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REGISTERED NUMBER: 04727463 (England and Wales)















Strategic Report, Report of the Director and

Financial Statements for the Year Ended 31 March 2024

for

NKD Maritime Limited

NKD Maritime Limited (Registered number: 04727463)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 8

Statement of Financial Position 9

Statement of Changes in Equity 10

Statement of Cash Flows 11

Notes to the Statement of Cash Flows 12

Notes to the Financial Statements 13


NKD Maritime Limited

Company Information
for the Year Ended 31 March 2024







DIRECTOR: N Dheir





SECRETARY: Mrs C A Dheir





REGISTERED OFFICE: The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT





REGISTERED NUMBER: 04727463 (England and Wales)





AUDITORS: Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

NKD Maritime Limited (Registered number: 04727463)

Strategic Report
for the Year Ended 31 March 2024

REVIEW OF BUSINESS
The results for the year and financial position of the company at the year end are shown in the annexed financial statements.

During the year, the company's director and shareholders formed a sister company in the UAE to conduct business directly in the Asia region. As a result, the level of business activity in the UK has decreased from a turnover of £70.3m in 2023 to £40.1m in 2024, which was not sufficient to support the overheads, resulting in a loss of £250,000.

Despite the lower level of activity, the Balance Sheet remains strong with shareholders funds of £1.17m.

There are no specific key performance indicators (KPIs) that the directors use to assess the company's performance. Accordingly, no further references to KPIs are made in this report.

FUTURE DEVELOPMENTS
The reduction in turnover will continue in the current year, with only a limited number of deals conducted in the UK and in the short to medium term, the company's business activities will be wound down completely. All business will then be conducted through the UAE based company. At that point, the company will close and any remaining assets distributed.

PRINCIPAL RISKS AND UNCERTAINTIES
Whilst it is important for the company to be able to respond quickly to changes in market conditions, the director's main focus is on those risks which can be controlled or at least influenced. The director considers exchange rate variances to be the main risk to the company, but as the activity reduces, so will the risk. .

ON BEHALF OF THE BOARD:





N Dheir - Director


14 August 2024

NKD Maritime Limited (Registered number: 04727463)

Report of the Director
for the Year Ended 31 March 2024

The director presents his report with the financial statements of the company for the year ended 31 March 2024.

PRINCIPAL ACTIVITY
The company specialises in the acquisition of shipping tonnage for scrapping and recycling.

DIVIDENDS
Interim dividends per share were paid as follows:
Ordinary A £1 shares £325.80 - 31 March 2024
Ordinary B £1 shares £74.63 - 30 September 2023


The director recommends that no final dividends be paid.

The total distribution of dividends for the year ended 31 March 2024 will be £ 806,922 .

DIRECTOR
N Dheir held office during the whole of the period from 1 April 2023 to the date of this report.

AUDITORS
The company's financial statements will not be subject to audit in 2025 and so Xeinadin Audit Limited's appointment will cease at the forthcoming Annual General Meeting.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.

NKD Maritime Limited (Registered number: 04727463)

Report of the Director
for the Year Ended 31 March 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is 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 he 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:




N Dheir - Director


14 August 2024

Report of the Independent Auditors to the Members of
NKD Maritime Limited

Opinion
We have audited the financial statements of NKD Maritime Limited (the 'company') for the year ended 31 March 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 31 March 2024 and of its loss 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 director's 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Director 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 Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
NKD Maritime 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 Director.

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 director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has 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 our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company of not complying with such laws and regulations, including fraud, where non-compliance could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting and tax legislation. In relation to the industry, this included health and safety and employment legislation.

The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified as follows:

- Meeting key personal responsible for specific functions relating to laws and regulations
- Review of legal fees incurred
- Agreeing the financial statement disclosures to underlying supporting documentation
- Reviewing the key accounting policies and estimates

To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness and evaluated the business rationale of significant transactions outside of the normal course of business.

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 and 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.

Report of the Independent Auditors to the Members of
NKD Maritime 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 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.




Nigel Shaw (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
The Old Grange
Warren Estate
Lordship Road
Writtle
Essex
CM1 3WT

14 August 2024

NKD Maritime Limited (Registered number: 04727463)

Statement of Comprehensive
Income
for the Year Ended 31 March 2024

2024 2023
Notes £    £   

TURNOVER 3 40,152,010 70,266,177

Cost of sales 40,180,368 70,088,917
GROSS (LOSS)/PROFIT (28,358 ) 177,260

Administrative expenses 163,888 158,036
OPERATING (LOSS)/PROFIT 5 (192,246 ) 19,224

Interest receivable and similar income 3,936 2,786
(188,310 ) 22,010

Interest payable and similar expenses 6 61,546 60,777
LOSS BEFORE TAXATION (249,856 ) (38,767 )

Tax on loss 7 - (5,354 )
LOSS FOR THE FINANCIAL YEAR (249,856 ) (33,413 )

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE LOSS FOR
THE YEAR

(249,856

)

(33,413

)

NKD Maritime Limited (Registered number: 04727463)

Statement of Financial Position
31 March 2024

2024 2023
Notes £    £   
CURRENT ASSETS
Debtors 9 25,909 125,040
Cash at bank 1,993,948 5,552,147
2,019,857 5,677,187
CREDITORS
Amounts falling due within one year 10 909,848 3,510,400
NET CURRENT ASSETS 1,110,009 2,166,787
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,110,009

2,166,787

CAPITAL AND RESERVES
Called up share capital 12 2,735 2,735
Share premium 13 829,597 829,597
Retained earnings 13 277,677 1,334,455
SHAREHOLDERS' FUNDS 1,110,009 2,166,787

The financial statements were approved by the director and authorised for issue on 14 August 2024 and were signed by:





