2 2 Notos Shipping Limited 10884739 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is ownership and leasing of freight transport vessels for leasing out. Digita Accounts Production Advanced 6.30.9574.0 true 10884739 2023-08-01 2024-07-31 10884739 2024-07-31 10884739 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-07-31 10884739 core:CurrentFinancialInstruments 2024-07-31 10884739 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 10884739 core:Non-currentFinancialInstruments core:AfterOneYear 2024-07-31 10884739 core:PlantMachinery 2024-07-31 10884739 core:ParentEntities 2024-07-31 10884739 bus:SmallEntities 2023-08-01 2024-07-31 10884739 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 10884739 bus:FilletedAccounts 2023-08-01 2024-07-31 10884739 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 10884739 bus:RegisteredOffice 2023-08-01 2024-07-31 10884739 bus:Director1 2023-08-01 2024-07-31 10884739 bus:Director2 2023-08-01 2024-07-31 10884739 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-08-01 2024-07-31 10884739 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 10884739 core:CommunicationNetworkEquipment 2023-08-01 2024-07-31 10884739 core:PlantMachinery 2023-08-01 2024-07-31 10884739 countries:UnitedKingdom 2023-08-01 2024-07-31 10884739 2023-07-31 10884739 core:PlantMachinery 2023-07-31 10884739 2022-08-01 2023-07-31 10884739 2023-07-31 10884739 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-07-31 10884739 core:CurrentFinancialInstruments 2023-07-31 10884739 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 10884739 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 10884739 core:PlantMachinery 2023-07-31 10884739 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-07-31 10884739 core:ParentEntities 2023-07-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 10884739

Notos Shipping Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Notos Shipping Limited

Contents

Company Information

1

Statement of financial position

2

Notes to the Unaudited Financial Statements

3 to 7

 

Notos Shipping Limited

Company Information

Directors

Francisco Bameule

Carolina Forero

Registered office

6 East Point
High Street
Seal
Sevenoaks
Kent
TN15 0EG

 

Notos Shipping Limited

Statement of Financial Position as at 31 July 2024

Note

31 July
2024
$

31 July
2023
$

Fixed assets

 

Tangible assets

4

29,259,728

31,733,031

Current assets

 

Debtors

353,850

-

Cash at bank and in hand

 

9,734,364

16,303,001

 

10,088,214

16,303,001

Creditors: Amounts falling due within one year

5

(1,980,868)

(9,735,119)

Net current assets

 

8,107,346

6,567,882

Total assets less current liabilities

 

37,367,074

38,300,913

Creditors: Amounts falling due after more than one year

5

(12,622,167)

(20,422,167)

Provisions for liabilities

(3,432,352)

(3,198,404)

Net assets

 

21,312,555

14,680,342

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

21,312,554

14,680,341

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 4 April 2025 and signed on its behalf by:
 

.........................................
Carolina Forero
Director

   
     
 

Notos Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
6 East Point
High Street
Seal
Sevenoaks
Kent
TN15 0EG

These financial statements were authorised for issue by the Board on 4 April 2025.

2

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

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date, with any gains or losses being taken to the profit and loss account.


 

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

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
Basic Financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately. For all equity instruments regardless of significance, and other financial sssets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Notos Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Plant and machinery
$

Total
$

Cost or valuation

At 1 August 2023

37,348,838

37,348,838

At 31 July 2024

37,348,838

37,348,838

Depreciation

At 1 August 2023

5,615,807

5,615,807

Charge for the year

2,473,303

2,473,303

At 31 July 2024

8,089,110

8,089,110

Carrying amount

At 31 July 2024

29,259,728

29,259,728

At 31 July 2023

31,733,031

31,733,031

5

Creditors

Creditors: amounts falling due within one year

Note

31 July
2024
$

31 July
2023
$

Due within one year

 

Loans and borrowings

-

8,500,000

Taxation and social security

 

1,976,790

1,214,119

Accruals and deferred income

 

4,078

21,000

 

1,980,868

9,735,119

Current loans and borrowings

31 July
2024
$

31 July
2023
$

Bank borrowings

-

8,500,000

Creditors: amounts falling due after more than one year

31 July
2024
$

31 July
2023
$

Due after one year

Other non-current financial liabilities

12,622,167

20,422,167

 

Notos Shipping Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

6

Share capital

Allotted, called up and fully paid shares

31 July
2024

31 July
2023

No.

$

No.

$

Ordinary shares of $1 each

1

1

1

1

       

7

Related party transactions

Key management compensation

31 July
2024
$

31 July
2023
$

Salaries and other short term employee benefits

89,011

91,009

Expenditure with and payables to related parties

2024

Parent
$

Amounts payable to related party

29,855

2023

Parent
$

Entities with joint control or significant influence
$

Amounts payable to related party

37,168

17,083