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REGISTERED NUMBER: 10142662 (England and Wales)













Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2023

for

Casper Chartering Limited

Casper Chartering Limited (Registered number: 10142662)






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




Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Statement of Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


Casper Chartering Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: P M Buffam
M Shakesheff
M D Sharp





REGISTERED OFFICE: Tees Wharf
Dockside Road
Middlesbrough
Cleveland
TS3 6AH





REGISTERED NUMBER: 10142662 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

Casper Chartering Limited (Registered number: 10142662)

Group Strategic Report
for the Year Ended 31 December 2023

The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS
The key financial indicators for the group during the year were as follows:


2023 2022
£'000 £'000

Turnover 23,633 32,104
Profit before tax (340) 5,757

Ocean freight demand throughout 2023 was significantly reduced which resulted in an inevitable reduction in shipping rates which directly affected the group. Throughout the year fuel markets remained volatile with bunker costs for Marine Gas Oil varying between $650 and $1,000 per metric tonne. Shipping rates at the end of the year appear to have stabilised and the next twelve months are forecast to produce more favourable results.

On 24 October 2023, the M.V. Verity, laden with a cargo of steel coils was involved in a collision with the M.V. Polesie approximately 14 nautical miles southwest of Heligoland, Germany. At the time of the collision, the Polesie was owned by Ares Nine Shipping Limited and demise chartered to Polsteam Shipping Ltd, who in turn demise chartered her to Polsteam Shipping Company Limited. The Verity sank following the collision with the loss of five crew and was declared a total loss; two crew survived. The Polesie suffered damage following the collision but was able to continue her voyage.

The group's own losses and third-party claims against the Verity arising from the collision were fully insured and have been subrogated.

PRINCIPAL RISKS AND UNCERTAINTIES
The group constantly reviews potential risks and uncertainties; those facing the group are broadly classified as follows:

- Health and Safety
- Environmental
- Economy
- Investment
- Financial

Health and safety
The group remains constantly vigilant and actively encourages everyone to report any unsafe practices or near miss instances.

Environmental
The group remains fully committed to reducing its overall environmental impact and is always in line with regulatory requirements and continues to excel with introduction of carbon cutting initiatives.

Economy
The current volatility affecting the steel, oil and gas industry sectors may have a material effect upon future performance. Fuel prices have been particularly unpredictable since early 2022 and continue to be so.

Investment
The group constantly reviews its fleet which is a mix between chartered and owned vessels. Investment in further owned vessels is always being reviewed to try to find the best mix to mitigate potential rising charter prices.

Financing
Progressing major capital investments reduces cash availability. The group has taken advantage of favourable borrowing terms to maintain a healthy working capital, however rising interest rates always has the potential to stymie future capital investment, until those interest rates either fall, or settle, to allow sound future modelling.


Casper Chartering Limited (Registered number: 10142662)

Group Strategic Report
for the Year Ended 31 December 2023

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the group's directors are of the opinion that analysis using KPI's is not necessary for an understanding of the development, performance or position of the group, and that all relevant financial information has been disclosed within the financial statements.

PURCHASE OF SHARES
On 22 December 2023 Casper Chartering Limited bought back 40 X ordinary shares from its then ultimate parent company, Casper Shipping Holdings Limited. At that date, Casper Chartering Limited ceased to be a subsidiary of Casper Shipping Holdings Limited as the holding was reduced from 70% to 50% of the issued share capital.

ON BEHALF OF THE BOARD:





M D Sharp - Director


12 April 2024

Casper Chartering Limited (Registered number: 10142662)

Report of the Directors
for the Year Ended 31 December 2023

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

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of chartering brokers and shipping agents.

The directors do not anticipate any significant future changes or developments.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 is £108,471 (2022 : £465,474) in respect of the ordinary shares.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

P M Buffam
M Shakesheff
M D Sharp

POLITICAL DONATIONS AND EXPENDITURE
No political donations ere made by the group during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are 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 directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director 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 group's auditors are aware of that information.

Casper Chartering Limited (Registered number: 10142662)

Report of the Directors
for the Year Ended 31 December 2023


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

ON BEHALF OF THE BOARD:





M D Sharp - Director


12 April 2024

Report of the Independent Auditors to the Members of
Casper Chartering Limited

Opinion
We have audited the financial statements of Casper Chartering Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2023 and of the group's 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 group 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 directors' 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 group's and the parent 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 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 in the Group Strategic Report and the Report of the Directors, 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Casper Chartering Limited


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

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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 four, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have 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.

