Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30truefalsetruetrue96false2023-07-01No description of principal activity92truefalse 02694261 2023-07-01 2024-06-30 02694261 2024-06-30 02694261 2022-07-01 2023-06-30 02694261 2023-06-30 02694261 2022-07-01 02694261 1 2023-07-01 2024-06-30 02694261 1 2022-07-01 2023-06-30 02694261 2 2022-07-01 2023-06-30 02694261 6 2023-07-01 2024-06-30 02694261 6 2022-07-01 2023-06-30 02694261 d:Director2 2023-07-01 2024-06-30 02694261 d:Director3 2023-07-01 2024-06-30 02694261 d:Director3 2024-06-30 02694261 d:Director4 2023-07-01 2024-06-30 02694261 d:Director5 2023-07-01 2024-06-30 02694261 d:Director6 2023-07-01 2024-06-30 02694261 d:RegisteredOffice 2023-07-01 2024-06-30 02694261 e:Buildings e:ShortLeaseholdAssets 2023-07-01 2024-06-30 02694261 e:Buildings e:ShortLeaseholdAssets 2024-06-30 02694261 e:Buildings e:ShortLeaseholdAssets 2023-06-30 02694261 e:PlantMachinery 2023-07-01 2024-06-30 02694261 e:PlantMachinery 2024-06-30 02694261 e:PlantMachinery 2023-06-30 02694261 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02694261 e:OfficeEquipment 2023-07-01 2024-06-30 02694261 e:OfficeEquipment 2024-06-30 02694261 e:OfficeEquipment 2023-06-30 02694261 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02694261 e:OtherPropertyPlantEquipment 2023-07-01 2024-06-30 02694261 e:OtherPropertyPlantEquipment 2024-06-30 02694261 e:OtherPropertyPlantEquipment 2023-06-30 02694261 e:OtherPropertyPlantEquipment e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02694261 e:OwnedOrFreeholdAssets 2023-07-01 2024-06-30 02694261 e:CurrentFinancialInstruments 2024-06-30 02694261 e:CurrentFinancialInstruments 2023-06-30 02694261 e:Non-currentFinancialInstruments 2024-06-30 02694261 e:Non-currentFinancialInstruments 2023-06-30 02694261 e:CurrentFinancialInstruments e:WithinOneYear 2024-06-30 02694261 e:CurrentFinancialInstruments e:WithinOneYear 2023-06-30 02694261 e:Non-currentFinancialInstruments e:AfterOneYear 2024-06-30 02694261 e:Non-currentFinancialInstruments e:AfterOneYear 2023-06-30 02694261 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-06-30 02694261 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-06-30 02694261 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2024-06-30 02694261 e:Non-currentFinancialInstruments e:BetweenTwoFiveYears 2023-06-30 02694261 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2024-06-30 02694261 e:Non-currentFinancialInstruments e:MoreThanFiveYears 2023-06-30 02694261 e:ReportableOperatingSegment1 2023-07-01 2024-06-30 02694261 e:ReportableOperatingSegment1 2022-07-01 2023-06-30 02694261 e:ShareCapital 2023-07-01 2024-06-30 02694261 e:ShareCapital 2024-06-30 02694261 e:ShareCapital 2022-07-01 2023-06-30 02694261 e:ShareCapital 2023-06-30 02694261 e:ShareCapital 2022-07-01 02694261 e:RevaluationReserve 2023-07-01 2024-06-30 02694261 e:RevaluationReserve 2024-06-30 02694261 e:RevaluationReserve 1 2023-07-01 2024-06-30 02694261 e:RevaluationReserve 2022-07-01 2023-06-30 02694261 e:RevaluationReserve 2023-06-30 02694261 e:RevaluationReserve 2022-07-01 02694261 e:RevaluationReserve 2 2022-07-01 2023-06-30 02694261 e:RevaluationReserve 8 2022-07-01 2023-06-30 02694261 e:OtherMiscellaneousReserve 2023-07-01 2024-06-30 02694261 e:OtherMiscellaneousReserve 2024-06-30 02694261 e:OtherMiscellaneousReserve 1 2023-07-01 2024-06-30 02694261 e:OtherMiscellaneousReserve 2022-07-01 2023-06-30 02694261 e:OtherMiscellaneousReserve 2023-06-30 02694261 e:OtherMiscellaneousReserve 2022-07-01 02694261 e:OtherMiscellaneousReserve 1 2022-07-01 2023-06-30 02694261 e:OtherMiscellaneousReserve 2 2022-07-01 2023-06-30 02694261 e:RetainedEarningsAccumulatedLosses 2023-07-01 2024-06-30 02694261 e:RetainedEarningsAccumulatedLosses 2024-06-30 02694261 e:RetainedEarningsAccumulatedLosses 1 2023-07-01 2024-06-30 02694261 e:RetainedEarningsAccumulatedLosses 2022-07-01 2023-06-30 02694261 e:RetainedEarningsAccumulatedLosses 2023-06-30 02694261 e:RetainedEarningsAccumulatedLosses 2022-07-01 02694261 e:RetainedEarningsAccumulatedLosses 1 2022-07-01 2023-06-30 02694261 e:RetainedEarningsAccumulatedLosses 2 2022-07-01 2023-06-30 02694261 d:OrdinaryShareClass1 2023-07-01 2024-06-30 02694261 d:OrdinaryShareClass1 2024-06-30 02694261 d:OrdinaryShareClass1 2023-06-30 02694261 d:FRS102 2023-07-01 2024-06-30 02694261 d:Audited 2023-07-01 2024-06-30 02694261 d:FullAccounts 2023-07-01 2024-06-30 02694261 d:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 02694261 e:WithinOneYear 2024-06-30 02694261 e:WithinOneYear 2023-06-30 02694261 e:BetweenOneFiveYears 2024-06-30 02694261 e:BetweenOneFiveYears 2023-06-30 02694261 5 2023-07-01 2024-06-30 02694261 f:PoundSterling 2023-07-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure
Company registration number: 02694261







