REGISTERED NUMBER:
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PORT 2 PORT MARITIME SECURITY LTD |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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REGISTERED NUMBER:
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PORT 2 PORT MARITIME SECURITY LTD |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019 |
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PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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PORT 2 PORT MARITIME SECURITY LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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INDEPENDENT AUDITORS : |
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Chartered Accountants and Statutory Auditors |
36-38 Northland Row |
Dungannon |
Co. Tyrone |
BT71 6AP |
PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | $ | $ |
NON-CURRENT ASSETS |
Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Receivables: amounts falling due within
one year |
7 |
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Cash at bank and in hand |
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PAYABLES |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PAYABLES |
Amounts falling due after more than
one year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 12 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Port 2 Port Maritime Security Ltd is a private company, limited by shares, registered in England and Wales within the United Kingdom. The company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is US Dollars ($). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets. The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Revenue |
Revenue comprises the invoice value of services provided by the Company exclusive of value added tax. Revenue is recognised on completion of transit. For transits having duration over 30 days, revenue is recognised on proportionate basis into the Accounting period according to the proportion of transit completed at the reporting date, as on embarkation/disembarkation port basis. Full provision is made for any losses on a transit in progress at the reporting date. |
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Property, plant and equipment |
Property, plant and equipment are stated at cost or at valuation, less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
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Fixtures & fittings | 20% straight line |
Office/computer equipment | 33% straight line |
Security equipment | 22%/33% straight line |
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The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
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(i) Financial assets |
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Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. |
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At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in the Income Statement. |
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(ii) Financial liabilities |
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Basic financial liabilities, including trade and other payables, bank loans and overdrafts and hire purchase contracts are initially recognised at transaction price,unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. |
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Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
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(iii) Offsetting |
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Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
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PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date. |
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Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the Statement of Financial Position date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements. |
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Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Foreign currencies |
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Financial Position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated at the rates of exchange ruling at the date of the transaction. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. The resulting exchange differences are dealt with in the Income Statement. |
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Employee benefits |
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. |
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Cash flow statement |
The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
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Share capital |
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Fixed Asset Investments |
Fixed assets investments are held at cost less accumulated impairment losses. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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5. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and | Office/Computer | Security |
fittings | Equipment | Equipment | Totals |
$ | $ | $ | $ |
COST |
At 1 January 2019 |
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Additions |
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Disposals |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
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COST |
At 1 January 2019 |
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Additions |
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Reclassification/transfer | ( |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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7. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
$ | $ |
Trade receivables |
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Other receivables | 35,823 | 57,557 |
Cash equivalent investment | 444,806 | 444,806 |
Tax |
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VAT |
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Deferred tax asset |
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PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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8. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
$ | $ |
Bank loans and overdrafts (see note 10) |
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Trade payables |
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Amounts owed to group undertakings |
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Tax |
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Social security and other taxes |
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Accruals and deferred income |
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9. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
2019 | 2018 |
$ | $ |
Bank loans (see note 10) |
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10. | LOANS |
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An analysis of the maturity of loans is given below: |
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2019 | 2018 |
$ | $ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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Bank loans |
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Amounts falling due between one and two years: |
Bank loans - 1-2 years |
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11. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
$ | $ |
Bank loans |
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The bank loan is secured by: |
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A debenture and negative pledge in favour of Barclays Bank PLC for a fixed and floating charge on the property and assets of the company. |
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12. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | $ | $ |
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Issued Share Capital | 1.64 | 164 | 164 |
PORT 2 PORT MARITIME SECURITY LTD (REGISTERED NUMBER: 07671660) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Auditors' Report was unqualified. |
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for and on behalf of
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14. | OTHER FINANCIAL COMMITMENTS |
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The company have financial commitments in respect of rental expenses for office building amounting to $51,361 (2018: $50,826). |
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15. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |