Registered number: 13267018
THESSAL LIMITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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THESSAL LIMITED
COMPANY INFORMATION
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THESSAL LIMITED
CONTENTS
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Independent Auditors' Report
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Statement of Comprehensive Income
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Statement of Changes in Equity
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Notes to the Financial Statements
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THESSAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' Report 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 applicable law and UK-adopted International accounting standards. 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The principal activity of the Company in the year under review was that of ownership and operation of its vessel. The vessel was sold in the year and the Company ceased trading.
The directors who served during the year were:
Disclosure of information to auditors
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Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and
∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The auditors, Malde & Co, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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THESSAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
Mr Laurent Cadji
Director
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THESSAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THESSAL LIMITED
Opinion on the financial statements
In our opinion the financial statements:
∙give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its result for the year then ended;
∙have been properly prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the UK; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Thessal Limited (“the Company”) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, and 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 International Financial Reporting Standards as adopted by the UK.
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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company 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.
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 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 included in the annual report other than the financial statements and our auditor’s report 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. 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 course of 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.
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THESSAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THESSAL LIMITED
We have nothing to report in this regard.
Other Companies Act 2006 reporting
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors’ report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
∙the 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; or
∙the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a Strategic report.
Responsibilities of Directors
As explained more fully in the Directors’ Responsibilities Statement, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.
Auditor’s 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 an auditor’s report 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.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.
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THESSAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THESSAL LIMITED
Based on our understanding of the Company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the relevant financial reporting framework and tax legislation. We also considered other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instances through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, maritime law, and certain aspects of relevant applicable legislation in countries where the Company operates its vessel.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates, particularly in impairment reviews.
We communicated identified laws and regulations and fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.
Audit procedures performed by the Company audit team included:
∙Inspecting correspondence with regulators and tax authorities;
∙Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud;
∙Evaluating management’s controls designed to prevent and detect irregularities;
∙Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by users outside their normal job role or with unusual descriptions and significant transactions made outside the normal course of business;
∙Challenging assumptions and judgements made by management in their critical accounting estimates, including vessel impairment reviews; and
∙At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
Owing to the inherent limitations in our audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
A further description of our responsibilities is available on the Financial Reporting Council’s website at:
https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
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THESSAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THESSAL LIMITED
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 an auditor’s report 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.
Chirag Sirish Malde FCCA (Senior statutory auditor)
for and on behalf of
Malde & Co
Chartered Certified Accountants and Statutory Auditor
99 Kenton Road
Harrow
Middlesex
HA3 0AN
28 June 2024
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THESSAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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Time charter equivalent income
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Profit on disposal of vessel
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Interest receivable and similar income
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Profit for the financial year
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There was no other comprehensive income for 2023 (2022:$NIL).
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The notes on pages 11 to 21 form part of these financial statements.
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THESSAL LIMITED
REGISTERED NUMBER: 13267018
BALANCE SHEET
AS AT 31 DECEMBER 2023
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Trade and other receivables
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Trade and other payables: amounts falling due within one year
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Total assets less current liabilities
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Trade and other payables: amounts falling due after more than one year
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The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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THESSAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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Comprehensive income for the year
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Comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Transfer between reserves
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The notes on pages 11 to 21 form part of these financial statements.
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THESSAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
Cash flows from operating activities
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Profit for the financial year
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Profit on disposal of vessel
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Decrease/(increase) in debtors
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Net cash generated from operating activities
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Cash flows from investing activities
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Purchase of tangible fixed assets
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Proceeds on disposal of vessel
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Net cash from investing activities
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Cash flows from financing activities
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Net cash used in financing activities
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Net increase in cash and cash equivalents
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Cash and cash equivalents at beginning of year
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Cash and cash equivalents at the end of year
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Cash and cash equivalents at the end of year comprise:
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The notes on pages 11 to 21 form part of these financial statements.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Thessal Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number can be found on the balance sheet, and its registered office is Portland House, 69-71 Wembley Hill Road, Middlesex, HA9 8BU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.
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Impact of new international reporting standards, amendments and interpretations
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New standards, interpretations and amendments that have been adopted in the annual financial statements for the year ended 31 December 2023 are:
• IFRS 17 Insurance Contracts
• IAS 1 Amendment – Disclosure of Accounting Policies
• IAS 8 Amendment – Definition of Accounting Estimates
• IAS 12 Amendment – Deferred tax related to Assets and Liabilities arising from a Single transaction.
The adoption of these new standards had no significant impact on the financial statements.
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the group has decided not to adopt early.
The following amendments are effective for the period beginning 1 January 2024:
• IAS 1 Amendment – Classification of Liabilities as Current or Non-current
• IAS 1 Amendment – Non-current Liabilities with Covenants
• IAS 7 Amendment – Supplier Finance Arrangements
• IFRS 16 Amendment – Liability in a sale and leaseback.
The following amendments are effective for the period beginning 1 January 2025:
• IAS 21 Amendment – Lack of Exchangeability
The Company is currently assessing the impact of these new accounting standards and amendments however the directors do not currently believe that there will be any significant impact on the financial statements.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is USD.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue is derived from chartering its vessel to third parties on either time charters or voyage charters.
Revenue derived from time charters is separated between the lease element of the predetermined rentals and the service element, based on the observable market rate for stand-alone bareboat charter at each contract inception. The service element is the difference between the equivalent bareboat rate and the agreed charter hire. The revenue is recognised concurrently.
Revenue derived from voyage charters is adjusted for off-hire days and is recognised daily as it accrues, on a straight-line basis over the period of the contract.
Contract assets are recognised when income has been earned but not yet received. Contract liabilities are recognised when billing and payment occur in advance of the provision of a service. These represent the difference between cumulative revenue recognised and the cumulative amounts billed for the contracts in place for the Group's shipping operations.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Inventories comprise bunkers and lubricants on board vessel. Inventories are recognised at the lower of cost and net realisable value on a first-in, first-out basis.