N Dheir - Director


NKD Maritime Limited (Registered number: 04727463)

Statement of Changes in Equity
for the Year Ended 31 March 2024

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   
Balance at 1 April 2022 2,735 1,367,868 829,597 2,200,200

Changes in equity
Total comprehensive loss - (33,413 ) - (33,413 )
Balance at 31 March 2023 2,735 1,334,455 829,597 2,166,787

Changes in equity
Dividends - (806,922 ) - (806,922 )
Total comprehensive loss - (249,856 ) - (249,856 )
Balance at 31 March 2024 2,735 277,677 829,597 1,110,009

NKD Maritime Limited (Registered number: 04727463)

Statement of Cash Flows
for the Year Ended 31 March 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (382,838 ) 8,611,027
Interest paid (61,546 ) (60,777 )
Tax paid (51 ) (20,783 )
Net cash from operating activities (444,435 ) 8,529,467

Cash flows from investing activities
Interest received 3,936 2,786
Net cash from investing activities 3,936 2,786

Cash flows from financing activities
Movement on related party loans (2,313,235 ) 690,382
Movement on short term loans - (5,053,448 )
Movement on director's loan 2,457 (6,646 )
Equity dividends paid (806,922 ) -
Net cash from financing activities (3,117,700 ) (4,369,712 )

(Decrease)/increase in cash and cash equivalents (3,558,199 ) 4,162,541
Cash and cash equivalents at beginning of
year

2

5,552,147

1,389,606

Cash and cash equivalents at end of year 2 1,993,948 5,552,147

NKD Maritime Limited (Registered number: 04727463)

Notes to the Statement of Cash Flows
for the Year Ended 31 March 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£    £   
Loss before taxation (249,856 ) (38,767 )
Finance costs 61,546 60,777
Finance income (3,936 ) (2,786 )
(192,246 ) 19,224
Decrease in trade and other debtors 97,474 8,226,364
(Decrease)/increase in trade and other creditors (288,066 ) 365,439
Cash generated from operations (382,838 ) 8,611,027

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 1,993,948 5,552,147
Year ended 31 March 2023
31.3.23 1.4.22
£    £   
Cash and cash equivalents 5,552,147 1,389,606


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 5,552,147 (3,558,199 ) 1,993,948
5,552,147 (3,558,199 ) 1,993,948
Total 5,552,147 (3,558,199 ) 1,993,948

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

NKD Maritime 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.

The presentation currency of the financial statements is the Pound Sterling (£).


The company is not part of a group.

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 under the historical cost convention.

Significant judgements and estimates
No significant judgements or estimations have been applied in the preparation of the financial statements.

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

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, and loans to and from related parties.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
The company's functional currency for its trading activity is US dollars.

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Debtors
Short term debtors are measured at the transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Going concern
As noted in the Strategic Report, the company's activity decreased in 2024 due to the set up of a sister company in the UAE to conduct business in the Asia region. As a result, the company's trade will cease in the short to medium term. The financial Statements have however been prepared on the going concern basis, which is not materially different to the realisable or break up basis.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
Asia 40,152,010 70,266,177
40,152,010 70,266,177

4. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 78,999 79,000
Social security costs 2,136 2,513
81,135 81,513

The average number of employees during the year was as follows:
2024 2023

Administrative staff (incl director) 3 3

2024 2023
£    £   
Director's remuneration 50,000 50,000

5. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging:

2024 2023
£    £   
Auditors' remuneration 12,500 17,000
Auditors' remuneration for non audit work 9,945 9,740

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank charges and arrangement fees 51,466 58,226
Loan interest 10,080 2,551
61,546 60,777

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2024 2023
£    £   
Current tax:
Prior year adjustment - (5,354 )
Tax on loss - (5,354 )

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

2024 2023
£    £   
Loss before tax (249,856 ) (38,767 )
Loss multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 19%)

(62,464

)

(7,366

)

Effects of:
Expenses not deductible for tax purposes 4,043 2,012
Losses carried forward 58,421 -
Total tax credit - (5,354 )

8. DIVIDENDS
2024 2023
£    £   
Ordinary A shares of £1 each
Interim 781,922 -
Ordinary B shares of £1 each
Interim 25,000 -
806,922 -

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Advance ship payments - 97,541
Amounts owed by related parties 16,483 15,683
Directors' current accounts 3,338 5,795
Tax 5,354 5,354
VAT 182 107
Prepayments 552 560
25,909 125,040

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1 -
Amounts owed to related parties 817,424 3,129,859
Taxation - 51
Other creditors 92,423 380,490
909,848 3,510,400

11. SECURED DEBTS

State Bank of India has a fixed and floating charge over all property of the company dated 17 February 2016.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2,400 Ordinary A £1 2,400 2,400
335 Ordinary B £1 335 335
2,735 2,735

The Ordinary A shares and Ordinary B shares rank equally in all respects, other than the Ordinary A Shares carry 100% of the voting rights.

13. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2023 1,334,455 829,597 2,164,052
Deficit for the year (249,856 ) (249,856 )
Dividends (806,922 ) (806,922 )
At 31 March 2024 277,677 829,597 1,107,274

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the balance sheet date the director, N Dheir owed the company £3,338 (2023: £5,795).

The loan is unsecured and was repaid after the year end.

NKD Maritime Limited (Registered number: 04727463)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. RELATED PARTY DISCLOSURES

The amounts owed to and from related parties at the year end are unsecured and repayable on demand.

Companies under common control
2024 2023
£    £   
Amount due from related parties 16,423 15,683
Amount due to related parties 817,424 3,129,859

During the year, a total of key management personnel compensation of £ 50,000 (2023 - £ 50,000 ) was paid.

16. ULTIMATE CONTROLLING PARTY

The company has no controlling party.