Cleaves Shipbroking Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04137750 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Cleaves Shipbroking Limited

Page

Balance Sheet

1

Notes to the Financial Statements

2

FIXED ASSETS

Tangible assets

4

301

221

Investments

5

1

1

302

222

CURRENT ASSETS

Debtors

6

545

4,011

Cash at bank

7,126

4,358

7,671

8,369

CREDITORS

Amounts falling due within one year

7

359,698

408,716

NET CURRENT LIABILITIES

(352,027

)

(400,347

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(351,725

)

(400,125

)

CAPITAL AND RESERVES

Called up share capital

8

1,200

1,200

Retained earnings

9

(352,925

)

(401,325

)

SHAREHOLDERS' FUNDS

(351,725

)

(400,125

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 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 Profit and loss account has not been delivered.

The financial statements were approved by the director on 2 October 2018 and were signed by:

P O Karlsen - Director

1.	STATUTORY INFORMATION

Cleaves Shipbroking Limited is a private company, limited by shares, registered in England and wales,

registration number 04137750. The registered office is Trojan House, 34 Arcadia Avenue, London N3

2JU.

The presentation currency of the financial statements is the pound Sterling (£).

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 represents net invoiced sale 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.

Plant and machinery

-

20% on cost

Computer equipment

-

33.33% on cost

Financial instruments

The company has entered into basic financial instruments and transactions that result in the

recognition of financial assets and liabilities like other debtors, creditors and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each

reporting period for objective evidence of impairment. If objective evidence of impairment is fund, an

impairment loss is recognised in the profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss

account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at

the operating result.

Consolidation

The company has taken advantage of the exemption provided by section 402 of the Companies Act

2006 not to prepare group accounts.

Investments

Investments are stated at cost less any provision for reduction in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2016 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 January 2017

5,172

317

5,489

Additions

268

-

268

At 31 December 2017

5,440

317

5,757

DEPRECIATION

At 1 January 2017

5,056

212

5,268

Charge for year

83

105

188

At 31 December 2017

5,139

317

5,456

NET BOOK VALUE

At 31 December 2017

301

-

301

At 31 December 2016

116

105

221

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 January 2017

and 31 December 2017

1

NET BOOK VALUE

At 31 December 2017

1

At 31 December 2016

1

The company's investments at the Balance Sheet date in the share capital of companies include the

following:

Cleaves and Company Limited

Registered office:

Nature of business: Ship Valuations

%

Class of shares:

holding

Ordinary

100.00

31.12.17

31.12.16

£

£

Aggregate capital and reserves

32,006

32,006

Profit for the year

9,773

9,773

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Other debtors

545

4,011

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade creditors

558

3,851

Taxation and social security

(5,161

)

(8,803

)

Other creditors

364,301

413,668

359,698

408,716

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.17

31.12.16

value:

£

£

1,200

Ordinary

£1

1,200

1,200

9.

RESERVES

Retained

earnings

£

At 1 January 2017

(401,325

)

Profit for the year

48,400

At 31 December 2017

(352,925

)

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2017

and 31 December 2016:

31.12.17

31.12.16

£

£

P O Karlsen

Balance outstanding at start of year

1,042

1,042

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

1,042

1,042

11.	RELATED PARTY DISCLOSURES

At the balance sheet date, Cleaves Shipbroking Limited owed from Cleaves and Company Limited

£2,135 (2016: £2,135)

At the balance sheet date, Cleaves Shipbroking Limited owed from Cleaves Marine Finance AS

£173,138 (2016: £123,571)

At the Balance sheet date, Cleaves Asia Owes Cleaves Shipbroking Limited £Nil (2016: £41,605 )

Cleaves and Company Limited is owned 100% by Cleaves Shipbroking Limited.

P O Karlsen is a Director in both Cleaves Shipbroking Limited and Cleaves and Company Limited.

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by P O Karlsen (Director).

13.	GOING CONCERN

The Financial Statements have been prepared on a Going Concern basis because of the continued

support of the Director of the company.