Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31truefalsetruetruetruetruetruetruetruetruetrue2023-01-0100false 05841087 2023-01-01 2023-12-31 05841087 2022-01-01 2022-12-31 05841087 2023-12-31 05841087 2022-12-31 05841087 2022-01-01 05841087 c:Director1 2023-01-01 2023-12-31 05841087 c:Director2 2023-01-01 2023-12-31 05841087 c:Director3 2023-01-01 2023-12-31 05841087 c:Director4 2023-01-01 2023-12-31 05841087 c:Director5 2023-01-01 2023-12-31 05841087 c:Director5 2023-12-31 05841087 c:Director6 2023-01-01 2023-12-31 05841087 c:Director6 2023-12-31 05841087 c:RegisteredOffice 2023-01-01 2023-12-31 05841087 d:FurnitureFittings 2023-01-01 2023-12-31 05841087 d:FurnitureFittings 2023-12-31 05841087 d:FurnitureFittings 2022-12-31 05841087 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 05841087 d:CurrentFinancialInstruments 2023-12-31 05841087 d:CurrentFinancialInstruments 2022-12-31 05841087 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 05841087 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 05841087 d:UKTax 2023-01-01 2023-12-31 05841087 d:UKTax 2022-01-01 2022-12-31 05841087 d:ShareCapital 2023-12-31 05841087 d:ShareCapital 2022-12-31 05841087 d:ShareCapital 2022-01-01 05841087 d:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 05841087 d:RetainedEarningsAccumulatedLosses 2023-12-31 05841087 d:RetainedEarningsAccumulatedLosses 2022-01-01 2022-12-31 05841087 d:RetainedEarningsAccumulatedLosses 2022-12-31 05841087 d:RetainedEarningsAccumulatedLosses 2022-01-01 05841087 c:OrdinaryShareClass1 2023-01-01 2023-12-31 05841087 c:OrdinaryShareClass1 2023-12-31 05841087 c:OrdinaryShareClass1 2022-12-31 05841087 c:FRS101 2023-01-01 2023-12-31 05841087 c:Audited 2023-01-01 2023-12-31 05841087 c:FullAccounts 2023-01-01 2023-12-31 05841087 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 05841087 d:CurrentFinancialInstruments 6 2023-12-31 05841087 d:CurrentFinancialInstruments 6 2022-12-31 05841087 f:USDollar 2023-01-01 2023-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 05841087









TOP FENDERS LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TOP FENDERS LIMITED
 
 
COMPANY INFORMATION


Directors
L E Cadji 
L L Cadji 
B S Kansagra 
R S Kansagra 
M Kotsapas (appointed 4 April 2024)
M B Enston (appointed 4 April 2024)




Registered number
05841087



Registered office
Portland House
69-71 Wembley Hill Road

Wembley

Middlesex

HA9 8BU





 
TOP FENDERS 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 - 17


 
TOP FENDERS 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 provision of services for ship-to-ship operations. 

Directors

The directors who served during the year were:

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

Disclosure of information to 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.

Page 1

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

Auditors

The auditorsMalde & Cowill 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.
 





M Kotsapas
Director
Date: 25 July 2024

Page 2

 
TOP FENDERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOP FENDERS LIMITED
 

Opinion

We have audited the financial statements of Top Fenders 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

 
TOP FENDERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOP FENDERS 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

 
TOP FENDERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOP FENDERS 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

 
TOP FENDERS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TOP FENDERS 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
25 July 2024

 
Page 6

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

2023
2022
Note
$
$

  

Revenue
  
15,764,713
11,887,640

Voyage expenses
  
(9,555,203)
(9,919,075)

Time charter equivalent income
  
6,209,510
1,968,565

Administrative expenses
  
(2,026,378)
(1,418,344)

Operating profit
 4 
4,183,132
550,221

Interest payable and similar expenses
  
5,406
387

Profit before tax
  
4,188,538
550,608

Tax on profit
 6 
(383,708)
(80,555)

Profit for the financial year
  
3,804,830
470,053

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

The notes on pages 10 to 17 form part of these financial statements.

Page 7

 
TOP FENDERS LIMITED
REGISTERED NUMBER: 05841087

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
$
$

Fixed assets
  

Fixtures, fittings and equipment
 7 
598,520
325,599

  
598,520
325,599

Current assets
  

Inventories
  
374,630
239,943

Trade and other receivables
 8 
10,561,158
8,569,541

Cash at bank and in hand
 9 
252,727
318,653

  
11,188,515
9,128,137

Creditors: amounts falling due within one year
 10 
(1,689,884)
(3,161,415)

Net current assets
  
 
 
9,498,631
 
 
5,966,722

Net assets
  
10,097,151
6,292,321


Capital and reserves
  

Called up share capital 
 11 
4
4

Retained earnings
  
10,097,147
6,292,317

  
10,097,151
6,292,321


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: 




M Kotsapas
B S Kansagra
Director
Director
Date: 25 July 2024

The notes on pages 10 to 17 form part of these financial statements.

