Ship Security International Limited - Period Ending 2017-11-30

Ship Security International Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2017

Registration number: 08133812

Ship Security International Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 12

Ship Security International Limited

Company Information

Directors

Mr D J Higham Mr J Rawles

Registered office

Room 144 Regus International House George Curl Way Southampton SO18 2RZ

Accountants

Francis Clark LLP Ground Floor Blackbrook Gate 1 Blackbrook Business Park Taunton Somerset TA1 2PX

Page 1

Ship Security International Limited

Balance Sheet

30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	102,896	116,043
Investments	6	-	5,000
		102,896	121,043
Current assets
Stocks	7	7,062	14,603
Debtors	8	829,556	332,297
Cash at bank and in hand		499,078	87,655
		1,335,696	434,555
Creditors: Amounts falling due within one year	9	(329,526)	(43,509)
Net current assets		1,006,170	391,046
Total assets less current liabilities		1,109,066	512,089
Deferred income	10	140,204	217,812
Provisions for deferred tax liabilities		(11,372)	-
Net assets		957,490	294,277
Capital and reserves
Called up share capital		1,050	1,050
Share premium reserve		545,750	545,750
Profit and loss account		410,690	(252,523)
Total equity		957,490	294,277

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 2

Ship Security International Limited

Balance Sheet

30 November 2017

For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 28 March 2018 and signed on its behalf by:
 

......................................... Mr D J Higham Director

Company Registration Number: 08133812

The notes on pages 4 to 12 form an integral part of these financial statements.

Page 3

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Room 144
Regus International House
George Curl Way
Southampton
SO18 2RZ

These financial statements were authorised for issue by the Board on 28 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 including Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 December 2015. There is no material impact on the reported financial position and financial performance as a result of the transition.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts..

Page 4

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Key sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below:

Plant and machinery
Plant is carried at cost, less accumulated depreciation and any subsequent accumulated impairment loss. This requires an estimation in the depreciation rates and residual values used, as well as assessment of the ongoing economic contribution of the assets as to whether an indicator of impairment has occurred. The carrying value at the year end is £98,846 (2016 - £111,269)

Investments
Investments are carried at cost less impairment. This requires an assessment of the ongoing economic contribution of the investments as to whether an indicator of impairment has occurred. The carrying value at the year end is £Nil (2016 - £5,000).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when services are provided.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 5

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant and machinery	Over 5 years/Over 10 years with 10% residual value
Fixture and fittings	20% reducing balance
Computer equipment	25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Licences	33% straight line

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Stocks

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow
moving stocks.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense in the profit and loss when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Page 6

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2016 - 6).

Page 7

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

4	Intangible assets

	Other intangible assets  £	Total £
Cost or valuation
At 1 December 2016	5,869	5,869
At 30 November 2017	5,869	5,869
Amortisation
At 1 December 2016	5,869	5,869
At 30 November 2017	5,869	5,869
Carrying amount
At 30 November 2017	-	-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £1,451).
 

Page 8

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

5	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 December 2016	7,939	316,585	324,524
Additions	990	2,844	3,834
At 30 November 2017	8,929	319,429	328,358
Depreciation
At 1 December 2016	3,157	205,324	208,481
Charge for the year	1,713	15,268	16,981
At 30 November 2017	4,870	220,592	225,462
Carrying amount
At 30 November 2017	4,059	98,837	102,896
At 30 November 2016	4,782	111,261	116,043

6	Investments

	2017 £	2016 £
Investments in subsidiaries	-	5,000

Subsidiaries	£
Cost or valuation
At 1 December 2016	21,963
Provision
At 1 December 2016	16,963
Provision	5,000
At 30 November 2017	21,963
Carrying amount
At 30 November 2017	-
At 30 November 2016	5,000

The investment in Transafe Maritime (UK) Limited has been written down to its recoverable value.

Page 9

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Transafe Maritime (UK) Limited	Room 144, Regus International House, George Curl Way, Southampton, Hampshire, SO18 2RZ	Ordinary	100%	100%
	England & Wales

Transafe Maritime (UK) Limited is dormant.

The profit for the financial period of Transafe Maritime (UK) Limited was £- and the aggregate amount of capital and reserves at the end of the period was £(12,547).

7

Stocks

	2017 £	2016 £
Other inventories	7,062	14,603

8

Debtors

	2017  £	2016  £
Trade debtors	815,332	251,123
Amounts due from group undertakings	-	11,686
Other debtors	12,087	50,144
Prepayments	2,137	19,344
	829,556	332,297

Page 10

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

9

Creditors

Creditors: amounts falling due within one year

	2017  £	2016  £
Due within one year
Trade creditors	71,255	29,246
Corporation tax	96,972	-
Social security and other taxes	141,606	5,245
Other creditors	-	214
Accrued expenses	19,693	8,804
	329,526	43,509

10	Deferred income

	2017   £
At 1 April 2016	217,812
Released to profit during the year	(217,812)
Received during the year	140,204
At 31 March 2017	140,204

11	Share capital

Allotted, called up and fully paid shares

	2017		2016
	No.	£	No.	£
Ordinary shares of £1 each	1,050	1,050	1,050	1,050

12	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £Nil (2016 - £25,500).

Page 11

Ship Security International Limited

Notes to the Financial Statements

Year Ended 30 November 2017

13	Related party transactions

Summary of transactions with other related parties

A company with common directors
 During the current and previous years, the company raised management charges for shared services.
 

Income and receivables from related parties

2017	Other related parties £
Receipt of services	86,815
Amounts receivable from related party	11,327

2016	Other related parties £
Receipt of services	58,305
Amounts receivable from related party	8,970

14	Non adjusting events after the financial period

Dividends of £150,150 were declared after the reporting date.

Page 12