REGISTERED NUMBER: 05169625 (England and Wales)

Financial Statements

for the Year Ended 31 March 2025

for

Shipvet Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

F Cullen

J G Temple

J P H Stairmand

REGISTERED OFFICE:

16 Nettlefold Place

Sunbury-On-Thames

Surrey

TW16 6BD

REGISTERED NUMBER:

05169625 (England and Wales)

ACCOUNTANTS:

SB&P

Chartered Accountants

Oriel House

2-8 Oriel Road

Bootle

Liverpool

Merseyside

L20 7EP

FIXED ASSETS

Intangible assets

4

20,144

-

Tangible assets

5

18,241

20,221

38,385

20,221

CURRENT ASSETS

Debtors

6

1,131,643

513,298

Cash at bank and in hand

294,612

372,427

1,426,255

885,725

CREDITORS

Amounts falling due within one year

7

283,966

255,274

NET CURRENT ASSETS

1,142,289

630,451

TOTAL ASSETS LESS CURRENT LIABILITIES

1,180,674

650,672

PROVISIONS FOR LIABILITIES

5,840

2,632

NET ASSETS

1,174,834

648,040

CAPITAL AND RESERVES

Called up share capital

8

100

100

Retained earnings

1,174,734

647,940

SHAREHOLDERS' FUNDS

1,174,834

648,040

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 December 2025 and were signed on its behalf by:

J P H Stairmand - Director

J G Temple - Director

1.	STATUTORY INFORMATION

Shipvet Services Ltd 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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

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

Improvements to property

-

5% on cost

Plant and machinery

-

15% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2024 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

Goodwill

software

Totals

£

£

£

COST

At 1 April 2024

225,000

55,238

280,238

Additions

-

22,201

22,201

At 31 March 2025

225,000

77,439

302,439

AMORTISATION

At 1 April 2024

225,000

55,238

280,238

Amortisation for year

-

2,057

2,057

At 31 March 2025

225,000

57,295

282,295

NET BOOK VALUE

At 31 March 2025

-

20,144

20,144

At 31 March 2024

-

-

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

property

machinery

Totals

£

£

£

COST

At 1 April 2024

and 31 March 2025

10,430

51,447

61,877

DEPRECIATION

At 1 April 2024

684

40,972

41,656

Charge for year

522

1,458

1,980

At 31 March 2025

1,206

42,430

43,636

NET BOOK VALUE

At 31 March 2025

9,224

9,017

18,241

At 31 March 2024

9,746

10,475

20,221

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors

311,195

301,714

Amounts owed by group undertakings

735,214

-

Other debtors

85,234

211,584

1,131,643

513,298

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

92,947

-

Taxation and social security

125,954

200,748

Other creditors

65,065

54,526

283,966

255,274

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.25

31.3.24

value:

£

£

100

Ordinary

£1

100

100

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2025 and 31 March 2024:

31.3.25

31.3.24

£

£

F Cullen

Balance outstanding at start of year

155,113

-

Amounts advanced

289,280

466,866

Amounts repaid

(444,393

)

(311,753

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

155,113

10.

CHARGES

A charge was registered by FDC Debt LP dated 4 October 2024 to secure a loan to the parent company. The charge contains a fixed charge and negative pledge. There is a floating charge that covers all the property or undertaking of the company.

11.	ULTIMATE PARENT COMPANY

The Ultimate Controlling Party is SV Holdco Limited.