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REGISTERED NUMBER: 00219451 (England and Wales)






















John H Whitaker (Tankers) Limited

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31st December 2023






John H Whitaker (Tankers) Limited (Registered number: 00219451)






Contents of the Financial Statements
for the year ended 31st December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


John H Whitaker (Tankers) Limited

Company Information
for the year ended 31st December 2023







DIRECTORS: J M Whitaker
A J Jenkins
P M Howard
G Stones
D McGahey
M Stanley
J J Hills
D Morrison





SECRETARY: D McGahey





REGISTERED OFFICE: Crown Dry Dock
Tower Street
Hull
HU9 1TY





REGISTERED NUMBER: 00219451 (England and Wales)





AUDITORS: Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Strategic Report
for the year ended 31st December 2023

The directors present their strategic report for the year ended 31st December 2023.

REVIEW OF BUSINESS
The main income of the company is generated from the shipping activities with further income from the management of the storage facilities at Plymouth and Portsmouth.

The Company relies heavily on the expertise and commitment of its staff both afloat and ashore to strive for a zero-incident safety record. The Company makes every endeavour to operate in a clean and environmentally friendly manner with a continual aim to reduce waste and emissions which are harmful to the environment.

Our continued good record in this field is a credit to all involved and is continually acknowledged by our customers.
2023 has continued from the prior year in respect of the challenges faced, but again we have managed to safely operate through these difficult times and produce a satisfactory result. This has only been achieved because of the professionalism of our staff both ashore and afloat and the loyalty and enthusiasm of our customers.

In terms of the financial results, turnover for 2023 decreased on 2022 but this was solely as a result of not trading fuel which had inflated the turnover in 2022. Having said that the lack of trading has been more than compensated by strong charter rates in the market.

In 2023 The company operated eight owned vessels and technically managed one vessel for a third-party shipowner.

PRINCIPAL RISKS AND UNCERTAINTIES
Maintenance costs continue to increase but it is Company policy to ensure that the fleet remains in top class condition, to ensure the vessels remain attractive to our customers. This policy has been reflected in excellent third party inspection and audit findings.


The Directors believe that the company is well equipped with its highly versatile fleet and dedicated staff to face the challenges which lie ahead.

FINANCIAL INSTRUMENTS
Objectives and policies
The financial risk management objectives of the Directors are to ensure that the Company has adequate cash flow to meet trading requirements.

In order to meet these objectives the Company uses financial instruments, other then derivatives, comprising cash, liquid resources and other items that arise directly from its operations such as trade debtors and trade creditors.

Price risk, credit risk, liquidity risk and cashflow risk
The business' principal financial instrument comprises of bank balances. The Company operates bank accounts in US Dollar, Euro and British Pounds in order to mitigate any currency risks identified.

In respect of bank balances, the liquidity risk is mitigated by maintaining a balance between continuity of funding and flexibility of intercompany lending.

Trade debtors are offered credit terms based on risk profile of the customers. The timings of the receipts are managed along with the trade creditor payments.


John H Whitaker (Tankers) Limited (Registered number: 00219451)

Strategic Report
for the year ended 31st December 2023

FUTURE DEVELOPMENTS
The company is keeping a close eye on all future possibilities as the world strives for decarbonization.

Despite all this, recent events have proven that there is still going to be strong demand for traditional fuels and traditional fuels blended with biofuels for some considerable time to come.

Whilst the sad events in Ukraine have created oil market turmoil it has in actual fact increased demand for our services as suppliers strive to find alternative supplies of fuel to keep their customers happy

Future challenges are most certainly going to be ensuring that inflation does not erode our earnings and renewing the fleet which is a fine balance of making sure that our customers have the correctly sized vessels at a competitive price.

ON BEHALF OF THE BOARD:





J M Whitaker - Director


24th July 2024

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Report of the Directors
for the year ended 31st December 2023

The directors present their report with the financial statements of the company for the year ended 31st December 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of owning and operating coastal tankers transporting oil products for 3rd party customers. We also continue to manage and operate on behalf of a third party, a COMAH compliant oil storage terminal in Plymouth and storage in Portsmouth.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 were Nil.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1st January 2023 to the date of this report.

J M Whitaker
A J Jenkins
P M Howard
G Stones
D McGahey
M Stanley

Other changes in directors holding office are as follows:

J J Hills and D Morrison were appointed as directors after 31st December 2023 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 judgements 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Report of the Directors
for the year ended 31st December 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J M Whitaker - Director


24th July 2024

Report of the Independent Auditors to the Members of
John H Whitaker (Tankers) Limited

Opinion
We have audited the financial statements of John H Whitaker (Tankers) Limited (the 'company') for the year ended 31st 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 Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (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 31st December 2023 and of its profit 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 Auditors' 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 requirements. We 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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.

Opinions on other matters 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
John H Whitaker (Tankers) Limited


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 Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where 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.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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.

