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REGISTERED NUMBER: 09011953 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED

SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED (REGISTERED NUMBER: 09011953)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Samuel Mifsud
Simon Mifsud
Christopher John Blanchard





REGISTERED OFFICE: 40/42 Kenway Road
Earls Court
London
SW5 0RA





REGISTERED NUMBER: 09011953 (England and Wales)





AUDITORS: Arithma LLP Statutory Auditor
Chartered Certified Accountants
5 Jardine House
Harrovian Business Village
Bessborough Road
Harrow
Middlesex
HA1 3EX

SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED (REGISTERED NUMBER: 09011953)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes €    €    €    €   
FIXED ASSETS
Tangible assets 4 5,925 8,983

CURRENT ASSETS
Debtors 5 2,944,942 2,860,647
Cash at bank and in hand 351,041 33,371
3,295,983 2,894,018
CREDITORS
Amounts falling due within one year 6 2,729,777 2,867,233
NET CURRENT ASSETS 566,206 26,785
TOTAL ASSETS LESS CURRENT
LIABILITIES

572,131

35,768

PROVISIONS FOR LIABILITIES 1,487 2,150
NET ASSETS 570,644 33,618

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 570,643 33,617
SHAREHOLDERS' FUNDS 570,644 33,618

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 August 2024 and were signed on its behalf by:




Simon Mifsud - Director



Samuel Mifsud - Director


SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED (REGISTERED NUMBER: 09011953)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

SMS International Shore Operations (Europe) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
GOING CONCERN

During the year ended 31 December 2023, the company made a profit of €537,026 and had surplus shareholders funds of €570,644 as at the balance sheet date. Included in creditors is an amount of €1,093,211 due to fellow group companies.

The directors monitor the current year to date trading against the 2024 forecast which is projected to make similar profits to 2023..The actual results to April 2024, the latest period for which management accounts are available, show the company is performing ahead of forecast. With the cruise industry being so active, the board are confident that 2025 should also prove very positive.

Based on the above and support from the wider group via the inter-company loan accounts, the directors believe the company will continue in operational existence for a period of at least twelve months from the date of the approval of these financial statements. Accordingly the accounts are prepared on a going concern basis.

TURNOVER
Turnover comprises of invoiced value of ground handling services to cruise companies in Italy, Netherlands and Denmark. Turnover is recognised upon delivery of the services. Turnover for services provided for UK customers is included net of value added tax.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on cost

SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED (REGISTERED NUMBER: 09011953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section
12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.


SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED (REGISTERED NUMBER: 09011953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

FOREIGN CURRENCIES
The company's reporting currency is Euro (€)

Assets and liabilities in foreign currencies are translated into Euros at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into Euros at average monthly HMRC rates based on the date of transaction. Exchange differences are taken into account in arriving at the operating result.

SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED (REGISTERED NUMBER: 09011953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
€   
COST
At 1 January 2023
and 31 December 2023 20,387
DEPRECIATION
At 1 January 2023 11,404
Charge for year 3,058
At 31 December 2023 14,462
NET BOOK VALUE
At 31 December 2023 5,925
At 31 December 2022 8,983

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
€    €   
Trade debtors 1,295,812 1,640,541
Amounts owed by group undertakings 1,546,024 1,135,329
Other debtors 103,106 84,777
2,944,942 2,860,647

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
€    €   
Trade creditors 520,643 819,189
Amounts owed to group undertakings 1,093,211 1,470,684
Taxation and social security 67,705 49,892
Other creditors 1,048,218 527,468
2,729,777 2,867,233

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Upen Shah (Senior Statutory Auditor)
for and on behalf of Arithma LLP Statutory Auditor

SMS INTERNATIONAL SHORE OPERATIONS
(EUROPE) LIMITED (REGISTERED NUMBER: 09011953)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


8. RELATED PARTY DISCLOSURES

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.

During the period, the company made purchases of €38,186 (2022: €66,715) from SMS Mondial Limited and at the balance sheet date the company owed €38,186 (2022 - €5,523 ) to that company. SMS Mondial Limited is is part of the Orange Travel Group Limited in which the SMS Group have a 50% interest.

During the period, the company made purchases of €Nil (2022: €22,280) and sales of €6,430 (2022 - €120) from/to Orange Travel Group Limited and at the balance sheet date the company was owed €6,430 (2022 - €21,130 - creditor) to that company. The SMS Group have a 50% interest in Orange Travel Group Limited.

During the period, the company paid fees of €156,690 (2022: €148,649) to International Destination Management Consultancy Limited ("IDMC"), a company of which Christopher Blanchard is a director and shareholder.

During the period, the company made purchases of €Nil (2022: €92,884) from McCarthy & Mifsud Limited. SMS Group have a 50% interest in McCarthy & Mifsud Limited.

9. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is S. Mifsud & Sons (UK) Limited. The address of the registered office and principle place of business is 40/42 Kenway Road, Earls Court, London SW5 0RA.

The company's ultimate parent company is Nevada Limited with its registered office at 65 Birkirkara Hill, St Julian's STJ 1143 Malta.

SMS Group Limited, an intermediate parent company, heads the smallest group which prepares consolidated financial statements. It's registered office is located at 65 Birkirkara Hill, St Julian's STJ 1143 Malta.