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REGISTERED NUMBER: 02518627 (England and Wales)













Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2023

for

Casper Shipping Limited

Casper Shipping Limited (Registered number: 02518627)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 7

Other Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Casper Shipping Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A Appleyard
R W Bateman
M Shakesheff
Ms N J Sayer
M D Sharp





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





REGISTERED NUMBER: 02518627 (England and Wales)





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

Casper Shipping Limited (Registered number: 02518627)

Strategic Report
for the Year Ended 31 December 2023

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

REVIEW OF BUSINESS
The company's principal activity continues to be that of maritime transportation.

Ocean freight demand throughout 2023 was lower than supply which resulted in an inevitable reduction in shipping rates. Despite this, Port Agency still recorded an increase in turnover from the previous year. Customs work, which grew rapidly following the UK's exit of the European Union on 1 January 2021, continues to be strong, though has not seen the exponential growth experienced in the previous two years.

PRINCIPAL RISKS AND UNCERTAINTIES
The Company constantly reviews potential risks and uncertainties; those facing the Company are broadly grouped as

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

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

Environmental
The Company 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 global volatility affecting the shipping industry sector may have an effect upon future performance. Two years ago it was positively affected by the world emerging from the Covid-19 pandemic. This was followed by a down-turn caused by the war in Ukraine. More recently issues in the Persian Gulf have been affecting the industry as a whole.

KEY PERFORMANCE INDICATORS
Given the straightforward nature of the business, the Company'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 entity and that all relevant financial information has been disclosed within the financial statements.

ON BEHALF OF THE BOARD:





M D Sharp - Director


12 April 2024

Casper Shipping Limited (Registered number: 02518627)

Report of the Directors
for the Year Ended 31 December 2023

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

DIVIDENDS
Ordinary dividends were paid amounting to £1,000,000. The directors do not recommend payment of a final dividend.

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

A Appleyard
R W Bateman
M Shakesheff
Ms N J Sayer
M D Sharp

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the 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). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





M D Sharp - Director


12 April 2024

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

Opinion
We have audited the financial statements of Casper Shipping Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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 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 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 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 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 Shipping Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report 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, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

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 company'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 Shipping 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 Shipping Limited (Registered number: 02518627)

Income Statement
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 5,375,981 5,553,257

Cost of sales 1,172,329 1,103,064
GROSS PROFIT 4,203,652 4,450,193

Administrative expenses 4,129,384 3,501,752
OPERATING PROFIT 5 74,268 948,441


Interest payable and similar expenses 6 4,144 8,935
PROFIT BEFORE TAXATION 70,124 939,506

Tax on profit 7 (25,775 ) 185,000
PROFIT FOR THE FINANCIAL YEAR 95,899 754,506

Casper Shipping Limited (Registered number: 02518627)

Other Comprehensive Income
for the Year Ended 31 December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 95,899 754,506


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

95,899

754,506

Casper Shipping Limited (Registered number: 02518627)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 158,687 67,944
Tangible assets 10 128,290 194,288
286,977 262,232

CURRENT ASSETS
Debtors 11 7,952,440 9,782,248
Cash at bank and in hand 230,770 659,714
8,183,210 10,441,962
CREDITORS
Amounts falling due within one year 12 7,742,907 9,050,943
NET CURRENT ASSETS 440,303 1,391,019
TOTAL ASSETS LESS CURRENT
LIABILITIES

727,280

1,653,251

CREDITORS
Amounts falling due after more than one
year

13

(41,918

)

(63,788

)

PROVISIONS FOR LIABILITIES 18 (50,000 ) (50,000 )
NET ASSETS 635,362 1,539,463

CAPITAL AND RESERVES
Called up share capital 19 75,000 75,000
Retained earnings 20 560,362 1,464,463
SHAREHOLDERS' FUNDS 635,362 1,539,463

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 Shipping Limited (Registered number: 02518627)

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

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 75,000 928,781 1,003,781

Changes in equity
Dividends - (218,824 ) (218,824 )
Total comprehensive income - 754,506 754,506
Balance at 31 December 2022 75,000 1,464,463 1,539,463

Changes in equity
Dividends - (1,000,000 ) (1,000,000 )
Total comprehensive income - 95,899 95,899
Balance at 31 December 2023 75,000 560,362 635,362

Casper Shipping Limited (Registered number: 02518627)

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

1. STATUTORY INFORMATION

Casper Shipping Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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 unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about Casper Shipping Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Casper Shipping Holdings Limited, the registered office of Casper Shipping Holdings Limited is the same as Casper Chartering Limited and included on the Company Information page.

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

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 five years.

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.

Fixtures, fittings and equipmentBetween 2 and 10 years on cost
Motor vehicles5 years on cost


Casper Shipping Limited (Registered number: 02518627)

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

2. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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

Debtors and creditors receivable/ payable
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 income statement in other administrative expenses.

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.If an arrangement constitutes a finance transaction it is measured at present value.

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 the profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,599,535 2,213,563
Social security costs 258,410 238,389
Other pension costs 158,597 183,493
3,016,542 2,635,445

Casper Shipping Limited (Registered number: 02518627)

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

4. EMPLOYEES AND DIRECTORS - continued

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

Central 10 7
Administration 6 4
Regional 45 47
61 58

2023 2022
£    £   
Directors' remuneration 462,690 402,122
Directors' pension contributions to money purchase schemes 82,021 100,258

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

Money purchase schemes 5 5

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 121,896 101,696
Pension contributions to money purchase schemes 20,850 8,025

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 67,190 71,761
Profit on disposal of fixed assets (24,758 ) (27,519 )
Auditors remuneration 12,175 11,700
Profit on foreign exchange (7,718 ) (78,386 )
Operating lease payments 196,834 147,659

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest - 2,527
Other interest payable - 2,264
Hire purchase 4,144 4,144
4,144 8,935

Casper Shipping Limited (Registered number: 02518627)

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

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (25,775 ) 170,000

Deferred taxation - 15,000
Tax on profit (25,775 ) 185,000

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 70,124 939,506
Profit multiplied by the standard rate of corporation tax in the UK of
23.500% (2022 - 19%)

16,479

178,506

Effects of:
Expenses not deductible for tax purposes 1,448 853
Capital allowances in excess of depreciation (7,921 ) -
Depreciation in excess of capital allowances - 2,838
(Over)/underprovision in the prior year (37,146 ) -
Other adjustments 1,365 2,803
Total tax (credit)/charge (25,775 ) 185,000

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

8. DIVIDENDS
2023 2022
£    £   
Ordinary A shares of £1 each
Interim 1,000,000 218,824

Casper Shipping Limited (Registered number: 02518627)

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

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 January 2023 67,944
Additions 90,743
At 31 December 2023 158,687
NET BOOK VALUE
At 31 December 2023 158,687
At 31 December 2022 67,944

10. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2023 336,034 140,276 476,310
Additions 9,378 15,333 24,711
Disposals - (25,397 ) (25,397 )
At 31 December 2023 345,412 130,212 475,624
DEPRECIATION
At 1 January 2023 251,632 30,390 282,022
Charge for year 41,885 25,305 67,190
Eliminated on disposal - (1,878 ) (1,878 )
At 31 December 2023 293,517 53,817 347,334
NET BOOK VALUE
At 31 December 2023 51,895 76,395 128,290
At 31 December 2022 84,402 109,886 194,288

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,621,356 4,289,465
Amounts owed by group undertakings 2,472,034 5,104,751
Amounts owed by participating interests 8,295 -
Other debtors 586,871 120,373
Directors' current accounts 120,269 130,532
Social security and other tax 43,568 43,308
Prepayments and accrued income 100,047 93,819
7,952,440 9,782,248

Casper Shipping Limited (Registered number: 02518627)

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

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 689,057 -
Hire purchase contracts (see note 15) 21,870 21,870
Trade creditors 3,374,555 6,861,038
Amounts owed to group undertakings 1,436,547 145,503
Social security and other taxes 270,244 325,028
Other creditors 1,442,283 1,262,083
Accrued expenses 508,351 435,421
7,742,907 9,050,943

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts (see note 15) 41,918 63,788

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 689,057 -

15. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 21,870 21,870
Between one and five years 41,918 63,788
63,788 85,658

Non-cancellable operating leases
2023 2022
£    £   
Within one year 190,298 137,734
Between one and five years 282,880 212,017
473,178 349,751

Casper Shipping Limited (Registered number: 02518627)

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

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft 689,057 -
Hire purchase contracts 63,788 85,658
752,845 85,658

Hire purchase liabilities are secured on the assets to which they relate. Bank loans and overdrafts are secured by way of a debenture over the assets of the company.

17. FINANCIAL INSTRUMENTS

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

2023 2022
£    £   
Financial liabilities
Measured at amortised cost
- Hire purchase 63,788 85,658


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

2023 2022
£    £   

Total interest expense for financial liabilities at amortised cost 4,144 6,671

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred taxation 50,000 50,000

Deferred
tax
£   
Balance at 1 January 2023 50,000
Balance at 31 December 2023 50,000

Casper Shipping Limited (Registered number: 02518627)

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

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
37,500 Ordinary A £1 37,500 37,500
37,500 Ordinary B £1 37,500 37,500
75,000 75,000

20. RESERVES
Retained
earnings
£   

At 1 January 2023 1,464,463
Profit for the year 95,899
Dividends (1,000,000 )
At 31 December 2023 560,362

21. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss as they fall due. The charge for the year was £158,597 (2022 - £148,221). There were pension contributions totalling £24,898 outstanding at the year end (2022 - £51,766).

22. CONTINGENT LIABILITIES

The company is party to a cross guarantee with its fellow subsidiaries, parent company and associated companies, Casper Chartering Limited and H.C. Shipping & 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.

23. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced £6,071 to its directors (2022 - £4,000). During the year the directors repaid £16,334 (2022 - £Nil) leaving an amount owed to the company at the year end of £120,269 (2022 - £130,532). No interest has been charged on the loans and amounts are repayable on demand.

24. RELATED PARTY DISCLOSURES

During the year the company made sales to fellow group companies of £631,744 (2022 - £685,657), and had purchases of £251,291 (2022 - £191,248) from those companies. At the year end the company owed £1,436,548 to these companies (2022 - was owed £2,478,892 from these companies) and was owed £2,472,034 (2022 - £2,480,356) from the ultimate parent company.

Key management personnel is considered to be the directors. Details of remuneration can be found in note 4 to the financial statements.

25. PARENT UNDERTAKING

The immediate and ultimate parent company is Casper Shipping Holdings Limited. These financial statements are included in the consolidated financial statements of Casper Shipping Holdings Limited. The parent's registered office address is the same as Casper Shipping Limited as detailed on the Company Information page.