Selvic Shipping Services Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01295372 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2019

for

Selvic Shipping Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr P J Woodhouse

Mr A Maximchuk

SECRETARY:

Ms S D Clifton

REGISTERED OFFICE:

Mariner House

Trondheim Way

Redwood Park Industrial Estate

Stallingborough

N E Lincolnshire

DN41 8FD

REGISTERED NUMBER:

01295372 (England and Wales)

FIXED ASSETS

Tangible assets

4

47,276

32,564

CURRENT ASSETS

Debtors

5

1,794,140

1,321,726

Cash at bank and in hand

121,650

263,943

1,915,790

1,585,669

CREDITORS

Amounts falling due within one year

6

579,695

654,460

NET CURRENT ASSETS

1,336,095

931,209

TOTAL ASSETS LESS CURRENT LIABILITIES

1,383,371

963,773

PROVISIONS FOR LIABILITIES

6,088

2,367

NET ASSETS

1,377,283

961,406

CAPITAL AND RESERVES

Called up share capital

10,400

10,400

Retained earnings

1,366,883

951,006

SHAREHOLDERS' FUNDS

1,377,283

961,406

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 30 September 2019 and were signed on its behalf by:

Mr A Maximchuk - Director

1.	STATUTORY INFORMATION

Selvic Shipping Services Limited 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 at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Tangible fixed assets

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

Buildings

-

4% on cost or to net realisable value

Fixtures & equipment

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 year 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.

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.

Employer financed retirement benefit scheme

The Company operates an employer financed retirement benefit scheme for the benefit of its officers, employees and their

wider families, The Selvic Shipping Services Limited Employer Financed Retirement Benefit Scheme ("The Scheme").

In accordance with UITF abstract 32 "Employment Benefit Trusts and other intermediate payment arrangements the

Company does not include the assets and liabilities of The Scheme on its balance sheet to the extent that it considers that

it will not retain any economic benefit from the assets of The Scheme and will not have control of the rights or other access

to those present economic benefits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 14 ).

4.	TANGIBLE FIXED ASSETS

Fixtures

Motor

Computer

Buildings

& equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2018

51,759

57,568

28,999

7,265

145,591

Additions

-

-

26,132

2,991

29,123

Disposals

-

(3,420

)

(19,999

)

-

(23,419

)

At 31 March 2019

51,759

54,148

35,132

10,256

151,295

DEPRECIATION

At 1 April 2018

41,459

47,803

22,593

1,172

113,027

Charge for year

536

2,442

3,251

2,892

9,121

Eliminated on disposal

-

(3,403

)

(14,726

)

-

(18,129

)

At 31 March 2019

41,995

46,842

11,118

4,064

104,019

NET BOOK VALUE

At 31 March 2019

9,764

7,306

24,014

6,192

47,276

At 31 March 2018

10,300

9,765

6,406

6,093

32,564

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

877,411

814,100

Other debtors

916,729

507,626

1,794,140

1,321,726

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Trade creditors

433,233

498,136

Taxation and social security

125,234

106,538

Other creditors

21,228

49,786

579,695

654,460

7.	RELATED PARTY DISCLOSURES

During the year, total dividends of £40,000 were paid to the directors .

Selvic Handling & Warehousing Limited

A company in which M9 Logistics Limited owns the entire issued share capital.

The company has provided a £2,000,000 Guarantee and a debenture to Natwest Bank Plc, in support of a loan to Selvic

Handling & Warehousing.

There is an interest free loan, repayable on demand, outstanding from Selvic Handling & Warehousing Limited. The

amount outstanding at the balance sheet date is £486,751 (2018: £431,267).

Mr B A Eaton

Director

There was a balance outstanding by Mr Eaton at the year end of £350,704.(2018:owed to Mr Eaton £24,870), which is

interest free and repayable on demand., This Balance has been repaid since the year end.

8.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr A Maximchuk.

Mr Maximchuk has ultimate control of the company as he controls M9 Logistics Limited , a company that owns 100% of the

voting Share Capital of Selvic Shipping Limited.