REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Boluda Towage London Ltd |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31 December 2023 |
for |
Boluda Towage London Ltd |
Boluda Towage London Ltd (Registered number: 09903465) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Boluda Towage London Ltd |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
8 Winmarleigh Street |
Warrington |
Cheshire |
WA1 1JW |
Boluda Towage London Ltd (Registered number: 09903465) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Retained earnings | 12 | 3,833,327 |
SHAREHOLDERS' FUNDS |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Boluda Towage London Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Monetary amounts in these financial statements are rounded to the nearest £. |
The principal accounting policies adopted are set out below. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and key sources of estimation uncertainty |
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. |
The key assumptions concerning the future and other key sources of estimation include uncertainties at the reporting date, which may have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial periods, are discussed below. |
Customer Volume Rebates: |
The volume rebate is based on Boluda Europe turnover to a number of key customers. The directors estimate the percentage based on experience. As the customers period end does not always align with that of Boluda UK, the rebate due to the customer is accrued for on the assumption they will hit their sales target at the end of the period. The volumes of business has been consistent over a number of year so volume rebate has always been close to the actual rebate. |
Going Concern |
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Turnover |
Net revenue comprises the income from the supply of goods and services after deduction of discounts and such like and of taxes levied on the turnover. Turnover from the sale of goods and the rendering of services is recognized per performance obligation if the amount or the result can be reliably determined. |
Revenue is recognised for the amount to which the company expects to be entitled in exchange for the transfer of promised goods or services, i.e. the transaction price. This amount does not include amounts collected on behalf of third parties (including sales taxes). Depending on the type of performance obligations, the transaction price consists of fixed fees and variable considerations such as discounts and performance bonuses. Credit risk is not taken into account when determining the transaction price. |
The determination of the transaction price is based on the assumption that the goods or services will be transferred in accordance with the relevant agreement and that this agreement will not be cancelled, extended or otherwise modified. |
The effects of variable consideration are taken into account in determining the transaction price. These effects are based on an estimate of the fees. Such estimates are updated at the end of each financial year. Only variable fees that are unlikely to be reversed later on are taken into account. |
There are no finance payments to buyers of goods and services. |
The following performance obligations are distinguished: |
- Harbour towage services, based on fixed fees per client (group) and region, with discounts and bonuses for global operating clients. |
- Salvages and special operations, based on variable considerations |
- Rental income of tugs alone (bareboat charters) or tugs including crew (time charters), based on fixed fees per client (group) and tug type. |
- Sale of goods, mainly fuel, based on market prices per item category. |
There are no agreements that include or combine several performance obligations (agreed-upon commitments to deliver distinct goods or services). |
Revenues from the goods supplied are recognized when all significant risks and rewards in respect of the goods have been transferred to the buyer. |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible assets are recognised initially at cost then subsequently stated at cost less accumulated depreciation and impairment losses. Cost includes the original purchase price and costs directly attributable to bringing the asset to its working condition for its intended use. |
(I) Depreciation and residual values |
Depreciation is charged at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their estimated useful lives, using the straight-line method as follows: |
Fixtures and fittings - 20% - 50% |
Office equipment - 20% - 50% |
The assets residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. |
(II) Derecognition |
Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit and loss and is included in administration expenses. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Foreign transactions are translated into the functional currency using the spot exchange rates at the date of the transactions. |
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. |
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account within administrative expenses. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company provides benefits to employees, including a defined contribution pension scheme. |
