At 31 December 2023	-	13	43,064	72,854	115,931

Included within the net book value above is £686,038 (2023: £12,400) in respect of assets held under hire purchase contracts.

5

Debtors

	2024 £	2023 £
Trade debtors	1,165,971	813,855
Owed by related parties	1,949,494	1,949,494
Other debtors	172,857	223,564
Total current trade and other debtors	3,288,322	2,986,913

Global Shipping Services Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

	Note	2024 £	2023 £
Loans and borrowings	7	147,605	18,912
Trade creditors		805,312	895,563
Taxation and social security		116,661	98,824
Other creditors		941,583	713,781
		2,011,161	1,727,080

Creditors: amounts falling due after more than one year

	Note	2024 £	2023 £
Loans and borrowings	7	469,506	21,789