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Registered number: 13108439









CAPE SARINA LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
CAPE SARINA LIMITED
 
 
COMPANY INFORMATION


Directors
Mr Nikolaos Fragkoudakis 
Mr Laurent Cadji (resigned 4 April 2024)
Mr Mark Verschoyle 
Mr Matthew Enston (appointed 4 April 2024)




Registered number
13108439



Registered office
Portland House
69-71 Wembley Hill Road

Wembley

Middlesex

HA9 8BU





 
CAPE SARINA LIMITED
 

CONTENTS



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


 
CAPE SARINA 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.

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.

Directors

The directors who served during the year were:

Mr Nikolaos Fragkoudakis 
Mr Laurent Cadji (resigned 4 April 2024)
Mr Mark Verschoyle 

Disclosure of information to auditors

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.

Auditors

The auditorsMalde & Cowill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

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

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.
 





Mr Nikolaos Fragkoudakis
Director
Date: 18 July 2024

Page 2

 
CAPE SARINA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAPE SARINA LIMITED
 

Opinion

We have audited the financial statements of Cape Sarina 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.

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 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.

Page 3

 
CAPE SARINA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAPE SARINA LIMITED
 

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 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

 
CAPE SARINA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAPE SARINA 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

 
CAPE SARINA LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAPE SARINA 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
18 July 2024

 
Page 6

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

2023
2022
Note
$
$

  

Revenue
 4 
9,101,426
9,580,173

Voyage expenses
  
(832,509)
(1,088,221)

Time Charter Equivalent Income
  
8,268,917
8,491,952

Vessel running expenses
  
(2,449,315)
(2,866,127)

Depreciation
  
(1,383,091)
(1,006,416)

Administrative expenses
  
(48,943)
(117,913)

Operating profit
 5 
4,387,568
4,501,496

Interest receivable and similar income
  
5,781
-

Interest payable and similar expenses
 7 
(685,549)
(765,472)

Profit before tax
  
3,707,800
3,736,024

Tax on profit
  
-
-

Profit for the financial year
  
3,707,800
3,736,024

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

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

Page 7

 
CAPE SARINA LIMITED
REGISTERED NUMBER: 13108439

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Fixed assets
  

Vessel
 10 
19,478,788
20,859,379

  
19,478,788
20,859,379

Current assets
  

Inventories
  
101,732
85,156

Trade and other receivables
 11 
864,708
1,196,258

Cash at bank and in hand
 12 
398,919
1,047,723

  
1,365,359
2,329,137

Trade and other payables: amounts falling due within one year
 13 
(1,953,670)
(2,339,920)

Net current liabilities
  
 
 
(588,311)
 
 
(10,783)

Total assets less current liabilities
  
18,890,477
20,848,596

  

Trade and other payables: amounts falling due after more than one year
 14 
(7,657,628)
(9,273,047)

Net assets
  
11,232,849
11,575,549


Capital and reserves
  

Called up share capital 
 15 
2
2

Contributed surplus
 16 
8,082,000
8,082,000

Retained earnings
 16 
3,150,847
3,493,547

  
11,232,849
11,575,549


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: 




Mr Nikolaos Fragkoudakis
Director
Date: 18 July 2024

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

Page 8

 
CAPE SARINA 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
2
8,082,000
1,021,773
9,103,775


Comprehensive income for the year

Profit for the year
-
-
3,736,024
3,736,024


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,264,250)
(1,264,250)



At 1 January 2023
2
8,082,000
3,493,547
11,575,549


Comprehensive income for the year

Profit for the year
-
-
3,707,800
3,707,800


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(4,050,500)
(4,050,500)


At 31 December 2023
2
8,082,000
3,150,847
11,232,849


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

Page 9

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

1.


General information

Cape Sarina 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 preparation of financial statements in compliance with FRS 101 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:

Page 10

 
CAPE SARINA 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;
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 Capesize Holdco Limited as at 31 December 2023 and these financial statements may be obtained from The Registrar of Companies.

Page 11

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

2.Accounting policies (continued)

 
2.3

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 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'.