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 industry, we have considered applicable laws and regulations which may be fundamental to the group's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Report of the Independent Auditors to the Members of
Casper Chartering Limited

Audit procedures performed by the engagement team included:
- Enquiry of management and those charged with governance around actual and potential litigation and claims.
- Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with
applicable laws and regulations.
- Auditing the risk of management override of controls, including through testing journal entries and other
adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the
normal course of business.
- Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and
accuracy of revenue and also to ensure revenue has been recognised in the correct period.

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. The 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, omission or 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.

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.




David Shawcross FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited
Statutory Auditors
Chartered Accountants
3 Kingfisher Court
Bowesfield Park
Stockton on Tees
TS18 3EX

24 April 2024

Casper Chartering Limited (Registered number: 10142662)

Consolidated
Statement of Comprehensive
Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 2 23,632,587 32,104,309

Cost of sales 21,499,994 24,616,974
GROSS PROFIT 2,132,593 7,487,335

Administrative expenses 2,793,307 1,590,606
OPERATING (LOSS)/PROFIT 4 (660,714 ) 5,896,729

Exceptional item 5 1,029,314 -
368,600 5,896,729

Interest receivable and similar income 21,974 -
390,574 5,896,729

Interest payable and similar expenses 6 729,661 139,862
(LOSS)/PROFIT BEFORE TAXATION (339,087 ) 5,756,867

Tax on (loss)/profit 7 (76,265 ) 1,264,719
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(262,822

)

4,492,148

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(262,822

)

4,492,148

(Loss)/profit attributable to:
Owners of the parent (262,822 ) 4,492,148

Total comprehensive income attributable to:
Owners of the parent (262,822 ) 4,492,148

Casper Chartering Limited (Registered number: 10142662)

Consolidated Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 474,954 550,820
Tangible assets 11 8,801,803 6,650,644
Investments 12 86 -
9,276,843 7,201,464

CURRENT ASSETS
Stocks 13 219,576 458,067
Debtors 14 1,884,751 2,740,660
Cash at bank and in hand 3,225,932 5,032,028
5,330,259 8,230,755
CREDITORS
Amounts falling due within one year 15 2,818,509 3,976,721
NET CURRENT ASSETS 2,511,750 4,254,034
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,788,593

11,455,498

CREDITORS
Amounts falling due after more than one
year

16

(5,856,635

)

(4,022,247

)

PROVISIONS FOR LIABILITIES 20 (552,684 ) (682,684 )
NET ASSETS 5,379,274 6,750,567

CAPITAL AND RESERVES
Called up share capital 21 60 100
Share premium 22 28,470 28,470
Capital redemption reserve 22 40 -
Retained earnings 22 5,350,704 6,721,997
SHAREHOLDERS' FUNDS 5,379,274 6,750,567

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:





M D Sharp - Director


Casper Chartering Limited (Registered number: 10142662)

Company Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 23,252 33,812
Tangible assets 11 8,597,557 6,438,938
Investments 12 1,913,673 1,913,673
10,534,482 8,386,423

CURRENT ASSETS
Stocks 13 219,576 458,067
Debtors 14 1,604,776 2,711,532
Cash at bank 3,034,057 3,708,440
4,858,409 6,878,039
CREDITORS
Amounts falling due within one year 15 3,680,302 3,948,537
NET CURRENT ASSETS 1,178,107 2,929,502
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,712,589

11,315,925

CREDITORS
Amounts falling due after more than one
year

16

(5,856,635

)

(4,022,247

)

PROVISIONS FOR LIABILITIES 20 (550,000 ) (680,000 )
NET ASSETS 5,305,954 6,613,678

CAPITAL AND RESERVES
Called up share capital 21 60 100
Share premium 22 28,470 28,470
Capital redemption reserve 22 40 -
Retained earnings 22 5,277,384 6,585,108
SHAREHOLDERS' FUNDS 5,305,954 6,613,678

Company's (loss)/profit for the financial year (199,253 ) 4,789,710

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2024 and were signed on its behalf by:





M D Sharp - Director


Casper Chartering Limited (Registered number: 10142662)

