Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31false02023-01-01false0falsefalse 13108437 2023-01-01 2023-12-31 13108437 2022-01-01 2022-12-31 13108437 2023-12-31 13108437 2022-12-31 13108437 2022-01-01 13108437 c:Director1 2023-01-01 2023-12-31 13108437 c:Director1 2023-12-31 13108437 c:Director2 2023-01-01 2023-12-31 13108437 c:Director3 2023-01-01 2023-12-31 13108437 c:Director4 2023-01-01 2023-12-31 13108437 c:Director4 2023-12-31 13108437 c:RegisteredOffice 2023-01-01 2023-12-31 13108437 d:PlantMachinery 2023-12-31 13108437 d:PlantMachinery 2022-12-31 13108437 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13108437 d:FurnitureFittings 2023-12-31 13108437 d:FurnitureFittings 2022-12-31 13108437 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13108437 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 13108437 d:CurrentFinancialInstruments 2023-12-31 13108437 d:CurrentFinancialInstruments 2022-12-31 13108437 d:Non-currentFinancialInstruments 2023-12-31 13108437 d:Non-currentFinancialInstruments 2022-12-31 13108437 d:ReportableOperatingSegment2 2023-01-01 2023-12-31 13108437 d:ReportableOperatingSegment2 2022-01-01 2022-12-31 13108437 d:ReportableOperatingSegment4 2023-01-01 2023-12-31 13108437 d:ReportableOperatingSegment4 2022-01-01 2022-12-31 13108437 d:ReportableOperatingSegment5 2023-01-01 2023-12-31 13108437 d:ReportableOperatingSegment5 2022-01-01 2022-12-31 13108437 d:ShareCapital 2023-12-31 13108437 d:ShareCapital 2022-12-31 13108437 d:ShareCapital 2022-01-01 13108437 d:SharePremium 2023-12-31 13108437 d:SharePremium 2022-12-31 13108437 d:SharePremium 2022-01-01 13108437 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 13108437 d:RetainedEarningsAccumulatedLosses 2023-12-31 13108437 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 13108437 d:RetainedEarningsAccumulatedLosses 2022-12-31 13108437 d:RetainedEarningsAccumulatedLosses 2022-01-01 13108437 c:OrdinaryShareClass1 2023-01-01 2023-12-31 13108437 c:OrdinaryShareClass1 2023-12-31 13108437 c:OrdinaryShareClass1 2022-12-31 13108437 c:FRS102 2023-01-01 2023-12-31 13108437 c:Audited 2023-01-01 2023-12-31 13108437 c:FullAccounts 2023-01-01 2023-12-31 13108437 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13108437 2 2023-01-01 2023-12-31 13108437 e:USDollar 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 13108437









KAMSAR MONT FORT LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
KAMSAR MONT FORT LIMITED
 
 
COMPANY INFORMATION


Directors
L. E. Cadji (resigned 4 April 2024)
N Fragkoudakis 
M Verschoyle 
M Enston (appointed 4 April 2024)




Registered number
13108437



Registered office
Portland House
69-71 Wembley Hill Road

Middlesex

HA9 8BU





 
KAMSAR MONT FORT 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


 
KAMSAR MONT FORT 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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:

L. E. Cadji (resigned 4 April 2024)
N Fragkoudakis 
M Verschoyle 

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

 
KAMSAR MONT FORT 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.
 





N Fragkoudakis
Director
Date: 28 June 2024

Page 2

 
KAMSAR MONT FORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMSAR MONT FORT LIMITED
 

Opinion on the financial statements

In our opinion the financial statements:

give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its result for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements of Kamsar Mont Fort 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 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). 

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. 

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

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

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
Page 3

 
KAMSAR MONT FORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMSAR MONT FORT LIMITED
 


We have nothing to report in this regard.

Other Companies Act 2006 reporting

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors’ report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or 
the Directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Directors’ report and from the requirement to prepare a Strategic report.

