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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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: |
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. |
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: |
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. |
for and on behalf of |
Statutory Auditors |
Chartered Accountants |
3 Kingfisher Court |
Bowesfield Park |
Stockton on Tees |
TS18 3EX |
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 |
( |
) |
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 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
16 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Capital redemption reserve | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Reduction in share capital | (40 | ) | (1,000,000 | ) | - | 40 | (1,000,000 | ) |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - | ( |
) | - | ( |
) |
Balance at 31 December 2023 |
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 property | 2% on the revalued amount |
Plant, machinery, fixtures and equipment | Between 3 and 10 years on cost |
Motor vehicles | 4 years on cost |
Motor vessels | 15 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 |
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 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
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 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Registered office: 6 Prince Street, Hull, East Yorkshire HU1 2LJ |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
13. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Stocks | 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 |
Amounts owed by group undertakings | - | - |
Other debtors | 322,873 | 1 |
Amounts owed by related undertakings | 13,385 | 1,554,716 | - | - |
Taxation | 28,923 | 27,443 |
VAT | 1,408 | 957 |
Prepayments and accrued income | 543,434 | 945,034 |
1,884,751 | 2,740,660 |
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 |
Trade creditors | 940,133 | 1,821,387 |
Amounts owed to group undertakings | - | - |
Corporation tax | 17,350 | 336,331 |
Other creditors | - | 27,885 |
Amounts owed to related undertakings | 8,078 | - | - | - |
Accrued expenses | 1,258,613 | 1,312,878 |
2,818,509 | 3,976,721 |
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 |
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 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 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 |
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 |
Credit to Statement of Comprehensive Income during year | ( |
) |
Balance at 31 December 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 | 6,613,578 |
Deficit for the year | ( |
) | - | - | ( |
) |
Dividends | ( |
) | - | - | ( |
) |
Reduction in share capital | (1,000,000 | ) | - | 40 | (999,960 | ) |
At 31 December 2023 | 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. |