REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2013 |
FOR |
THE GREAT EASTERN SHIPPING CO LONDON LTD |
REGISTERED NUMBER: |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2013 |
FOR |
THE GREAT EASTERN SHIPPING CO LONDON LTD |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2013 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Profit and Loss Account | 6 |
Balance Sheet | 7 |
Cash Flow Statement | 8 |
Notes to the Cash Flow Statement | 9 |
Notes to the Financial Statements | 10 |
THE GREAT EASTERN SHIPPING CO LONDON LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2013 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
BANKERS: |
BANKERS: |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2013 |
The directors present their report with the financial statements of the company for the year ended 31 March 2013. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of shipping. The company did not actively trade |
in the period. |
REVIEW OF BUSINESS |
The results for the year and financial position of the company are as shown in the annexed financial statements. Since the |
company did not actively trade during the period, it did not receive an income from its principal activity but continued to |
invest funds on short term deposit. |
DIVIDENDS |
No dividends will be distributed for the year ended 31 March 2013. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2012 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with |
applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors |
are aware of that information. |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2013 |
AUDITORS |
The auditors, Davis Burton Sellek, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE GREAT EASTERN SHIPPING CO LONDON LTD |
We have audited the financial statements of The Great Eastern Shipping Co London Ltd for the year ended |
31 March 2013 on pages six to eleven. The financial reporting framework that has been applied in their preparation is |
applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
Respective responsibilities of directors and auditors |
Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have |
been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the |
directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial |
information in the Report of the Directors to identify material inconsistencies with the audited financial statements. If we |
become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. |
Opinion on financial statements |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 March 2013 and of its loss for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Directors for the financial year for which the financial |
statements are prepared is consistent with the financial statements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
THE GREAT EASTERN SHIPPING CO LONDON LTD |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
PROFIT AND LOSS ACCOUNT |
FOR THE YEAR ENDED 31 MARCH 2013 |
2013 | 2012 |
Notes | $ | $ |
TURNOVER |
Administrative expenses |
OPERATING LOSS | 3 | ( |
) | ( |
) |
Interest receivable and similar income |
LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION |
( |
) | ( |
) |
Tax on loss on ordinary activities | 4 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
CONTINUING OPERATIONS |
None of the company's activities were acquired or discontinued during the current year or previous year. |
TOTAL RECOGNISED GAINS AND LOSSES |
The company has no recognised gains or losses other than the losses for the current year or previous year. |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
BALANCE SHEET |
31 MARCH 2013 |
2013 | 2012 |
Notes | $ | $ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Profit and loss account | 7 |
SHAREHOLDERS' FUNDS | 11 |
The financial statements were approved by the Board of Directors on |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2013 |
2013 | 2012 |
Notes | $ | $ |
Net cash outflow |
from operating activities | 1 | (45,616 | ) | (47,296 | ) |
Returns on investments and |
servicing of finance | 2 | 14,670 | 15,993 |
Decrease in cash in the period | (30,946 | ) | (31,303 | ) |
Reconciliation of net cash flow |
to movement in net funds | 3 |
Decrease in cash in the period | (30,946 | ) | (31,303 | ) |
Change in net funds resulting |
from cash flows | ( |
) | ( |
) |
Movement in net funds in the period | ( |
) | ( |
) |
Net funds at 1 April |
Net funds at 31 March |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
NOTES TO THE CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 MARCH 2013 |
1. | RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES |
2013 | 2012 |
$ | $ |
Operating loss | ( |
) | ( |
) |
Decrease in creditors | - | (1,704 | ) |
Net cash outflow from operating activities | (45,616 | ) | (47,296 | ) |
2. | ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT |
2013 | 2012 |
$ | $ |
Returns on investments and servicing of finance |
Interest received | 15,791 | 16,258 |
Foreign exchange gains/(losses) | (1,121 | ) | (265 | ) |
Net cash inflow for returns on investments and servicing of finance | 14,670 | 15,993 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At |
At 1.4.12 | Cash flow | 31.3.13 |
$ | $ | $ |
Net cash: |
Cash at bank | ( |
) |
(30,946 | ) |
Total | ( |
) |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2013 |
1. | ACCOUNTING POLICIES |
Accounting convention |
The financial statements have been prepared under the historical cost convention and are in accordance with |
applicable accounting standards. |
Deferred tax |
No provision for deferred tax is required. |
Foreign currencies |
The financial statements are stated in U.S. dollars. |
Assets and liabilities denominated in other currencies are translated into dollars at the rates of exchange ruling at |
the balance sheet date. Income and expenditure transactions in other currencies are translated into dollars at the |
average rate for the year. Exchange differences are taken to the profit and loss account for the year. |
2. | STAFF COSTS |
There were no staff costs for the year ended 31 March 2013 nor for the year ended 31 March 2012. |
3. | OPERATING LOSS |
The operating loss is stated after charging: |
2013 | 2012 |
$ | $ |
Auditors' remuneration |
Non-audit tax and consultancy |
fees |
Directors' remuneration |
4. | TAXATION |
Analysis of the tax charge |
No liability to UK corporation tax arose on ordinary activities for the year ended 31 March 2013 nor for the year |
ended 31 March 2012. |
Factors affecting the tax charge |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is |
explained below: |
2013 | 2012 |
$ | $ |
Loss on ordinary activities before tax | ( |
) | ( |
) |
Loss on ordinary activities |
multiplied by the standard rate of corporation tax |
in the UK of |
( |
) | ( |
) |
Effects of: |
Losses carried forward |
Current tax charge |
THE GREAT EASTERN SHIPPING CO LONDON LTD (REGISTERED NUMBER: 01877474) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2013 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2013 | 2012 |
$ | $ |
Accrued expenses |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2013 | 2012 |
value: | $ | $ |
Ordinary | £10 |
7. | RESERVES |
Profit |
and loss |
account |
$ |
At 1 April 2012 |
Deficit for the year | ( |
) |
At 31 March 2013 |
8. | CONTINGENT LIABILITIES |
9. | RELATED PARTY DISCLOSURES |
There were no financial transactions with related parties during the year other than transactions with entities |
forming part of the Great Eastern Shipping Group. Group financial statements in which those entities are included |
are publicly available. |
10. | ULTIMATE CONTROLLING PARTY |
11. | RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS |
2013 | 2012 |
$ | $ |
Loss for the financial year | ( |
) | ( |
) |
Net reduction of shareholders' funds | ( |
) | ( |
) |
Opening shareholders' funds |
Closing shareholders' funds |