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 JUNE 2024


PRITCHARD-GORDON TANKERS LIMITED






































img6276.png                        

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
COMPANY INFORMATION


Directors
R C M Aird 
H O Keane 
A C Wingfield Digby 
D A Abbott 




Registered number
02694261



Registered office
North Lodge
Slaugham Park

Handcross

Haywards Heath

West Sussex

RH17 6BG




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Magna House

18-32 London Road

Staines-Upon-Thames

Surrey

TW18 4BP





 


PRITCHARD-GORDON TANKERS LIMITED
 



CONTENTS



Page
Strategic Report
1 - 2
Directors' Report
3 - 4
Independent Auditors' Report
5 - 8
Statement of Comprehensive Income
9
Statement of Financial Position
10
Statement of Changes in Equity
11
Notes to the Financial Statements
12 - 22

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

Principal Activities
 
The principal activity of the Company is that of owning and operating vessels.

Business review
 
Results on vessels trading showed an increase in gross profit from £13,015,738 in 2023 to £18,020,960 in 2024. This activity is expected to continue for the foreseeable future since the tanker market is strong. In terms of key performance indicators this represented an increase in the gross profit ratio from 36.5% to 45.2% due to impairment reversal. Without the impairment reversals in both years then the gross profit margin remain consistent. 
The profit for the year was £6,052,988 compared to a profit of £1,604,258 in 2023. This was mainly as a result of a reversal of a vessel impairment in the period, compared to a impairment charge in 2023. This also contributed to the increase margin as explained above.
Total capital and reserves have increased from £78,443,506 in 2023 to £92,867,428 in 2024. This is mostly because of an upward revaluation of the vessels and profit generated in the year.

