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REGISTERED NUMBER: 04727463 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 March 2023

for

NKD Maritime Limited

NKD Maritime Limited (Registered number: 04727463)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Statement of Financial Position 8

Statement of Changes in Equity 9

Statement of Cash Flows 10

Notes to the Statement of Cash Flows 11

Notes to the Financial Statements 12


NKD Maritime Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: N Dheir





SECRETARY: Mrs C A Dheir





REGISTERED OFFICE: The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: 04727463 (England and Wales)





AUDITORS: Xeinadin Audit Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

NKD Maritime Limited (Registered number: 04727463)

Strategic Report
for the Year Ended 31 March 2023

REVIEW OF BUSINESS
The results for the year and financial position of the company at the year end are shown in the annexed financial statements.

The level of business activity has increased from 2022 and the director is pleased to report a turnover of £70.3m (2022: £60.4m).

The company continues to maintain good working relationships with its suppliers and partners in the Far East, which in turn has ensured the profitable position this year.

The Balance Sheet remains strong with retained reserves of £1.33m, which ensures the company has a good base to continue into the new financial year.

There are no specific key performance indicators (KPIs) that the directors use to assess the company's performance. Accordingly, no further references to KPIs are made in this report.

FUTURE DEVELOPMENTS
Despite the reduction in available vessels due to the economic downturn, the new financial year has started strongly with a number of profitable trades occurring, which the Board hope will continue for the remainder of the year.

PRINCIPAL RISKS AND UNCERTAINTIES
Whilst it is important for the company to be able to respond quickly to changes in market conditions, the director's main focus is on those risks which can control or at least influenced. The director considers fluctuations in the supply of vessels and exchange rate variances to be among the risks to the company. Based on the results of this financial year, however, the company is well placed to deal with such uncertainties.

ON BEHALF OF THE BOARD:





N Dheir - Director


21 September 2023

NKD Maritime Limited (Registered number: 04727463)

Report of the Director
for the Year Ended 31 March 2023

The director presents his report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The company specialises in the acquisition of shipping tonnage for scrapping and recycling.

DIVIDENDS
No dividends will be distributed for the year ended 31 March 2023.

DIRECTOR
N Dheir held office during the whole of the period from 1 April 2022 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 director is 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 he 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.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





N Dheir - Director


21 September 2023

Report of the Independent Auditors to the Members of
NKD Maritime Limited

Opinion
We have audited the financial statements of NKD Maritime Limited (the 'company') for the year ended 31 March 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
NKD Maritime Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- Meeting key personal responsible for specific functions relating to laws and regulations
- Review of legal fees incurred
- Agreeing the financial statement disclosures to underlying supporting documentation
- Reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion and misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
NKD Maritime Limited


Use of our report
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.




Nigel Shaw (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
12 Conqueror Court
Sittingbourne
Kent
ME10 5BH

21 September 2023

NKD Maritime Limited (Registered number: 04727463)

Statement of Comprehensive
Income
for the Year Ended 31 March 2023

2023 2022
Notes £    £   

TURNOVER 3 70,266,177 60,362,690

Cost of sales 70,088,917 60,049,382
GROSS PROFIT 177,260 313,308

Administrative expenses 157,842 171,557
OPERATING PROFIT 5 19,418 141,751

Interest receivable and similar income 2,786 3,786
22,204 145,537

Interest payable and similar expenses 6 60,971 60,078
(LOSS)/PROFIT BEFORE TAXATION (38,767 ) 85,459

Tax on (loss)/profit 7 (5,354 ) 20,834
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(33,413

)

64,625

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR

(33,413

)

64,625

NKD Maritime Limited (Registered number: 04727463)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 9 125,040 8,339,515
Cash at bank 5,552,147 1,389,606
5,677,187 9,729,121
CREDITORS
Amounts falling due within one year 10 3,510,400 7,528,921
NET CURRENT ASSETS 2,166,787 2,200,200
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,166,787

2,200,200

CAPITAL AND RESERVES
Called up share capital 13 2,735 2,735
Share premium 14 829,597 829,597
Retained earnings 14 1,334,455 1,367,868
SHAREHOLDERS' FUNDS 2,166,787 2,200,200

The financial statements were approved by the director and authorised for issue on 21 September 2023 and were signed by:





N Dheir - Director


NKD Maritime Limited (Registered number: 04727463)

Statement of Changes in Equity
for the Year Ended 31 March 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 April 2021 2,735 1,369,243 829,597 2,201,575

Changes in equity
Dividends - (66,000 ) - (66,000 )
Total comprehensive income - 64,625 - 64,625
Balance at 31 March 2022 2,735 1,367,868 829,597 2,200,200

Changes in equity
Total comprehensive loss - (33,413 ) - (33,413 )
Balance at 31 March 2023 2,735 1,334,455 829,597 2,166,787

