Wallis Shipping Services Limited 31/12/2025 iXBRL

Company registration number: 02074902

(England and Wales)

Wallis Shipping Services Limited

Unaudited filleted financial statements

for the year ended

31 December 2025

Wallis Shipping Services Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Wallis Shipping Services Limited

Directors and other information


	Directors	Mr S. J. Gregory
		Mrs S. B. Gregory
		Mrs J. L. Morgan
		Miss K. Munro
		Mrs C Stewart


	Secretary	Miss K Munro


	Company number	02074902


	Registered office	Unit 19, Langham Barns
		Langham Lane
		Colchester
		Essex
		CO4 5ZS


	Accountants	Griffin Chapman
		4 & 5 The Cedars
		Apex 12
		Old Ipswich Road
		Colchester, Essex
		CO7 7QR

Wallis Shipping Services Limited

Chartered accountants report to the board of directors on the preparation of the

unaudited statutory financial statements of Wallis Shipping Services Limited

Year ended 31 December 2025

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wallis Shipping Services Limited for the year ended 31 December 2025 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.

This report is made solely to the board of directors of Wallis Shipping Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Wallis Shipping Services Limited and state those matters that we have agreed to state to the board of directors of Wallis Shipping Services Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wallis Shipping Services Limited and its board of directors as a body for our work or for this report.

It is your duty to ensure that Wallis Shipping Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wallis Shipping Services Limited. You consider that Wallis Shipping Services Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wallis Shipping Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Griffin Chapman

Chartered Accountants

4 & 5 The Cedars

Apex 12

Old Ipswich Road

Colchester, Essex

CO7 7QR

19 May 2026

Wallis Shipping Services Limited

Statement of financial position

31 December 2025

		2025		2024
	Note	£	£	£	£

Fixed assets
Tangible assets	6	51,182		25,895
		_______		_______
			51,182		25,895

Current assets
Debtors	7	802,609		909,746
Cash at bank and in hand		130,538		80,554
		_______		_______
		933,147		990,300
Creditors: amounts falling due
within one year	8	( 668,543)		( 689,646)
		_______		_______
Net current assets			264,604		300,654
			_______		_______
Total assets less current liabilities			315,786		326,549

Creditors: amounts falling due
after more than one year	9		-		( 22,500)

Provisions for liabilities			( 12,524)		( 6,142)

			_______		_______
Net assets			303,262		297,907
			_______		_______

Capital and reserves
Called up share capital			60,000		60,000
Profit and loss account			243,262		237,907
			_______		_______
Shareholders funds			303,262		297,907
			_______		_______

For the year ending 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 19 May 2026 , and are signed on behalf of the board by:

Mr S. J. Gregory Mrs S. B. Gregory

Director Director

Company registration number: 02074902

Wallis Shipping Services Limited

Notes to the financial statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 19, Langham Barns, Langham Lane, Colchester, Essex, CO4 5ZS.

The principal activity of the company continued to be the provision of international freight management services .

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Computer equipment	-	25 %	straight line
Fixtures, fittings & equipment	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2024: 29 ).

5. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2025	2024
	£	£
Depreciation of tangible assets	9,398	16,092
	_______	_______

6. Tangible assets

	Plant and machinery	Fixtures, fittings and equipment	Computer equipment	Total
	£	£	£	£
Cost
At 1 January 2025	1,677	31,613	55,896	89,186
Additions	-	590	34,095	34,685
Disposals	-	( 1,075)	( 1,089)	( 2,164)
	_______	_______	_______	_______
At 31 December 2025	1,677	31,128	88,902	121,707
	_______	_______	_______	_______
Depreciation
At 1 January 2025	674	30,284	32,333	63,291
Charge for the year	419	658	8,321	9,398
Disposals	-	( 1,075)	( 1,089)	( 2,164)
	_______	_______	_______	_______
At 31 December 2025	1,093	29,867	39,565	70,525
	_______	_______	_______	_______
Carrying amount
At 31 December 2025	584	1,261	49,337	51,182
	_______	_______	_______	_______
At 31 December 2024	1,003	1,329	23,563	25,895
	_______	_______	_______	_______

7. Debtors

	2025	2024
	£	£
Trade debtors	766,027	869,336
Other debtors	36,582	40,410
	_______	_______
	802,609	909,746
	_______	_______

8. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	22,500	30,000
Trade creditors	488,700	538,224
Amounts owed to group undertakings	5,000	5,000
Corporation tax	28,585	23,411
Social security and other taxes	41,801	50,024
Other creditors	81,957	42,987
	_______	_______
	668,543	689,646
	_______	_______

The bank overdraft and loan are secured by a debenture over all assets of the company, in favour of National Westminster Bank PLC and secures all present and future liabilities.

9. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Bank loans and overdrafts	-	22,500
	_______	_______

10. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	35,001	52,380
Later than 1 year and not later than 5 years	46,752	28,605
	_______	_______
	81,753	80,985
	_______	_______

11. Controlling party

The company was under the control of WSS Holdings Limited in the current and preceding year by virtue of its majority shareholding. No one individual has control over the parent company.