Corporate Governance Report under Section 172
 
The following disclosures describes how the directors have had regards to the matters set out in the section 172 (1) (a) to (f) and forms the Directors statement required under section 414CZA of the Companies Act 2006. This new reporting requirement is made in accordance with the new corporate governance requirements identified in the Companies (Miscellaneous Reporting) Regulation 2018, which apply to Company reporting on financial years starting on or after 1 January 2019. 
The matters set out in section 172(1) (a) to (f) are that a Director must act in the way they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to: 
(a) the likely consequences of any decision in the long term; 
(b) the interests of the Company's employees; 
(c) the need to foster the Company's business relationships with suppliers, customers and others; 
(d) the impact of the Company's operations on the community and the environment; 
(e) the desirability of the Company maintaining a reputation for high standards of business conduct; and 
(f) the need to act fairly between members of the Company.
The Company continuously interacts with a variety of stakeholders important to its success, such as the customers, suppliers, personnel, and government bodies. 
The Company strives to strike the right balance between engagement and communication. Furthermore, the Company works within the limitations of what can be disclosed to the various stakeholders with regards to maintaining confidentiality of market and/or commercially sensitive information. 
The Key Stakeholder groups and how the Company has interacted with them are as follows: 
Customers - New charterers who wish to conduct business with the Company are screened for evidence of anti-bribery and anti-corruption offences in accordance with the Bribery Act 2010 in the UK. They are also screened for inclusion on the US, EU and UK Sanction Lists. The Company does not trade with any entity known to be in breach of any anti-bribery or anti-corruption regulations, nor does it trade with any businesses that are on the US, EU or the UK Sanction Lists. 
The Company is dedicated to delivering focused and comprehensive coverage to our clients, providing solutions and ensuring rapid response to their needs is our obligation as a service provider. 
Suppliers - We have developed long standing relationships with our key suppliers, ensuring that our suppliers meet the high standards of service and operation that we set ourselves. 
Personnel - The Company considers its employees its most important asset and strives to ensure that our offices, and vessels are safe, rewarding and enjoyable workplaces. We will continue to invest in human capital as we believe that maintaining low turnover across the entire workforce is the source of our efficiency and productivity rates. 
Governmental bodies - The Company is impacted by local governmental organisations in the UK, and to a limited extent by worldwide trading of its fleet. Enquiries are dealt with both on an ad hoc basis and through regular reporting.
Page 1

 


PRITCHARD-GORDON TANKERS LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024


Principal decisions by the board during the period
 
We define principal decisions as both those that have long-term strategic impact and are material to the Company, but also those that are significant to our key stakeholder groups. In making the following principal decisions, the Board considered the outcome from its stakeholder engagement, the need to maintain a reputation for high standards of business conduct and the need to act fairly between the members of the Company. 

Future developments

During the previous year, the Board contracted the build of two new vessels which are due to be delivered in 2025. In the current year, the board had contracted one further build for a new vessel which is due to be delivered in 2026.

Risks and uncertainties
 
The principal risks faced by the Company are as follows: 
Charter rate risk 
Charter rate risk is the risk that the Company could be adversely affected by falling market charter rates. In order to mitigate this risk, the directors seek to employ the Company's vessels on both long- and medium-term time charters and short-term spot charter arrangements. 
Credit risk 
Credit risk is the risk that a counterparty could default on its contractual obligations resulting in a financial loss to the Company. The Company is exposed to credit risk to the extent of its receivables and cash at bank, and seeks to reduce this risk by trading with large, reputable multinational companies. 
Liquidity risk 
Liquidity risk is the risk that the Company will encounter difficulties meeting its obligations. The directors seek to reduce this risk by maintaining sufficient cash reserves, adopting prudent liquidity risk management policies and following strict cash flow budgets. 
Foreign exchange risk 
The Company is subject to foreign exchange risk as certain transactions, assets and liabilities denominated are in currencies other than sterling. The Company's directors seek to monitor and control risk as part of this their on-going financial forecasting and liability management. 
War in Ukraine 
The Company has assessed its potential exposure to the conflict in Ukraine and the imposed economic sanctions. Due to the location, structure and nature of operations, the Company is not considered to be materially exposed to the ongoing Russia and Ukraine conflict.


This report was approved by the board and signed on its behalf.



A C Wingfield Digby
Director

Date: 14 November 2024
Page 2

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2024

The directors present their report and the financial statements for the year ended 30 June 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, 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;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The 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.

Results and dividends

The profit for the year, after taxation, amounted to £6,052,988 (2023 - £1,604,258).

Directors

The directors who served during the year were:

R C M Aird 
I F Campbell (resigned 2 September 2024)
H O Keane 
A C Wingfield Digby 

D A Abbott was appointed post year end on 2 September 2024.

Energy Emission

The Company consumed less than 40,000KWH of energy during the year. Since all the company's vessels were on time charters throughout the year, responsibility for the vessel consumption of bunkers rests with the charterers.

