Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-28truetruefalseNo description of principal activity2022-03-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.11 11223524 2022-03-01 2023-02-28 11223524 2021-03-01 2022-02-28 11223524 2023-02-28 11223524 2022-02-28 11223524 c:Director1 2022-03-01 2023-02-28 11223524 d:CurrentFinancialInstruments 2023-02-28 11223524 d:CurrentFinancialInstruments 2022-02-28 11223524 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11223524 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 11223524 d:ShareCapital 2023-02-28 11223524 d:ShareCapital 2022-02-28 11223524 d:RetainedEarningsAccumulatedLosses 2023-02-28 11223524 d:RetainedEarningsAccumulatedLosses 2022-02-28 11223524 c:OrdinaryShareClass1 2022-03-01 2023-02-28 11223524 c:OrdinaryShareClass1 2023-02-28 11223524 c:OrdinaryShareClass1 2022-02-28 11223524 c:FRS102 2022-03-01 2023-02-28 11223524 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 11223524 c:FullAccounts 2022-03-01 2023-02-28 11223524 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 11223524










NAUTICAL CARRIERS (UK) LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
NAUTICAL CARRIERS (UK) LTD
REGISTERED NUMBER: 11223524

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
763
763

  
763
763

Creditors: amounts falling due within one year
 5 
(12,040)
(13,600)

Net current liabilities
  
 
 
(11,277)
 
 
(12,837)

  

Net liabilities
  
(11,277)
(12,837)


Capital and reserves
  

Called up share capital 
 6 
2
2

Profit and loss account
  
(11,279)
(12,839)

  
(11,277)
(12,837)


Page 1

 
NAUTICAL CARRIERS (UK) LTD
REGISTERED NUMBER: 11223524
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



K Koutsomitopoulos
Director

Date: 27 November 2023

The notes on pages 3 to 5 form part of these financial statements.

Page 2

 
NAUTICAL CARRIERS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Nautical Carriers (UK) Ltd is a private company limited by shares incorporated in England and Wales, registration number 11223524. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 28 February 2023, the company had total net liabilities of £11,277 (2022: £12,837). The financial statements have been prepared on a going concern basis as the parent company has confirmed its willingness and ability to support the company for at least twelve months from the date of approval of the financial statements.

 
2.3

Revenue

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 as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
NAUTICAL CARRIERS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


Debtors

2023
2022
£
£


Other debtors
763
763



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
6,624
9,452

Other taxation and social security
2,266
998

Accruals and deferred income
3,150
3,150

12,040
13,600


Page 4

 
NAUTICAL CARRIERS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

6.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares shares of £1.00 each
2
2



7.


Related party transactions

During the year the Company made advances of £2,828 to Nautical Carriers Incorporated; at 28 February 2023 £6,624 (2022: £9,452) was owed to Nautical Carriers Incorporated, a private company based in the Marshall Islands of which the director, Mr K Koutsomitopoulos, is a controlling person. The balance is unsecured, interest free and repayable on demand.


8.


Parent entity and controlling party

The immediate and ultimate parent company is Nautical Carriers Incorporated, a company based in the Marshall Islands. The company was under the control of Mr K Koutsomitopoulos and Mr A Papadopoulos throughout the year and prior year.

 
Page 5