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REGISTERED NUMBER: 10513254 (England and Wales)
















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: Mr P M Karlsen
Mr D W Perrott



Registered office: 4th Floor
100 Fenchurch Street
London
EC3M 5JD



Registered number: 10513254 (England and Wales)



Auditors: Nigel Wilson & Co
Accountants & Statutory Auditor
4th Floor
100 Fenchurch Street
London
EC3M 5JD



Accountants: Wilson Stevens
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 - 7,186,151

Current assets
Stocks - 87,043
Debtors 6 20,852 2,746,191
Cash at bank - 609,597
20,852 3,442,831
Creditors
Amounts falling due within one year 7 20,608 872,933
Net current assets 244 2,569,898
Total assets less current liabilities 244 9,756,049

Creditors
Amounts falling due after more than one
year

8

-

2,262,712
Net assets 244 7,493,337

Capital and reserves
Called up share capital 244 244
Retained earnings - 7,493,093
Shareholders' funds 244 7,493,337

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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 13th March 2025 and were signed on its behalf by:





Mr D W Perrott - Director


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 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 US Dollar ($).


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.

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
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.
Drydocking - 20% straight line
Vessel - Over the useful economic life

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 2 (2023 - 2 ) .

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 706,184 9,036,398 9,742,582
Additions 822,399 - 822,399
Disposals (1,528,583 ) (9,036,398 ) (10,564,981 )
At 31st December 2024 - - -
Depreciation
At 1st January 2024 659,971 1,896,460 2,556,431
Charge for year 94,094 293,007 387,101
Eliminated on disposal (754,065 ) (2,189,467 ) (2,943,532 )
At 31st December 2024 - - -
Net book value
At 31st December 2024 - - -
At 31st December 2023 46,213 7,139,938 7,186,151

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 - 69,763
Amounts owed by group undertakings 8,979 2,397,480
Other debtors 11,873 278,948
20,852 2,746,191

7. Creditors: amounts falling due within one year
2024 2023
$    $   
Bank loans and overdrafts - 466,102
Trade creditors 1 121,639
Taxation and social security 3,769 5,088
Other creditors 16,838 280,104
20,608 872,933

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 - 2,262,712

9. Secured debts

The following secured debts are included within creditors:

2024 2023
$    $   
Bank loans - 2,728,814

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.

David Hatchard BA FCA (Senior Statutory Auditor)
for and on behalf of Nigel Wilson & Co

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.