TPT Shipbrokers Int. Limited Filleted accounts for Companies House (small and micro)

TPT SHIPBROKERS INT. LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10562320

TPT Shipbrokers Int. Limited

Filleted Unaudited Financial Statements

31 December 2019

TPT Shipbrokers Int. Limited

Statement of Financial Position

31 December 2019

	2019	2018
Note	$	$

Fixed assets

Tangible assets	5	6,297	11,672

Current assets

Debtors	6	378,495	448,728
Cash at bank and in hand		392,629	42,547
		---------	---------
		771,124	491,275

Creditors: amounts falling due within one year	7	342,621	258,927
		---------	---------
Net current assets		428,503	232,348
		---------	---------
Total assets less current liabilities		434,800	244,020

Provisions	976	2,218
	---------	---------
Net assets	433,824	241,802
	---------	---------

Capital and reserves

Called up share capital	2	2
Profit and loss account	433,822	241,800
	---------	---------
Shareholders funds	433,824	241,802
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 December 2019 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

TPT Shipbrokers Int. Limited

Statement of Financial Position (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 14 August 2020 , and are signed on behalf of the board by:

Mr B S Kansagra	Mrs M M Taylor
Director	Director

Company registration number: 10562320

TPT Shipbrokers Int. Limited

Notes to the Financial Statements

Year ended 31 December 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 2 Eastbourne Terrace, London, W2 6LG, UK.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in US Dollar, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for brokerage commission net of discounts and of Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Transactions in currencies other than US Dollar during the period have been translated into US Dollar at the rates of exchange ruling at the date of those transactions. Monetary assets and liabilities denominated in foreign currencies are expressed in US Dollar at the rate ruling at the balance sheet date and any exchange differences arising are taken to profit and loss.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings	-	25% on straight line basis.
Equipment	-	25% on straight line basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and will be subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised will be recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2018: 7 ).

5. Tangible assets

	Fixtures and fittings	Equipment	Total
	$	$	$
Cost
At 1 January 2019 and 31 December 2019	5,405	22,721	28,126
	-------	--------	--------
Depreciation
At 1 January 2019	4,890	11,565	16,455
Charge for the year	( 287)	5,661	5,374
Transfers	802	( 802)	–
	-------	--------	--------
At 31 December 2019	5,405	16,424	21,829
	-------	--------	--------
Carrying amount
At 31 December 2019	–	6,297	6,297
	-------	--------	--------
At 31 December 2018	515	11,156	11,671
	-------	--------	--------

6. Debtors

	2019	2018
	$	$
Trade debtors	306,808	377,962
Other debtors	71,687	70,766
	---------	---------
	378,495	448,728
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	$	$
Trade creditors	79,648	205,583
Corporation tax	50,152	6,692
Social security and other taxes	46,546	20,406
Other creditors	166,275	26,246
	---------	---------
	342,621	258,927
	---------	---------

8. Controlling party

The company's immediate controlling party is Tune Product Tankers BV, whose registered office address is Burg. Van Der, Jagtkade 10 3221 CB, Hellevoetsluis, Netherlands.