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REGISTERED NUMBER: 04100501 (England and Wales)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31st December 2023

for

S.C.A - Shipping Consultants Associated
Limited

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Contents of the Consolidated Financial Statements
for the Year Ended 31st December 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 7

Consolidated Income Statement 11

Consolidated Other Comprehensive Income 12

Consolidated Balance Sheet 13

Company Balance Sheet 14

Consolidated Statement of Changes in Equity 15

Company Statement of Changes in Equity 16

Consolidated Cash Flow Statement 17

Notes to the Consolidated Cash Flow Statement 18

Notes to the Consolidated Financial Statements 19


S.C.A - Shipping Consultants Associated
Limited

Company Information
for the Year Ended 31st December 2023







DIRECTORS: M J Harrison
J Landi





REGISTERED OFFICE: 25 Military Road
Chatham
Kent
ME4 4JG





REGISTERED NUMBER: 04100501 (England and Wales)





AUDITORS: Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Group Strategic Report
for the Year Ended 31st December 2023


The directors present their strategic report of the company and the group for the year ended 31st December 2023.

REVIEW OF BUSINESS
During the year the group's principal activity was that of a global contractor for the provision of maritime and inland logistics services and supplies, including catering and food supply. The Directors have expanded the services offered and have extended the geographical reach, through the acquisition of new contracts, in order to grow and strengthen the business model. The concentration of the Directors has been on providing a quality service which has particular marketing benefits in a relatively niche market for major customers looking for integrated services.

PRINCIPAL RISKS AND UNCERTAINTIES
The nature of the company's business involves risks and uncertainties through interactions within multi-national organisations. The group has a diverse management structure without national priorities which allow it to compete on fair terms in an international market. Competitive tendering of larger contracts provides benefits but also uncertainties around income planning. The Directors have built a strong financial base which mitigates against this risk. The contractual obligations inherent in the tenders sought are carefully monitored to give a fair balance between risk and reward. The concentration by the Directors on the provision of a quality service provides a strong mitigation against the contractual risk and allows the group to compete fairly and with confidence in their ability to service contracts.

Geographic Risk: The principal risks and uncertainties for the company results from reliance on the use of agents and local suppliers in different countries, worldwide. This risk is mitigated by having a well established network of agents and suppliers in addition to a customer feedback process that forms part of the contract and gives a detailed assessment of the services received by the customers and allows the company to impose its reputation for quality service in the market on its agents. This risk was mitigated by increasing the number of area-specific operational managers.

Failure to attract and retain personnel: The Group is an attractive choice for new personnel. It has become increasingly important to retain staff. This facilitate the delivery of the highest standard of service whilst allowing the business to grow. We also employ experienced staff, provide continuous training in-house as well as externally, offering competitive reward packages and a flexible workplace where all staff contributions are valued.

Foreign Currency Risk: Customers are invoiced in different currencies, depending on the location of the service, therefore the risk of relying on one strong currency is not applicable.

Liquidity/Cashflow Risk: The Group needs to meet the cash flow requirements in order to support the operations (as no advance payments are received from the customers) as well as supporting the ability to invest for the future. The Company mitigates this exposure by reviewing cash requirements on a continuous basis and retains tight control over debtor balances to manage this risk. With the growth of the business comes the necessity for additional working capital and the directors have addressed this by utilising the group's resources.

Risks are formally reviewed by the directors and appropriate processes are put in place to mitigate them.

KEY PERFORMANCE INDICATORS
The Directors consider the key performance indicators as gross margin and diversity of the customer base. Gross margin is important for the return to shareholders and the availability of working capital to fund key contracts. The Directors are pleased to report that the consolidated gross profit percentage was stable.
This result was achieved by maintaining existing activities combined with the award of new and expanded contracts worldwide. The business has entered into several large tenders and expects, as a result, that its performance will be at an enhanced level in the following years whilst maintaining its customers satisfaction with the services provided without sacrificing its gross margin.


S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Group Strategic Report
for the Year Ended 31st December 2023

MAIN TRENDS AND FACTORS AFFECTING THE ENTITY
The group is required to provide an efficient, time sensitive and cost-effective service and relies on the whole of its workforce to maintain and improve this. The trend in all tenders is to ensure that local suppliers are able to deliver on targets both in service and commercial terms. This is a positive trend for the group as its strength lies in this area. The increased use of own assets and equipment enhance the group to be more flexible and at the same time more competitive on a always more competitive market. The Directors continue to strengthen the company's financial base which will also be a factor in its growth plans.

FUTURE DEVELOPMENT
The Group is building up a worldwide reputation for the quality of it service in its field of expertise and is now being asked to tender at diverse ports all around the world. The directors continue to be optimistic about expanding its linked services to these customers as well as expanding into inland logistics services, including catering and food supply for current and new customers.

ON BEHALF OF THE BOARD:





M J Harrison - Director


9th September 2024

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Report of the Directors
for the Year Ended 31st December 2023


The directors present their report with the financial statements of the company and the group for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
During the year the Group's (SCA) principal activity was that of a global contractor for the provision of maritime and inland logistics services and supplies, including catering and food supply.

DIVIDENDS
No dividends will be distributed for the year ended 31st December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

M J Harrison
J Landi

DISABLED PERSONS
The following statements of policy are practiced by the Group:

Full and fair consideration is given to applications for employment made by disabled persons, having regard to their particular aptitudes and abilities;

Continued employment and training of staff is offered to those who become disabled whilst they are employees of the Group;

The Group continues to offer general training, career development and promotion of disabled persons employed by them.

EQUALITY, DIVERSITY AND INCLUSION
The Group does not discriminate against age, gender, being in a marriage or in a civil partnership, being pregnant or on maternity leave, disability, race including colour, nationality, ethnic or national origin, religion or belief, sex and sexual orientation.

To prevent discrimination the Group has formulated and implemented the following policies:

- Having an equality, diversity and inclusion policy.
- Providing regular anti-discrimination training.
- Clear guidance if discrimination happens.

THE MODERN SLAVERY ACT 2015
Respect for human rights is fundamental to the culture of integrity we want for SCA. It is integral to our approach to sustainable development, and governs how we behave towards our employees, contractors, suppliers, and the community in which we work.

In 2024 we updated our human rights policies to make our commitment to oppose the use of forced or compulsory labour, human trafficking and all forms of modern slavery (both within our own operations and in our supply chain) even more explicit and to publicly report on what we are doing to prevent it on an annual basis.


S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Report of the Directors
for the Year Ended 31st December 2023

COMMUNITY AND ENVIRONMENT
Whilst the S.C.A. - Shipping Consultants Associated Limited Group has, by design, minimum direct impact on the local community given the nature of its trade, SCA, as a group, actively engages with local communities to make a positive contribution in terms of creating economic and social value through employment, procurement, taxation and sustainable development initiatives and through strong risk management and respect for human rights. To achieve this, we aim to take a partnership approach, listening to the concerns of stakeholders at site, country and segment levels, to give them the confidence that SCA will address the impacts it has on them and their environment in a positive way.

BUSINESS ETHICS
We encourage our employees to be good corporate citizens, acting with integrity in everything they do. We strive to create a positive culture in which everyone wants, and knows how, to do the right thing. Our commitment to integrity is embodied in our Code of Business Conduct and is supported by a comprehensive framework of policies and procedures in areas such as human rights, anti-corruption and fair trading.

From starting employment with SCA, all staff receive training to do their job, as well as mandatory health and safety training. In addition, staff have available resources to complete training in other areas, from mental health issues, through cyber security and anti-bribery. SCA is committed to high standards of conduct, and has obtained several ISO certifications. Furthermore, SCA is TRACE certified and implemented a certified Quality Management System, Environmental Management System, Occupational Health and Safety Management System, Food Safety Management System and a Security Management System.

EMPLOYEE INVOLVEMENTS
The Group is aware of it's responsibilities to its employees and the key part that they play in the group's progress. The benefits of low staff turnover in the provision of continuity and quality of services to customers cannot be over estimated and all employees are encouraged to undertake further training, both in house and via external providers, to allow them to achieve their professional and personal aspirations.

The Group has regular meetings with its employees at all levels to provide them with information on areas that concern them as employees, and to ensure that there is a common awareness throughout the group of the financial and wider economic factors that affect the performance of the group.

The group consults with its employees or their representatives so that their views can be taken into account when making decisions that are expected to affect their interests, and makes efforts to encourage involvement in these forums in order that they are aware of, and can positively gain, from that involvement.

SECTION 172(1) STATEMENT
The directors recognise that the future of the business depends on the trust and confidence of its stakeholders to operate sustainably in the long term. The directors seek to put its customers’ best interests first, invests in its employees, supports the communities in which it operates and strives to generate sustainable profits.

The directors have acted in accordance with their duties codified in law, which include their duty to act in the way in which they consider, in good faith, would be most likely to promote the success of the group, having regard to the stakeholders and matters set out in section 172(1) of the Companies Act 2006.

STREAMLINED ENERGY AND CARBON REPORTING
S.C.A. - Shipping Consultants Associated Limited is now classified as a large company. The Company consumed less than 40,000 kWh of energy in the reporting period, therefore disclosure is not required.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have disclosed their review of the business, the key performance indicators, principal risks and uncertainties along with future developments in the Strategic Report.


S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Report of the Directors
for the Year Ended 31st December 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and
explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Beak Kemmenoe, are deemed to be reappointed.

ON BEHALF OF THE BOARD:





M J Harrison - Director


9th September 2024

Report of the Independent Auditors to the Members of
S.C.A - Shipping Consultants Associated
Limited


Opinion
We have audited the financial statements of S.C.A - Shipping Consultants Associated Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31st December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31st December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
S.C.A - Shipping Consultants Associated
Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page six, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
S.C.A - Shipping Consultants Associated
Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the logistic services and supplies businesses;

- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and

- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

-Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- Agreeing financial statement disclosures to underlying supporting documentation;

- Enquiring of management as to actual and potential litigation and claims; and

- Reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Report of the Independent Auditors to the Members of
S.C.A - Shipping Consultants Associated
Limited


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Ronald Price FCA (Senior Statutory Auditor)
for and on behalf of Beak Kemmenoe
Chartered Accountants
& Statutory Auditors
1-3 Manor Road
Chatham
Kent
ME4 6AE

9th September 2024

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Consolidated
Income Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 3 189,225,926 174,405,877

Cost of sales 162,141,127 147,935,349
GROSS PROFIT 27,084,799 26,470,528

Administrative expenses 14,899,006 11,784,139
OPERATING PROFIT 5 12,185,793 14,686,389

Interest receivable and similar income 214,385 58,983
12,400,178 14,745,372

Interest payable and similar expenses 6 8,746 -
PROFIT BEFORE TAXATION 12,391,432 14,745,372

Tax on profit 7 520,064 628,985
PROFIT FOR THE FINANCIAL YEAR 11,871,368 14,116,387
Profit attributable to:
Owners of the parent 10,198,764 12,639,070
Non-controlling interests 1,672,604 1,477,317
11,871,368 14,116,387

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Consolidated
Other Comprehensive Income
for the Year Ended 31st December 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 11,871,368 14,116,387


OTHER COMPREHENSIVE INCOME
Foreign exchange 44,808 205,454
Income tax relating to other comprehensive
income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

44,808

205,454
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

11,916,176

14,321,841

Total comprehensive income attributable to:
Owners of the parent 10,228,935 12,456,461
Non-controlling interests 1,687,241 1,865,380
11,916,176 14,321,841

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Consolidated Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - 119,469
Tangible assets 10 2,269,660 1,816,772
Investments 11 - -
2,269,660 1,936,241

CURRENT ASSETS
Debtors 12 51,812,622 46,793,196
Investments 13 120,831 135,956
Cash at bank 25,488,684 18,642,246
77,422,137 65,571,398
CREDITORS
Amounts falling due within one year 14 46,098,401 45,957,920
NET CURRENT ASSETS 31,323,736 19,613,478
TOTAL ASSETS LESS CURRENT
LIABILITIES

33,593,396

21,549,719

CREDITORS
Amounts falling due after more than one
year

15

(151,848

)

(193,929

)

PROVISIONS FOR LIABILITIES 16 (421,840 ) (266,895 )
NET ASSETS 33,019,708 21,088,895

CAPITAL AND RESERVES
Called up share capital 17 100 100
Translation reserve 18 250,262 205,454
Retained earnings 18 28,923,390 18,724,626
SHAREHOLDERS' FUNDS 29,173,752 18,930,180

NON-CONTROLLING INTERESTS 3,845,956 2,158,715
TOTAL EQUITY 33,019,708 21,088,895

The financial statements were approved by the Board of Directors and authorised for issue on 9th September 2024 and were signed on its behalf by:





M J Harrison - Director


S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Company Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 1,728,196 1,050,294
Investments 11 628,092 633,387
2,356,288 1,683,681

CURRENT ASSETS
Debtors 12 48,873,963 37,143,401
Investments 13 119,508 135,956
Cash at bank 14,864,030 13,096,607
63,857,501 50,375,964
CREDITORS
Amounts falling due within one year 14 58,350,004 46,257,605
NET CURRENT ASSETS 5,507,497 4,118,359
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,863,785