The vessel is stated at cost less accumulated depreciation and any provisions for impairment. Depreciation is provided on the basis that the book value of the vessel, less any estimated residual value, is written off on a straight line basis over the remaining useful economic life, taken to be 25 years from the build date, to an estimated residual value based on scrap rates at each balance sheet date.
Dry-docking costs are capitalised and written off over the estimated period to the next dry-docking. Unamortised costs are written off to profit or loss on disposal of the vessel.
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Trade and other receivables
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Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
Financial instruments are recognised on the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument. All financial instruments are initially measured at fair value, which generally equates to acquisition cost and are subsequently measured at amortised cost using the effective interest rate method.
Contributed surplus represents amounts invested in the Company in excess of the nominal value of the share capital. There are no capital repayment terms and repayment is at the discretion of the Company.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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In the application of the Company's accounting policies, management 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 estimates. The following summarises the judgements, estimates and assumptions that may cause amounts recognised or disclosed to change in following reporting periods:
Demurrage
When vessels on voyage charter are subject to delays a demurrage may be paid. This can occur due to factors such as port delays resulting in the vessel exceeding the allowed laytime per the charter party agreement at the ports visited. Estimation and judgements are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. We review such estimates and update them over the term of the voyage charter contract.
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Revenue from contracts with customers
Revenue is derived from the chartering of the Company's vessel. Revenue attributable to the different types of contracts entered into is split out below:
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The operating profit is stated after charging:
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Fair value adjustment to receivables
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Cost of inventories recognised as an expense
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The Company has no employees other than the directors, who did not receive any remuneration (2022 - $NIL).
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All personnel working for the Company are employed by a third party who charge a management fee.
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Interest payable and similar expenses
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Amortisation of loan arrangement costs
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The Company has entered into the U.K. tonnage tax regime, under which its shipping activities are taxed based on the net tonnage of the vessel operated. Any income and profits outside the tonnage tax regime are taxed under the normal U.K. corporation tax rules at 19%-25%.
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Final dividend on Ordinary shares of $1 each
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Charge for the year on owned assets
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The vessel was held as security against the bank loan. The security was released in the year on disposal of the vessel.
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Trade and other receivables
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Amounts owed by group undertakings
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The amounts owed by group undertakings are unsecured, interest free and repayable on demand.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Cash and cash equivalents
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Trade and other payables: Amounts falling due within one year
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Trade and other payables: Amounts falling due after more than one year
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The following liabilities were secured:
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Less: Unamortised loan arrangement fees
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Details of security provided:
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Charge against the vessel, cash at bank, earnings and the insurances of the Company.
The security was released in the year on disposal of the vessel.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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The Company is exposed through its operations to the following financial risks:
• Credit risk;
• Liquidity risk; and
• Market risk (including interest rate risk and currency risk).
In common with all businesses, the Company is exposed to risks that arise from its use of financial instruments. The Company's objectives, policies and processes for managing those risks and the methods used to measure them are disclosed below.
There have been no substantive changes in the Company's exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.
(i) Principal financial instruments
The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows:
- Trade and other receivables;
- Cash and cash equivalents;
- Trade and other payables; and
- Bank loans
(ii) Categories of financial instruments:
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Financial assets
At amortised cost:
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Trade and other receivables
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Cash and cash equivalents
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Financial liabilities
At amortised cost:
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
15.Financial instruments (continued)
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(iii) Financial instruments not measured at fair value.
Financial instruments not measured at fair value include cash and cash equivalents, trade and other receivables, trade and other payables and loans and borrowings.
Due to their short term nature, the carrying value of cash and cash equivalents, trade and other receivables and trade and other payables approximates their fair value.
General objectives, policies, and processes
The key management of the Company have overall responsibility for the determination of the Company's risk management objectives and policies and, whilst retaining ultimate responsibility for them, has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Company's finance function. Key management receive monthly finance reports through which they review the effectiveness of the processes put in place and the appropriateness of the objectives and policies they have set.
The overall objective of management is to set policies that seek to reduce risk as far as possible without unduly affecting the Company's competitiveness and flexibility.
Credit risk
The Company services the shipping market by leasing its vessels to third party charterers. The Company takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts when they fall due. Management mitigate this risk by only chartering the vessel to reputable companies, fixing the vessel on time charters and conducting comprehensive credit reviews of counterparties. Credit risk also arises from cash and cash equivalents however the risk is limited by only using banks with high credit-ratings assigned by international credit-rating agencies.
Liquidity risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company aims to mitigate liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Financial instruments (continued)
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The following table represents the contractual maturities (representing undiscounted contractual cashflows) of financial liabilities:
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Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return.
Currency risk
The Company has no significant assets or liabilities denominated in currencies other than the United States dollar and therefore was not exposed to currency risk at the reporting date.
Interest rate risk
The Company's interest bearing financial assets and liabilities expose it to risks associated with the effect of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. All of the Company's cash and cash equivalents are subject to variable interest rates and therefore are exposed to interest rate risk. As at the balance sheet date, should yields have increased/decreased by 150bps with all other variables remaining constant, the increase/decrease in the result for the year would have been $18,000 (2022: decrease/increase $82,800). The sensitivity is lower in the current year due to the repayment of the bank loans in the year on disposal of the vessel.
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THESSAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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Allotted, called up and fully paid
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10 (2022 - 10) Ordinary shares of $1.31 each
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Contributed surplus represents amounts invested in the Company in excess of the nominal value of the share capital. There are no capital repayment terms and repayment is at the discretion of the Company.
The parent company is Supramax Holdco Limited.
There is not considered to be a single ultimate controlling party.
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