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Registration number: 09054066

Cobelfret UK Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2023

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Cobelfret UK Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 8

Statement of Income and Retained Earnings

9

Statement of Financial Position

10

Notes to the Financial Statements

11 to 20

 

Cobelfret UK Limited

Company Information

Directors

B D Dove-Seymour

P A Grout

S M Hammond

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Cobelfret UK Limited

Strategic Report for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the company is that of an investment holding company.

Fair review of the business

The company’s subsidiaries and associates undertake bulk cargo and chemical tanker shipping business.

The company made a profit for the year ended 31 October 2023 of £5,257,973 due principally to dividends receivable from subsidiary undertakings of £5,203,732. Turnover of £550,361 is similar to previous years.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Investments

£

162,145,053

160,164,508

Capital and reserves

£

164,155,488

160,453,625

Equity to fixed asset ratio

%

100

100

Principal risks and uncertainties

The company does not undertake shipping or other commercial activities of its own. The principal risks facing the company relate to the activities of its subsidiaries and associates, which operate exclusively in the dry bulk and chemical tanker market. They are therefore susceptible to changes in the economic conditions of these markets, including the volatility of the demand for raw materials or products that their ships carry, fuel and labour costs, and impacts on the underlying value of their vessel assets.

The operation of maritime vessels also involves a number of risks such as potential losses due to damage to vessels, cargo/loading/freight losses or pollution, or in certain parts of the world, terrorist activity. Consequently these companies have taken out the necessary insurance policies to cover these risks.

Other risks include counterparty default risk, exchange rates, the ability to access financing, and the activities of its joint venture partners.

The directors consider that it is appropriate to adopt the going concern basis for the preparation of the company’s audited accounts and financial statements.

 

Cobelfret UK Limited

Strategic Report for the Year Ended 31 October 2023

Conclusions

At the time of this financial statement, a mixed economic outlook and other factors such as war in Ukraine contribute to uncertainties about the global economy and therefore on demand for the services of the company’s subsidiaries. The directors consider that nonetheless the company’s subsidiaries and associates have taken steps to manage and mitigate these risks so far as possible and thereby the impact on the company’s performance.

Approved by the Board on 30 July 2024 and signed on its behalf by:

.........................................
B D Dove-Seymour
Director

 

Cobelfret UK Limited

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the financial statements for the year ended 31 October 2023.

Directors of the company

The directors who held office during the year were as follows:

B D Dove-Seymour

P A Grout

S M Hammond

Directors' indemnities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.


Dividends

Interim dividends of £1,556,110 (2022: £42,315,540) were paid during the year. No final dividend is proposed.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 30 July 2024 and signed by:



 

.........................................
B D Dove-Seymour
Director

 

Cobelfret UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2023

Opinion

We have audited the financial statements of Cobelfret UK Limited (the 'company') for the year ended 31 October 2023, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and 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 October 2023 and of its profit 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 Auditor’s 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 original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2023

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 5), the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

 

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2023

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

30 July 2024

 

Cobelfret UK Limited

Statement of Income and Retained Earnings for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

3

550,361

427,948

Administrative expenses

 

(558,411)

(267,429)

Other operating income

5,203,732

44,105,125

Operating profit

5

5,195,682

44,265,644

Other interest receivable and similar income

62,129

2

 

62,129

2

Profit before tax

 

5,257,811

44,265,646

Taxation

9

162

23

Profit for the financial year

 

5,257,973

44,265,669

Retained earnings brought forward

 

15,890,085

13,939,956

Dividends paid

 

(1,556,110)

(42,315,540)

Retained earnings carried forward

 

19,591,948

15,890,085

 

Cobelfret UK Limited

Statement of Financial Position as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

10

15,605

16,810

Investments

11

162,145,053

160,164,508

 

162,160,658

160,181,318

Current assets

 

Debtors

12

198,657

196,587

Cash at bank and in hand

 

1,846,895

153,471

 

2,045,552

350,058

Creditors: Amounts falling due within one year

14

(50,722)

(77,751)

Net current assets

 

1,994,830

272,307

Net assets

 

164,155,488

160,453,625

Capital and reserves

 

Called up share capital

135,522,009

135,522,009

Share premium reserve

9,041,531

9,041,531

Retained earnings

19,591,948

15,890,085

Shareholders' funds

 

164,155,488

160,453,625

Approved and authorised by the Board on 30 July 2024 and signed on its behalf by:

 

......................................................................

B D Dove-Seymour

Director

Company registration number: 09054066

 

Cobelfret UK Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of an investment holding company.

The principal place of business is;
Long Reach House
London Road
Purfleet
Essex
RM19 1PD

2

Accounting policies

Statement of compliance

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

The company exercises judgement to determine whether any impairment is necessary in respect of fixed asset investments.

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

 

Cobelfret UK Limited

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

Going concern

The company made a profit for the year ended 31 October 2023 of £5,257,973 and had net assets of £164,155,488 at that date.

As an investment holding company the company has no significant working capital requirements of its own and its continued operational existence is dependent upon the subsidiary and associated undertakings remaining in operational existence.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Summary of disclosure exemptions

Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosures have been given for the aggregate remuneration of key management personnel.

