Vortex Shipbroking Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11291221 (England and Wales)

Unaudited Financial Statements

for the Period 4 April 2018 to 30 June 2019

for

Vortex Shipbroking Ltd

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

M Bedford

R M Hagger

M A C Rudd

REGISTERED OFFICE:

Bourne House

Queen Street

Gomshall

Surrey

GU5 9LY

REGISTERED NUMBER:

11291221 (England and Wales)

ACCOUNTANTS:

Brewers Chartered Accountants

Bourne House

Queen Street

Gomshall

Surrey

GU5 9LY

The following reproduces the text of the report prepared for the directors in respect of the

company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Balance Sheet. Readers are cautioned that the Income

Statement and certain other primary statements and the Report of the Directors are not required to

be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Vortex Shipbroking Ltd for the period ended 30 June 2019

which comprise the Profit and loss account, Balance Sheet and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Vortex Shipbroking Ltd 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 loss of Vortex Shipbroking Ltd. You consider that Vortex Shipbroking Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Vortex Shipbroking Ltd. 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.

Brewers Chartered Accountants

Bourne House

Queen Street

Gomshall

Surrey

GU5 9LY

9 October 2019

FIXED ASSETS

Tangible assets

4

29,436

CURRENT ASSETS

Debtors

5

98,414

Cash at bank and in hand

404,699

503,113

CREDITORS

Amounts falling due within one year

6

106,016

NET CURRENT ASSETS

397,097

TOTAL ASSETS LESS CURRENT LIABILITIES

426,533

CAPITAL AND RESERVES

Called up share capital

7

918

Share premium

499,082

Retained earnings

(73,467

)

SHAREHOLDERS' FUNDS

426,533

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 June 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 June 2019 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 9 October 2019 and were signed on its behalf by:

M A C Rudd - Director

1.	STATUTORY INFORMATION

Vortex Shipbroking 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 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.

Tangible fixed assets

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

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

Financial instruments

The Company only enters into basic financial instruments transactions that result in the

recognition of financial assets and liabilities like trade and other debtors and creditors, loans

from banks and other third parties, loans to related parties and investments in non-puttable

ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of

each reporting period for objective evidence of impairment. If objective evidence of

impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet

when there is an 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.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and

loss account, 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over

the period of the lease.

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.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at

transaction price, unless the arrangement constitutes a financial transaction, where the

transaction is measured at the present value of the future receipts discounted at a market

rate of interest. Such assets are subsequently carried at amortised cost using the effective

interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with

financial institutions, and other short-term 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.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and

loans from related parties, 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. Such

instruments are subsequently carried at amortised cost using the effective interest method,

less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 6 .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

Additions

21,759

20,277

42,036

At 30 June 2019

21,759

20,277

42,036

DEPRECIATION

Charge for period

7,225

5,375

12,600

At 30 June 2019

7,225

5,375

12,600

NET BOOK VALUE

At 30 June 2019

14,534

14,902

29,436

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade debtors

33,547

Other debtors

64,867

98,414

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

11,195

Taxation and social security

85,483

Other creditors

9,338

106,016

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

918

Ordinary

1

918