Modern Slavery Statement

The company has zero tolerance approach to Slavery and Human Trafficking and is committed to preventing acts of Slavery from occurring within its business, its supply chain or any agents employed by the business, and impose the same high standards on its contractors, suppliers and other business partners. 
The company confirms it would terminate its relationships with individuals or organisations working on their behalf if they are found to be in breach of this policy. 

Page 3

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024

Matters covered in strategic report

The Company has chosen in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 to set out within the company's Strategic Report the Company's Strategic Report Information required by schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Report) Regulations 2008.This includes information that would have been included in the business review, future developments and details of the principal risks and uncertainties.

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.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The Statutory Auditors BDO LLP resigned on 22 April 2024 and Menzies LLP were appointed. Menzies will be proposed for
re-appointment for the next financial year in accordance with section 485 of Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





A C Wingfield Digby
Director

Date: 14 November 2024
Page 4

 


PRITCHARD-GORDON TANKERS LIMITED
 

img27cd.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED

Opinion


We have audited the financial statements of Pritchard-Gordon Tankers Limited (the 'Company') for the year ended 30 June 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 30 June 2024 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


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 Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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 5

 


PRITCHARD-GORDON TANKERS LIMITED


img4fe1.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED (CONTINUED)

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors' Report have 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 Strategic Report or 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.


Page 6

 


PRITCHARD-GORDON TANKERS LIMITED


img424e.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED (CONTINUED)

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 an Auditors' 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The Company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including UK Companies Act, Corporate and VAT legislation, Employments taxes, Health Safety and the Bribery Act 2010, as well as those related to the shipping activities. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

We understood how the Company is complying with those legal and regulatory frameworks by, making inquiries to management, those responsible for legal and compliance procedures.

The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations.The assessment did not identify any issues in this area.

We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:

°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;

°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and

°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.

As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:

°Posting of unusual journals and complex transactions;

°Risk of fictitious employees;

°Risk of manipulation of the fair value of the company's assets

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 7

 


PRITCHARD-GORDON TANKERS LIMITED


img723e.png
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRITCHARD-GORDON TANKERS LIMITED (CONTINUED)

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 2006Our 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 Auditors' 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.





Sophie Said FCA (Senior Statutory Auditor)
  
for and on behalf of
Menzies LLP
 
Chartered Accountants
Statutory Auditor
  
Magna House
18-32 London Road
Staines-Upon-Thames
Surrey
TW18 4BP

14 November 2024
Page 8

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024
2023
Note
£
£

  

Turnover
 4 
39,906,145
35,620,232

Cost of sales
  
(21,885,185)
(22,604,494)

Gross profit
  
18,020,960
13,015,738

Administrative expenses
  
(10,867,610)
(10,173,592)

Operating profit
 5 
7,153,350
2,842,146

Interest receivable and similar income
 8 
710,780
625,723

Interest payable and similar expenses
 9 
(1,811,142)
(1,863,611)

Profit before tax
  
6,052,988
1,604,258

Tax on profit
 10 
-
-

Profit for the financial year
  
6,052,988
1,604,258

Other comprehensive income for the year
  

Unrealised surplus on revaluation of tangible fixed assets
  
8,370,934
707,809

Change in fair value of designated hedging instrument
  
-
238,299

Other comprehensive income for the year
  
8,370,934
946,108

Total comprehensive income for the year
  
14,423,922
2,550,366

The notes on pages 12 to 22 form part of these financial statements.

Page 9

 


PRITCHARD-GORDON TANKERS LIMITED
REGISTERED NUMBER:02694261



STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
94,313,623
79,892,301

  
94,313,623
79,892,301

Current assets
  

Debtors: amounts falling due within one year
 12 
22,608,079
20,932,612

Cash at bank and in hand
  
9,391,508
15,328,535

  
31,999,587
36,261,147

Creditors: amounts falling due within one year
 13 
(20,328,994)
(20,882,615)

Net current assets
  
 
 
11,670,593
 
 
15,378,532

Total assets less current liabilities
  
105,984,216
95,270,833

Creditors: amounts falling due after more than one year
 14 
(13,116,788)
(16,827,327)

