Company No: 04283006 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

Director	L G Marks
	R M Harris (Resigned 25 April 2024)

Secretary

I Gadilhe

Registered office	2nd Floor
	168 Shoreditch High Street
	E1 6RA
	London
	United Kingdom

Company number

04283006 (England and Wales)

Accountant	Kreston Reeves LLP
	2nd Floor
	168 Shoreditch High Street
	London
	E1 6RA

	Note	2024		2023
		£		£
Fixed assets
Investment property	3	2,120,580		2,120,580
		2,120,580		2,120,580
Current assets
Debtors	4	47,509		0
		47,509		0
Creditors: amounts falling due within one year	5	( 1,375,711)		( 1,134,193)
Net current liabilities		(1,328,202)		(1,134,193)
Total assets less current liabilities		792,378		986,387
Provision for liabilities	6	( 270,956)		( 283,386)
Net assets		521,422		703,001
Capital and reserves
Called-up share capital	7	1,750,000		1,750,000
Revaluation reserve		1,198,804		1,186,374
Profit and loss account		( 2,427,382 )		( 2,233,373 )
Total shareholder's funds		521,422		703,001

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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Shipapartment Limited (registered number: 04283006) were approved and authorised for issue by the Director on 19 September 2025. They were signed on its behalf by:

L G Marks Director

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

Shipapartment 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 2nd Floor, 168 Shoreditch High Street, E1 6RA, London, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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

Despite the company reporting a loss for the year of £182,144 (2023: profit of £150,276) and net current liabilities of £1,328,767 (2023: £1,134,193) as at 31 December 2024, the financial statements have been prepared on a going concern basis. Included within "Creditors: amounts due within one year" is an amount of £944,521 (2023: £944,521) due to the company's immediate parent company who have confirmed that will not call for repayment of this sum until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors. Included within "Creditors: amounts due within one year" is an amount of £416,565 (2023: £176,641) due to the company's ultimate parent company who have confirmed that will not call for repayment of this sum until the company has sufficient cash reserves to do so, without prejudice to the company's other creditors.

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 Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account 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 represents rent receivable, credit for which is taken on an accruals basis.

Taxation

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

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

3. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	2,120,580
As at 31 December 2024	2,120,580

The 2024 valuation was made by the director, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	650,819		650,819

4. Debtors

	2024		2023
	£		£
Other debtors	47,509		0

5. Creditors: amounts falling due within one year

	2024		2023
	£		£
Amounts owed to Group undertakings	1,360,521		1,121,163
Other creditors	15,190		13,030
	1,375,711		1,134,193

6. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 283,386)		( 168,799)
Credited/(charged) to the Profit and Loss Account	12,430		( 114,587)
At the end of financial year	( 270,956)		( 283,386)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Revaluation of investment property	( 270,956)		( 283,386)

7. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
1,750,000 Ordinary shares of £ 1.00 each	1,750,000		1,750,000

8. Related party transactions

At the year end the company owed a shareholder £11,230 (2023: £11,230), which is included withing 'Creditors: Other creditors' in Note 5.

9. Reserves

Revaluation reserve

The revaluation reserve is used to record the revaluation gains on the investment property, less any related provision for deferred taxation.

Profit and loss account

The profit and loss account comprises all current and prior period retained profits and losses.

Share capital

This represents the nominal value of shares that have been issued by the company.

10. Ultimate controlling party

The company's immediate parent company is W H Securities Limited, and the ultimate parent company is Barbridge Investments Limited, both companies are registered in England and Wales.