REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
H.C. Shipping & Chartering Limited |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2023 |
for |
H.C. Shipping & Chartering Limited |
H.C. Shipping & Chartering Limited (Registered number: 03443145) |
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 |
H.C. Shipping & 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 |
H.C. Shipping & Chartering Limited (Registered number: 03443145) |
Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
H.C. Shipping & Chartering Limited (Registered number: 03443145) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
H.C. Shipping & Chartering Limited is a |
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 presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about H.C. Shipping & Chartering 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 Chartering Limited, Tees Wharf, Dockside Road, Middlesbrough, United Kingdom, TS3 6AH. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Agency fees and commissions receivable are recognised when the services have been completed and the company has the right to receive the consideration. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. |
Freehold property was valued at £210,000 on 18/12/20 and from that date the company adopted the revaluation model for its freehold property. The valuation was undertaken by the Directors on an open market basis. In prior years the company had adopted the cost model for freehold property. The effect of this change is reflected in the Income Statement on page 6 and explained in note 4 to the financial statements. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
H.C. Shipping & Chartering Limited (Registered number: 03443145) |
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. |
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 unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
H.C. Shipping & Chartering Limited (Registered number: 03443145) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | TANGIBLE FIXED ASSETS |
Freehold | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2020 | (50,297 | ) | - | (50,297 | ) |
Cost | 264,582 | 46,356 | 310,938 |
214,285 | 46,356 | 260,641 |
If freehold property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 264,582 | 264,582 |
Aggregate depreciation | 97,406 | 92,114 |
Freehold property was considered by the directors at the year end and the directors consider the valuation to be appropriate at the Balance Sheet date. |
H.C. Shipping & Chartering Limited (Registered number: 03443145) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
Additions |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
VAT |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation |
Other creditors |
Accrued expenses |
8. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Share capital 1 | £1 | 100 | 100 |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | CONTINGENT LIABILITIES |
The company is party to a cross guarantee with its parent company and associated companies, Casper Shipping Holdings Limited, Casper Shipping Limited and Casper Logistics 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. |
H.C. Shipping & Chartering Limited (Registered number: 03443145) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
11. | PARENT UNDERTAKING |
The immediate holding company is Casper Chartering Limited. Up until 22 December 2023 the ultimate parent company was Casper Shipping Holdings Limited, and Casper Chartering Limited from this date to the year end. These financial statements are included in the consolidated financial statements of each entity up to the date of change. The parent's and ultimate parent's registered office address is Tees Wharf, Dockside Road, Middlesbrough, TS3 6AH. |