5,802,040

PROVISIONS FOR LIABILITIES 16 419,699 262,574
NET ASSETS 7,444,086 5,539,466

CAPITAL AND RESERVES
Called up share capital 17 100 100
Translation reserve 18 60,531 75,809
Retained earnings 18 7,383,455 5,463,557
SHAREHOLDERS' FUNDS 7,444,086 5,539,466

Company's profit for the financial year 1,919,898 2,459,032

The financial statements were approved by the Board of Directors and authorised for issue on 9th September 2024 and were signed on its behalf by:





M J Harrison - Director


S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Consolidated Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Translation
capital earnings reserve
£    £    £   
Balance at 1st January 2022 100 6,085,556 -

Changes in equity
Total comprehensive income - 12,639,070 205,454
Balance at 31st December 2022 100 18,724,626 205,454

Changes in equity
Total comprehensive income - 10,198,764 44,808
Balance at 31st December 2023 100 28,923,390 250,262
Non-controlling Total
Total interests equity
£    £    £   
Balance at 1st January 2022 6,085,656 293,335 6,378,991

Changes in equity
Total comprehensive income 12,844,524 1,865,380 14,709,904
Balance at 31st December 2022 18,930,180 2,158,715 21,088,895

Changes in equity
Total comprehensive income 10,243,572 1,687,241 11,930,813
Balance at 31st December 2023 29,173,752 3,845,956 33,019,708

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Company Statement of Changes in Equity
for the Year Ended 31st December 2023

Called up
share Retained Translation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1st January 2022 100 3,004,525 - 3,004,625

Changes in equity
Total comprehensive income - 2,459,032 75,809 2,534,841
Balance at 31st December 2022 100 5,463,557 75,809 5,539,466

Changes in equity
Total comprehensive income - 1,919,898 (15,278 ) 1,904,620
Balance at 31st December 2023 100 7,383,455 60,531 7,444,086

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Consolidated Cash Flow Statement
for the Year Ended 31st December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 7,746,483 12,495,470
Interest paid (8,746 ) -
Tax paid (512,862 ) (173,908 )
Net cash from operating activities 7,224,875 12,321,562

Cash flows from investing activities
Purchase of intangible fixed assets - (132,743 )
Purchase of tangible fixed assets (1,093,913 ) (1,006,927 )
Purchase of fixed asset investments - (104,143 )
Sale of intangible fixed assets 119,469 -
Sale of tangible fixed assets 307,052 -
Sale of fixed asset investments 15,125 -
Non-controlling interest adjustment 14,637 388,063
Shares in Subsidiaries adjustment - 80,926
Interest received 214,385 58,983
Net cash from investing activities (423,245 ) (715,841 )

Increase in cash and cash equivalents 6,801,630 11,605,721
Cash and cash equivalents at beginning of
year

2

18,642,246

6,831,071
Effect of foreign exchange rate changes 44,808 205,454
Cash and cash equivalents at end of year 2 25,488,684 18,642,246

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31st December 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
2023 2022
£    £   
Profit before taxation 12,391,432 14,745,372
Depreciation charges 333,973 277,664
Finance costs 8,746 -
Finance income (214,385 ) (58,983 )
12,519,766 14,964,053
Increase in trade and other debtors (5,019,426 ) (28,923,087 )
Increase in trade and other creditors 246,143 26,454,504
Cash generated from operations 7,746,483 12,495,470

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31st December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 25,488,684 18,642,246
Year ended 31st December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 18,642,246 6,831,071


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 18,642,246 6,846,438 25,488,684
18,642,246 6,846,438 25,488,684

Liquid resources
Current asset investments 135,956 (15,125 ) 120,831
135,956 (15,125 ) 120,831
Total 18,778,202 6,831,313 25,609,515

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements
for the Year Ended 31st December 2023


1. STATUTORY INFORMATION

S.C.A - Shipping Consultants Associated 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 General 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Basis of consolidation
The consolidated financial statements incorporate those of S.C.A. - Shipping Consultants Associated Limited and all of its subsidiaries.

Where the company has control over an investee, it is classified as a subsidiary. The company controls an investee if all three of the following elements are present; power over the investee, exposure to variable returns from the investee, and the ability of the investor to use its power to affect those variable returns. Control is reassessed whenever facts and circumstances indicate that there may be a change in any of these elements of control.

