The Ship Limited - Accounts to registrar (filleted) - small 18.2
The Ship Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 December 2018 |
| for |
| The Ship Limited |
| The Ship Limited (Registered number: 03831972) |
| Contents of the Financial Statements |
| for the Year Ended 31 December 2018 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| The Ship Limited |
| Company Information |
| for the Year Ended 31 December 2018 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| The Ship Limited (Registered number: 03831972) |
| Balance Sheet |
| 31 December 2018 |
| 31.12.18 | 31.12.17 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 8 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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 Ship Limited (Registered number: 03831972) |
| Balance Sheet - continued |
| 31 December 2018 |
| 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 were signed on its behalf by: |
| The Ship Limited (Registered number: 03831972) |
| Notes to the Financial Statements |
| for the Year Ended 31 December 2018 |
| 1. | STATUTORY INFORMATION |
| The Ship Limited is a |
| 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 |
| Leasehold | over the remaining term of the lease at the point the asset is acquired. |
Leasehold Improvements | over the remaining term of the lease at the point the assets is acquired. |
| Fixtures & Fittings | 10% on cost |
| Stamp duty land tax | over the term of the lease. |
| Office Equipment | 5% on cost |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance |
| for obsolete and slow moving items. |
| 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. |
| The Ship Limited (Registered number: 03831972) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| Leases are classified as finance leases when they transfer substantially all the risks and |
| rewards of ownerships of the leased assets to the company. Other leases that do not |
| transfer substantially all the risks and rewards of ownership of the leased assets to the |
| company are classified as operating leases. |
| The company has entered into some hire purchase agreements for certain assets that |
| include the option to purchase the items at the end of the lease term for a nominal amount, |
| which is expected to be much lower than their fair value at that date. The hire purchase |
| agreements have been classified as finance leases as it is reasonably certain that the option |
| will be exercised. |
| Rights to use assets and corresponding obligations to lessors under finance leases are |
| recognised in the statement of financial position as assets and liabilities at the lower of fair |
| value of the assets and the present balance of the minimum lease payments, determined at |
| the inception of the lease. |
| Lease payments are apportioned between finance charges and reduction of outstanding |
| lease liabilities using the effective interest method, so as to produce a constant rate of |
| interest on the remaining balance of the liabilities. Finance charges are recognised in profit |
| or loss. Assets held under finance leases are included in property, plant and equipment and |
| are depreciated and reviewed for impairment in the same way as assets owned outright. |
| Payments received under operating leases are recognised as income over lease term on a |
| straight-line basis. |
| 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| The Ship Limited (Registered number: 03831972) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 4. | TANGIBLE FIXED ASSETS |
| Improvements | Fixtures |
| Long | to | and |
| leasehold | property | fittings |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| Stamp |
| duty land | Computer |
| tax | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2018 |
| Additions |
| At 31 December 2018 |
| DEPRECIATION |
| At 1 January 2018 |
| Charge for year |
| At 31 December 2018 |
| NET BOOK VALUE |
| At 31 December 2018 |
| At 31 December 2017 |
| The Ship Limited (Registered number: 03831972) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Trade debtors |
| Amounts owed by associates |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Trade creditors |
| Amounts owed to associates |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Other creditors |
| 8. | PROVISIONS FOR LIABILITIES |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Deferred tax |
| Accelerated capital allowances |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2018 |
| Provided during year |
| Balance at 31 December 2018 |
| The Ship Limited (Registered number: 03831972) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the years ended |
| 31 December 2018 and 31 December 2017: |
| 31.12.18 | 31.12.17 |
| £ | £ |
| Balance outstanding at start of year | ( |
) | ( |
) |
| Amounts advanced | ( |
) | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) | ( |
) |
| Balance outstanding at start of year |
| Amounts advanced | ( |
) |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| The amount is classified is a current creditor and is repayable on demand, no interest is |
| charged on amount owed to the director. |
| 10. | RELATED PARTY DISCLOSURES |
| T S Wilson |
| A Director of the company. |
| At the balance sheet date the company owes T S Wilson £18,455 (2017: £1,754). |
| The Essential Design Company Ltd |
| A company in which T Wilson is a director and shareholder. |
| During the year The Essential Design Company Ltd received net funding of £31,128 (2017: |
| £40,555) and repaid £32,209 (2017: £43,216). At the balance sheet date The Essential |
| Design Company Ltd owes the company Nil (2017: £1,081). The amount is classified as a |
| current debtor and is repayable on demand, no interest is charged. |
| The Ship Limited (Registered number: 03831972) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 December 2018 |
| 10. | RELATED PARTY DISCLOSURES - continued |
| The Inn On The Green Ltd |
| An associated company. |
| During the year The Inn On The Green Ltd advanced the company £5,284 (2017: £60,611) |
| and was repaid £65,304 (2017: £25,750). At the balance sheet date The Inn On The Green |
| Ltd owes the company £820 (2017: the company owes The Inn On The Green Ltd |
| £59,200). The amount is classified as a current debtor / creditor and is repayable on |
| demand, no interest is charged on the amount. |
| Henry Sanderson & Co Ltd |
| An associated company. |
| During the year The Ship Ltd repaid £96,125 (22017: £11,100) and received net funding of |
| £90,861 (2017: £10,065) from Henry Sanderson & Co Ltd. At the balance sheet date The |
| Ship Ltd is owed £2,399 by Henry Sanderson & co Ltd (2017: The Ship Ltd owes Henry |
| Sanderson & co Ltd £2,865). The amount is classified as a current debtor / creditor and is |
| repayable on demand, no interest is charged on the amount. |
| A J Taylor |
| A Director of the company. |
| At the balance sheet date the company owes A J Taylor £19,461 (2018: £NIL). |
| 11. | ULTIMATE CONTROLLING PARTY |
| At the year end the ultimate controlling parties are A J Taylor and T S Wilson, |