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REGISTERED NUMBER: 02082138 (England and Wales)















Financial Statements for the Year Ended 31 December 2023

for

Boluda Towage Liverpool Ltd

Boluda Towage Liverpool Ltd (Registered number: 02082138)






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 Liverpool Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: A M Bordils
G H Vandecappelle



REGISTERED OFFICE: Unit 40, Dunes Way
Wellington Employment Park
Liverpool
Merseyside



REGISTERED NUMBER: 02082138 (England and Wales)



SENIOR STATUTORY AUDITOR: Hayley Jardine BFP ACA



AUDITORS: Voisey & Co LLP
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Boluda Towage Liverpool Ltd (Registered number: 02082138)

Balance Sheet
31 December 2023

31.12.23 31.12.22
as restated
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 5,496,472 5,738,165

CURRENT ASSETS
Stocks 294,152 364,798
Debtors 6 10,745,537 15,002,776
Cash at bank and in hand 478,270 237,029
11,517,959 15,604,603
CREDITORS
Amounts falling due within one year 7 3,541,135 14,670,712
NET CURRENT ASSETS 7,976,824 933,891
TOTAL ASSETS LESS CURRENT
LIABILITIES

13,473,296

6,672,056

CREDITORS
Amounts falling due after more than one year 8 (6,530,000 ) -

PROVISIONS FOR LIABILITIES (1,303,285 ) (1,348,158 )
NET ASSETS 5,640,011 5,323,898

CAPITAL AND RESERVES
Called up share capital 11 3,935,200 3,935,200
Retained earnings 12 1,704,811 1,388,698
SHAREHOLDERS' FUNDS 5,640,011 5,323,898

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:



G H Vandecappelle - Director



A M Bordils - Director


Boluda Towage Liverpool Ltd (Registered number: 02082138)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Boluda Towage Liverpool Ltd 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 (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Boluda Towage Liverpool Ltd (Registered number: 02082138)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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

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 Liverpool Ltd (Registered number: 02082138)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historical costs 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 costs of assets less their residual value over their estimated useful lives, using the straight line method.

Depreciation is provided on the following basis:

Leasehold improvements - Over the life of the lease
Marine vessel's - 25 years
Fixture, fittings & equipment - 3 to 5 years

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

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

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Boluda Towage Liverpool Ltd (Registered number: 02082138)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

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 Liverpool Ltd (Registered number: 02082138)

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 47 (2022 - 45 ) .

Boluda Towage Liverpool Ltd (Registered number: 02082138)

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

10,000

-

5. TANGIBLE FIXED ASSETS
Fixtures
Leasehold Marine and
improvements vessels fittings Totals
£    £    £    £   
COST
At 1 January 2023 106,765 9,716,254 17,474 9,840,493
Additions - - 3,894 3,894
At 31 December 2023 106,765 9,716,254 21,368 9,844,387
DEPRECIATION
At 1 January 2023 106,765 3,979,185 16,378 4,102,328
Charge for year - 244,329 1,258 245,587
At 31 December 2023 106,765 4,223,514 17,636 4,347,915
NET BOOK VALUE
At 31 December 2023 - 5,492,740 3,732 5,496,472
At 31 December 2022 - 5,737,069 1,096 5,738,165

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
as restated
£    £   
Trade debtors 828,101 1,063,891
Amounts owed by group undertakings 5,961,527 3,586,430
Amounts owed by associates 3,418,407 9,654,352
Other debtors 54,307 54,307
VAT 34,489 40,900
Prepayments and accrued income 448,706 602,896
10,745,537 15,002,776

Boluda Towage Liverpool Ltd (Registered number: 02082138)

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 510,417 656,940
Amounts owed to group undertakings 83,628 1,690,871
Amounts owed to associates 2,701,536 12,058,176
Tax 31,276 13,062
Accruals and deferred income 214,278 251,663
3,541,135 14,670,712

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
as restated
£    £   
Amounts owed to associates 6,530,000 -

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 52,064 38,047
Between one and five years 208,460 52,272
In more than five years 38,619 -
299,143 90,319

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.

Lombard North Central Plc holds a fixed charge over the named marine vessel in the charge. The charge was registered on the 19th February 2024.

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
£    £   
3,935,200 Ordinary 1 3,935,200 3,935,200

Boluda Towage Liverpool Ltd (Registered number: 02082138)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

12. RESERVES
Retained
earnings
£   

At 1 January 2023 3,050,885
Prior year adjustment (1,662,187 )
1,388,698
Profit for the year 316,113
At 31 December 2023 1,704,811

Additional details regarding the prior year adjustments can be found in note 6.

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.

Hayley Jardine BFP ACA (Senior Statutory Auditor)
for and on behalf of Voisey & Co LLP

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 Liverpool Ltd (Registered number: 02082138)

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 £6,530,000 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
as restated
£ £

Loan receivable 6,530,000
Interest payable 247,336 -

Charter and other sales:

Boluda Lines S.A. 110,587 -
110,587 -

Charter and other direct costs:

Boluda Towage Europe B.V. 419,797 6,676
- Credit note (European charges) (1,033,323 ) (2,873,844 )
Boluda Towage Rotterdam B.V. 43 18
Catamaran B.V. 7,183 -
URS Belgie NV 89,633 241,010
VB Belgie B.V. 607,839 446,654
VB Elbe B.V. 684,951 715,351
Boluda Lines S.A. - 9,944

Management charges payable:

Boluda Towage Europe B.V. 482,933 214,024
1,259,056 (1,240,167 )


Boluda Towage Liverpool Ltd (Registered number: 02082138)

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. 2,354,248 - 5,710,639 240,768
Boluda Finance B.V. 1,479,994 2,876,078 7,950,525
Boluda Towage Rotterdam B.V. - - - 26,818
Boluda Crew NL B.V. - - - 112,371
URS Netherland B.V. - - - 544
Boluda Towage Belgium NV 1,034,449 - 1,067,635 -
URS Belgie NV - 515,531 - 245,797
Catamaran B.V. - 600,249 - 3,284,464
VB Elbe B.V. - 65,109 - 121,208
VB Belgie B.V. - 40,653 - 75,681
Boluda Lines SA 29,710 - - -
Due within 1 year 3,418,407 2,701,536 9,654,352 12,058,176

Boluda Towage Europe B.V - 6,530,000 - -
Due after 1 year 3,418,407 9,231,536 9,654,352 12,058,176

The above companies are related under mutual control of the ultimate controlling party Boluda Corporation Maritime.

16. IMMEDIATE & ULTIMATE CONTROLLING PARTY

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.