The consolidated financial statements present the results of the company and its subsidiaries as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

Revenue recognition
IFRS 15 " Revenue from Contracts with Customers" requires the Company to perform an assessment on each of its revenue streams in order to identify the performance obligations in its customer contracts and establish an appropriate method for recognising revenue on satisfaction of those performance obligations. A judgement is required to determine whether revenue is recognised at a 'point in time' or 'over time' as well as determine the transfer of control for when performance obligations are satisfied.

The Company has defined the performance obligation to be at a point in time; this is the sailing date of the vessel from the port. This is a judgement since revenue recognition would differ if the performance obligations were deemed to be satisfied at a different point in time.

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In preparing the financial statements the directors have made the following judgements:

Determining the useful lives and depreciation policies for the company's various classes of tangible fixed assets. The directors base these estimates on technological advancement, future investments, economic utilisation and physical condition of the assets to ensure that the depreciation policy used is sufficient so that the carrying value does not exceed its net realisable value.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 20% on reducing balance
Motor vehicles - 20% on reducing balance

Tangible fixed assets are stated in the balance sheet at cost less accumulated depreciation. The cost of tangible fixed assets includes directly attributable costs incurred in their acquisition and installation.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.


S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


2. ACCOUNTING POLICIES - continued
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 financial statements are presented in Sterling, this is being the presentation currency. The functional currency is the Euro, this being the currency of the primary economic environment of the Group.

The results of operation in the functional currency are translated to reporting currency using the average rates of exchange for the year. Monetary assets and liabilities are translated into sterling at the rates of exchange ruling at the balance sheet date. Foreign exchange gains and losses resulting from monetary items are recognised in the income statement.

Exchange differences result from translating the opening net assets at a closing rate that differs from the previous closing rate are presented in other comprehensive income and accumulated in the translation reserve.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Operating lease agreement
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight line basis over the period of the lease.

Trade receivables
Trade receivables are measured at their transaction price. Receivables are held to collect the contractual cash flows which are solely payments of principal. Trade and other receivables are non-interest bearing and generally on terms payable within 30 to 90 days.

Trade and other creditors
Trade and other creditors are recognised at fair value.

Cash and cash equivalents
Cash and cash equivalents included in the Balance Sheet comprise cash in hand and short-term deposits with an original maturity of three months or less.

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Fees receivable 189,225,926 174,405,877

The group operates globally. No geographical market information is disclosed as in the opinion of the directors, the disclosure of any of this information would be seriously prejudicial to the interests of the group.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 10,044,804 8,933,242
Social security costs 55,714 50,740
Other pension costs 4,583 11,811
10,105,101 8,995,793

The average number of employees during the year was as follows:
2023 2022

Management and administration 82 79

The average number of employees by undertakings that were proportionately consolidated during the year was 76 (2022 - 74 ) .

2023 2022
£    £   
Directors' remuneration 8,784 8,784

5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Depreciation - owned assets 333,973 264,390
Loss on disposal of fixed assets 281,030 -
Goodwill amortisation - 13,274
Auditors' remuneration 56,596 36,800
Auditors' remuneration for non audit work 36,631 16,655
Foreign exchange differences 1,180,823 43,596

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Loan interest 8,746 -

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 365,119 492,862

Deferred tax 154,945 136,123
Tax on profit 520,064 628,985

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Foreign exchange 44,808 - 44,808

2022
Gross Tax Net
£    £    £   
Foreign exchange 205,454 - 205,454

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1st January 2023 132,743
Disposals (132,743 )
At 31st December 2023 -
AMORTISATION
At 1st January 2023 13,274
Eliminated on disposal (13,274 )
At 31st December 2023 -
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 119,469

10. TANGIBLE FIXED ASSETS

Group
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 2,551,099 - 2,551,099
Additions 1,033,667 60,246 1,093,913
Disposals (373,087 ) - (373,087 )
At 31st December 2023 3,211,679 60,246 3,271,925
DEPRECIATION
At 1st January 2023 734,327 - 734,327
Charge for year 328,660 5,313 333,973
Eliminated on disposal (66,035 ) - (66,035 )
At 31st December 2023 996,952 5,313 1,002,265
NET BOOK VALUE
At 31st December 2023 2,214,727 54,933 2,269,660
At 31st December 2022 1,816,772 - 1,816,772