The company operates a defined contribution money purchase pension scheme for its employees. A defined contribution scheme is a pension scheme under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations. The contributions are recognised as an expense when they are due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with bank, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the net asset and settle the liability simultaneously. |
Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment of financial assets |
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
4. | AUDITORS' REMUNERATION |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
7,655 |
8,750 |
5. | TANGIBLE FIXED ASSETS |
Computer |
Fixtures | and |
and | office |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
VAT |
Prepayments and accrued income |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to associates | 3,139,477 | 27,670,218 |
Tax |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Amounts owed to associates | 13,501,000 | - |
9. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.23 | 31.12.22 |
as restated |
£ | £ |
Within one year |
Between one and five years |
10. | SECURED DEBTS |
BNP Paribas holds a floating charge which covers all the property and undertaking of the company. The charge was registered on the 23rd October 2019. |
BNP Paribas S.A. holds a floating charge which covers all the property and undertaking of the company. The charge was registered on the 8th July 2024. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.23 | 31.12.22 |
value: | as restated |
£ | £ |
Ordinary | 1 | 100 | 100 |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
12. | RESERVES |
Retained |
earnings |
£ |
At 1 January 2023 | ( |
) |
Prior year adjustment |
Profit for the year |
At 31 December 2023 |
Retained earnings |
Includes all current and prior periods retained profits and losses. |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | PENSION COMMITMENTS |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
At 31 December 2023, the amounts included in creditors for contributions payable to the fund were £Nil (2022: £Nil). |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | RELATED PARTY DISCLOSURES |
Transactions with associated companies are detailed below: |
On 1st July 2023 a loan of £13,501,000 was advanced by Boluda Towage Europe B.V. The loan is interest bearing based on EURIBOR plus 3.75%. Interests is receivable on a monthly basis. The loan amount is receivable no later than the end date of 30th June 2028. |
31.12.23 | 31.12.22 |
£ | £ |
Boluda Europe B.V. |
Loans received | 13,501,000 | - |
Interest payable | 511,426 | - |
Other transactions during the year: |
Sales: |
Boluda Deutschland GmbH | 94,272 | 23,372 |
94,272 | 23,372 |
Charter and other direct costs: |
Boluda Towage Europe B.V. | 553,855 | 208,934 |
- Credit note (European charges) | (1,033,323 | ) | (2,873,844 | ) |
Boluda Towage Rotterdam B.V. | 148,408 | 786 |
RT Ambition B.V. | 837,648 | 818,883 |
RT Peter B.V. | 837,648 | 818,883 |
SD Dolphin B.V. | 803,177 | 785,266 |
URS Netherlands B.V.. | 133,480 | 33,060 |
VB Panther B.V. | 1,220,861 | 1,212,943 |
VB Cheetah B.V. | 1,056,173 | - |
Boluda Shipping NL. B.V. | 32,513 | - |
Catamaran B.V. | 11,481 | - |
Management charges payable: |
Boluda Towage Europe B.V. | 335,441 | 245,747 |
4,937,362 | 1,250,658 |
Boluda Towage London Ltd (Registered number: 09903465) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
Associated companies year end balances are detailed below: |
31.12.23 | 31.12.22 |
as restated | as restated |
£ | £ | £ | £ |
Debtor | Creditor | Debtor | Creditor |
Boluda Towage Europe B.V. | 23,321,660 | - | 33,381,480 | 736,435 |
Boluda Finance B.V. | 264,631 | - | 68,175 | 10,441,440 |
Boluda Towage Rotterdam B.V. | - | 2,270 | - | 6,554 |
KHTR B.V. | - | 64,094 | - | 1,175,117 |
SHTR B.V. | - | - | - | 29,946 |
URS Netherlands B.V. | - | 195,192 | - | 60,584 |
Boluda Towage Belgium NV | - | 66,551 | - | 22 |
URS Belgie NV | 302 | - | 83,471 | 166,367 |
Boluda Deutschland GmbH | - | 58,148 | 354,623 | 1,761,244 |
Catamaran B.V. | - | 1,532,313 | - | 12,793,199 |
RT Peter B.V. | - | 141,853 | - | 135,398 |
RT Ambition B.V. | - | 141,853 | - | 68,354 |
SD Dolphin B.V. | - | 136,030 | - | 65,548 |
VB Panther B.V. | - | 192,040 | - | 178,201 |
VB Cheetah B.V. | - | 609,133 | - | - |
Boluda Crew NL B.V. | - | - | - | 51,809 |
Due within 1 year | 23,586,593 | 3,139,477 | 33,887,749 | 27,670,218 |
Boluda Towage Europe B.,V | - | 13,501,000 | - | - |
Due after 1 year | 23,586,593 | 16,640,417 | 33,887,749 | 27,670,218 |
The above companies are related under mutual control of the ultimate controlling party Boluda Corporation Maritime. |
16. | IMMEDIATE & ULTIMATE PARENT UNDERTAKING |
The immediate parent company is Boluda Towage UK Limited, a company registered in England and Wales. |
The ultimate controlling party is Boluda Corporation Maritime. |
The smallest group in which the results of the company are consolidated is that headed by Boluda Towage UK Limited. The consolidated financial statements of this group can be obtained from Companies House. |
The largest group in which results of the company are consolidated is that headed by Boluda Towage Europe B.V. The consolidated financial statements of this group can be obtained from Waalhaven Zuldzljde 21, 3088 JH Rotterdam, Netherlands. |