  

Net assets
  
92,867,428
78,443,506


Capital and reserves
  

Called up share capital 
 16 
1,000
1,000

Revaluation reserve
  
15,395,186
8,534,226

Profit and loss account
  
77,471,242
69,908,280

  
92,867,428
78,443,506


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




A C Wingfield Digby
Director

Date: 14 November 2024

The notes on pages 12 to 22 form part of these financial statements.
Page 10

 


PRITCHARD-GORDON TANKERS LIMITED
 



STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024


Called up share capital
Revaluation reserve
Cash flow hedge reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 July 2022
1,000
9,181,845
(238,299)
66,948,594
75,893,140


Comprehensive income for the year

Profit for the year
-
-
-
1,604,258
1,604,258

Surplus on revaluation of vessel fleet
-
707,809
-
-
707,809

Transfer between reserves
-
(1,355,428)
-
1,355,428
-

Change in fair value of designated hedging instrument
-
-
238,299
-
238,299


Other comprehensive income for the year
-
(647,619)
238,299
1,355,428
946,108



At 1 July 2023
1,000
8,534,226
-
69,908,280
78,443,506


Comprehensive income for the year

Profit for the year
-
-
-
6,052,988
6,052,988

Surplus on revaluation of vessel fleet
-
8,370,934
-
-
8,370,934

Transfer between reserves
-
(1,509,974)
-
1,509,974
-


Other comprehensive income for the year
-
6,860,960
-
1,509,974
8,370,934


At 30 June 2024
1,000
15,395,186
-
77,471,242
92,867,428


The notes on pages 12 to 22 form part of these financial statements.

Page 11

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

1.


General information

Pritchard-Gordon Tankers Limited is a company limited by shares incorporated in England and Wales. The registered office is North Lodge, Slaugham Park, Handcross, Haywards Heath, West Sussex, RH17 6BG.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Giles W. Pritchard-Gordon & Co. Limited as at 30 June 2024 and these financial statements may be obtained from Companies House.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional currency is USD. This differs from the presentational currency which is GBP. The reason for the difference is that GBP is the presentational currency of the Group, whereas USD is the currency of the economic environment in which the Company predominantly operates.

Transactions and balances

Transactions in currencies other than Pound Sterling are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting dates. Non-monetary assets and liabilities carried at fair value that are demoninated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on exchange are included in profit or loss.

 
2.4

Revenue

Revenue comprises of voyage charter income and time charter income. Voyage charter income is recognised using the percentage of completion method with voyages calculated on a discharge-to- discharge basis. Full provision is made for any losses on voyages in progress at the reporting date. Time charter income is recognised on a straight-line basis.

Page 12

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
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

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Tangible fixed assets

Vessels owned by the Company or leased under finance leases which include purchase options, are stated at valuation. For owned vessels and vessels held under finance leases, the Company uses valuations from independent brokers in its assessment.
Depreciation is provided so as to write off the valuation of the owned fleet over the estimated useful life of each vessel, being twenty-five years from the date of completion of the build. For the vessels held under the finance leases, the depreciation is calculated over the remaining lease term. 
Amounts capitalised in respect of vessels held on operating lease, are capitalised and amortised over the period to the end of the lease term.

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 allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Drydocking
-
Remaining lease term
Office equipment
-
25%
Straight line
Vessels under construction
-
Upon completion

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

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 13

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.9

Drydocking and special surveys

The cost of each drydocking or special survey is capitalised and amortised over the period of the next drydocking or special survey. For the newbuild an estimate of the cost of the next future special survey and drydocking is capitalised as part of the cost of the vessel on construction or acquisition. Amounts capitalised inrespect of special survey and drydocking are eliminated from both cost and accumulated amortisation oncompletion of the subsequent special survey or drydocking. The cost of drydocking or special survey of thevessels hired in on a bareboat basis is capitalised and amortised over the shorter of the period of the nextdrydocking or special survey and the bareboat lease period.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

The Company had entered into a number of forward rate contracts to sell US$ and buy Pound Sterling to hedge the volatility in exchange rates. This was classified as Cash Flow Hedge. The Company has taken the disclosure exemptions available under FRS 102 on the basis that the relevant disclosures are included in the ultimate holding company's consolidated financial statements which are publicly available. All forward rate contracts have come to an end during the year ending 30 June 2023, and no further forward contracts had been entered into during the year ending 30 June 2024. 

