Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
COMPANY INFORMATION
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SEA BUNKERING LIMITED
CONTENTS
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SEA BUNKERING LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The principal activity of the company is the storage, transportation and distribution of marine gas oil primarily within the United Kingdom.
Sea Bunkering Limited is one of the largest marine fuel suppliers in the UK engaged in the marketing, sale and distribution of marine fuel products. In the UK fuel is supplied from its own seven dedicated storage locations, other supply partners or direct from trusted oil refineries giving it many competitive advantages.
The company has its own dedicated vessels that ensure security of supply and these vessels also provide direct bunkering services and shipping to third parties.
The company has remained committed to growth, developing new business opportunities, strengthening its balance sheet and above all, focusing on providing value to its customers beyond best price. This value includes leveraging off the company’s market knowledge and its unique expertise, which enables the company to limit customers’ exposure to price volatility, supply issues and quality.
The company’s financial key performance indicators are gross profit and operating profit. During the year the company performed satisfactorily against these KPIs with both gross and operating profit at similar levels to the previous year.
As a result of a combination of initiatives by the company there was a significant increase in volume and there was also a sustained management of costs. The company feels confident going forward into 2024 that it will have another positive year.
During 2023 there were major movements in the price of fuel, the company has used its expertise and the necessary risk management tools to mitigate the price volatility and supply risks. This together with the company's finance facility has meant that the company has been able to manage through these turbulent times with the necessary cash to fund its working capital and acquisition requirements.
In terms of Supply and Demand both have continued to remain in line with prior years and the company has continued to secure new customers.
The director considers the key performance indicator of the company to be the degree to which it is able to profitably grow the business in the physical supply of marine fuel to a growing customer base and therefore both turnover growth and operating profit are under constant review. It must also ensure that is successfully manages and, if necessary, hedges any exposure to the market such as oil price volatility, logistical and distribution costs and currency fluctuations.
The principal risks to the business is the unpredictability of the price of marine distillates, this can be hedged with either physical trades or with derivatives. To a lesser extent the time taken to physically ship products can also have an impact on logistical costs and therefore profitability.
The company uses various financial instruments including trade finance, future fuel price hedges, cash, foreign exchange hedges and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the company’s operations and mitigate risk.
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SEA BUNKERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The main risks arising from the company’s financial instruments are market risk, cash flow interest rate risk, credit risk and liquidity risk. Management review and agree policies for managing each of these risks which are summarised below. These policies remain unchanged from previous years.
Market risk Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. The company’s policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled “interest rate risk” below. The company is exposed to price risk due to volatility in the price of oil. This is managed by future fuel price hedge contracts. Currency risk The company is exposed to translation and transaction foreign exchange risk which is managed by forward exchange contracts for currency. All sales and cost of sales of the company are invoiced in sterling. Liquidity risk The company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Interest rate risk The company finances its operations through trade loan facilities and term loan as well as through retained profits. The company’s debtors and creditors do not attract interest, and are therefore subject to fair value interest rate risk. Credit risk The company’s principal financial assets are cash and trade debtors. The credit risk associated with the cash balances is managed by the company monitoring the financial position of the counter parties involved. In order to manage the credit risk arising from trade debtors, the director sets limits for customers based on a combination of payment history and third party credit references. Credit limits are reviewed by the credit controller on a regular basis in conjunction with debt ageing and collection history. The company has reviewed debtor balances at 31 December 2023 and provided for balances where the risk of non-recovery is considered to be significant. The director monitors the performance of counter-parties and addresses the problems with customers where the risk on non-performance of contractual obligations is considered to be significant.
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SEA BUNKERING LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The Directors of the Company, as those of all UK companies, must act in accordance with a set of general duties which are set out in detail in section 172 of UK Companies Act 2006. The following paragraphs summarise how the Directors’ fulfil their duties:
Risk Management: We provide business critical services in a highly regulated environment, it is therefore vital we effectively identify, evaluate, manage and mitigate these risks and continue to evolve our approach to risk management. Our People: We are committed to be a responsible business, aligned with expectations of our people, clients, investors, communities’ and society. People are at the heart of our services, so we need to manage and develop our people’s performance and bring through talent. We must ensure we share common values and guide behaviour, so we achieve our goals the right way. Business Relationships: Our strategy prioritises organic growth. To do its we need to develop and maintain strong client relationships. We value all our suppliers and have long term contracts with our key suppliers. Community and Environment: The company approach is to create positive change for the people and communities with which it interacts, and we want to leverage our expertise to support the communities around us. Shareholders: The board is committed to engaging with its shareholders so that they understand our strategy and objectives, so they must be explained clearly to them and their feedback heard and properly considered.
This report was approved by the board and signed on its behalf.
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SEA BUNKERING LIMITED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
The director presents his report and the financial statements for the year ended 31 December 2023.
The director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the director is required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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 financial position of the group, its liquidity position and principal risks and uncertainties are described in the Strategic report.
