Alban Shipping Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02476648 (England and Wales)

ALBAN SHIPPING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

AC Jackman

Mrs AJ Jackman

SECRETARY:

Mrs AJ Jackman

REGISTERED OFFICE:

Broad House

1 The Broadway

Hatfield

Hertfordshire

AL9 5BG

REGISTERED NUMBER:

02476648 (England and Wales)

ACCOUNTANTS:

Nicholsons

Chartered Accountants

Broad House

1 The Broadway

Old Hatfield

Hertfordshire

AL9 5BG

FIXED ASSETS

Tangible assets

4

261,738

354,357

CURRENT ASSETS

Stocks

11,940

11,940

Debtors

5

113,352

134,689

Cash at bank and in hand

163,218

159,122

288,510

305,751

CREDITORS

Amounts falling due within one year

6

222,625

220,982

NET CURRENT ASSETS

65,885

84,769

TOTAL ASSETS LESS CURRENT LIABILITIES

327,623

439,126

CREDITORS

Amounts falling due after more than one year

7

(67,570

)

(107,567

)

PROVISIONS FOR LIABILITIES

10

(49,090

)

(64,960

)

NET ASSETS

210,963

266,599

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

210,863

266,499

SHAREHOLDERS' FUNDS

210,963

266,599

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 23 December 2020 and were signed on its behalf by:

AC Jackman - Director

1.	STATUTORY INFORMATION

Alban 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.

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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The company provides shipping services, and turnover represents the amounts received or receivable in the year for these services; it excludes 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

15% on cost

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

10% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

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.

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.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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 21 (2019 - 21 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2019

130,364

163,240

150,642

Additions

895

-

-

Disposals

-

(480

)

-

At 31 March 2020

131,259

162,760

150,642

DEPRECIATION

At 1 April 2019

117,901

133,329

74,317

Charge for year

8,068

4,458

7,712

Eliminated on disposal

-

(286

)

-

At 31 March 2020

125,969

137,501

82,029

NET BOOK VALUE

At 31 March 2020

5,290

25,259

68,613

At 31 March 2019

12,463

29,911

76,325

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2019

489,403

72,760

1,006,409

Additions

-

5,331

6,226

Disposals

(140,129

)

-

(140,609

)

At 31 March 2020

349,274

78,091

872,026

DEPRECIATION

At 1 April 2019

277,213

49,292

652,052

Charge for year

47,364

6,334

73,936

Eliminated on disposal

(115,414

)

-

(115,700

)

At 31 March 2020

209,163

55,626

610,288

NET BOOK VALUE

At 31 March 2020

140,111

22,465

261,738

At 31 March 2019

212,190

23,468

354,357

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

At 1 April 2019

and 31 March 2020

271,888

DEPRECIATION

At 1 April 2019

91,331

Charge for year

45,139

At 31 March 2020

136,470

NET BOOK VALUE

At 31 March 2020

135,418

At 31 March 2019

180,557

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

59,113

84,144

Other debtors

54,239

50,545

113,352

134,689

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

2,100

2,100

Hire purchase contracts (see note 8)

37,897

53,548

Trade creditors

64,371

74,330

Taxation and social security

102,859

75,507

Other creditors

15,398

15,497

222,625

220,982

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans

5,950

8,050

Hire purchase contracts (see note 8)

61,620

99,517

67,570

107,567

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2020

2019

£

£

Net obligations repayable:

Within one year

37,897

53,548

Between one and five years

61,620

99,517

99,517

153,065

Non-cancellable operating

leases

2020

2019

£

£

Within one year

-

2,735

Between one and five years

23,331

11,561

23,331

14,296

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

8,050

10,150

Hire purchase contracts

99,517

153,065

107,567

163,215

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

49,090

64,960

Deferred

tax

£

Balance at 1 April 2019

64,960

Depreciation in advance

(15,870

)

of capital allowances

Balance at 31 March 2020

49,090

11.	RELATED PARTY DISCLOSURES

During the year, the Company was repaid £1,759 by (2019: paid £14,221 to) a company in which a director has an interest. At the balance sheet date, the company was owed £44,563 (2019: £46,322) by this company. No arrangements have been made for the payment of interest on, or the repayment of, this sum.

During the year the Company paid:

- rent of £85,000 (2019: £85,000) to its directors to use business premises owned by them;

- dividends of £231,500 (2019: £288,000) to its directors and their adult children; and

- emoluments of £37,800 (2019: £12,000) to its directors and their adult children,

and borrowed £370 from (2019: repaid £591 to) its directors.

At the balance sheet date, the company owed the directors £370 (2019: £nil). No arrangements have been made for the payment of interest on, or the repayment of, this sum.