Ship Security International Limited - Period Ending 2018-12-31

Ship Security International Limited

Annual Report and Unaudited Financial Statements
Period from 1 December 2017 to 31 December 2018

Registration number: 08133812

Ship Security International Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 12

Ship Security International Limited

Company Information

Directors

Mr D J Higham Mr J Rawles

Registered office

Room 144 Regus International House George Curl Way Southampton SO18 2RZ

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Ship Security International Limited

Balance Sheet

31 December 2018

	Note	2018 £	(As restated) 2017 £
Fixed assets
Tangible assets	5	91,272	102,896
Current assets
Stocks	7	7,048	7,062
Debtors	8	379,828	875,119
Cash at bank and in hand		283,631	499,078
		670,507	1,381,259
Creditors: Amounts falling due within one year	9	(50,513)	(521,192)
Net current assets		619,994	860,067
Total assets less current liabilities		711,266	962,963
Deferred income	10	-	140,204
Provisions for deferred tax liabilities		(10,895)	(11,372)
Net assets		700,371	811,387
Capital and reserves
Called up share capital		1,050	1,050
Share premium reserve		545,750	545,750
Profit and loss account		153,571	264,587
Total equity		700,371	811,387

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 2

Ship Security International Limited

Balance Sheet

31 December 2018

For the financial period ending 31 December 2018 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 10 August 2019 and signed on its behalf by:
 

......................................... Mr D J Higham Director

Company Registration Number: 08133812

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 3

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Room 144
Regus International House
George Curl Way
Southampton
SO18 2RZ

These financial statements were authorised for issue by the Board on 10 August 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

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 section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Disclosure of long or short period

The company has changed its accounting period from 30 November to 31 December and therefore this set of accounts covers 13 months and therefore the figures are not comparable in full with the previous year.

Page 4

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

Key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Plant and machinery
Plant is carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates and residual values used, as well as assessment of the ongoing economic contribution of the assets as to whether an indicator of impairment has occurred. The carrying value at the year end is £84,837 (2017 - £98,837)

Investments
Investments are carried at cost less impairment. This requires an assessment of the ongoing economic contribution of the investments as to whether an indicator of impairment has occurred. The carrying value at the year end is £Nil (2017 - £Nil).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when services are provided.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation 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 taxable income.

Page 5

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	Over 5 years/Over 10 years with 10% residual value
Fixture and fittings	20% reducing balance
Computer equipment	25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Licences	33% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow
moving stocks.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense in the profit and loss when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 6

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 5 (2017 - 5).

Page 7

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 December 2017	5,869	5,869
At 31 December 2018	5,869	5,869
Amortisation
At 1 December 2017	5,869	5,869
At 31 December 2018	5,869	5,869
Carrying amount
At 31 December 2018	-	-
At 30 November 2017	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Other plant and equipment  £	Total £
Cost or valuation
At 1 December 2017	8,929	319,429	328,358
Additions	4,917	1,121	6,038
At 31 December 2018	13,846	320,550	334,396
Depreciation
At 1 December 2017	4,870	220,592	225,462
Charge for the period	2,532	15,130	17,662
At 31 December 2018	7,402	235,722	243,124
Carrying amount
At 31 December 2018	6,444	84,828	91,272
At 30 November 2017	4,059	98,837	102,896

Page 8

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

6	Investments

Subsidiaries	£
Cost or valuation
At 1 December 2017	21,963
At 31 December 2018	21,963
Provision
At 1 December 2017	21,963
At 31 December 2018	21,963
Carrying amount
At 31 December 2018	-

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2018	2017
Subsidiary undertakings
Transafe Maritime (UK) Limited	Room 144, Regus International House, George Curl Way, Southampton, Hampshire, SO18 2RZ	Ordinary	100%	100%
	England & Wales

Transafe Maritime (UK) Limited is dormant.

Page 9

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

7

Stocks

	2018 £	2017 £
Other inventories	7,048	7,062

8

Debtors

	31 December 2018  £	(As restated) 30 November 2017  £
Trade debtors	160,349	815,332
Other debtors	208,896	57,650
Prepayments	10,583	2,137
	379,828	875,119

9

Creditors

Creditors: amounts falling due within one year

	31 December 2018  £	(As restated) 30 November 2017  £
Due within one year
Trade creditors	13,883	71,255
Corporation tax	-	96,972
Social security and other taxes	22,073	141,606
Outstanding defined contribution pension costs	870	-
Other creditors	7,678	-
Accrued expenses	6,009	211,359
	50,513	521,192

Page 10

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

10	Deferred income

	31 December 2018   £
At 1 December 2017	140,204
Released to profit during the year	(140,204)
At 31 December 2018	-

11	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary shares of £1 each	1,050	1,050	1,050	1,050

12	Related party transactions

Summary of transactions with other related parties

A company with common directors
 During the current and previous years, the company raised management charges for shared services.
 

Income and receivables from related parties

2018	Other related parties £
Receipt of services	140,972
Amounts receivable from related party	278,697

2017	Other related parties £
Receipt of services	86,815
Amounts receivable from related party	11,327

Page 11

Ship Security International Limited

Notes to the Financial Statements

Period from 1 December 2017 to 31 December 2018

13	Prior period adjustments

The financial statements have been restated to show accrued income of £45,563 and accruals of £191,666 in the comparative figures. The effect on retained earnings is shown in the table below.
 

	2017 £
Turnover	(45,563)
Cost of sales	191,666
Adjustment to prior period profit	146,103

Page 12