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REGISTERED NUMBER: 12176634 (England and Wales)




















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: Mr C Toepfer
Mr E Sakellis
Mr D G Raeburn





REGISTERED OFFICE: 3rd Floor
55 Brompton Road
London
SW3 1DP





REGISTERED NUMBER: 12176634 (England and Wales)





AUDITORS: Orcom Civvals Audit Limited
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 5,467 5,993
Investments 5 - 913
5,467 6,906

CURRENT ASSETS
Debtors 6 7,462,080 10,137,445
Cash at bank 1,606,688 1,190,218
9,068,768 11,327,663
CREDITORS
Amounts falling due within one year 7 6,208,837 8,413,701
NET CURRENT ASSETS 2,859,931 2,913,962
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,865,398

2,920,868

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,864,398 2,919,868
2,865,398 2,920,868

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 27 August 2024 and were signed on its behalf by:





Mr C Toepfer - Director


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 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 presentation currency of the financial statements is the Pound Sterling (£).


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.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% straight line

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 5 (2022 - 6 ) .

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 14,023
Additions 3,858
At 31 December 2023 17,881
DEPRECIATION
At 1 January 2023 8,030
Charge for year 4,384
At 31 December 2023 12,414
NET BOOK VALUE
At 31 December 2023 5,467
At 31 December 2022 5,993

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 913
Disposals (913 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 913

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 7,381,789 9,633,304
Other debtors 80,291 504,141
7,462,080 10,137,445

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 1,095,338 1,181,788
Trade creditors 4,311,024 6,576,109
Amounts owed to group undertakings 96,623 97,374
Taxation and social security 315,571 378,767
Other creditors 390,281 179,663
6,208,837 8,413,701

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.

Mark Tullett (Senior Statutory Auditor)
for and on behalf of Orcom Civvals Audit Limited

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