Contents of the Financial Statements

for the Period Ended 31 December 2019

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2019

The directors present their report with the financial statements of the company for the period ended 31 December 2019

Directors

The director shown below has held office during the whole of the period from
1 January 2019 to 31 December 2019

Bryan Park

The director shown below has held office during the whole of the period from
1 January 2019 to 31 December 2019

Kim Skaarup

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 September 2020

And signed on behalf of the board by:
Name: Bryan Park
Status: Secretary

Profit And Loss Account

for the Period Ended 31 December 2019

	2019	2018
	£	£
Turnover:	8,209,792	8,308,296
Cost of sales:	( 569,033 )	( 813,631 )
Gross profit(or loss):	7,640,759	7,494,665
Distribution costs:	0	0
Administrative expenses:	( 1,181,656 )	( 8,048,063 )
Other operating income:	0	1,374
Operating profit(or loss):	6,459,103	(552,024)
Interest receivable and similar income:	4,223	3,885
Interest payable and similar charges:	0	( 80 )
Profit(or loss) before tax:	6,463,326	(548,219)
Tax:	( 174,883 )	0
Profit(or loss) for the financial year:	6,288,443	(548,219)

Balance sheet

As at 31 December 2019

	Notes	2019	2018
		£	£
Called up share capital not paid:		0	0
Fixed assets
Intangible assets:		0	0
Tangible assets:	3	273,454	454,784
Investments:	4	1	1
Total fixed assets:		273,455	454,785
Current assets
Stocks:		0	0
Debtors:	5	1,571,554	2,234,463
Cash at bank and in hand:		1,663,370	794,815
Investments:		0	0
Total current assets:		3,234,924	3,029,278
Creditors: amounts falling due within one year:	6	( 11,170,689 )	( 48,585,675 )
Net current assets (liabilities):		(7,935,765)	(45,556,397)
Total assets less current liabilities:		(7,662,310)	( 45,101,612)
Creditors: amounts falling due after more than one year:		0	0
Provision for liabilities:		0	0
Total net assets (liabilities):		(7,662,310)	(45,101,612)
Capital and reserves
Called up share capital:		749,037	749,037
Share premium account:		1,303,509	1,303,509
Other reserves:		33,694,144	2,543,285
Profit and loss account:		(43,409,000 )	(49,697,443 )
Total Shareholders' funds:		( 7,662,310 )	(45,101,612)

The notes form part of these financial statements

Balance sheet statements

For the year ending 31 December 2019 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

  Turnover policy

  The Company engages in provision of an e-procurement platform for shipping companies. Turnover represents amounts receivable for term subscriptions, advertising fees and "credits".Term subscription income relates to the Company's e-procurement platform, from a basic connection through to full integration. The Company recognises revenue over time because the customer simultaneously receives and consumes the benefits of the servicesas the Company provides the e-procurement platform and performs the agency service. Revenue from these arrangements is recognised based on the price and terms specified inthe agreement, net of discounts. All customers are entitled to a basic company profile on the ShipServ website free of charge. Income from advertising fees relates to enhanced profiles (premium profiles); banners andspotlight features. The Company recognises revenue over time because the customer simultaneously receives and consumes the benefits of the enhanced advertising services. Revenue from these arrangements is recognised based on the price and terms specified in the agreement, net of discounts.Credits can be pre-sold which allows customers to purchase credit to be used at a later date at a discount or customers can purchase pay per use credits. For both, revenue is recognised when used.The percentage of revenue generated on trading activities in the UK is 100%. The Company generates its intercompany revenue through the recharge of applicable costs incurred on behalf of the group.

  Tangible fixed assets depreciation policy

  Tangible Fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residualvalue, over their expected useful lives on the following basis:Office equipment - 20% on costComputer equipment and software - 30% on costLeasehold improvements - 20% on cost

Notes to the Financial Statements

for the Period Ended 31 December 2019

• 2. Employees

  	2019	2018
  Average number of employees during the period	27	31