Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truetrue0falsetruetruetruetruetruetruetruetruetruetruefalse2023-01-010true 07998843 2023-01-01 2023-12-31 07998843 2022-01-01 2022-12-31 07998843 2023-12-31 07998843 2022-12-31 07998843 2022-01-01 07998843 2 2023-01-01 2023-12-31 07998843 2 2022-01-01 2022-12-31 07998843 1 2023-01-01 2023-12-31 07998843 d:Exceptional 2023-01-01 2023-12-31 07998843 d:Exceptional 2022-01-01 2022-12-31 07998843 e:Director1 2023-01-01 2023-12-31 07998843 e:Director2 2023-01-01 2023-12-31 07998843 e:Director3 2023-01-01 2023-12-31 07998843 e:Director4 2023-01-01 2023-12-31 07998843 e:RegisteredOffice 2023-01-01 2023-12-31 07998843 d:PlantMachinery 2023-01-01 2023-12-31 07998843 d:PlantMachinery 2023-12-31 07998843 d:PlantMachinery 2022-12-31 07998843 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07998843 d:FurnitureFittings 2023-01-01 2023-12-31 07998843 d:FurnitureFittings 2023-12-31 07998843 d:FurnitureFittings 2022-12-31 07998843 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07998843 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 07998843 d:CurrentFinancialInstruments 2023-12-31 07998843 d:CurrentFinancialInstruments 2022-12-31 07998843 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 07998843 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 07998843 d:ReportableOperatingSegment1 2023-01-01 2023-12-31 07998843 d:ReportableOperatingSegment1 2022-01-01 2022-12-31 07998843 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 07998843 d:ReportableOperatingSegment2 2022-01-01 2022-12-31 07998843 d:ReportableOperatingSegment3 2023-01-01 2023-12-31 07998843 d:ReportableOperatingSegment3 2022-01-01 2022-12-31 07998843 d:ShareCapital 2023-12-31 07998843 d:ShareCapital 2022-12-31 07998843 d:ShareCapital 2022-01-01 07998843 d:SharePremium 2023-12-31 07998843 d:SharePremium 2022-12-31 07998843 d:SharePremium 2022-01-01 07998843 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 07998843 d:RetainedEarningsAccumulatedLosses 2023-12-31 07998843 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 07998843 d:RetainedEarningsAccumulatedLosses 2022-12-31 07998843 d:RetainedEarningsAccumulatedLosses 2022-01-01 07998843 e:OrdinaryShareClass1 2023-01-01 2023-12-31 07998843 e:OrdinaryShareClass1 2023-12-31 07998843 e:OrdinaryShareClass1 2022-12-31 07998843 e:FRS101 2023-01-01 2023-12-31 07998843 e:Audited 2023-01-01 2023-12-31 07998843 e:FullAccounts 2023-01-01 2023-12-31 07998843 e:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07998843 2 2023-01-01 2023-12-31 07998843 f:USDollar 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 07998843









OBLUE LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
OBLUE LIMITED
 
 
COMPANY INFORMATION


Directors
L. E. Cadji 
L. L. Cadji 
B. S. Kansagra 
R. S. Kansagra 




Registered number
07998843



Registered office
Portland House
69-71 Wembley Hill Road

Middlesex

HA9 8BU





 
OBLUE LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Comprehensive Income
 
7
Balance Sheet
 
8
Statement of Changes in Equity
 
9
Notes to the Financial Statements
 
10 - 18


 
OBLUE 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

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 United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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. As stated in Note 2, the directors do not consider the Company to be a going concern and have prepared the financial statements on a basis other than that of a going concern.

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 2006They 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.

Principal activity

The principal activity of the Company in the year under review was that of ownership and operation of its vessel, however the vessel was sold in March 2023 and the Company has now ceased trading.

Directors

The directors who served during the year were:

L. E. Cadji 
L. L. Cadji 
B. S. Kansagra 
R. S. Kansagra 

Disclosure of information to auditor

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 auditor is 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 auditor is aware of that information.

