REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AURORA MARINE FUELS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
AURORA MARINE FUELS LIMITED |
AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
AURORA MARINE FUELS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants and |
Statutory Auditors |
50 Seymour Street |
London |
W1H 7JG |
AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 |
AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Aurora Marine Fuels Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The directors have, at the time of issuing the financial statements, an expectation that the company will generate sufficient working capital and have adequate resources to continue in operational existence for the foreseeable future. |
The directors regularly review and assess their areas of operations and the Russian invasion of Ukraine has not adversely impacted the company's trading activities and performance as it does not operate in the Black Sea or Sea of Azov and does not rely on Russian suppliers for their operations. |
Based on the company's operations through to the date of approval of these financial statements, the company has not experienced a significant disruption to operations or a significant decline in its trading or financial performance. |
On this basis, the directors consider that it is appropriate to prepare the accounts on a going concern basis. |
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. |
Significant judgements and estimates |
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Management believes that the estimates used in preparing this financial statements are reasonable. Actual results in the future may differ from those reported and it is therefore reasonably possible, on the basis of existing knowledge, that outcomes within the next financial year that are different from management's assumptions and estimates could require an adjustment to the carrying amounts of the reported assets and liabilities in future reporting periods. |
AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Turnover represents revenue from brokerage commissions received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Brokerage fees consist of revenue associated with the arranging of marine luboil and bunkering of vessels as an agent, whereby the company matches such orders from customers with bunker/luboil suppliers. Revenue is recognised when the company satisfies a performance obligation by transferring a promised good or service to the customer by the physical supplier, which is when the customer obtains control of the good or service. |
Tangible fixed assets |
Plant and machinery etc | - |
Investments in subsidiaries |
Investments in subsidiary entities are stated at cost less impairment. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
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 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
Under the terms of the credit facility, disclosed in note 8 as part of Bank loans and overdrafts, Trade Receivables of Aurora Marine Fuels Limited are assigned under the credit facility and is secured by an assignment of joint and several liability by the company and its parent, Borealis Maritime Limited. The facility and related lien have no fixed duration and can be terminated by either party with 6 months' notice. Subsequent to this period, the joint and several liability shall, however, not end until the amounts payable, inclusive of any interests, fees and costs has been settled. Interest is charged at a margin of 4.35% plus 1-month SONIA payable monthly in arrears. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
The company has taken a revolving credit facility of up to US$4,000,000 (2022: US$3,000,000) plus $3,000,000 (2022: $1,500,000) from a third party for the financing of mismatched trades for its marine fuel brokerage division and this facility is unsecured and carries interest as per the new loan agreement at three months USD Term secured overnight financing rate (SOFR) plus 5% with a floor rate of 7.5%. A 2% commitment fee also accrues on any undrawn amounts and is payable on similar terms. The balance outstanding on the credit facility at the year-end was £1,095,338 (2022: £1,181,788). |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
9. | RELATED PARTY DISCLOSURES |
Amounts owed to group undertakings of £96,623 (2022: £97,374) relate to its parent company, Borealis Maritime Limited. |
The parent company, Borealis Maritime Limited, provides from time to time guarantees to the suppliers of the company to secure credit lines in furtherance of its trading. |
Included in other interest paid was an amount of £66,298 (2022: £102,170) to a company in which one of the directors has an interest. |
10. | POST BALANCE SHEET EVENTS |
There were no material events subsequent to 31 December 2023 and up until the authorisation of the financial statements for issue, that have not been disclosed elsewhere in the financial statements. |
AURORA MARINE FUELS LIMITED (REGISTERED NUMBER: 12176634) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | ULTIMATE CONTROLLING PARTY |
The company is a wholly owned subsidiary of Borealis Maritime Limited, incorporated in England and Wales. The smallest and largest group in which the results of the company are consolidated is headed by Borealis Maritime Limited and its consolidated financial statements can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ. |
The ultimate controlling parties are C. Toepfer and E. Sakellis by virtue of its parent company, Borealis Maritime Limited, owning 94.5% of the Ordinary Issued share capital of the company |