The group has remained committed to growth, developing new business opportunities, strengthening its balance sheet and above all, focusing on providing value to its customers beyond best price. This value includes leveraging off the company’s market knowledge and its unique expertise, which enables the group to limit customers’ exposure to price volatility, supply issues and quality. As a result, the director believes that the group has adequate resources to continue operations for the foreseeable future being a period of not less that twelve months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
The profit for the year, after taxation, amounted to £1,551,058 (2022 - £2,026,180).
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SEA BUNKERING LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
The director who served during the year was:
See strategic report.
See strategic report.
The director at the time when this Director's Report is approved has confirmed that:
There have been no significant events affecting the Company since the year end.
The auditor, James Cowper Kreston Audit, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SEA BUNKERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED
We have audited the financial statements of Sea Bunkering Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 United Kingdom, including the Financial Reporting Council'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.
In auditing the financial statements, we have concluded that the director's 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 director with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The director is 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.
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SEA BUNKERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Director's Report have 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 Strategic Report or the Director's Report.
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SEA BUNKERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED (CONTINUED)
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.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation
The specific procedures for this engagement that we designed and performed to detect material misstatements
in respect of irregularities, including fraud, were as follows:
∙Enquiry of management and those charged with governance around actual and potential litigation and
claims;
∙Enquiry of management and those charged with governance to identify any material instances of non compliance with laws and regulations;
∙Reviewing financial statemen disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
∙Performing audit work to address the risk of irregularities due to management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias.
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 Auditor's Report.
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SEA BUNKERING LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SEA BUNKERING LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants and Statutory Auditor
Reading Bridge House
George Street
Berkshire
RG1 8LS
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SEA BUNKERING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
REGISTERED NUMBER: 02620572
BALANCE SHEET
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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SEA BUNKERING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Sea Bunkering Limited is a private company limited by shares and incorporated in England and Wales. Its registered head office and principal place of business is Chiltern House, 45 Station Road, Henley-on-Thames, Oxfordshire, RG9 1AT.
2.Accounting policies
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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).
This information is included in the consolidated financial statements of Geos Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.
The financial position of the group, its liquidity position and principal risks and uncertainties are described in the Strategic report.
The group has remained committed to growth, developing new business opportunities, strengthening its balance sheet and above all, focusing on providing value to its customers beyond best price. This value includes leveraging off the company’s market knowledge and its unique expertise, which enables the group to limit customers’ exposure to price volatility, supply issues and quality. As a result, the director believes that the group has adequate resources to continue operations for the foreseeable future being a period of not less that twelve months from the date of signing the financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Derivatives, including oil price hedges and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss. The company does not currently apply hedge accounting
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
for interest rate and foreign exchange derivatives.
Functional and presentation currency
Transactions and balances
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Statement of Comprehensive Income.
IIf an impairment loss subsequently reversed, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset is prior years. A reversal of an impairment loss is recognised immediately in the Statement of Comprehensive Income.
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Estimates and underlying assumptions are reviewed on an ongoing basis. Estimates are based on historical experience and other assumptions that are considered reasonable in the circumstances. The actual amount or values may vary in certain instances from the assumptions and estimates made. Changes will be recorded, with corresponding effect in the Statement of Comprehensive Income, when, and if, better information is obtained. Information about assumptions and estimation uncertainties that have a significant risk of resulting in material adjustment within the next financial year are included below. Critical judgements that management has made in the process of applying accounting policies disclosed herein and that have a significant effect on the amounts recognised in the financial statements relates to the following: Provisions In recognising provisions, the company evaluates the extent to which it is probable that it has incurred a legal or constructive obligation in respect of past events and the probability that there will be an outflow of benefits as a result. The judgements used to recognise provisions are based on currently known factors which may vary over time, resulting in changes in the measurement of recorded amounts as compared to initial estimates. Stocks Management applies judgement at each balance sheet date position to estimate the net realisable values of stock, taking into account the most reliable evidence at each reporting date. Fixed assets Management reviews its estimate of the useful lives of depreciable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to obsolescence and "wear and tear" that may change the utility of certain plant and machinery. Where there are indicators of impairment of individual assets, management perform impairment tests based on the fair value less costs to sell at a value in use calculation. The value in use calculation is based on a discounted cash flow model, cash flows being based on budgets and estimated discount rates. In undertaking this impairment assessment, the director has taken into consideration the benefits that the Blyth terminal brings to the performance of the company's other terminals.
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
In the Spring Budget 2021, the Government announced that from 1 April 2023 the main corporation tax rate will increase to 25%. The impact of these changes is not expected to be material.
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
As at 31 December 2023 and at 31 December 2022 there were no contingent liabilities.
The company had no capital commitments at the end of the financial year 31 December 2023 (2022: £NIL).
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SEA BUNKERING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
At the year end amounts owed by the director totalled £1,162,828 (2022: £1,170,475) The maximum amount owed during the year was £1,170,475 (2022: £1,170,475).
As at 31 December 2023 and at 31 December 2022 the immediate parent undertaking is Sea Bunkering Holding Limited, a company registered in England & Wales, by virtue of its 100% shareholding in the company. The ultimate parent undertaking is
The ultimate controlling party is
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