Company registration number 2983068 (England and Wales)
WORLD TANKERS (UK) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WORLD TANKERS (UK) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 6
WORLD TANKERS (UK) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
13,730
31,563
Current assets
Debtors
5
347,144
379,950
Cash at bank and in hand
56,768
58,186
403,912
438,136
Creditors: amounts falling due within one year
6
(63,383)
(86,225)
Net current assets
340,529
351,911
Total assets less current liabilities
354,259
383,474
Provisions for liabilities
(278)
(278)
Net assets
353,981
383,196
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss reserves
352,981
382,196
Total equity
353,981
383,196

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The financial statements were approved and signed by the director and authorised for issue on 31 March 2025
P Panayiodou
Director
Company Registration No. 2983068
WORLD TANKERS (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 January 2023
1,000
540,563
541,563
Year ended 31 December 2023:
Loss and total comprehensive income for the year
-
(158,367)
(158,367)
Balance at 31 December 2022
1,000
382,196
383,196
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
(29,215)
(29,215)
Balance at 31 December 2024
1,000
352,981
353,981
WORLD TANKERS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

World Tankers (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 243 Knightsbridge, London, United Kingdom, SW7 1DN.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company has made a loss for the year oftrue £29,215 and has net assets of £353,981 at the balance sheet date.

 

The director has reasonable expectations that the company will have sufficient funds to meet its financial obligations over the next 12 months from the date of approving these financial statements based on the review of the forecasts and budgets prepared to June 2026 in conjunction with the continued financial support agreed with the parent company.

 

On the basis of the above assessment, the director considers it appropriate to prepare the financial statements on a going concern basis.

 

1.3
Turnover

Turnover represents commissions and fees receivable, excluding value added tax, arising on broking services rendered during the period and on commercial contracts which had completed by the year end and where the final payment for such contracts had been agreed with the customer.

Other operating income represents time spent to support group companies with advice on legal matters and rental income based on the sub-lease agreement.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
33% on cost
Computers
33% on cost

 

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WORLD TANKERS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Retirement benefits

The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.7
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.8
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is 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.

WORLD TANKERS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
6
6
4
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
48,840
41,954
90,794
Depreciation and impairment
At 1 January 2024
23,031
36,200
59,231
Depreciation charged in the year
15,916
1,917
17,833
At 31 December 2024
38,947
38,117
77,064
Carrying amount
At 31 December 2024
9,893
3,837
13,730
At 31 December 2023
25,809
5,754
31,563
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
91,273
109,718
Other debtors
255,871
270,232
347,144
379,950
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,754
9,111
Taxation and social security
27,663
31,573
Accruals and deferred income
27,966
45,541
63,383
86,225
WORLD TANKERS (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Ravi Hungsraz
Statutory Auditor:
Azets Audit Services
8
Operating lease commitments
Lessee

At the reporting end date the company had annual outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Within one year
28,489
113,956
Between two and five years
-
0
28,489
28,489
142,445
9
Parent company

The parent of the smallest group for which consolidated accounts are prepared is World Tankers Management Pte Ltd with its registered addressed being 7500A Beach Road, #10-313 The Plaza, Singapore 199591. The ultimate controlling party of the group is the Haji-Ioannou family.

 

 

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