Elsmore Shipping Limited - Limited company accounts 11.9

REGISTERED NUMBER: 01683230 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2015

for

Elsmore Shipping Limited

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

Mr A Theophilis

REGISTERED OFFICE:

C/o C D Nash Ltd

First Floor

15a Hill Avenue

Amersham

Buckinghamshire

HP6 5BD

REGISTERED NUMBER:

01683230 (England and Wales)

ACCOUNTANTS:

C D Nash Limited

First Floor

15a Hill Avenue

Amersham

Buckinghamshire

HP6 5BD

The director presents his report with the financial statements of the company for the year ended 31 March 2015.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of shipping consultants and agents.

DIRECTOR

Mr A Theophilis held office during the whole of the period from 1 April 2014 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with

applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director

has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve

the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and

of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating

to small companies.

ON BEHALF OF THE BOARD:

Mr A Theophilis - Director

21 December 2015

TURNOVER

62,200

52,157

Administrative expenses

50,695

40,546

OPERATING PROFIT and

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION

2

11,505

11,611

Tax on profit on ordinary activities

3

1,563

-

PROFIT FOR THE FINANCIAL YEAR

9,942

11,611

FIXED ASSETS

Tangible assets

4

12,082

9,130

CURRENT ASSETS

Debtors

5

2,965

3,806

Cash at bank

36,585

17,486

39,550

21,292

CREDITORS

Amounts falling due within one year

6

38,981

27,713

NET CURRENT ASSETS/(LIABILITIES)

569

(6,421

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

12,651

2,709

CAPITAL AND RESERVES

Called up share capital

7

2

Profit and loss account

8

12,649

2,707

SHAREHOLDERS' FUNDS

12,651

2,709

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 21 December 2015 and were signed by:

Mr A Theophilis - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

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

Fixtures and fittings

-

15% on reducing balance

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the

period of the lease.

2.	OPERATING PROFIT

The operating profit is stated after charging:

31.3.15

31.3.14

£

Depreciation - owned assets

2,086

1,611

Director's remuneration and other benefits etc

7,920

7,440

3.

TAXATION

Analysis of the tax charge

The tax charge on the profit on ordinary activities for the year was as follows:

31.3.15

31.3.14

£

Current tax:

UK corporation tax

1,563

-

Tax on profit on ordinary activities

1,563

-

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2014

20,619

Additions

5,038

At 31 March 2015

25,657

DEPRECIATION

At 1 April 2014

11,489

Charge for year

2,086

At 31 March 2015

13,575

NET BOOK VALUE

At 31 March 2015

12,082

At 31 March 2014

9,130

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.15

31.3.14

£

VAT

368

1,209

Prepayments

2,597

2,965

3,806

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.15

31.3.14

£

Tax

1,563

-

Other creditors

16,405

Directors' current accounts

16,883

9,108

Accruals and deferred income

4,130

2,200

38,981

27,713

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.15

31.3.14

value:

£

2

Ordinary

£1

2

8.

RESERVES

Profit

and loss

account

£

At 1 April 2014

2,707

Profit for the year

9,942

At 31 March 2015

12,649

9.	RELATED PARTY DISCLOSURES

Mr A Theophilis

Director of the company

As at the balance sheet date £16,883 (2014 £9,108) was owed by the company to Mr A Theophilis. There are no

interest or repayment terms attaching to this balance.

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr A Theophilis.