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REGISTERED NUMBER: 04195801 (England and Wales)















Pareto Shipbrokers Limited

Report of the Directors and

Financial Statements for the Year Ended 31 December 2024






Pareto Shipbrokers Limited (Registered number: 04195801)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Pareto Shipbrokers Limited

Company Information
for the Year Ended 31 December 2024







DIRECTORS: K Christensen
J G Bernander
S C D Sorby





SECRETARY: A Macnair





REGISTERED OFFICE: The White House
2 Meadrow
Godalming
Surrey
GU7 3HN





REGISTERED NUMBER: 04195801 (England and Wales)





AUDITORS: Zenith Audit Ltd
First Floor
18 Devonshire Row
London
EC2M 4RH

Pareto Shipbrokers Limited (Registered number: 04195801)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of Shipbroking specialising in the Offshore Oil and Gas, Renewable Energy and Subsea Cable Industries.

The company provides services to Shipowners, Shipyards, Offshore and Cable Contractors, Oil Companies, Utility Companies, Subsea Mining Companies, Banks and other Financial Institutions. Primary activities include the Sale and Purchase, Chartering, Newbuild Contracting, Valuations, Financing and Consultancy of Specialist Vessels and Marine Equipment related to the exploration and production of Offshore Oil & Gas, Subsea Mineral Deposits, Offshore Renewables, and the installation and maintenance of Submarine Cables.

DIVIDENDS
An interim dividend of £753,557 (2023: £757,754) was paid during the year. The directors do not propose a final dividend.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

K Christensen
J G Bernander
S C D Sorby

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Pareto Shipbrokers Limited (Registered number: 04195801)

Report of the Directors
for the Year Ended 31 December 2024


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





S C D Sorby - Director


14 May 2025

Report of the Independent Auditors to the Members of
Pareto Shipbrokers Limited

Opinion
We have audited the financial statements of Pareto Shipbrokers Limited (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Pareto Shipbrokers Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Pareto Shipbrokers Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We performed risk assessment procedures and obtained an understanding of the company and its environment, the applicable financial reporting framework, the applicable laws and regulations, the company's system of internal control and the fraud risk factors relevant to the company that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the company's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations.

We considered compliance with UK Companies Act 2006 and the applicable tax legislation as the key laws and regulations which non-compliance could directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the company may be indicative of fraudulent financial reporting. Audit procedures performed by the audit engagement team responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to:

- Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements;
- Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries;
- Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period;
- Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve forgery, intentional omissions, override of internal controls, or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Pareto Shipbrokers Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Filip Lyapov (Senior Statutory Auditor)
for and on behalf of Zenith Audit Ltd
First Floor
18 Devonshire Row
London
EC2M 4RH

14 May 2025

Pareto Shipbrokers Limited (Registered number: 04195801)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3,201,421 3,958,645

Cost of sales 265,681 598,500
GROSS PROFIT 2,935,740 3,360,145

Administrative expenses 2,265,451 2,377,779
670,289 982,366

Other operating income 23,939 9,652
OPERATING PROFIT 4 694,228 992,018

Interest receivable and similar income 13,176 4,959
707,404 996,977
Amounts written off investments 51,466 -
655,938 996,977

Interest payable and similar expenses 5 7,650 4,146
PROFIT BEFORE TAXATION 648,288 992,831

Tax on profit 6 253,698 239,274
PROFIT FOR THE FINANCIAL YEAR 394,590 753,557

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

394,590

753,557

Pareto Shipbrokers Limited (Registered number: 04195801)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 202,930 211,701
Investments 10 - 51,466
202,930 263,167

CURRENT ASSETS
Debtors 11 1,056,721 1,155,186
Cash at bank 1,109,057 1,610,805
2,165,778 2,765,991
CREDITORS
Amounts falling due within one year 12 1,223,519 1,525,002
NET CURRENT ASSETS 942,259 1,240,989
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,145,189

1,504,156

CAPITAL AND RESERVES
Called up share capital 14 1,654 1,654
Retained earnings 15 1,143,535 1,502,502
SHAREHOLDERS' FUNDS 1,145,189 1,504,156

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

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2025 and were signed on its behalf by:





S C D Sorby - Director


Pareto Shipbrokers Limited (Registered number: 04195801)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 1,654 1,506,699 1,508,353

Changes in equity
Dividends - (757,754 ) (757,754 )
Total comprehensive income - 753,557 753,557
Balance at 31 December 2023 1,654 1,502,502 1,504,156

Changes in equity
Dividends - (753,557 ) (753,557 )
Total comprehensive income - 394,590 394,590
Balance at 31 December 2024 1,654 1,143,535 1,145,189

Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Pareto Shipbrokers 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 Pound Sterling (£).


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.