Responsibilities of Directors

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

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

Auditor’s responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. 
Page 4

 
KAMSAR MONT FORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMSAR MONT FORT LIMITED
 

Based on our understanding of the Company and industry in which it operates, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, the relevant financial reporting framework and tax legislation. We also considered other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instances through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: health and safety, anti-bribery, maritime law, and certain aspects of relevant applicable legislation in countries where the Company operates its vessel. 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates, particularly in impairment reviews. 

We communicated identified laws and regulations and fraud risks throughout the audit team and remained alert to any indications of fraud throughout the audit.  

Audit procedures performed by the Company audit team included:

Inspecting correspondence with regulators and tax authorities;
Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud;
Evaluating management’s controls designed to prevent and detect irregularities;
Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by users outside their normal job role or with unusual descriptions and significant transactions made outside the normal course of business;
Challenging assumptions and judgements made by management in their critical accounting estimates, including vessel impairment reviews; and
At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

Owing to the inherent limitations in our audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: 
https://www.frc.org.uk /auditorsresponsibilities. This description forms part of our auditor’s report.
Page 5

 
KAMSAR MONT FORT LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KAMSAR MONT FORT 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
Kenton
Harrow
HA3 0AN
28 June 2024

 
Page 6

 
KAMSAR MONT FORT LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
$
$

  

Revenue
 4 
6,476,958
9,859,522

Voyage expenses
  
(513,168)
(910,044)

Time charter equivalent income
  
5,963,790
8,949,478

Vessel running costs
  
(2,366,522)
(2,505,617)

Depreciation
  
(1,697,443)
(1,240,692)

Administrative expenses
  
(62,782)
(53,790)

Operating profit
 5 
1,837,043
5,149,379

Interest receivable and similar income
  
5,046
244

Interest payable and similar expenses
 7 
(1,473,671)
(1,081,879)

Profit before tax
  
368,418
4,067,744

Tax on profit
  
-
-

Profit for the financial year
  
368,418
4,067,744

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

 
KAMSAR MONT FORT LIMITED
REGISTERED NUMBER: 13108437

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

  

Fixed assets
  

Vessel
 10 
17,559,388
19,256,831

  
17,559,388
19,256,831

Current assets
  

Inventories
  
78,834
69,841

Debtors: amounts falling due within one year
 11 
1,665,075
896,606

Cash and cash equivalents
 12 
506,735
488,455

  
2,250,644
1,454,902

Creditors: amounts falling due within one year
 13 
(1,554,880)
(1,626,589)

Net current assets/(liabilities)
  
 
 
695,764
 
 
(171,687)

Total assets less current liabilities
  
18,255,152
19,085,144

Creditors: amounts falling due after more than one year
 14 
(12,127,320)
(13,325,730)

Net assets
  
6,127,832
5,759,414


Capital and reserves
  

Called up share capital 
 15 
2
2

Contributed surplus
  
2,568,498
2,568,498

Retained earnings
  
3,559,332
3,190,914

  
6,127,832
5,759,414


The Company's financial statements have been prepared in accordance with the provisions applicable to companies 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: 




N Fragkoudakis
Director
Date: 28 June 2024

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

Page 8

 
KAMSAR MONT FORT LIMITED
 

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


Called up share capital
Contributed surplus
Retained earnings
Total equity

$
$
$
$


At 4 January 2022
2
2,568,498
484,670
3,053,170


Comprehensive income for the year

Profit for the year
-
-
4,067,744
4,067,744


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(1,361,500)
(1,361,500)



At 1 January 2023
2
2,568,498
3,190,914
5,759,414


Comprehensive income for the year

Profit for the year
-
-
368,418
368,418


At 31 December 2023
2
2,568,498
3,559,332
6,127,832


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

Page 9

 
KAMSAR MONT FORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Kamsar Mont Fort 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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The Company adopted FRS 102 from 1 January 2022, having previously adopted IFRS.  There were no changes required to the brought forward balances on transitioning from IFRS to FRS 102.