Consolidated Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 200 2,695,323 28,470 - 2,723,993

Changes in equity
Issue of share capital (100 ) - - - (100 )
Dividends - (465,474 ) - - (465,474 )
Total comprehensive income - 4,492,148 - - 4,492,148
Balance at 31 December 2022 100 6,721,997 28,470 - 6,750,567

Changes in equity
Reduction in share capital (40 ) (1,000,000 ) - 40 (1,000,000 )
Dividends - (108,471 ) - - (108,471 )
Total comprehensive income - (262,822 ) - - (262,822 )
Balance at 31 December 2023 60 5,350,704 28,470 40 5,379,274

Casper Chartering Limited (Registered number: 10142662)

Company Statement of Changes in Equity
for the Year Ended 31 December 2023

Called up Capital
share Retained Share redemption Total
capital earnings premium reserve equity
£    £    £    £    £   
Balance at 1 January 2022 100 2,260,872 28,470 - 2,289,442

Changes in equity
Dividends - (465,474 ) - - (465,474 )
Total comprehensive income - 4,789,710 - - 4,789,710
Balance at 31 December 2022 100 6,585,108 28,470 - 6,613,678

Changes in equity
Reduction in share capital (40 ) (1,000,000 ) - 40 (1,000,000 )
Dividends - (108,471 ) - - (108,471 )
Total comprehensive income - (199,253 ) - - (199,253 )
Balance at 31 December 2023 60 5,277,384 28,470 40 5,305,954

Casper Chartering Limited (Registered number: 10142662)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 237,301 3,035,049
Interest paid (729,661 ) (139,862 )
Tax paid (374,196 ) (843,766 )
Net cash from operating activities (866,556 ) 2,051,421

Cash flows from investing activities
Purchase of intangible fixed assets - (42,250 )
Purchase of tangible fixed assets (5,420,102 ) (3,880,376 )
Purchase of fixed asset investments (86 ) -
Sale of tangible fixed assets 3,616,662 -
Interest received 21,974 -
Net cash from investing activities (1,781,552 ) (3,922,626 )

Cash flows from financing activities
New loans in year 4,210,000 4,782,400
Loan repayments in year (2,259,517 ) (609,155 )
Amount introduced by directors - 35,539
Share buyback (1,000,000 ) -
Equity dividends paid (108,471 ) (465,474 )
Net cash from financing activities 842,012 3,743,310

(Decrease)/increase in cash and cash equivalents (1,806,096 ) 1,872,105
Cash and cash equivalents at beginning of
year

2

5,032,028

3,159,923

Cash and cash equivalents at end of year 2 3,225,932 5,032,028

Casper Chartering Limited (Registered number: 10142662)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
(Loss)/profit before taxation (339,087 ) 5,756,867
Depreciation charges 757,461 555,176
Profit on disposal of fixed assets (1,029,314 ) -
Finance costs 729,661 139,862
Finance income (21,974 ) -
96,747 6,451,905
Decrease/(increase) in stocks 238,491 (256,915 )
Decrease/(increase) in trade and other debtors 857,389 (1,812,139 )
Decrease in trade and other creditors (955,326 ) (1,347,802 )
Cash generated from operations 237,301 3,035,049

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 3,225,932 5,032,028
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 5,032,028 3,159,923


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

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank and in hand 5,032,028 (1,806,096 ) 3,225,932
5,032,028 (1,806,096 ) 3,225,932
Debt
Debts falling due within 1 year (478,240 ) (116,095 ) (594,335 )
Debts falling due after 1 year (4,022,247 ) (1,834,388 ) (5,856,635 )
(4,500,487 ) (1,950,483 ) (6,450,970 )
Total 531,541 (3,756,579 ) (3,225,038 )

Casper Chartering Limited (Registered number: 10142662)

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
Casper Chartering Limited is a private company, limited by shares, incorporated in the United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements. The nature of the group's operations and its principal activity is set out in the Report of the Directors on page 3.

The financial statements have been prepared in accordance with applicable accounting standards including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" (FRS102) and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the group and rounded to the nearest pound.

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

Basis of consolidation
The consolidated financial statements incorporate the financial statements of the company and its subsidiary company. The results of the subsidiaries acquired are consolidated for the periods from the date on which control passed and are accounted for under the purchase method.

