Selvic Shipping Services Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 01295372 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

Selvic Shipping Services Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr B A Eaton

Mr P J Woodhouse

SECRETARY:

Mr B A Eaton

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

34,434

25,901

CURRENT ASSETS

Debtors

5

903,711

602,950

Cash at bank and in hand

262,024

487,796

1,165,735

1,090,746

CREDITORS

Amounts falling due within one year

6

564,844

578,671

NET CURRENT ASSETS

600,891

512,075

TOTAL ASSETS LESS CURRENT LIABILITIES

635,325

537,976

PROVISIONS FOR LIABILITIES

7

402,482

1,905

NET ASSETS

232,843

536,071

CAPITAL AND RESERVES

Called up share capital

10,400

10,400

Retained earnings

222,443

525,671

SHAREHOLDERS' FUNDS

232,843

536,071

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 18 December 2017 and were signed on its behalf by:

Mr B A Eaton - 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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

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.

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 .

4.	TANGIBLE FIXED ASSETS

Fixtures

Motor

Buildings

& equipment

vehicles

Totals

£

£

£

£

COST

At 1 April 2016

44,209

80,197

28,999

153,405

Additions

7,550

7,975

-

15,525

At 31 March 2017

51,759

88,172

28,999

168,930

DEPRECIATION

At 1 April 2016

40,639

69,253

17,612

127,504

Charge for year

284

3,862

2,846

6,992

At 31 March 2017

40,923

73,115

20,458

134,496

NET BOOK VALUE

At 31 March 2017

10,836

15,057

8,541

34,434

At 31 March 2016

3,570

10,944

11,387

25,901

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

459,126

467,054

Other debtors

444,585

135,896

903,711

602,950

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade creditors

315,942

462,791

Taxation and social security

98,765

77,566

Other creditors

150,137

38,314

564,844

578,671

7.	PROVISIONS FOR LIABILITIES

This provision consists of £2,482 in respect of Accelerated Capital Allowances and £400,000 in respect of

Employment Taxes. In the period between December 2008 and December 2011 the company paid monies into

trusts under Employment Benefit Trust (EBT) and Employer Funded Retirement Benefit (EFRB)

arrangements.These monies were subsequently loaned to certain directors. The Finance (No 2) Act 2017 which

was given royal assent oin 16 November 2017 provides for new legislation to tax such loans which are not repaid

by 5th April 2019 by charging the company tax and national insurance. Provision has been made for the

estimated liability of £400,000.

8.	RELATED PARTY DISCLOSURES

Selvic Handling & Warehousing Limited

A company in which Mr B A Eaton is a majority shareholder.

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, outstanding from Selvic Handling & Warehousing Limited.

The amount outstanding at the balance sheet date is £382,061 (2016: £90,454).

Mr B A Eaton

Director/shareholder

During the year, the company received a loan of £100,000 from Mr Eaton. The loan is repayable on demand,

with interest charged at 2.5% per month.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr B A Eaton.