Page 8

 
TOP FENDERS LIMITED
 

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


Called up share capital
Retained earnings
Total equity

$
$
$


At 1 January 2022
4
5,822,264
5,822,268


Comprehensive income for the year

Profit for the year
-
470,053
470,053



At 1 January 2023
4
6,292,317
6,292,321


Comprehensive income for the year

Profit for the year
-
3,804,830
3,804,830


At 31 December 2023
4
10,097,147
10,097,151


The notes on pages 10 to 17 form part of these financial statements.

Page 9

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

1.


General information

Top Fenders 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 at Portland House, 69-71 Wembley Hill Road, Wembley, Middlesex, HA9 8BU.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The following principal accounting policies have been applied:

 
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 Union Maritime Limited as at 31 December 2023 and these financial statements may be obtained from The Registrar of Companies.

Page 10

 
TOP FENDERS 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 measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

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.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 11

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

2.Accounting policies (continued)

  
2.7

Fenders, fixtures, fittings and equipment

‘Fenders, fixtures, fittings and equipment are stated at cost less accumulated depreciation and impairment losses. Depreciation is charged so as to write off the cost of assets less residual values on a straight line basis over their estimated useful lives as follows:
 
Fenders: 10% – 17%
Office equipment and fixtures & fittings: 25%.

 
2.8

Inventories

Inventories are recognised at the lower of cost and net realisable value on a first-in, first-out basis, after making due allowance for obsolete and slow moving items.

 
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

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

  
2.12

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.

Page 12

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

2.Accounting policies (continued)


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:
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.
Provisions and contingencies
Management assess the likely outcome of any potential contingencies and provisions for claims outstanding at the balance sheet date and their estimate is likely to have a significant impact on the results for the period.


4.


Operating profit

The operating profit is stated after charging:

2023
2022
$
$

Depreciation of fixtures and fittings
117,435
153,315

Fair value adjustment on receivables
(21,696)
37,765

Auditors' remuneration
3,636
3,267

Cost of inventories recognised as an expense
1,116,126
763,344


5.


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.

Page 13

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

6.


Taxation


2023
2022
$
$

Corporation tax


Current tax on profits for the year
383,708
80,555


383,708
80,555


Total current tax
383,708
80,555

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
383,708
80,555

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 19-25% (2022 - 19%). The differences are explained below:

2023
2022
$
$


Profit on ordinary activities before tax
4,188,538
550,608


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
795,822
104,616

Effects of:


Capital allowances for year in excess of depreciation
-
49,426

Adjustments to tax charge in respect of prior periods
(412,114)
(73,487)

Total tax charge for the year
383,708
80,555

Page 14

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

7.


Tangible fixed assets





Fixtures and fittings

$



Cost or valuation


At 1 January 2023
2,294,757


Additions
390,356



At 31 December 2023

2,685,113



Depreciation


At 1 January 2023
1,969,158


Charge for the year on owned assets
117,435



At 31 December 2023

2,086,593



Net book value



At 31 December 2023
598,520



At 31 December 2022
325,599


8.


Trade and other receivables

2023
2022
$
$


Trade debtors
1,723,462
1,746,363

Amounts owed by group undertakings
6,839,530
5,308,373

Other receivables
1,856,558
1,453,068

Prepayments
100,863
40,616

Contract assets
40,745
21,121

10,561,158
8,569,541


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

Page 15

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

9.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
252,727
318,653

252,727
318,653



10.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
191,534
272,901

Corporation tax
505,427
154,042

Other creditors
617,402
2,028,682

Accruals
375,521
705,790

1,689,884
3,161,415



11.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
4
4



12.


Related party transactions

During the year, the Company charged $12,000 (2022: $121,000) to companies under common control for providing ship to ship operation services. There is an amount due from the related parties at the balance sheet date of $Nil (2022: $217,200).

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

13.


Controlling party

The Company's immediate parent company is Union Marine Services Limited which is in turn a wholly owned subsidiary of Union Maritime Limited (UML).
UML is jointly owned by South Central Property Limited (SCPL) and Solai Holdings Limited. The ultimate parent company is considered to be SCPL as they have control at board level.
There is not considered to be a single ultimate controlling party.
The smallest group of undertakings for which group financial statements have been drawn up is that headed by UML, whose registered office is at Portland House, 69-71 Wembley Hill Road, Middlesex, HA9 8BU. The largest group of undertakings for which group financial statements have been drawn up is that headed by SCPL, whose registered office is at 45-46 Berners Street, 1st Floor, London, W1T 3NE. Copies of the group accounts of both companies are available from The Registrar of Companies.

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