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Registered number: 03382555
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2026
| 1ST PENGUIN SHIPPING LIMITED
1ST PENGUIN SHIPPING LIMITED |  |
COMPANY INFORMATION
Directors | Mr I E Biggs
| Mr S C Graham
| Mr P C Clark (appointed 15 September 2025)
Registered number | 03382555
Registered office | 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
Accountants | Menzies LLP
| Chartered Accountants
| 3000a Parkway
| Whiteley
| Hampshire
| PO15 7FX
Bankers | Lloyds Bank Plc
| 63 London Road
| Southampton
| Hampshire
| SO15 2US
1ST PENGUIN SHIPPING LIMITED |  |
CONTENTS
| Page
Statement of Financial Position | 1 - 2
Notes to the Financial Statements | 3 - 8
1ST PENGUIN SHIPPING LIMITED REGISTERED NUMBER:03382555 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 12,498 |  | 23,241
|  |  | 12,498 |  | 23,241
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 1,184,047 |  | 257,381 |
Cash at bank and in hand |  | 1,210,472 |  | 1,191,518 |
|  | 2,394,519 |  | 1,448,899 |
Creditors: amounts falling due within one year | 6 | (1,367,059) |  | (452,447) |
Net current assets |  |  | 1,027,460 |  | 996,453
Total assets less current liabilities |  |  | 1,039,958 |  | 1,019,694
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (3,125) |  | (8,529) |
Other provisions |  | (10,000) |  | - |
|  |  | (13,125) |  | (8,529)
Net assets |  |  | 1,026,833 |  | 1,011,165
Page 1
1ST PENGUIN SHIPPING LIMITED REGISTERED NUMBER:03382555 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026
|  | 2026 |  | 2025
|  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 11,110 |  | 11,110
Profit and loss account |  |  | 1,015,723 |  | 1,000,055
|  |  | 1,026,833 |  | 1,011,165
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Mr I E Biggs
Director
Date: 29 July 2026
The notes on pages 3 to 8 form part of these financial statements. Page 2
1ST PENGUIN SHIPPING LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
1st Penguin Shipping Limited is a private company limited by shares, registered in England and Wales. The address of it's registered office is disclosed on the company information page. The trading address of 1st Penguin Shipping Limited is Unit 6 Belbins Business Park, Cupernham Lane, Romsey, SO51 7JF. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.3 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 3
1ST PENGUIN SHIPPING LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.3 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 25% |
|  |  |  | Motor vehicles | - | 25% |
|  |  |  | Fixtures and fittings | - | 25% |
|  |  |  | Other fixed assets | - | 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.4 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.5 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.6 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.7 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 4
1ST PENGUIN SHIPPING LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.8 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2.9 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.10 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
| 2.11 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 5
1ST PENGUIN SHIPPING LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.13 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
3. | Employees
| The average monthly number of employees, including directors, during the year was 9 (2025 - 8).
Page 6
1ST PENGUIN SHIPPING LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Tangible fixed assets
|  | Plant and machinery | Motor vehicles | Fixtures and fittings | Cycle | Total
|  | £ | £ | £ | £ | £
| Cost or valuation |  |  |  |  |
| At 1 April 2025 | 17,869 | 38,000 | 50,324 | 1,172 | 107,365
| Additions | - | - | 1,407 | 493 | 1,900
| At 31 March 2026 | 17,869 | 38,000 | 51,731 | 1,665 | 109,265
| Depreciation |  |  |  |  |
| At 1 April 2025 | 17,523 | 19,000 | 47,015 | 586 | 84,124
| Charge for the year on owned assets | 328 | 9,500 | 2,399 | 416 | 12,643
| At 31 March 2026 | 17,851 | 28,500 | 49,414 | 1,002 | 96,767
| Net book value |  |  |  |  |
| At 31 March 2026 | 18 | 9,500 | 2,317 | 663 | 12,498
| At 31 March 2025 | 346 | 19,000 | 3,309 | 586 | 23,241
5. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 307,691 | 158,237
| Amounts owed by group undertakings | 722,270 | -
| Other debtors | 111,864 | 48,150
| Prepayments and accrued income | 42,222 | 50,994
|  | 1,184,047 | 257,381
Page 7
1ST PENGUIN SHIPPING LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade creditors | 237,411 | 165,633
| Corporation tax | 120,422 | 115,566
| Other taxation and social security | 977,409 | 134,505
| Other creditors | 11,847 | 16,744
| Accruals and deferred income | 19,970 | 19,999
|  | 1,367,059 | 452,447
7. | Provisions
|  | Dilapidations
|  | £
| Charged to profit or loss | 10,000
| At 31 March 2026 | 10,000
8. | Commitments under operating leases
| At 31 March 2026 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Not later than 1 year | 10,500 | 21,000
| Later than 1 year and not later than 5 years | - | 10,500
|  | 10,500 | 31,500
Page 8