Alban Shipping Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02476648 (England and Wales)

ALBAN SHIPPING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

AC Jackman

Mrs AJ Jackman

SECRETARY:

Mrs AJ Jackman

REGISTERED OFFICE:

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

REGISTERED NUMBER:

02476648 (England and Wales)

ACCOUNTANTS:

Jones Hunt & Keelings

Chartered Certified Accountants and

Chartered Tax Advisers

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

FIXED ASSETS

Tangible assets

4

199,233

261,738

CURRENT ASSETS

Stocks

15,596

11,940

Debtors

5

96,578

113,352

Cash at bank and in hand

316,081

163,218

428,255

288,510

CREDITORS

Amounts falling due within one year

6

372,286

222,625

NET CURRENT ASSETS

55,969

65,885

TOTAL ASSETS LESS CURRENT LIABILITIES

255,202

327,623

CREDITORS

Amounts falling due after more than one year

7

(26,255

)

(67,570

)

PROVISIONS FOR LIABILITIES

10

(39,521

)

(49,090

)

NET ASSETS

189,426

210,963

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

189,326

210,863

SHAREHOLDERS' FUNDS

189,426

210,963

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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 and authorised for issue on 15 December 2021 and were signed on its behalf by:

AC Jackman - Director

1.	STATUTORY INFORMATION

Alban Shipping 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion, there are no significant judgements or key sources of estimation uncertainty.

Turnover

The company provides shipping services, and turnover represents the amounts received or receivable in the year for these services; it excludes 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

15% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

Government grants have been accounted for under the accrual model, recognised as other income against the period to which they relate. There were no unfulfilled conditions or contingencies attached to the grant.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments 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 the Profit and Loss Account.

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 year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Going concern

The directors have a reasonable expectation that the company will continue to operate for the foreseeable future and so these financial statements are prepared on the going concern basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2020 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2020

131,259

162,760

150,642

Additions

704

-

486

Disposals

-

(20,858

)

(20,720

)

At 31 March 2021

131,963

141,902

130,408

DEPRECIATION

At 1 April 2020

125,969

137,501

82,029

Charge for year

3,826

3,788

6,990

Eliminated on disposal

-

(18,837

)

(17,479

)

At 31 March 2021

129,795

122,452

71,540

NET BOOK VALUE

At 31 March 2021

2,168

19,450

58,868

At 31 March 2020

5,290

25,259

68,613

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2020

349,274

78,091

872,026

Additions

-

1,587

2,777

Disposals

(47,325

)

(35,916

)

(124,819

)

At 31 March 2021

301,949

43,762

749,984

DEPRECIATION

At 1 April 2020

209,163

55,626

610,288

Charge for year

35,028

5,847

55,479

Eliminated on disposal

(46,220

)

(32,480

)

(115,016

)

At 31 March 2021

197,971

28,993

550,751

NET BOOK VALUE

At 31 March 2021

103,978

14,769

199,233

At 31 March 2020

140,111

22,465

261,738

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2020

271,888

Transfer to ownership

(86,777

)

At 31 March 2021

185,111

DEPRECIATION

At 1 April 2020

136,470

Charge for year

26,667

Transfer to ownership

(58,023

)

At 31 March 2021

105,114

NET BOOK VALUE

At 31 March 2021

79,997

At 31 March 2020

135,418

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

39,365

59,113

Other debtors

57,213

54,239

96,578

113,352

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

2,100

2,100

Hire purchase contracts (see note 8)

39,756

37,897

Trade creditors

73,401

64,371

Taxation and social security

95,988

102,859

Other creditors

161,041

15,398

372,286

222,625

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

4,391

5,950

Hire purchase contracts (see note 8)

21,864

61,620

26,255

67,570

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2021

2020

£

£

Net obligations repayable:

Within one year

39,756

37,897

Between one and five years

21,864

61,620

61,620

99,517

Non-cancellable operating

leases

2021

2020

£

£

Within one year

2,611

-

Between one and five years

11,604

23,331

14,215

23,331

9.	SECURED DEBTS

The following secured debts are included within creditors:

2021

2020

£

£

Bank loans

6,491

8,050

Hire purchase contracts

61,620

99,517

68,111

107,567

10.	PROVISIONS FOR LIABILITIES

2021

2020

£

£

Deferred tax

39,521

49,090

Deferred

tax

£

Balance at 1 April 2020

49,090

Depreciation in advance

of capital allowances

(9,569

)

Balance at 31 March 2021

39,521

11.	RELATED PARTY DISCLOSURES

During the year, the Company was repaid £1,772 (2020: £1,759) by a company in which a director has an interest. At the balance sheet date, the company was owed £42,791 (2020: £44,563) by this company. No arrangements have been made for the payment of interest on, or the repayment of, this sum.

During the year the Company paid:

- rent of £85,000 (2020: £85,000) to its directors to use business premises owned by them;

- dividends of £203,000 (2020: £231,500) to its directors and their adult children; and

- emoluments of £35,000 (2020: £37,800) to its directors and their adult children,

and borrowed £354 from (2020: repaid £370 to) its directors.

At the balance sheet date, the company owed the directors £354 (2020: £370). No arrangements have been made for the payment of interest on, or the repayment of, this sum.