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 2017

for

Elsmore Shipping Limited

Page

Company Information

1

Report of the Director

2

Income Statement

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 2017.

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 2016 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;

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

28 December 2017

TURNOVER

49,594

51,100

Administrative expenses

52,877

54,347

OPERATING LOSS and

LOSS BEFORE TAXATION

4

(3,283

)

(3,247

)

Tax on loss

5

-

LOSS FOR THE FINANCIAL YEAR

(3,283

)

(3,247

)

FIXED ASSETS

Tangible assets

6

8,725

10,267

CURRENT ASSETS

Debtors

7

7,397

6,564

Cash at bank

14,109

13,746

21,506

20,310

CREDITORS

Amounts falling due within one year

8

24,110

21,173

NET CURRENT LIABILITIES

(2,604

)

(863

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

6,121

9,404

CAPITAL AND RESERVES

Called up share capital

9

2

Retained earnings

10

6,119

9,402

SHAREHOLDERS' FUNDS

6,121

9,404

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 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.

The financial statements were approved by the director on 28 December 2017 and were signed by:

Mr A Theophilis - Director

1.	STATUTORY INFORMATION

Elsmore 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.

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.

Fixtures and fittings

-

15% 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 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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 .

4.	OPERATING LOSS

The operating loss is stated after charging:

31.3.17

31.3.16

£

Depreciation - owned assets

1,542

1,815

5.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the year ended 31 March 2017 nor for the year ended

31 March 2016.

6.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 April 2016

and 31 March 2017

25,657

DEPRECIATION

At 1 April 2016

15,390

Charge for year

1,542

At 31 March 2017

16,932

NET BOOK VALUE

At 31 March 2017

8,725

At 31 March 2016

10,267

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

VAT

1,550

717

Prepayments

5,847

7,397

6,564

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

Social security and other taxes

-

288

Other creditors

1,404

Directors' current accounts

20,391

17,166

Accruals and deferred income

2,315

24,110

21,173

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

2

Ordinary

£1

2

10.

RESERVES

Retained

earnings

£

At 1 April 2016

9,402

Deficit for the year

(3,283

)

At 31 March 2017

6,119