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REGISTERED NUMBER: 01364894 (England and Wales)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2023

for

Tsakos Shipping (London) Limited

Tsakos Shipping (London) Limited (Registered number: 01364894)






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




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 5


Tsakos Shipping (London) Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J C Amin
E Nerantzis





SECRETARY: D J Eleazar





REGISTERED OFFICE: 10 Lower Grosvenor Place
London
SW1W 0EN





REGISTERED NUMBER: 01364894 (England and Wales)





ACCOUNTANTS: Douglas Wadkin
11 Amwell Street
London
EC1R 1UL

Tsakos Shipping (London) Limited (Registered number: 01364894)

Report of the Directors
for the Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors who have held office during the period from 1 January 2023 to the date of this report are as follows:

A G Bisbas - resigned 30 November 2023
J C Amin - appointed 1 December 2023
E Nerantzis - appointed 1 December 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





J C Amin - Director


31 July 2024

Tsakos Shipping (London) Limited (Registered number: 01364894)

Income Statement
for the Year Ended 31 December 2023

31.12.23 31.12.22
Notes £    £   

TURNOVER - -

Administrative expenses 1,436,751 1,401,387
(1,436,751 ) (1,401,387 )

Other operating income 1,441,585 1,366,002
OPERATING PROFIT/(LOSS) 4 4,834 (35,385 )

Interest receivable and similar income 11,785 380
16,619 (35,005 )

Interest payable and similar expenses 3,388 1,580
PROFIT/(LOSS) BEFORE TAXATION 13,231 (36,585 )

Tax on profit/(loss) 1,093 -
PROFIT/(LOSS) FOR THE FINANCIAL YEAR 12,138 (36,585 )

Tsakos Shipping (London) Limited (Registered number: 01364894)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 26,215 3

CURRENT ASSETS
Debtors 6 391,330 258,245
Cash at bank and in hand 957,669 1,108,960
1,348,999 1,367,205
CREDITORS
Amounts falling due within one year 7 1,265,551 1,269,683
NET CURRENT ASSETS 83,448 97,522
TOTAL ASSETS LESS CURRENT LIABILITIES 109,663 97,525

CREDITORS
Amounts falling due after more than one year 8 193,419 193,419
NET LIABILITIES (83,756 ) (95,894 )

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Retained earnings (93,756 ) (105,894 )
SHAREHOLDERS' FUNDS (83,756 ) (95,894 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





J C Amin - Director


Tsakos Shipping (London) Limited (Registered number: 01364894)

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

1. STATUTORY INFORMATION

Tsakos Shipping (London) 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.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and 10% on cost

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

31.12.23 31.12.22
£    £   
Depreciation - owned assets 3,049 13

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 60,755
Additions 29,262
Disposals (22,655 )
At 31 December 2023 67,362
DEPRECIATION
At 1 January 2023 60,752
Charge for year 3,049
Eliminated on disposal (22,654 )
At 31 December 2023 41,147
NET BOOK VALUE
At 31 December 2023 26,215
At 31 December 2022 3

Tsakos Shipping (London) Limited (Registered number: 01364894)

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

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Other debtors 391,330 258,245

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 313,142 48,318
Amounts owed to group undertakings 834,469 846,858
Taxation and social security 106,390 25,312
Other creditors 11,550 349,195
1,265,551 1,269,683

The related undertaking is Tsakos Shipping & Trading S.A.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The loan is interest free and there are no specified terms of repayment. The loan is from Tsakos Shipping & Trading S.A. The related company has confirmed that the loan will not be required for repayment within one year of the balance sheet date and that they intend to continue to provide financial support to the company for the foreseeable future and for at least the following twelve months.