As permitted by section 408 of the Companies Act 2006, the profit and loss account of the parent company is not presented as part of these financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The policies adopted for the recognition of turnover are as follows:

Agency fees and commissions receivable are recognised when the services have been completed and the company has the right to receive the consideration.

Turnover derived from voyage charters are recognised in accordance with the terms of the charter party.

Turnover derived from time charters are recognised over the period of the time charter in relation to stage of completion.

Goodwill
Goodwill arising on the acquisition of subsidiary undertakings and businesses, representing any excess of the fair value of the consideration given over the fair value of the identifiable assets and liabilities acquired, is capitalised and written off on a straight line basis over its useful economic life, which is ten years. Provision is made for any impairment.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of 4 years.

Casper Chartering Limited (Registered number: 10142662)

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

1. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Freehold property2% on the revalued amount
Plant, machinery, fixtures and equipmentBetween 3 and 10 years on cost
Motor vehicles4 years on cost
Motor vessels15 years on cost

Freehold property was valued at £210,000 on 18/12/20 and from that date the group adopted the revaluation model for its freehold property. The valuation was undertaken by the directors on an open market basis.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

Taxation
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

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

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Casper Chartering Limited (Registered number: 10142662)

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

1. ACCOUNTING POLICIES - continued

Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss.Loans

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss.

Fixed asset investments
In the parent company accounts, investments in subsidiaries are measured at cost less impairment.

Judgements and key sources of estimation uncertainty
In the application of the companies accounting policies, which are described above, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

2. TURNOVER

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

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Chartering 22,844,779 30,842,487
Agency fees & commissions 787,808 1,261,822
23,632,587 32,104,309

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 596,845 604,533
Social security costs 60,135 69,425
Other pension costs 10,766 22,646
667,746 696,604

Casper Chartering Limited (Registered number: 10142662)

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

3. EMPLOYEES AND DIRECTORS - continued

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

Administrative 4 3
Directors 3 3
7 6

2023 2022
£    £   
Directors' remuneration 75,000 75,500
Directors' pension contributions to money purchase schemes 1,321 1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

4. OPERATING (LOSS)/PROFIT

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

2023 2022
£    £   
Other operating leases 21,243 18,733
Depreciation - owned assets 681,595 479,927
Goodwill amortisation 65,306 65,306
Software amortisation 10,560 9,943
Auditors remuneration 11,000 15,200
Foreign exchange differences 33,287 (83,277 )

5. EXCEPTIONAL ITEMS
2023 2022
£    £   
Exceptional item 1,029,314 -

During the year one of the motor vessels owned by the group sank. This created an exceptional and one-off release of various balances and additional exceptional costs which were incurred by the group in the year. The balance in the financial statements represents the following:

2023
£   
Profit on disposal of motor vessel following insurance proceeds (1,372,652 )
Irrecoverable costs incurred on final voyages 226,706
Legal costs 7,127
Costs incurred following the loss of the vessel 109,505
(1,029,314 )

Casper Chartering Limited (Registered number: 10142662)

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

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 729,661 139,862

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 50,087 844,155
Under provision for tax in prior years 3,648 564
Total current tax 53,735 844,719

Deferred taxation (130,000 ) 420,000
Tax on (loss)/profit (76,265 ) 1,264,719

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 (339,087 ) 5,756,867
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23.500 % (2022 - 19 %)

(79,685

)

1,093,805

Effects of:
Expenses not deductible for tax purposes 239,837 15,938
Capital allowances in excess of depreciation (479,642 ) (265,851 )
Adjustments to tax charge in respect of previous periods 3,109 -
Balancing charge 384,769 -
Deferred tax (130,000 ) 420,000
Over provision in the current year (14,653 ) 827
Total tax (credit)/charge (76,265 ) 1,264,719

The standard rate of corporation tax has changed from the previous period due to changes introduced in the Finance Act 2021.

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements.


