REGISTERED NUMBER: |
Seastar Bulk One Limited |
Financial Statements |
for the Year Ended 31st December 2024 |
REGISTERED NUMBER: |
Seastar Bulk One Limited |
Financial Statements |
for the Year Ended 31st December 2024 |
Seastar Bulk One Limited (Registered number: 10513254) |
Contents of the Financial Statements |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
Seastar Bulk One Limited |
Company Information |
for the Year Ended 31st December 2024 |
Directors: |
Registered office: |
Registered number: |
Auditors: |
Accountants & Statutory Auditor |
4th Floor |
100 Fenchurch Street |
London |
EC3M 5JD |
Accountants: |
4th Floor |
100 Fenchurch Street |
London |
EC3M 5JD |
Seastar Bulk One Limited (Registered number: 10513254) |
Statement of Financial Position |
31st December 2024 |
2024 | 2023 |
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 |
Retained earnings |
Shareholders' funds |
The financial statements were approved by the Board of Directors and authorised for issue on |
Seastar Bulk One Limited (Registered number: 10513254) |
Notes to the Financial Statements |
for the Year Ended 31st December 2024 |
1. | Statutory information |
Seastar Bulk One Limited is a |
The presentation currency of the financial statements is the US Dollar ($). |
2. | Accounting policies |
Basis of preparing the financial statements |
Revenue recognition |
The company is the ship owner and revenue is measured at the fair value of the consideration received or receivable for hiring out the vessel as a time charter. |
Revenue from the time charter is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on agreement of the charter); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible fixed assets |
Drydocking | - |
Vessel | - |
Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. |
Taxation |
Taxation for the year comprises current tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current 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. |
Foreign currencies |
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. |
3. | Employees and directors |
The average number of employees during the year was |
Seastar Bulk One Limited (Registered number: 10513254) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
4. | Auditors' remuneration |
2024 | 2023 |
$ | $ |
Fees payable to the company's auditors for the audit of the company's financial statements |
6,894 |
6,402 |
5. | Tangible fixed assets |
Drydocking | Vessel | Totals |
$ | $ | $ |
Cost |
At 1st January 2024 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31st December 2024 |
Depreciation |
At 1st January 2024 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 31st December 2024 |
Net book value |
At 31st December 2024 |
At 31st December 2023 |
Included in the cost of tangible fixed assets is $nil (2023: $88,937) in respect of capitalised finance costs. |
6. | Debtors: amounts falling due within one year |
2024 | 2023 |
$ | $ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | Creditors: amounts falling due within one year |
2024 | 2023 |
$ | $ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Seastar Bulk One Limited (Registered number: 10513254) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
8. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
$ | $ |
Bank loans |
9. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
$ | $ |
Bank loans |
The bank loans are subject to security in the form of a floating and fixed charge against the vessel registered as Seastar Titan. Interest is charged on the loan at a fixed rate plus a variable rate for the year. This was repaid in full on 1st August 2024. |
10. | Disclosure under Section 444(5B) of the Companies Act 2006 |
The Auditors' Report was unqualified. |
for and on behalf of |
11. | Ultimate controlling party |
In the opinion of the directors there is no ultimate controlling party. The company's immediate holding company is Seastar Ship Holdings Limited, a company registered in England and Wales. The registered office address is 4th Floor, 100 Fenchurch Street, London, EC3M 5JD. |