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REGISTERED NUMBER: 01675237 (England and Wales)















NORBULK SHIPPING U.K. LIMITED

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024






NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

BALANCE SHEET
30 APRIL 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 469,275 498,652
Investments 5 999 999
470,274 499,651

CURRENT ASSETS
Debtors 6 1,758,634 1,754,516
Cash at bank and in hand 198,970 61,368
1,957,604 1,815,884
CREDITORS
Amounts falling due within one year 7 354,274 328,471
NET CURRENT ASSETS 1,603,330 1,487,413
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,073,604

1,987,064

PROVISIONS FOR LIABILITIES 7,583 7,583
NET ASSETS 2,066,021 1,979,481

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 2,065,021 1,978,481
SHAREHOLDERS' FUNDS 2,066,021 1,979,481

NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

BALANCE SHEET - continued
30 APRIL 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





Peter Jan Karlsen - Director


NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

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

1. STATUTORY INFORMATION

Norbulk Shipping U.K. Limited is a private company, limited by shares, incorporated and registered in England and Wales. The company's registered office is Artillery House, 35 Artillery Lane, London, E1 7LP.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of 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. There were no material departures from this standard.

Preparation of consolidated financial statements
The financial statements contain information about Norbulk Shipping U.K. Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The directors consider there are no such significant judgements

Turnover
Turnover represents recharged expenses marked up. The company's policy is to recognise the income relating to recharged expenses in the period to which they relate. The recharge expenses are in relation to providing vessel management and services.

Dividend income
Dividend income is recognised when the right to receive payment is established.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 25% on cost and 15% on cost

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans to and from related parties and investments in non-puttable ordinary shares.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured at fair value with changes recognised in profit and loss if the shares are publicly traded or their fair value can be measured reliably or at cost less impairment for all other investments.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash at banks and in hand.

Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.

All transfers between foreign currency bank accounts are reflected in the accounts at the average monthly rates applicable to the date of transfer. Where this policy results in an exchange gain or loss on the transaction, this has been taken to the profit and loss account.

NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a closed defined benefit scheme for employees. The assets of the scheme are held separately from those of the company. The contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over the service life of employees. Variations from the regular cost are spread over the average expected remaining working lives of the current members of the scheme. The defined benefit scheme is only recognised in the accounts when there is a net pension liability.

Since 1996 the company has also operated a defined contribution pension scheme in respect of all new employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Operating lease commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Government grants
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in the income in the period in which it becomes receivable

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2023 - 54 ) .

NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 May 2023 631,652 1,208,005 1,839,657
Additions - 14,542 14,542
Disposals - (1,109,293 ) (1,109,293 )
At 30 April 2024 631,652 113,254 744,906
DEPRECIATION
At 1 May 2023 181,622 1,159,383 1,341,005
Charge for year 12,633 25,410 38,043
Eliminated on disposal - (1,103,417 ) (1,103,417 )
At 30 April 2024 194,255 81,376 275,631
NET BOOK VALUE
At 30 April 2024 437,397 31,878 469,275
At 30 April 2023 450,030 48,622 498,652


5. FIXED ASSET INVESTMENTS
Shares in
group
undertaking
£   
COST
At 1 May 2023
and 30 April 2024 28,224
PROVISIONS
At 1 May 2023
and 30 April 2024 27,225
NET BOOK VALUE
At 30 April 2024 999
At 30 April 2023 999

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 1,400,575 1,310,400
Other debtors 358,059 444,116
1,758,634 1,754,516

NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

There are no repayment terms attached to the amounts owed by group undertakings, however, it is not expected the balances will be repaid in full within 12 months of the year end.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 20,542 39,501
Taxation and social security 83,495 91,028
Other creditors 250,237 197,942
354,274 328,471

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 1,706 1,706

9. SECURED DEBTS

The Glasgow City Heritage Trust holds a standard security over the company and all of its assets in respect of a grant received.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Jayne Clifford MA CA (Senior Statutory Auditor)
for and on behalf of Martin Aitken & Co Ltd

11. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a closed defined benefit pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

The Section 28 Disclosure Report at 30 April 2024 disclosed a surplus of £3,460,000 (2023: surplus £3,200,000). The last triennial review at 31 December 2021 disclosed a deficit which the company agreed with the trustees of Norbulk Shipping U.K. Limited Pension and Life Assurance Plan on 29 March 2023 to eliminate over a period ending February 2031 by the payment of annual contribution of £33,663 increasing at 3% per annum. This will be reviewed at the next actuarial triennial review for year ended 31 December 2024.

NORBULK SHIPPING U.K. LIMITED (REGISTERED NUMBER: 01675237)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Walter Woodage
Balance outstanding at start of year 65,072 65,000
Amounts advanced 1,591 1,127
Amounts repaid (1,495 ) (1,055 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 65,168 65,072

The loan is interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

At the balance sheet date, included in debtors is a balance owing to the company of £1,400,575 (2023: £1,310,400) from other group companies. The turnover derives in full from the parent company.

These balances are unsecured, interest free with no fixed repayment dates.

14. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and to assist with the preparation of the financial statements.

15. ULTIMATE CONTROLLING PARTY

The ultimate controlling party of Norbulk Shipping UK Limited is a discretionary trust.

The parent company is Norbulk Shipping Company Limited, a company registered in 14 Par La Ville Road, Hamilton, Bermuda.