Auditors' 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 a Report of the Auditors 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.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. An understanding of these laws and regulations and the extent of compliance was obtained through discussion with management and inspecting legal and regulatory correspondence.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.


Report of the Independent Auditors to the Members of
John H Whitaker (Tankers) Limited


In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance;
- enquiring of management as to actual and potential litigation and claims; and
- reviewing correspondence with HMRC, relevant regulators including the Health and Safety Executive, and the company's legal advisors.

Due to 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

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 Report of the Auditors.

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 a Report of the Auditors 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.




Stephen Bramall BSc, FCA (Senior Statutory Auditor)
for and on behalf of Smailes Goldie
Chartered Accountants
Statutory Auditor
Regent's Court
Princess Street
Hull
East Yorkshire
HU2 8BA

31st July 2024

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Statement of Comprehensive Income
for the year ended 31st December 2023

2023 2022
Notes £    £   

TURNOVER 3 22,575,343 23,695,219

Cost of sales 15,085,775 20,627,858
GROSS PROFIT 7,489,568 3,067,361

Administrative expenses 2,406,533 2,180,694
OPERATING PROFIT and
PROFIT BEFORE TAXATION 5,083,035 886,667

Tax on profit 6 2,216 2,216
PROFIT FOR THE FINANCIAL YEAR 5,080,819 884,451

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

5,080,819

884,451

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Balance Sheet
31st December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 8 2,271,704 2,359,946
Investments 9 - 1,040
2,271,704 2,360,986

CURRENT ASSETS
Stocks 10 235,267 200,849
Debtors 11 3,763,297 2,229,471
Cash at bank 2,275,206 2,944,325
6,273,770 5,374,645
CREDITORS
Amounts falling due within one year 12 2,602,444 6,873,420
NET CURRENT ASSETS/(LIABILITIES) 3,671,326 (1,498,775 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,943,030

862,211

CAPITAL AND RESERVES
Called up share capital 14 65,000 65,000
Retained earnings 15 5,878,030 797,211
SHAREHOLDERS' FUNDS 5,943,030 862,211

The financial statements were approved by the Board of Directors and authorised for issue on 24th July 2024 and were signed on its behalf by:





J M Whitaker - Director


John H Whitaker (Tankers) Limited (Registered number: 00219451)

Statement of Changes in Equity
for the year ended 31st December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st January 2022 65,000 1,512,760 1,577,760

Changes in equity
Dividends - (1,600,000 ) (1,600,000 )
Total comprehensive income - 884,451 884,451
Balance at 31st December 2022 65,000 797,211 862,211

Changes in equity
Total comprehensive income - 5,080,819 5,080,819
Balance at 31st December 2023 65,000 5,878,030 5,943,030

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements
for the year ended 31st December 2023

1. STATUTORY INFORMATION

John H Whitaker (Tankers) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared on a going concern basis under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirement of paragraph 33.7.

Preparation of consolidated financial statements
The financial statements contain information about John H Whitaker (Tankers) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, John H Whitaker (Holdings) Limited, .

Significant judgements and estimates
The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses.

Judgements and estimates are continually evaluated and are based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

(a) Establishing useful economic lives for depreciation purposes of vessels, plant and equipment.

Long lived assets, consisting primarily of vessels, plant and equipment comprise a significant portion of the total assets. The annual depreciation charge depends primarily on the estimated useful economic lives of each type of asset and estimates of residual values. The directors regularly review these assets useful economic lives and change them as necessary to reflect current thinking on remaining lives in the light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset useful lives can have a significant impact on depreciation and amortisation charges for the period.

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

(b) Providing for doubtful debts

The Company makes an estimate of the recoverable value of trade and other debtors. The Company uses estimates based on historical experience in determining the level of debts which, the company believes, will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of debtors and historical experience. The level of provision requires is reviewed on an on-going basis.

Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied.

- the Company has transferred the significant risk and rewards of ownership to the buyer;

-
the Company retains neither continuing managerial involvement to the degree usually
associated

with ownership, nor effective control over the goods sold;
- the amount of revenue can be measured reliably
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- The stage of completion of the contract at the end of the reporting period can be measured
reliably; and,
- the costs incurred and the costs to complete the contract can be measured reliably.

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocated the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery- 20% reducing balance
Vessels- 5-20% straight line
Motor vehicles- 25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is any indication of significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised on the statement of income and retained earnings. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at costs less impairment.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out, basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of Comprehensive Income.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Pension costs and other post-retirement benefits
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. the assets of the plan are held separately from the Company in an independently administered funds.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income in other administrative expenses.