NKD Maritime Limited (Registered number: 04727463)

Statement of Cash Flows
for the Year Ended 31 March 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 8,611,221 (2,877,978 )
Interest paid (60,971 ) (60,078 )
Tax paid (20,783 ) (51,851 )
Net cash from operating activities 8,529,467 (2,989,907 )

Cash flows from investing activities
Interest received 2,786 3,786
Net cash from investing activities 2,786 3,786

Cash flows from financing activities
Movement on related party loans 690,382 (4,605,275 )
Movement on short term loans (5,053,448 ) 5,053,448
Movement on director's loan (6,646 ) 668
Equity dividends paid - (66,000 )
Net cash from financing activities (4,369,712 ) 382,841

Increase/(decrease) in cash and cash equivalents 4,162,541 (2,603,280 )
Cash and cash equivalents at beginning of
year

2

1,389,606

3,992,886

Cash and cash equivalents at end of year 2 5,552,147 1,389,606

NKD Maritime Limited (Registered number: 04727463)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (38,767 ) 85,459
Finance costs 60,971 60,078
Finance income (2,786 ) (3,786 )
19,418 141,751
Decrease/(increase) in trade and other debtors 8,226,364 (2,805,059 )
Increase/(decrease) in trade and other creditors 365,439 (214,670 )
Cash generated from operations 8,611,221 (2,877,978 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 5,552,147 1,389,606
Year ended 31 March 2022
31.3.22 1.4.21
£    £   
Cash and cash equivalents 1,389,606 3,992,886


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1.4.22 Cash flow At 31.3.23
£    £    £   
Net cash
Cash at bank 1,389,606 4,162,541 5,552,147
1,389,606 4,162,541 5,552,147
Debt
Debts falling due within 1 year (5,053,448 ) 5,053,448 -
(5,053,448 ) 5,053,448 -
Total (3,663,842 ) 9,215,989 5,552,147

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

NKD Maritime 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 company is not part of a group.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
No significant judgements or estimations have been applied in the preparation of the financial statements.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales tax.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
The company's functional currency for its trading activity is US dollars.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Debtors
Short term debtors are measured at the transaction price, less any impairment.

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Creditors
Short term creditors are measured at the transaction price.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
Asia 70,266,177 60,362,690
70,266,177 60,362,690

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 79,000 79,000
Social security costs 2,513 3,241
81,513 82,241

The average number of employees during the year was as follows:
2023 2022

Administrative staff (incl director) 3 3

2023 2022
£    £   
Director's remuneration 50,000 50,000

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Auditors' remuneration 17,000 10,750
Auditors' remuneration for non audit work 9,740 6,000

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank charges and arrangement fees 58,226 65,670
CT penalties and interest 194 -
Loan interest 2,551 (5,592 )
60,971 60,078

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - 20,834
Prior year adjustment (5,354 ) -

Tax on (loss)/profit (5,354 ) 20,834

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (38,767 ) 85,459
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(7,366

)

16,237

Effects of:
Expenses not deductible for tax purposes 2,012 4,597

Total tax (credit)/charge (5,354 ) 20,834

8. DIVIDENDS
2023 2022
£    £   
Ordinary B shares of £1 each
Interim - 66,000

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Advance ship payments 97,541 8,321,074
Amounts owed by related parties 15,683 14,943
Directors' current accounts 5,795 -
Tax 5,354 -
VAT 107 1,504
Prepayments 560 1,994
125,040 8,339,515

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 11) - 5,053,448
Amounts owed to related parties 3,129,859 2,438,737
Taxation 51 20,834
Other creditors 380,490 15,051
Directors' current accounts - 851
3,510,400 7,528,921

11. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Loan - 5,053,448

12. SECURED DEBTS

State bank of India has a fixed and floating charge over all the company's assets.

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2,400 Ordinary A £1 2,400 2,400
335 Ordinary B £1 335 335
2,735 2,735

The Ordinary A shares and Ordinary B shares rank equally in all respects, other than the Ordinary A Shares carry 100% of the voting rights.

14. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 1,367,868 829,597 2,197,465
Deficit for the year (33,413 ) (33,413 )
At 31 March 2023 1,334,455 829,597 2,164,052

15. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the director, N Dheir owed the company £5,795 (2022: £851 owed to director).

The loan is unsecured and was repaid after the year end.

16. RELATED PARTY DISCLOSURES

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

16. RELATED PARTY DISCLOSURES - continued

Companies with common shareholders
2023 2022
£    £   
Amount due from related parties 15,683 14,943
Amount due to related parties 3,129,859 2,438,737

The amounts owed to and from related parties at the year end are unsecured and repayable on demand.

During the year, a total of key management personnel compensation of £ 50,000 (2022 - £ 50,000 ) was paid.

17. ULTIMATE CONTROLLING PARTY

The company has no controlling party.