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


10. TANGIBLE FIXED ASSETS - continued

Company
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1st January 2023 1,351,465 - 1,351,465
Additions 911,733 60,246 971,979
At 31st December 2023 2,263,198 60,246 2,323,444
DEPRECIATION
At 1st January 2023 301,171 - 301,171
Charge for year 288,764 5,313 294,077
At 31st December 2023 589,935 5,313 595,248
NET BOOK VALUE
At 31st December 2023 1,673,263 54,933 1,728,196
At 31st December 2022 1,050,294 - 1,050,294

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st January 2023 633,387
Disposals (5,295 )
At 31st December 2023 628,092
NET BOOK VALUE
At 31st December 2023 628,092
At 31st December 2022 633,387

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


11. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

SCA Logistics Ltd
Registered office: 25 Military Road, Chatham, Kent, England, ME4 4JG
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023
£   
Aggregate capital and reserves 100

S.A.R.L. Shipping Consultants Associated
Registered office: 01, Rue des Genetes, Monaco
Nature of business: Consultancy for port and maritime related.
%
Class of shares: holding
Ordinary 90.00
2023 2022
£    £   
Aggregate capital and reserves 22,029,688 13,893,373
Profit for the year 8,136,316 10,510,968

S.C.A. - Shipping Consultants Associated Pty Ltd
Registered office: 225 Fullarton Road, Eastwood, SA 5063
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2023 2022
£    £   
Aggregate capital and reserves 56 56

Gulf Logistics Services DMCC
Registered office: Mazaya Business Avenue AA-1, JLT, Dubai, United Arab Emirates
Nature of business: Agency for supply of ships chandlery services.
%
Class of shares: holding
Ordinary 60.00
2023 2022
£    £   
Aggregate capital and reserves 2,665,063 886,822
Profit for the year 1,782,331 686,264

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


11. FIXED ASSET INVESTMENTS - continued

Asia Logistics Services Pte. Ltd.
Registered office: 21B Bukit Pasoh, Singapore
Nature of business: Shipping, maritime and logistics consultancy.
%
Class of shares: holding
Ordinary 60.00
2023 2022
£    £   
Aggregate capital and reserves 325,754 241,659
Profit for the year 91,499 206,935

S.C.A. Bahrain W.L.L
Registered office: 21 Bldg 1315A, Road 114, Block 101, Hidd, Bahrain
Nature of business: Logistics consultancy for port and maritime related
%
Class of shares: holding
Ordinary 60.00
2023 2022
£    £   
Aggregate capital and reserves 1,134,724 846,606
Profit for the year 273,600 824,988


12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade debtors 47,691,476 46,355,534 44,973,167 36,289,155
Other debtors 4,025,103 222,599 3,807,119 667,215
Prepayments and accrued income 96,043 215,063 93,677 187,031
51,812,622 46,793,196 48,873,963 37,143,401

13. CURRENT ASSET INVESTMENTS

Market value of listed investments at 31st December 2023 £120,831 (2022 £135,956)

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Trade creditors 33,065,941 33,026,457 53,954,779 44,918,933
Corporation tax 265,119 412,862 261,841 403,587
Other creditors and accruals 12,767,341 12,518,601 4,133,384 935,085
46,098,401 45,957,920 58,350,004 46,257,605

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2023 2022
£    £   
Other creditors 151,848 193,929

16. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£    £    £    £   
Deferred tax 421,840 266,895 419,699 262,574

Group
Deferred
tax
£   
Balance at 1st January 2023 266,895
Charge to Income Statement during year 154,945
Balance at 31st December 2023 421,840

Company
Deferred
tax
£   
Balance at 1st January 2023 262,574
Charge to Income Statement during year 157,125
Balance at 31st December 2023 419,699

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

S.C.A - Shipping Consultants Associated
Limited (Registered number: 04100501)

Notes to the Consolidated Financial Statements - continued
for the Year Ended 31st December 2023


18. RESERVES

Group
Retained Translation
earnings reserve Totals
£    £    £   

At 1st January 2023 18,724,626 205,454 18,930,080
Profit for the year 10,198,764 10,198,764
Foreign exchange - 44,808 44,808
At 31st December 2023 28,923,390 250,262 29,173,652

Company
Retained Translation
earnings reserve Totals
£    £    £   

At 1st January 2023 5,463,557 75,809 5,539,366
Profit for the year 1,919,898 1,919,898
Foreign exchange - (15,278 ) (15,278 )
At 31st December 2023 7,383,455 60,531 7,443,986


19. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is J Landi by virtue of his shareholding.