Registration number:
Notos Shipping Limited
for the Year Ended 31 July 2024
Notos Shipping Limited
Contents
Company Information |
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Statement of financial position |
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Notes to the Unaudited Financial Statements |
Notos Shipping Limited
Company Information
Directors |
Francisco Bameule Carolina Forero |
Registered office |
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Notos Shipping Limited
Statement of Financial Position as at 31 July 2024
Note |
31 July |
31 July |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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- |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
21,312,554 |
14,680,341 |
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Shareholders' funds |
21,312,555 |
14,680,342 |
For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Notos Shipping Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in US Dollars which is the functional currency of the entity.
Revenue recognition
Turnover represents charter fee income (excluding amounts for insurance and maintenance) which is reflected in profit and loss on a straight line basis over the term of the charter.
Foreign currency transactions and balances
Notos Shipping Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss.
Current tax payable is recognised on taxable profit for the current and past periods, Current tax is measured at the amounts of tax expected to pay using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated in the balance sheet at cost less any accumulated depreciation and accumulated impairment losses. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit and loss. A decrease in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation has been charged in these accounts to 31 July 2023 at 10% so that the resulting net book value of the tangible asset reflected in these accounts is equivalent to the estimated market value of the asset at that date.
Asset class |
Depreciation method and rate |
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Plant and machinery |
10% reducing balance |
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Notos Shipping Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Provisions
Provisions are recognised when the entity has as an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit and loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
Recognition and measurement
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Notos Shipping Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2023 |
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At 31 July 2024 |
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Depreciation |
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At 1 August 2023 |
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Charge for the year |
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At 31 July 2024 |
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Carrying amount |
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At 31 July 2024 |
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At 31 July 2023 |
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Creditors |
Creditors: amounts falling due within one year
Note |
31 July |
31 July |
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Due within one year |
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Loans and borrowings |
- |
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Taxation and social security |
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Accruals and deferred income |
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Current loans and borrowings
31 July |
31 July |
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Bank borrowings |
- |
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Creditors: amounts falling due after more than one year
31 July |
31 July |
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Due after one year |
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Other non-current financial liabilities |
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Notos Shipping Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024
Share capital |
Allotted, called up and fully paid shares
31 July |
31 July |
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No. |
$ |
No. |
$ |
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1 |
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1 |
Related party transactions |
Key management compensation
31 July |
31 July |
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Salaries and other short term employee benefits |
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Expenditure with and payables to related parties
2024 |
Parent |
Amounts payable to related party |
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2023 |
Parent |
Entities with joint control or significant influence |
Amounts payable to related party |
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