Page 1

 
OBLUE LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Auditor

The auditor, Malde & Co.will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

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.
 





L. E. Cadji
Director
Date: 23 August 2024

Page 2

 
OBLUE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OBLUE LIMITED
 

Opinion

We have audited the financial statements of Oblue 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 United Kingdom Accounting Standards, including FRS 101 Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice). 

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 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 Auditor’s responsibilities for the audit of the financial statements section of our report. 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 requirementsWe believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to Note 2 to the financial statements which explains that the directors do not consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than that of a going concern as described in Note 2. Our opinion is not modified in respect of this matter.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. 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.

We have nothing to report in this regard.

Opinion on other matter 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 Directors’ report for the financial year for which the financial statements are
Page 3

 
OBLUE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OBLUE LIMITED
 

prepared is consistent with the financial statements; and
the Directors’ report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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. 
Page 4

 
OBLUE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OBLUE LIMITED
 

Based on our understanding of the Company and industry, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income and payroll taxes. The Company is also subject to 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: maritime law, health and safety, anti-bribery, employment law and certain aspects of relevant applicable legislation in countries where the Company operates. 

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. 

Audit procedures performed by the 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.
Page 5

 
OBLUE LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OBLUE 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, Statutory Auditor
99 Kenton Road
Harrow
Middlesex
HA3 0AN
23 August 2024

 
Page 6

 
OBLUE LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
$
$

  

Revenue
 4 
2,139,625
6,479,883

Voyage expenses
  
(634,128)
(1,581,508)

Time charter equivalent income
  
1,505,497
4,898,375

Vessel running expenses
  
(507,830)
(2,192,404)

Depreciation
  
(197,509)
(576,462)

Administrative expenses
  
(387,839)
(56,192)

Loss on disposal of vessel
  
(174,264)
-

Operating profit
 5 
238,055
2,073,317

Interest receivable and similar income
  
241,694
-

Interest payable and similar expenses
 7 
(1,180)
58,039

Profit before tax
  
478,569
2,131,356

Tax on profit
  
-
-

Profit for the financial year
  
478,569
2,131,356

There was no other comprehensive income for 2023 (2022:$NIL).

The notes on pages 10 to 18 form part of these financial statements.

All amounts relate to discontinued operations following the sale of the vessel in March 2023.

Page 7

 
OBLUE LIMITED
REGISTERED NUMBER: 07998843

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Fixed assets
  

Vessel
 9 
-
5,793,948

  
-
5,793,948

Current assets
  

Inventories
  
-
31,017

Trade and other receivables
 10 
2,666,682
3,770,659

Cash at bank and in hand
 11 
13,856
7,329

  
2,680,538
3,809,005

Creditors: amounts falling due within one year
 12 
(11,580)
(712,564)

Net current assets
  
 
 
2,668,958
 
 
3,096,441

Net assets
  
2,668,958
8,890,389


Capital and reserves
  

Called up share capital 
 13 
6
6

Contributed surplus
  
2,870,341
2,870,341

Retained earnings
  
(201,389)
6,020,042

  
2,668,958
8,890,389


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: 


L. E. Cadji
B. S. Kansagra
Director
Director
Date: 23 August 2024

The notes on pages 10 to 18 form part of these financial statements.

Page 8

 
OBLUE LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Contributed surplus
Retained earnings
Total equity

$
$
$
$


At 1 January 2022
6
2,870,341
3,888,686
6,759,033


Comprehensive income for the year

Profit for the year
-
-
2,131,356
2,131,356



At 1 January 2023
6
2,870,341
6,020,042
8,890,389


Comprehensive income for the year

Profit for the year
-
-
478,569
478,569


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(6,700,000)
(6,700,000)


At 31 December 2023
6
2,870,341
(201,389)
2,668,958


The notes on pages 10 to 18 form part of these financial statements.

Page 9

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Oblue 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

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006.