The following principal accounting policies have been applied:

 
2.2

Going concern

The Company reports net assets of $5,874,377 (2022: $5,759,414) and net current assets (excluding current portion of debt service) of $1,787,030 (2022: $1,298,313) at the balance sheet date. The Directors review cash flow forecasts and closely monitor TCE rates and break-evens to ensure the Company will generate sufficient working capital and cash flows to continue in operational existence and have, as a result, prepared the financial statements on a going concern basis.

 
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

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'.

Page 10

 
KAMSAR MONT FORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
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 Company'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.

 
2.7

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.

  
2.8

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.

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.

  
2.9

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.

Page 11

 
KAMSAR MONT FORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.13

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.

  
2.14

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.

 
2.15

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.

Page 12

 
KAMSAR MONT FORT 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: 

Revenue recognition
The Company makes provisions for partially completed contracts and for losses on voyages in progress at the balance sheet date. Management believe that provisions made are adequate but as these estimates are based upon information available at the balance sheet date they are subject to change as further information becomes available. 
Asset impairment testing
The Company reviews its non-current 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
5,468,465
9,007,893

Scrubber premium
978,832
851,629

Other income
29,661
-

6,476,958
9,859,522


Page 13

 
KAMSAR MONT FORT 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 tangible fixed assets
1,697,443
1,240,692

Auditors remuneration
6,105
1,794

Tonnage tax
-
12,420

Cost of stocks recognised as an expense
131,010
168,343


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
$
$


Foreign exchange difference
1,302
(47,100)

Interest payable on financial liabilities
1,416,309
1,067,802

Amortisation of arrangement fees
56,060
61,177

1,473,671
1,081,879


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
-
1,361,500

-
1,361,500

Page 14

 
KAMSAR MONT FORT 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
18,528,386
2,251,583
20,779,969



At 31 December 2023

18,528,386
2,251,583
20,779,969



Depreciation


At 1 January 2023
1,057,506
465,632
1,523,138


Charge for the year on owned assets
798,693
898,750
1,697,443



At 31 December 2023

1,856,199
1,364,382
3,220,581



Net book value



At 31 December 2023
16,672,187
887,201
17,559,388



At 31 December 2022
17,470,880
1,785,951
19,256,831

The vessel is held under a contract with a purchase option.

Page 15

 
KAMSAR MONT FORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Trade and other receivables

2023
2022
$
$


Trade debtors
1,110,787
342,969

Amounts owed by group undertakings
400,213
326,783

Other debtors
-
11,749

Prepayments and accrued income
96,075
215,105

Contract assets
58,000
-

1,665,075
896,606


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


12.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
506,735
488,455

506,735
488,455



13.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
201,826
141,499

Tonnage tax
8,334
-

Contracts with purchase options
1,344,720
1,206,539

Accruals
-
278,551

1,554,880
1,626,589


Page 16

 
KAMSAR MONT FORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Creditors: Amounts falling due after more than one year

2023
2022
$
$

Contracts with purchase options
12,127,320
13,325,730

12,127,320
13,325,730


The following liabilities were secured:

2023
2022
$
$



Contracts with purchase options (see notes 13 and 14)
13,629,173
14,835,712

Less: Unamortised loan arrangement fees
(157,133)
(303,443)

13,472,040
14,532,269

Details of security provided:

Contracts with purchase options represent bareboat charter-in arrangements that are a form of financing on the basis it is a sale and leaseback transaction which does not meet the criteria for a sale. Accordingly, the cash received in the transfer has been accounted for as a liability at amortised cost using the effective interest method, with the corresponding vessel being recorded at cost, less accumulated depreciation.
The obligation above is secured by, among other things, assignments of earnings and insurances and stock pledges and account charges in respect of the subject vessel.


15.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of $1.0 each
2
2



16.


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 17

 
KAMSAR MONT FORT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Controlling party

The Company is a wholly owned subsidiary of Kamsarmax Holdco Limited.
Kamsarmax Holdco Limited is jointly owned by Dry-T Limited, Union Carriers Limited and Anastacia AG. 
There is not considered to be a single ultimate controlling party.

Page 18