East West Shipping Services Limited Accounts

EAST WEST SHIPPING SERVICES LIMITED - Company Information






East West Shipping Services Limited

	Company No. 03537397
		Information for Filing with The Registrar
		31 December 2020

at	31 December 2020
Company No.		03537397	Notes	2020	2020
				£	£
Fixed assets

	Tangible assets		4	9,598	9,410
	Investment property		5	4,621,744	4,621,744

				4,631,342	4,631,154
Current assets

	Debtors		6	23,202	16,329

	Cash at bank and in hand			222,186	145,765
				245,388	162,094
Creditors: Amount falling due within one year			7	(37,870)	(31,408)
Net current assets				207,518	130,686
Total assets less current liabilities				4,838,860	4,761,840
Creditors: Amounts falling due after more than one year			8	(3,768,372)	(3,768,372)



Net assets				1,070,488	993,468

Capital and reserves
	Called up share capital			100	100



	Profit and loss account		9	1,070,388	993,368

Total equity				1,070,488	993,468



These accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime of the Companies Act 2006.

For the period ended 31 December 2020 the company was entitled to exemption from audit 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 Companies Act 2006 with respect to accounting records and the preparation of accounts.



As permitted by section 444 (5A)of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company's profit and loss account.

Approved by the board on 22 February 2021
And signed on its behalf by:
S. Ahmed
Director
22 February 2021

for the period ended 31 December 2020

General information

Its registered number is: 03537397

Its registered office is:

3 Lowther Close

Elstree

Borehamwood

WD6 3PY

The functional and presentational currency of the company is Sterling. The accounts are rounded to the nearest pound.

The accounts have been prepared in accordance with FRS 102 Section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland (March 2018) and the Companies Act 2006. The March 2018 edition of FRS 102 includes amendments arising from the Financial Reporting Council's triennial review of the standard. There is no material effect on the amounts recognised in these financial statements as a result of early adopting these amendments.

Going concern

The directors have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The directors regard the foreseeable future as no less than twelve months following the publication of these annual financial statements. The directors have considered the company's balance sheet position as at the year end, its working capital forecasts, the current COVID19 crisis and projections, taking account of possible changes in trading performance and the current state of its operating market, and are satisfied that for the foreseeable future the company's financial position is improving and will enable the company to remain in operational existence. . In addition, the directors and shareholders have agreed to provide continuing financial support as and when required to enable the company to continue in operational existence. Consequently, the directors consider it to be appropriate to prepare the financial statements on the going concern basis.

Accounting policies

Significant judgements and estimates

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

Critical Accounting Judgements and Key Sources of Estimation Uncertainty

In the application of the company's accounting policies, management have been required to make judgements, estimates and assumptions. These estimates relate to the carrying value of assets and liabilities that are based on underlying assumptions and other factors, which are considered to be relevant. Actual results may differ from these estimates. These estimates and assumptions are reviewed on an on-going basis.

There are no key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements.

Turnover

Turnover comprises rental income receivable in the year. Rental income is recognised on an accrual basis as it falls due.

Tangible fixed assets and depreciation

Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss.

Depreciation is provided at the following annual rates in order to write off the cost or valuation less the estimated residual value of each asset over its estimated useful life:

Plant and machinery

25% Reducing balance

Furniture, fittings and equipment

25% Reducing balance

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Freehold investment property

Investment properties are revalued annually and any surplus or deficit is dealt with through the profit and loss account.

No depreciation is provided in respect of investment properties.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts.

Trade and other 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.

Provisions

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the balance sheet.

3	Employees
			2020	2020
			Number	Number
		The average number of persons employed during the period :	1	1

4	Tangible fixed assets
			Plant and machinery	Fixtures, fittings and equipment	Total
			£	£	£
		Cost or revaluation
		At 1 April 2020	41,145	10,038	51,183
		Additions	-	2,083	2,083



		At 31 December 2020	41,145	12,121	53,266
		Depreciation
		At 1 April 2020	33,817	7,956	41,773
		Charge for the year	1,374	521	1,895



		At 31 December 2020	35,191	8,477	43,668
		Net book values
		At 31 December 2020	5,954	3,644	9,598
		At 31 March 2020	7,328	2,082	9,410

5	Investment property
			Freehold Investment Property
			£
		Valuation
		At 1 April 2020	4,621,744



		At 31 December 2020	4,621,744

6	Debtors
			2020	2020
			£	£
		Trade debtors	2,675	2,675



		VAT recoverable	612	131

		Other debtors	12,595	6,712
		Prepayments and accrued income	7,320	6,811
			23,202	16,329

7	Creditors:
		amounts falling due within one year
			2020	2020
			£	£




		Trade creditors	38	-

		Corporation tax	17,961	18,049
		Other taxes and social security	(1,342)	-

		Other creditors	12,595	6,712
		Accruals and deferred income	8,618	6,647
			37,870	31,408

8	Creditors:
		amounts falling due after more than one year
			2020	2020
			£	£






		Other creditors	3,768,372	3,768,372

			3,768,372	3,768,372

Reserves

Profit and loss account - includes all current and prior period retained profits and losses.

Post balance sheet events

The directors have carefully considered the likely effect of the Covid-19 pandemic on the future performance of the company and consider that it is likely to have an adverse impact on this. However, the directors consider that the company has sufficient resources to enable it to remain in business for the foreseeable future.