Casper Chartering Limited (Registered number: 10142662)

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

9. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim 108,471 465,474

10. INTANGIBLE FIXED ASSETS

Group
Goodwill Software Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 653,062 52,730 705,792
AMORTISATION
At 1 January 2023 136,054 18,918 154,972
Amortisation for year 65,306 10,560 75,866
At 31 December 2023 201,360 29,478 230,838
NET BOOK VALUE
At 31 December 2023 451,702 23,252 474,954
At 31 December 2022 517,008 33,812 550,820

Company
Software
£   
COST
At 1 January 2023
and 31 December 2023 52,730
AMORTISATION
At 1 January 2023 18,918
Amortisation for year 10,560
At 31 December 2023 29,478
NET BOOK VALUE
At 31 December 2023 23,252
At 31 December 2022 33,812

Casper Chartering Limited (Registered number: 10142662)

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

11. TANGIBLE FIXED ASSETS

Group
Plant &
Freehold machinery
property etc Totals
£    £    £   
COST
At 1 January 2023 214,285 6,967,910 7,182,195
Additions - 5,420,102 5,420,102
Disposals - (3,004,723 ) (3,004,723 )
At 31 December 2023 214,285 9,383,289 9,597,574
DEPRECIATION
At 1 January 2023 12,853 518,698 531,551
Charge for year 4,284 677,311 681,595
Eliminated on disposal - (417,375 ) (417,375 )
At 31 December 2023 17,137 778,634 795,771
NET BOOK VALUE
At 31 December 2023 197,148 8,604,655 8,801,803
At 31 December 2022 201,432 6,449,212 6,650,644

Company
Plant &
machinery
etc
£   
COST
At 1 January 2023 6,922,349
Additions 5,419,306
Disposals (3,004,723 )
At 31 December 2023 9,336,932
DEPRECIATION
At 1 January 2023 483,411
Charge for year 673,339
Eliminated on disposal (417,375 )
At 31 December 2023 739,375
NET BOOK VALUE
At 31 December 2023 8,597,557
At 31 December 2022 6,438,938

Casper Chartering Limited (Registered number: 10142662)

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

12. FIXED ASSET INVESTMENTS

Group
Shares in
group
undertakings
£   
COST
Additions 86
At 31 December 2023 86
NET BOOK VALUE
At 31 December 2023 86
Company
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1,913,673
NET BOOK VALUE
At 31 December 2023 1,913,673
At 31 December 2022 1,913,673

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiary

H.C. Shipping & Chartering Limited
Registered office: 6 Prince Street, Hull, East Yorkshire HU1 2LJ
Nature of business: Shipping agents
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 1,535,291 1,533,454
Profit for the year 201,737 567,744


13. STOCKS

Group Company
2023 2022 2023 2022
£    £    £    £   
Stocks 219,576 458,067 219,576 458,067

Casper Chartering Limited (Registered number: 10142662)

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

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 974,728 212,509 714,004 185,296
Amounts owed by group undertakings - - - 1,554,716
Other debtors 322,873 1 322,873 1
Amounts owed by related undertakings 13,385 1,554,716 - -
Taxation 28,923 27,443 28,923 27,443
VAT 1,408 957 - -
Prepayments and accrued income 543,434 945,034 538,976 944,076
1,884,751 2,740,660 1,604,776 2,711,532

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 17) 594,335 478,240 594,335 478,240
Trade creditors 940,133 1,821,387 694,077 933,403
Amounts owed to group undertakings - - 1,140,609 935,814
Corporation tax 17,350 336,331 - 279,796
Other creditors - 27,885 - 27,885
Amounts owed to related undertakings 8,078 - - -
Accrued expenses 1,258,613 1,312,878 1,251,281 1,293,399
2,818,509 3,976,721 3,680,302 3,948,537

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

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans (see note 17) 5,856,635 4,022,247 5,856,635 4,022,247

Casper Chartering Limited (Registered number: 10142662)

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

17. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£    £    £    £   
Amounts falling due within one year or on demand:
Bank loans - less than 1 yr 594,335 478,240 594,335 478,240
Amounts falling due between two and five years:
Bank loans - 2-5 years 2,580,515 1,912,960 2,580,515 1,912,960
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 3,276,120 2,109,287 3,276,120 2,109,287

Bank loan 1 is repayable over 10 years in monthly instalments from the date of drawdown and interest is charged at a rate of 8%.

Bank loan 2 is repayable over 10 years in monthly instalments from the date of drawdown and interest is charged at a rate of 10.15%.

Bank loan 3 is repayable over 3 years in monthly instalments from the date of drawdown and interest is charged at a rate of 8.35%.

18. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans 6,450,970 4,500,487 6,450,970 4,500,487

The bank loans are secured on the assets to which they relate.