Provisions
Where the parent Company enters into financial guarantee contracts to guarantee the indebtedness of other companies within its group, the company treats the guarantee contract as a contingent liability in its individual financial statements until such time as it becomes probable that the company will be required to make a payment under the guarantee.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 18,813,450 20,652,686
Europe 3,761,893 3,042,533
22,575,343 23,695,219

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 867,642 731,275
Social security costs 111,259 97,915
Other pension costs 96,626 90,914
1,075,527 920,104

The average number of employees during the year was as follows:
2023 2022

Operations 4 5
Administration and support 3 3
Management 6 6
13 14

2023 2022
£    £   
Directors' remuneration 384,789 326,004
Directors' pension contributions to money purchase schemes 45,314 45,511

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 212,342 200,743
Pension contributions to money purchase schemes 29,069 29,403

5. OPERATING PROFIT

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

2023 2022
£    £   
Depreciation - owned assets 746,911 587,643
Profit on disposal of fixed assets - (6,703 )
Auditors' remuneration 7,525 6,000
Foreign exchange differences 3,689 -
Operating leases - other 32,239 35,765

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 2,216 2,216
Tax on profit 2,216 2,216

UK corporation tax was charged at 19%) in 2022.

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 5,083,035 886,667
Profit multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

965,777

168,467

Effects of:
Expenses not deductible for tax purposes 142,942 90,338
Income not taxable for tax purposes (699,895 ) (418,019 )
(Utilisation)/creation of tax losses (406,608 ) 161,430
Total tax charge 2,216 2,216

7. DIVIDENDS
2023 2022
£    £   
Ordinary shares of £1 each
Interim - 1,600,000

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

8. TANGIBLE FIXED ASSETS
Plant and Motor
machinery vehicles Vessels Totals
£    £    £    £   
COST
At 1st January 2023 86,372 17,656 27,195,932 27,299,960
Additions - - 658,669 658,669
At 31st December 2023 86,372 17,656 27,854,601 27,958,629
DEPRECIATION
At 1st January 2023 65,566 15,728 24,858,720 24,940,014
Charge for year 4,117 441 742,353 746,911
At 31st December 2023 69,683 16,169 25,601,073 25,686,925
NET BOOK VALUE
At 31st December 2023 16,689 1,487 2,253,528 2,271,704
At 31st December 2022 20,806 1,928 2,337,212 2,359,946

9. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1st January 2023 1,040
Disposals (1,040 )
At 31st December 2023 -
NET BOOK VALUE
At 31st December 2023 -
At 31st December 2022 1,040

The company held an interest in the following subsidiary which was sold to the parent company during the year.

Registered
office address
Country of
incorporation
Principal
activity
Proportion of
shareholding
Subsidiary undertakings
John H Whitaker (Malta) Limited 198 Old Bakery
Street
Malta Tanker
operators
100%
(Reg No: C87089) Valletta,VLT
1455, Malta

10. STOCKS
2023 2022
£    £   
Raw materials & consumables 235,267 200,849

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,307,460 1,344,097
Amounts owed by group undertakings 1,652,770 12,936
Other debtors 131,828 220,173
Prepayments 671,239 652,265
3,763,297 2,229,471

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,048,206 1,333,893
Amounts owed to group undertakings 130,432 5,199,870
Tax 2,216 2,216
Social security and other taxes 39,239 32,630
Other creditors 1,091,249 45,536
Accruals and deferred income 291,102 259,275
2,602,444 6,873,420

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 25,882 25,882
Between one and five years 31,249 53,887
57,131 79,769

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
65,000 Ordinary £1 65,000 65,000

15. RESERVES
Retained
earnings
£   

At 1st January 2023 797,211
Profit for the year 5,080,819
At 31st December 2023 5,878,030

John H Whitaker (Tankers) Limited (Registered number: 00219451)

Notes to the Financial Statements - continued
for the year ended 31st December 2023

16. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The pension scheme cost charge for the year represents contributions payable by the company to the scheme and amounted to £96,626 (2022 - £90,914). No amounts were outstanding at the year end (2022 - £nil).

17. CONTINGENT LIABILITIES

The bank facilities are secured by an unlimited composite guarantee incorporating a right to set-off between all non-dormant group companies.

The company has been notified of a ballast water infringement occurring in November 2023 and the intended prosecution by the governing authority. The company intends to co-operate with the authority, but legal advice suggest an Administrative Fine of between £40,000 and £800,000 may be imposed. No provision has been recognised due to uncertainty in measuring the potential fine.

18. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 544,649

19. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)
2023 2022
£    £   
Salaries and other short term employee benefits 620,461 570,240
Post employment benefits 66,954 65,196

20. POST BALANCE SHEET EVENTS

On 12 March 2024, the company was acquired by Cantii Aestuarium Holdings Limited. From this date Lindsay Blee Limited became the ultimate parent company.

21. PARENT AND ULTIMATE PARENT UNDERTAKING

The company's parent company up to 12 March 2024, was John H. Whitaker (Holdings) Limited, within whose group accounts the results of the company are consolidated.


The consolidated financial statements of the group are available to the public and may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