Tanker Agency Limited
|
Notes to the Accounts |
for the year ended 31 December 2014
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with applicable accounting standards, which have been applied consistently unless otherwise stated.
|
|
|
Turnover |
|
Turnover represents the amounts derived from its principal activity: the provision of administration services.
|
|
|
Foreign currencies |
|
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into US Dollars at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
|
|
2 |
Operating profit |
2014 |
|
2013 |
US$ |
US$ |
|
This is stated after charging: |
|
Accounts fees |
2,740 |
|
2,822 |
|
|
|
|
|
|
|
|
|
|
2 |
Other Interest receivable and similar income |
2014 |
|
2013 |
US$ |
US$ |
|
|
Interest payable |
- |
|
- |
|
Gain on foreign exchange |
- |
|
151 |
|
|
|
|
|
|
- |
|
151 |
|
|
|
|
|
|
|
|
|
|
|
3 |
Interest payable |
2014 |
|
2013 |
US$ |
US$ |
|
|
Loss on foreign exchange |
263 |
|
- |
|
|
|
|
|
|
|
|
|
|
4 |
Debtors |
2014 |
|
2013 |
US$ |
US$ |
|
|
Other debtors |
21,311 |
|
21,109 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2014 |
|
2013 |
US$ |
US$ |
|
|
Other creditors |
28,240 |
|
65,077 |
|
|
|
|
|
|
|
|
|
|
6 |
Share capital |
Nominal |
|
2014 |
|
2014 |
|
2013 |
value |
Number |
US$ |
US$ |
|
Allotted, called up and fully paid: |
|
Ordinary shares
|
£1 each |
|
1,000 |
|
1,494 |
|
1,494 |
|
|
|
|
|
|
|
|
|
|
7 |
Profit and loss account |
2014 |
US$ |
|
|
At 1 January 2014 |
54,728 |
|
Loss for the year |
(12,072) |
|
|
At 31 December 2014 |
42,656 |
|
|
|
|
|
|
|
|
8 |
Related party transactions |
|
|
The total related business in which the company was involved amounted to US$ 36,751 (2013: US$ 114,068).
|
|
|
9 |
Ultimate controlling party |
|
|
The directors are aware of the ultimate controlling party. However, they are under a duty of confidentiality that prevents them from disclosing certain information otherwise required by Financial Reporting Standard 8. Therefore they have taken the exemption offered by the standard in respect of confidentiality.
|