The bank holds a debenture over all assets of the group and has a third party guarantee in place to the value of the loans. The group offers security to its bankers under cross guarantees with Casper Shipping Holdings Limited and its subsidiaries.

Casper Chartering Limited (Registered number: 10142662)

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

19. FINANCIAL INSTRUMENTS

The carrying amounts of the group's financial instruments are as follows:

2023 2022
£    £   
Financial liabilities
Measured at amortised cost
- Bank loans 6,450,970 4,500,487


The expenses attributable to the group's financial instruments are summarised as follows:

2023 2022
£    £   

Total interest expense for financial liabilities at amortised cost 729,661 139,862

20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred taxation 552,684 682,684 550,000 680,000

Group
Deferred
tax
£   
Balance at 1 January 2023 682,684
Credit to Statement of Comprehensive Income during year (130,000 )
Balance at 31 December 2023 552,684

Company
Deferred
tax
£   
Balance at 1 January 2023 680,000
Credit to Statement of Comprehensive Income during year (130,000 )
Balance at 31 December 2023 550,000

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 60 100

Casper Chartering Limited (Registered number: 10142662)

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

21. CALLED UP SHARE CAPITAL - continued

The share capital consists of 30 X ordinary shares and 30 Y ordinary shares. Except as provided in the Articles of Association, the X and Y shares shall rank pari passu in all respects but shall constitute separate classes of shares. The company may vary the dividends payable between different classes of shares and can declare a dividend on one class of share and not the other.

During the year the company bought back 40 X ordinary shares for a consideration of £1,000,000.

22. RESERVES

Group
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 6,721,997 28,470 - 6,750,467
Deficit for the year (262,822 ) (262,822 )
Dividends (108,471 ) (108,471 )
Reduction in share capital (1,000,000 ) - 40 (999,960 )
At 31 December 2023 5,350,704 28,470 40 5,379,214

Company
Capital
Retained Share redemption
earnings premium reserve Totals
£    £    £    £   

At 1 January 2023 6,585,108 28,470 - 6,613,578
Deficit for the year (199,253 ) - - (199,253 )
Dividends (108,471 ) - - (108,471 )
Reduction in share capital (1,000,000 ) - 40 (999,960 )
At 31 December 2023 5,277,384 28,470 40 5,305,894

Retained earnings
Retained earnings represent cumulative profits and losses net of dividends and other adjustments.

Share premium
Share premium represents share capital paid for above nominal value.

Capital redemption reserve
Capital redemption reserve represents the nominal value of shares bought back by the group.

23. CONTINGENT LIABILITIES

The group is party to a cross guarantee with Casper Shipping Holdings Limited and its subsidiaries (related undertakings of Casper Chartering Limited). At 31 December 2023, the aggregate bank loans and overdraft of companies within the agreement, was £900,000 (2022 : £900,000). The directors do not consider that any loss will arise in connection with this guarantee and consequently no amount is provided within these financial statements.

Casper Chartering Limited (Registered number: 10142662)

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

24. RELATED PARTY DISCLOSURES

The company and group, Casper Chartering Limited, ceased to be a subsidiary of Casper Shipping Holdings Limited on 22 December 2023 when the latter's holding was reduced to 50% from 70% of the issued share capital. The results of the Casper Chartering Limited group up to that date are therefore included in the consolidated financial statements of Casper Shipping Holdings Limited for the year ended 31 December 2023. There were no inter company sales or purchases in the period from 22 December 2023 to 31 December 2023 and hence there are no related party transactions to disclose in these financial statements.

At the year end the group had the following balances due from/(to) related undertakings :-

2023 2022
£ £
Balance at year end - debtor 13,885 1,554,716
Balance at year end - creditor (8,078) -

The total remuneration for key management personnel for the year totalled £76,321 (2022 : £76,821) being remuneration disclosed in note 3.

25. PARENT UNDERTAKING

On 22 December 2023 Casper Chartering Limited bought back 40 X ordinary shares from its ultimate parent company, Casper Shipping Holdings Limited. At that date, Casper Chartering Limited ceased to be a subsidiary of Casper Shipping Holdings Limited. These financial statements are included in the consolidated financial statements of Casper Shipping Holdings Limited up to the date of disposal of the investment.

The former parent's registered office address is the same as Casper Chartering Limited as detailed on the Company Information page.