 
2.4

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 Group's shipping operations.

 
2.5

Interest income

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

 
2.6

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

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

2.Accounting policies (continued)

 
2.7

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.

  
2.8

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.

 
2.9

Trade and other receivables

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.

 
2.10

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.

 
2.11

Trade and other payables

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.

  
2.12

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.

  
2.13

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.

  
2.14

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.

Page 13

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

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.
Asset impairment testing
The Company reviews its non-curent assets for impairment at each balance sheet date. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the recoverable amount, determined by independent, third-party valuations, or if impractical or unavailable, by value in use calculations which require estimates to be made of future cash flows. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the fair value. Any impairment is recognised in profit or loss.
Residual values and estimated remaining lives
The carrying value of vessels is depreciated over their expected useful life of 25 years from date of build to an estimated residual value. Changes in the remaining useful life of the vessels and the residual value, determined based on year end scrap rates, would result in an adjustment to the current and future rate of depreciation through profit or loss.


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
$
$

Time charter revenue
8,648,736
9,464,083

Scrubber premium
432,399
116,090

Other income
20,291
-

9,101,426
9,580,173


Page 14

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

5.


Operating profit

The operating profit is stated after charging:

2023
2022
$
$

Depreciation of vessel
1,383,091
1,006,416

Auditors' remuneration
3,056
3,049

Cost of inventories recognised as an expense
201,010
276,624

Tonnage tax
(1,538)
19,566


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
$
$


Loan interest payable
667,364
654,823

Amortisation of loan arrangement costs
18,172
111,537

Foreign exchange difference
13
(888)

685,549
765,472


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%.


9.


Dividends

2023
2022
$
$


Final dividend on Ordinary shares of $1 each
4,050,500
1,264,250

4,050,500
1,264,250

Page 15

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

10.


Vessel





Vessel
Drydock
Total

$
$
$



Cost or valuation


At 1 January 2023
20,459,924
1,782,442
22,242,366


Additions
-
2,500
2,500



At 31 December 2023

20,459,924
1,784,942
22,244,866



Depreciation


At 1 January 2023
1,004,657
378,330
1,382,987


Charge for the year on owned assets
669,115
713,976
1,383,091



At 31 December 2023

1,673,772
1,092,306
2,766,078



Net book value



At 31 December 2023
18,786,152
692,636
19,478,788



At 31 December 2022
19,455,267
1,404,112
20,859,379

 The vessel is held as security against the bank loan.


11.


Trade and other receivables

2023
2022
$
$


Amounts owed by group undertakings
487,957
1,008,447

Other receivables
1,854
9,512

Prepayments
111,343
112,559

Contract assets
263,554
65,740

864,708
1,196,258


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

Page 16

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

12.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
398,919
1,047,723

398,919
1,047,723



13.


Trade and other payables: Amounts falling due within one year

2023
2022
$
$

Bank loans
1,503,174
1,753,703

Contract liabilities
196,550
150,292

Trade payables
110,585
265,842

Amounts owed to group undertakings
43,305
-

Corporation tax
-
1,538

Other payables
-
22,570

Accruals
100,056
145,975

1,953,670
2,339,920


Page 17

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

14.


Trade and other payables: Amounts falling due after more than one year

2023
2022
$
$

Bank loans
7,657,628
9,273,047

7,657,628
9,273,047


The following liabilities were secured:

2023
2022
$
$



Bank loans (Notes 13 and 14)
9,209,446
11,079,870

Less: Unamortised loan arrangement fees
(48,644)
(53,120)

9,160,802
11,026,750

Details of security provided:

Charge against the vessel, cash at bank, earnings and insurances of the Company.


15.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of $1.00 each
2
2



16.


Reserves

Contributed surplus

Contributed surplus represents the excess amount of capital above par value on the issuance of shares. 


17.


Controlling party

The parent company is Capesize Holdco Limited, which in turn is jointly owned by Cape-T Ltd, Samilau Ltd and Anastacia AG.
There is not considered to be a single ultimate controlling party.

Page 18