The following principal accounting policies have been applied:

Page 10

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
 - paragraphs 76 and 79(d) of IAS 40 Investment Property; and
 - paragraph 50 of IAS 41 Agriculture
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 74A(b) of IAS 16
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of Union Maritime Limited as at 31 December 2023 and these financial statements may be obtained from The Registrar of Companies.

 
2.3

Going concern

The Company sold its vessel in March 2023 and ceased shipping activities. The Directors intend to liquidate the Company once all outstanding receivables and liabilities have been settled. Based on this, the Directors do not consider the Company to be a going concern and therefore have prepared the financial statements on a basis other than going concern. No material adjustment arose as a result of ceasing to apply the going concern basis.

Page 11

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Foreign currency translation

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

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'.

 
2.5

Revenue

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 Company's shipping operations.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

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.

Page 12

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Taxation

The Company operates within the UK tonnage tax regime under which ship owning and operating activities are taxed based on the net tonnage of the vessel operated.

  
2.9

Vessel

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.

  
2.10

Inventories

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.

 
2.11

Debtors

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.

 
2.12

Cash and cash equivalents

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.

 
2.13

Creditors

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.

  
2.14

Financial instruments

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.

Page 13

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.15

Contributed surplus

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. 

 
2.16

Dividends

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.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

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. 


4.


Revenue

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:
 


2023
2022
$
$

Voyage charter
1,869,618
5,290,835

Time charter
270,007
1,172,541

Pool income
-
16,507

2,139,625
6,479,883


Page 14

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Operating profit

The operating profit is stated after charging/(crediting):

2023
2022
$
$

Depreciation of tangible fixed assets
197,509
576,462

Fair value adjustment to receivables
171,271
-

Auditors' remuneration
4,412
(2,843)

Tonnage tax
-
1,505

Cost of inventories recognised as expense
114,448
660,635


6.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - $NIL).

All personnel working for the Company are employed by a related party who charge a management fee.


7.


Interest payable and similar expenses

2023
2022
$
$


Interest payable on bank and other loans
(4,000)
-

Foreign exchange difference
5,180
(58,039)

1,180
(58,039)


8.


Taxation

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%. 

Page 15

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Vessel





Vessel
Drydock
Total

$
$
$





At 1 January 2023
7,276,010
1,487,658
8,763,668


Disposals
(7,276,010)
(1,487,658)
(8,763,668)



At 31 December 2023

-
-
-





At 1 January 2023
2,876,740
92,980
2,969,720


Charge for the year on owned assets
197,509
-
197,509


Disposals
(3,074,249)
(92,980)
(3,167,229)



At 31 December 2023

-
-
-



Net book value



At 31 December 2023
-
-
-



At 31 December 2022
4,399,270
1,394,678
5,793,948

The vessel was sold in March 2023.

Page 16

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Trade and other receivables

2023
2022
$
$


Trade debtors
208,680
553,350

Amounts owed by group undertakings
2,457,732
2,926,116

Other debtors
270
215,061

Prepayments
-
76,132

2,666,682
3,770,659


The amounts owed by group undertakings are unsecured, interest free, and repayable on demand.


11.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
13,856
7,329

13,856
7,329



12.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
235
518,616

Tonnage tax
345
1,503

Accruals
11,000
192,445

11,580
712,564



13.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



4 (2022 - 4) Ordinary shares of £1 each
6
6


Page 17

 
OBLUE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Contributed surplus

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. 


15.


Related party transactions

The Company has taken advantage of the exemption conferred by Financial Reporting Standard 101 "Reduced Disclosure Framework" from disclosing details of transactions with wholly owned group companies.   


16.


Post balance sheet events

Since the year end the contributed surplus of £1,933,410 / $2,870,341 has been transferred to retained earnings.


17.


Controlling party

The Company is a wholly owned subsidiary of Union Maritime Limited (UML), whose registered office is at Portland House, 69-71 Wembley Hill Road, Middlesex, England, HA9 8BU.
UML is jointly owned by South Central Property Limited and Solai Holdings Limited.  The ultimate parent company is considered to be South Central Property Limited as they have control at board level. There is not considered to be a single ultimate controlling party.

Page 18