Group accounts not prepared

Exemption is taken from preparing consolidated financial statements under Companies Act 2006 section 401 on the basis that the company and its subsidiary undertakings are reflected in the consolidated accounts of CLdN Armateurs AG.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of legal services. Turnover is shown net of Value Added Tax, rebates and discounts.

Turnover from the provision of legal services is recognised based upon the stage of completion.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Cobelfret UK Limited

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

Tax

The tax expense for the year comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% - 50% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Cobelfret UK Limited

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

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2023
£

2022
£

Rendering of services

550,361

427,948

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2023
 £

2022
 £

Gain/loss on disposal of property, plant and equipment

1

-

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,584

1,517

Foreign exchange losses/(gains)

20,466

(162,354)

Profit on disposal of property, plant and equipment

(1)

-

 

Cobelfret UK Limited

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

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

320,548

279,710

Social security costs

36,274

36,957

Pension costs, defined contribution scheme

16,327

15,965

Other employee expense

1,301

1,711

374,450

334,343

The average number of persons employed by the company during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

1

1

Management

2

2

3

3

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
 £

2022
 £

Remuneration

248,436

213,626

Contributions paid to money purchase schemes

12,000

12,000

260,436

225,626

8

Auditor's remuneration

2023
 £

2022
 £

Audit of the financial statements

4,500

3,900

Other non audit fees

2,371

2,570


 

 

Cobelfret UK Limited

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

9

Taxation

Tax charged/(credited) in the income statement

2023
£

2022
£

Deferred taxation

Arising from origination and reversal of timing differences

(162)

(23)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - lower than the standard rate of corporation tax in the UK) of 23.52% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

5,257,811

44,265,646

Corporation tax at standard rate

1,236,637

8,410,473

Effect of income exempt from taxation

(1,223,918)

(8,410,806)

Tax decrease from effect of capital allowances and depreciation

(507)

(360)

Tax decrease from other short-term timing differences

(162)

(23)

Effect of expense not deductible in determining taxable profit (tax loss)

6

1,894

Effect of tax losses

(12,218)

(1,201)

Total tax credit

(162)

(23)

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Accelerated capital allowances

495

495

2022

Asset
£

Accelerated capital allowances

333

333

 

Cobelfret UK Limited

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

10

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 November 2022

20,178

20,178

Additions

5,141

5,141

Disposals

(2,762)

(2,762)

At 31 October 2023

22,557

22,557

Depreciation

At 1 November 2022

3,368

3,368

Charge for the year

3,584

3,584

At 31 October 2023

6,952

6,952

Carrying amount

At 31 October 2023

15,605

15,605

At 31 October 2022

16,810

16,810

11

Investments

2023
 £

2022
 £

Investments in subsidiaries

147,569,931

147,569,931

Investments in associates

14,575,122

12,594,577

162,145,053

160,164,508

Subsidiaries

£

Cost or valuation

At 1 November 2022 and 31 October 2023

149,827,230

Provision

At 1 November 2022 and 31 October 2023

2,257,299

Carrying amount

At 31 October 2022 and 31 October 2023

147,569,931

 

Cobelfret UK Limited

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

Associates

£

Cost

At 1 November 2022

12,594,577

Additions

1,980,545

At 31 October 2023

14,575,122

Carrying amount

At 31 October 2023

14,575,122

At 31 October 2022

12,594,577

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

CLdN Cobelfret PTE Ltd

3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190)

Ordinary

100%

100%

         

Cobelfret Agencies PTE Ltd

3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190)

Ordinary

100%

100%

         

Associates

BTS Tankers PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Calypso PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Camilla PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Capella PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Winter PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Elizabeth PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Fabulous PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Summer PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

0%

 

Siingapore

     

The principal activities of the subsidiary undertakings and associates are that of the ownership and chartering of vessels.

 

Cobelfret UK Limited

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

12

Debtors

Note

2023
£

2022
£

Trade debtors

 

12,887

29,823

Other debtors

 

20,900

18,400

Prepayments and accrued income

 

164,375

148,031

Deferred tax assets

9

495

333

 

198,657

196,587

13

Cash and cash equivalents

2023
£

2022
£

Cash on hand

1,846,895

153,471

14

Creditors

2023
£

2022
£

Due within one year

Trade creditors

15,386

54,521

Social security and other taxes

26,669

15,603

Accruals

8,667

7,627

50,722

77,751

15

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

135,522,009

135,522,009

135,522,009

135,522,009

       

There are no restrictions on the repayment of capital or the declaration of dividends.

 

Cobelfret UK Limited

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

16

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

94,050

82,800

The amount of non-cancellable operating lease payments recognised as an expense during the year was £114,800 (2022 - £27,600).

17

Dividends

2023

2022

£

£

Interim dividend of £0.011 (2022 - £0.312) per ordinary share

1,556,110

42,315,540

 

 

18

Related party transactions

Exemption is taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts falling due between companies that are wholly owned within the group.

During the year, sales of £550,360 (2022: £423,443) were made to entities under common control.

19

CONTINGENCIES AND SECURITY

The company's shares in associated undertakings have been pledged as security in respect of the bank borrowings of the company by way of a fixed charge.

20

Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is CLdN Armateurs AG incorporated in Switzerland. CLdN Armateurs AG is the parent of the smallest and largest group preparing group accounts including the results of the company. The registered address of CLdN Armateurs AG is; route de Crassier 7, Eysins, Switzerland.