  
2.11

Revaluation reserve

The surplus/deficit arising on the revaluation at the reporting date of owned vessels or vessels held under finance leases which include purchase options, is taken to other comprehensive income. Any revaluation surplus in relation to a vessel disposed of is released to retained eamings. Differences between the depreciation calculated based on the historical cost and the revalued amount is also released to retained earnings.

 
2.12

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 14

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and apllication of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that have been believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.
Significant accounting judgements
In the process of applying the Company's accounting policies, the directors have been made the following accounting judgements which have the most significant effect on the amounts recognised in the financial statements.
Asset impairment testing
The Company reviews its non-current assets for impairment at each reporting 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 broker valuations.
Allowances for tarde and other receivables
The company reviews its individual significant receivables at each reporting date to assess whether an allowance should be made for recoverability. In determining the allowance, judgement by management is required in the estimation of the amount and timings of future cash flows. Such significant accounting estimates estimations are based on assumptions of a number of factors and actual results may differ, resulting in future changes to the allowance.
The key assumptions concerining the future and other sources of estimation uncertainty at the end of the reporting period are:
Residual values and estimated remaining lives
The carrying value of owned vessels is depreciated over their expected useful life of 25 years from the date of completion of the build to an estimated residual value. Changes in the remaining useful life of the vessels or the residual value, would result in an adjustment to the current value or future rate of depreciation through profit or loss.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Time charter income
39,906,145
35,620,232

39,906,145
35,620,232


All turnover arose outside of the United Kingdom and Europe. 

Page 15

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

5.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Depreciation - office equipment
4,200
3,931

Depreciation on fleet - owned
6,255,404
5,990,916

Impairment/(reversal of impairment)
(2,749,847)
200,601

Depreciation of drydocks costs
1,817,103
1,721,699

Auditors remuneration - audit of financial statements
37,500
33,000

Operating lease rentals
19,000
19,000

Foreign exchange (gain)/loss
109,353
(382,429)


6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements
37,500
33,000

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

7.


Employees

2024
2023
£
£



Wages and salaries
3,978,878
4,019,348

Social security costs
122,993
128,014

Pension contributions
79,844
95,108

4,181,715
4,242,470




The average monthly number of employees, excluding the directors, during the year was as follows:

2024
2023
No.
No.



Administration
18
18

Seafarers
78
74

96
92

Page 16

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

8.


Interest receivable

2024
2023
£
£


Bank interest receivable
710,780
625,723

710,780
625,723


9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
1,811,142
1,863,611

1,811,142
1,863,611


10.


Taxation

a) Analysis of charge in the year

The Company has entered the U.K. tonnage tax regime under which its shipowning and operating activities are taxed based on the net tonnage of vessels operated. Any income and profits outside the tonnage tax regime are taxed under normal U.K. corporation tax rules. The tonnage tax expense is included in operating expenses.



2024
2023
£
£



Total current tax
-
-

Total deferred tax
 
-
 
-


Tax on profit
-
-
Page 17

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
 
10.Taxation (continued)


b) Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 20.5%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
6,052,988
1,604,258


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 20.5%)
1,513,247
328,873

Effects of:


Profit not taxable under UK corporation tax but under UK tonnage tax regime - See 10a)
(1,513,247)
(328,873)

Total tax charge for the year
-
-





Tonnage tax included in operating expenses

2024
2023
£
£


Tonnage tax profits at standard rate
11,757
9,663

11,757
9,663


Page 18

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

11.


