Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-29falseNo description of principal activityfalsetrue1The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.12023-03-01true 11223524 2023-03-01 2024-02-29 11223524 2022-03-01 2023-02-28 11223524 2024-02-29 11223524 2023-02-28 11223524 c:Director1 2023-03-01 2024-02-29 11223524 d:CurrentFinancialInstruments 2024-02-29 11223524 d:CurrentFinancialInstruments 2023-02-28 11223524 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 11223524 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 11223524 d:ShareCapital 2024-02-29 11223524 d:ShareCapital 2023-02-28 11223524 d:RetainedEarningsAccumulatedLosses 2024-02-29 11223524 d:RetainedEarningsAccumulatedLosses 2023-02-28 11223524 c:FRS102 2023-03-01 2024-02-29 11223524 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 11223524 c:FullAccounts 2023-03-01 2024-02-29 11223524 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11223524 2 2023-03-01 2024-02-29 11223524 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 11223524










NAUTICAL CARRIERS (UK) LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
NAUTICAL CARRIERS (UK) LTD
REGISTERED NUMBER: 11223524

STATEMENT OF FINANCIAL POSITION
AS AT 29 FEBRUARY 2024

2024
2023
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
4,189
763

  
4,189
763

Creditors: amounts falling due within one year
 5 
(3,815)
(12,040)

Net current assets/(liabilities)
  
 
 
374
 
 
(11,277)

  

Net assets/(liabilities)
  
374
(11,277)


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
372
(11,279)

  
374
(11,277)


Page 1

 
NAUTICAL CARRIERS (UK) LTD
REGISTERED NUMBER: 11223524
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 29 FEBRUARY 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

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



K Koutsomitopoulos
Director

Date: 28 November 2024

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
NAUTICAL CARRIERS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Nautical Carriers (UK) Ltd is a private company limited by shares incorporated in England and Wales, registration number 11223524. The registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in £ sterling, the functional currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Going concern

At 29 February 2024, the company had total net assets of £374 (2023: £11,277 net liabilities). The financial statements have been prepared on a going concern basis as the parent company has confirmed its willingness and ability to support the company for at least twelve months from the date of approval of the financial statements.

 
2.3

Revenue

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

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 3

 
NAUTICAL CARRIERS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.5

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 reporting date in the countries where the Company operates and generates income.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Creditors

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

 
2.8

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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Page 4

 
NAUTICAL CARRIERS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)


2.8
Financial instruments (continued)

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees



The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Debtors

2024
2023
£
£


Amounts owed by group undertakings
3,634
-

Other debtors
555
763

4,189
763


Page 5

 
NAUTICAL CARRIERS (UK) LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Creditors: Amounts falling due within one year

2024
2023
£
£

Amounts owed to group undertakings
-
6,624

Other taxation and social security
665
2,266

Accruals and deferred income
3,150
3,150

3,815
12,040



6.


Related party transactions

The company has taken advantage of the exemption available of Financial Reporting Standard 102 Section 33 whereby it has not disclosed transactions with any wholly owned subsidiaries of Nautical Carriers Incorporated. 


7.


Parent entity and controlling party

The immediate and ultimate parent company is Nautical Carriers Incorporated, a company based in the Marshall Islands. The company was under the control of K Koutsomitopoulos and A Papadopoulos throughout the year and prior year.

 
Page 6