The Ship Limited

	Page
Balance Sheet	1—2
Notes to the Abridged Financial Statements	3—5

Registered number: 03831972

		2024		2023
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	4		88,173		132,171

			88,173		132,171
CURRENT ASSETS
Stocks	5	22,100		12,254
Debtors	6	395,951		375,120
Cash at bank and in hand		102,179		59,273

		520,230		446,647
Creditors: Amounts Falling Due Within One Year	7	(394,895 )		(312,032 )

NET CURRENT ASSETS (LIABILITIES)			125,335		134,615

TOTAL ASSETS LESS CURRENT LIABILITIES			213,508		266,786

Creditors: Amounts Falling Due After More Than One Year	8		(104,235 )		(154,272 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(17,449 )		(18,892 )

NET ASSETS			91,824		93,622

CAPITAL AND RESERVES
Called up share capital	9		1,000		1,000
Profit and Loss Account			90,824		92,622

SHAREHOLDERS' FUNDS			91,824		93,622

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The Ship Limited

Balance Sheet (continued)

As At 31 December 2024

For the 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.

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 Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.

All of the company's members have consented to the preparation of an Abridged Profit and Loss Account for the year end 31 December 2024 in accordance with section 444(2A) of the Companies Act 2006.

On behalf of the board

Mr Timothy Wilson

Director

15 September 2025

The notes on pages 3 to 5 form part of these financial statements.

1. General Information

The Ship Limited is a private company, limited by shares, incorporated in England & Wales, registered number 03831972 . The registered office is 23 West Street, Marlow, SL7 2LS.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

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

2.2. 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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold	0
Leasehold	8% straight line
Plant & Machinery	25% reducing balnce
Motor Vehicles	25% reducing balnce
Fixtures & Fittings	25% reducing balnce
Computer Equipment	25% reducing balnce

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.5. 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 statement of comprehensive income 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 timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing 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.

...CONTINUED

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The Ship Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

2.5. Taxation - continued

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. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related 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.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 30 (2023: 30)

4. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Motor Vehicles	Fixtures & Fittings
	£	£	£	£
Cost
As at 1 January 2024	173,642	147,666	23,414	101,591
Additions	-	1,400	-	608
Disposals	-	(2,750 )	(23,414 )	-

As at 31 December 2024	173,642	146,316	-	102,199

Depreciation
As at 1 January 2024	118,995	110,675	7,333	76,361
Provided during the period	14,256	10,798	-	7,111
Disposals	-	(2,650 )	(7,333 )	-

As at 31 December 2024	133,251	118,823	-	83,472

Net Book Value
As at 31 December 2024	40,391	27,493	-	18,727

As at 1 January 2024	54,647	36,991	16,081	25,230


	Computer Equipment	Total
	£	£
Cost
As at 1 January 2024	8,148	454,461
Additions	5,758	7,766
Disposals	-	(26,164 )

As at 31 December 2024	13,906	436,063

Depreciation
As at 1 January 2024	8,926	322,290
Provided during the period	3,418	35,583
Disposals	-	(9,983 )

As at 31 December 2024	12,344	347,890

...CONTINUED

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The Ship Limited

Notes to the Abridged Financial Statements (continued)

For The Year Ended 31 December 2024

Net Book Value
As at 31 December 2024	1,562	88,173

As at 1 January 2024	(778 )	132,171

5. Stocks

	2024	2023
	£	£
Stock	22,100	12,254

6. Debtors

	2024	2023
	£	£
Due within one year
Trade debtors	5,171	2,241
Other debtors	390,780	372,879

	395,951	375,120

7. Creditors: Amounts Falling Due Within One Year

	2024	2023
	£	£
Trade creditors	249,412	117,798
Bank loans and overdrafts	496	-
Other creditors	123,375	154,238
Taxation and social security	21,612	39,996

	394,895	312,032

8. Creditors: Amounts Falling Due After More Than One Year

	2024	2023
	£	£
Bank loans	104,235	154,272

9. Share Capital

	2024	2023
	£	£
Allotted, Called up and fully paid	1,000	1,000

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