Tangible fixed assets





Fleet
Drydocking
Office equipment
Vessels under Construction
Total

£
£
£
£
£



Cost or valuation


At 1 July 2023
120,413,735
4,448,756
35,455
4,566,483
129,464,429


Additions
-
2,578,405
3,972
9,048,350
11,630,727


Disposals
-
(2,007,449)
-
-
(2,007,449)


Revaluations
8,370,960
-
-
-
8,370,960



At 30 June 2024

128,784,695
5,019,712
39,427
13,614,833
147,458,667



Depreciation


At 1 July 2023
47,728,784
1,817,103
26,241
-
49,572,128


Charge for the year on owned assets
6,255,404
2,070,608
4,200
-
8,330,212


Disposals
-
(2,007,449)
-
-
(2,007,449)


Impairment losses written back
(2,749,847)
-
-
-
(2,749,847)



At 30 June 2024

51,234,341
1,880,262
30,441
-
53,145,044



Net book value



At 30 June 2024
77,550,354
3,139,450
8,986
13,614,833
94,313,623



At 30 June 2023
72,684,951
2,631,653
9,214
4,566,483
79,892,301

Vessels with a net book value of £44,710,487 (2023: £43,066,153) have been pledged as security for long term bank loans (see note 15).
The vessels were revalued as at 30 June 2024 and 2023 at replacement cost, based on valuations performed by Affinity Valuations Limited, independent shipbrokers. 




If the fleet had not been revalued, the carrying value of vessels would have been stated on an historical cost basis as follows:

2024
2023
£
£



Cost
110,453,953
110,453,953

Accumulated depreciation and impairment
(48,653,650)
(46,303,229)

Net book value
61,800,303
64,150,724


Page 19

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

12.


Debtors

2024
2023
£
£


Trade debtors
1,300,814
266,273

Amounts owed by group undertakings
20,459,232
19,089,773

Other debtors
55,161
53,902

Prepayments and accrued income
792,872
1,522,664

22,608,079
20,932,612


Amounts owed to a fellow subsidiary and parent company are unsecured, interest free and repayable on demand.


13.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,806,385
3,784,828

Trade creditors
1,336,680
759,079

Amounts owed to group undertakings
10,574,559
12,221,871

Other taxation and social security
37,769
-

Other creditors
125,558
118,344

Accruals and deferred income
4,448,043
3,998,493

20,328,994
20,882,615


Amounts owed to a fellow subsidiary and parent company are unsecured, interest free and repayable on demand.


14.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,116,788
16,827,327

13,116,788
16,827,327


Page 20

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

15.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,806,385
3,784,828


3,806,385
3,784,828

Amounts falling due 1-2 years

Bank loans
3,806,385
3,784,827


3,806,385
3,784,827

Amounts falling due 2-5 years

Bank loans
8,682,920
10,483,130


8,682,920
10,483,130

Amounts falling due after more than 5 years

Bank loans
627,483
2,559,370

627,483
2,559,370

16,923,173
20,612,155


Bank loans amounting to £16,923,173 (2023: £20,612,155) are secured by a first preferred mortgage over three vessels owned by the Company together with the assignment of their earnings and insurances. The loans are denominated in US Dollars and carried interest at SOFR plus an average margin of 3.82%. The loans have total quarterly repayments of £951,596 (2023: £946,207) and are repayable between 28 September 2027 and 30 November 2029.


16.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,000 (2023 - 1,000) Ordinary shares of £1.00 each
1,000
1,000


Page 21

 


PRITCHARD-GORDON TANKERS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024

17.


Commitments under operating leases

At 30 June 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£

Land and building


Not later than 1 year
19,000
19,000

Later than 1 year and not later than 5 years
4,008
23,008

23,008
42,008

At 30 June 2024 the Company had future minimum lease receivable due under non-cancellable operating leases for each of the following periods:







The Company has capital commitments relating to the purchase of vessels under construction amounting to £51,203,752 (2023: £41,055,612).


18.


Related party transactions

In the opinion of the directors, the Company qualifies and has therefore taken advantage of the exemptions available under section 33.1A of the Financial Reporting Standard 102 in respect of related party disclosures.


19.


Controlling party

The immediate parent company is Giles W. Pritchard-Gordon (Shipowning) Limited and the ultimate holding company is Giles W. Pritchard-Gordon Limited, both companies are incorporated in the United Kingdom. 
The smallest group for which consolidated accounts are drawn up of which the company is a member is Giles W. Pritchard-Gordon & Co. Limited. Their registered office is North Lodge, Slaugham Park, Handcross, Haywards Heath, RH17 6BG.
No individual shareholder owns a controlling interest in the ultimate holding company.
 
Page 22