Elsmore Shipping Limited - Limited company accounts 16.3

REGISTERED NUMBER: 01683230 (England and Wales)

Report of the Director and

Unaudited Financial Statements for the Year Ended 31 March 2016

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 2016.

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 2015 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 provisions of Part 15 of the Companies Act 2006 relating to small

companies.

ON BEHALF OF THE BOARD:

Mr A Theophilis - Director

16 December 2016

TURNOVER

51,100

62,200

Administrative expenses

54,347

50,695

OPERATING (LOSS)/PROFIT and

(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION

2

(3,247

)

11,505

Tax on (loss)/profit on ordinary activities

3

-

1,563

(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(3,247

)

9,942

FIXED ASSETS

Tangible assets

4

10,267

12,082

CURRENT ASSETS

Debtors

5

6,564

2,965

Cash at bank

13,746

36,585

20,310

39,550

CREDITORS

Amounts falling due within one year

6

21,173

38,981

NET CURRENT (LIABILITIES)/ASSETS

(863

)

569

TOTAL ASSETS LESS CURRENT
LIABILITIES

9,404

12,651

CAPITAL AND RESERVES

Called up share capital

7

2

Profit and loss account

8

9,402

12,649

SHAREHOLDERS' FUNDS

9,404

12,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The financial statements were approved by the director on 16 December 2016 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 January 2015).

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 (LOSS)/PROFIT

The operating loss (2015 - operating profit) is stated after charging:

31.3.16

31.3.15

£

Depreciation - owned assets

1,815

2,086

Director's remuneration and other benefits etc

10,180

7,920

3.

TAXATION

Analysis of the tax charge

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

31.3.16

31.3.15

£

Current tax:

UK corporation tax

-

1,563

Tax on (loss)/profit on ordinary activities

-

1,563

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2015

and 31 March 2016

25,657

DEPRECIATION

At 1 April 2015

13,575

Charge for year

1,815

At 31 March 2016

15,390

NET BOOK VALUE

At 31 March 2016

10,267

At 31 March 2015

12,082

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

VAT

717

368

Prepayments

5,847

2,597

6,564

2,965

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.16

31.3.15

£

Tax

-

1,563

Social security and other taxes

288

-

Other creditors

1,404

16,405

Directors' current accounts

17,166

16,883

Accruals and deferred income

2,315

4,130

21,173

38,981

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.16

31.3.15

value:

£

2

Ordinary

£1

2

8.

RESERVES

Profit

and loss

account

£

At 1 April 2015

12,649

Deficit for the year

(3,247

)

At 31 March 2016

9,402

9.	RELATED PARTY DISCLOSURES

Mr A Theophilis

Director of the company

As at the balance sheet date £17,166 (2015 £16,883) 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.