Selvic Shipping Services Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 01295372 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2022

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

64,902

68,915

CURRENT ASSETS

Debtors

5

1,776,262

1,466,905

Cash at bank and in hand

536,656

383,384

2,312,918

1,850,289

CREDITORS

Amounts falling due within one year

6

847,443

659,668

NET CURRENT ASSETS

1,465,475

1,190,621

TOTAL ASSETS LESS CURRENT LIABILITIES

1,530,377

1,259,536

PROVISIONS FOR LIABILITIES

9,934

10,528

NET ASSETS

1,520,443

1,249,008

CAPITAL AND RESERVES

Called up share capital

10,400

10,400

Retained earnings

7

1,510,043

1,238,608

SHAREHOLDERS' FUNDS

1,520,443

1,249,008

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue on 12 December 2022 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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 13 (2021 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Motor

Computer

Buildings

& equipment

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 April 2021

51,759

93,975

42,127

22,352

210,213

Additions

-

12,473

-

869

13,342

Disposals

-

-

(9,000

)

-

(9,000

)

At 31 March 2022

51,759

106,448

33,127

23,221

214,555

DEPRECIATION

At 1 April 2021

43,067

60,037

24,685

13,509

141,298

Charge for year

536

8,876

4,353

3,556

17,321

Eliminated on disposal

-

-

(8,966

)

-

(8,966

)

At 31 March 2022

43,603

68,913

20,072

17,065

149,653

NET BOOK VALUE

At 31 March 2022

8,156

37,535

13,055

6,156

64,902

At 31 March 2021

8,692

33,938

17,442

8,843

68,915

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade debtors

931,584

698,148

Other debtors

844,678

768,757

1,776,262

1,466,905

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.22

31.3.21

£

£

Trade creditors

748,984

581,786

Taxation and social security

91,309

59,448

Other creditors

7,150

18,434

847,443

659,668

7.

RESERVES

Retained

earnings

£

At 1 April 2021

1,238,608

Profit for the year

301,435

Dividends

(30,000

)

At 31 March 2022

1,510,043

8.	RELATED PARTY DISCLOSURES

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 loaned to Selvic Handling & Warehousing Limited. The amount outstanding at the balance sheet date is £708,026 (2021: £631,246).

9.	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.