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REGISTERED NUMBER: 03443145 (England and Wales)













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: P M Buffam
M Shakesheff
M D Sharp
J D Berry





REGISTERED OFFICE: 6 Prince Street
Hull
East Yorkshire
HU1 2LJ





REGISTERED NUMBER: 03443145 (England and Wales)





AUDITORS: Anderson Barrowcliff Limited
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 4 204,246 211,706
Investments 5 86 -
204,332 211,706

CURRENT ASSETS
Debtors 6 1,415,875 964,942
Cash at bank and in hand 191,875 1,323,587
1,607,750 2,288,529
CREDITORS
Amounts falling due within one year 7 274,107 963,997
NET CURRENT ASSETS 1,333,643 1,324,532
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,537,975

1,536,238

PROVISIONS FOR LIABILITIES 2,684 2,684
NET ASSETS 1,535,291 1,533,554

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 1,535,191 1,533,454
SHAREHOLDERS' FUNDS 1,535,291 1,533,554

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 12 April 2024 and were signed on its behalf by:





M D Sharp - Director


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 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 presented 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on revalued amount
Plant and machinery - 33% on cost and 20% on cost

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 6 (2022 - 5 ) .

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 214,285 45,561 259,846
Additions - 795 795
At 31 December 2023 214,285 46,356 260,641
DEPRECIATION
At 1 January 2023 12,853 35,287 48,140
Charge for year 4,284 3,971 8,255
At 31 December 2023 17,137 39,258 56,395
NET BOOK VALUE
At 31 December 2023 197,148 7,098 204,246
At 31 December 2022 201,432 10,274 211,706

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 86
At 31 December 2023 86
NET BOOK VALUE
At 31 December 2023 86

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 260,724 27,213
Amounts owed by group undertakings 1,149,285 935,814
VAT 1,408 957
Prepayments and accrued income 4,458 958
1,415,875 964,942

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 246,056 887,984
Taxation 17,350 56,534
Other creditors 3,369 -
Accrued expenses 7,332 19,479
274,107 963,997

8. CALLED UP SHARE CAPITAL

Allotted and issued:
Number: Class: Nominal 2023 2022
value: £    £   
100 Share capital 1 £1 100 100

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

The Report of the Auditors was unqualified.

David Shawcross FCA (Senior Statutory Auditor)
for and on behalf of Anderson Barrowcliff Limited

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.