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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

P J Shipping Limited is a private company limited by shares incorporated in England and Wales. The registered office is 7 & 8 The Glenmore Centre, Honeywood Parkway, Whitfield, Dover, Kent, CT16 3FH.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

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.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

In the application of the company’s accounting policies, the directors are 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.

The average monthly number of persons (including directors) employed by the company during the year was 19 (2024 - 19).

During the year, by ordinary resolution passed on 12 March 2025, the entire issued share capital was re-designated from six classes of ordinary shares and a class of EMI Option shares into three classes of ordinary shares as set out above. No new shares were issued and no consideration was received on re-designation.

The A, B and C ordinary shares rank pari passu in respect of voting rights, entitlement to dividends and the right to participate in a return of capital. The shares constitute separate classes and are subject to differing transfer restrictions as set out in the company's articles of association.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified.

The company operates a duty deferment account with HMRC, under which customs duties and VAT declared on behalf of customers are subsequently settled by Direct Debit. The account is supported at the year end by a bank guarantee provided by Lloyds Bank plc. The maximum exposure under the guarantee is £14.5m. The company is liable to HMRC for all duties declared under the account. At the year end date the outstanding balance on the deferment account was £360,059. Subsequent to the year end, the guarantee arrangement was cancelled and replaced by insurance cover.

Customer payments relating to declarations made on their behalf via the deferment account are included within Other debtors.

A cash deposit of £59,375, included within non-current assets, is pledged as collateral to Lloyds Bank plc in support of the duty deferment guarantee described above. The deposit was released following the cancellation of the guarantee arrangement after the year end, being replaced by an insurance arrangement.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

Dividends totalling £85,698 (2024: £629,850) were paid in the year in respect of shares held by the company's directors.

During the year, directors remuneration to the amount of £76,942 (2024: £73,692) was paid. Employer pension contributions of £4,642 (2024: £3,600) were also paid in respect of directors' qualifying services.

The company rents its business premises from a pension plan controlled by the directors PD Hammond, JF Gibbons, and CJ Gibbons. During the year, rent amounting to £26,000 was paid for this, and a five-year lease extension was signed at £27,300, with total commitment £136,500.

The ultimate controlling party is 360 Payment Solutions S.P.A, by virtue of its shareholding in P J Shipping Ltd. The company is incorporated in Italy and their address is Via Quintino Sella 3 - 20121 - Milano (MI).

The prior period adjustment represents the correction of a prior period error. In the prior period, amounts due from customers in respect of HMRC deferment charges and the corresponding liability to HMRC were presented on a net basis. This treatment did not satisfy the offset conditions under FRS 102 paragraph 11.38A, as there was no legally enforceable right to set off recognised amounts between different counterparties. The comparatives have been restated to present these balances gross. The effect of the restatement is to increase both debtors and creditors by £337,109.