After making enquiries, the Director has formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. With positive cash flow in 2024 and continuing to seek expansion in new markets, liquidity is readily available with the support of the shareholders.

Preparation of consolidated financial statements
The financial statements contain information about Pareto Shipbrokers Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover represents net invoiced sales of services, excluding value added tax.

Commission and valuation fees are invoiced monthly or at the point at which the company has performed its contractual obligations.

On contracts to provide services where the company has partially performed its contractual obligations, it recognises revenue to the extent that it has obtained rights to consideration through its performance. This revenue is valued at the fair value of the right to consideration. The amounts receivable in respect of this revenue are included as "Prepayments and accrued income" within debtors on the balance sheet.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 2% on cost
Fixtures and fittings - 20% on cost
Office equipment - 20% on cost

Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost less accumulated impairment. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are immediately recognised in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefit from its activities.

Financial instruments
The financial instruments of the company comprise financial assets, cash and cash equivalents, financial liabilities and equity instruments.

Financial assets
The company's financial assets comprise trade and other receivables. Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Financial liabilities
The company's financial liabilities include trade and other creditors.

Obligations for trade and other creditors are recognised when the company becomes party to the related contracts and are measured initially at the transaction price received less directly attributable transaction costs.

Equity
Equity instruments issued by the company are recorded in equity at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred 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 balance sheet date.


Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 1,365,420 1,656,763
Social security costs 180,306 205,220
Other pension costs 82,325 52,294
1,628,051 1,914,277

The average number of employees during the year was as follows:
31.12.24 31.12.23

Brokers and administrative 6 8
Directors 1 1
7 9

Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£    £   
Other operating leases 47,837 51,373
Depreciation - owned assets 10,493 17,295
Database development costs amortisation - 87
Auditors remuneration 7,500 7,500

5. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Corporation tax interest 7,650 3,719
PAYE NI Interest - 427
7,650 4,146

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 253,698 239,274
Tax on profit 253,698 239,274

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 648,288 992,831
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 -
23.520%)

162,072

233,514

Effects of:
Expenses not deductible for tax purposes 89,900 3,104
Depreciation in excess of capital allowances 1,726 2,656
basis
Total tax charge 253,698 239,274

Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. TAXATION - continued

UK corporation tax has been charged at 25% (2023 - 23.52%).

7. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary A shares of £1 each
Interim dividends 753,557 757,754

8. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2024 7,350
Disposals (7,350 )
At 31 December 2024 -
AMORTISATION
At 1 January 2024 7,350
Eliminated on disposal (7,350 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 -

Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to and Office
property property fittings equipment Totals
£    £    £    £    £   
COST
At 1 January 2024 228,421 50,307 245,365 204,446 728,539
Additions - - - 1,722 1,722
At 31 December 2024 228,421 50,307 245,365 206,168 730,261
DEPRECIATION
At 1 January 2024 68,525 8,062 244,992 195,259 516,838
Charge for year 4,568 1,006 372 4,547 10,493
At 31 December 2024 73,093 9,068 245,364 199,806 527,331
NET BOOK VALUE
At 31 December 2024 155,328 41,239 1 6,362 202,930
At 31 December 2023 159,896 42,245 373 9,187 211,701

10. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024 51,466
Impairments (51,466 )
At 31 December 2024 -
NET BOOK VALUE
At 31 December 2024 -
At 31 December 2023 51,466

Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. FIXED ASSET INVESTMENTS - continued

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Pareto Shipbrokers PTE. Ltd
Registered office: 16 Collyer Quay, 27-02, Income at Raffles, Singapore 049318
Nature of business: Ship brokering services
%
Class of shares: holding
Ordinary 100.00
31.12.24 31.12.23
£    £   
Aggregate capital and reserves (217,435 ) (117,852 )
Loss for the year (101,714 ) (73,529 )

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,043,504 1,000,309
Amounts owed by group undertakings - 144,446
Prepayments and accrued income 13,217 10,431
1,056,721 1,155,186

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade creditors 15,549 108,072
Amounts owed to group undertakings 4,221 -
Corporation tax 131,839 145,274
Social security and other taxes 19,184 25,715
VAT 11,464 7,859
Other creditors 12,994 1,436
Accruals and deferred income 1,028,268 1,236,646
1,223,519 1,525,002

Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

13. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.24 31.12.23
£    £   
Within one year 35,500 35,500
Between one and five years 142,000 142,000
In more than five years 71,000 106,500
248,500 284,000

14. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
1,000 Ordinary A £1 1,000 1,000
654 Ordinary B £1 654 654
1,654 1,654

15. RESERVES
Retained
earnings
£   

At 1 January 2024 1,502,502
Profit for the year 394,590
Dividends (753,557 )
At 31 December 2024 1,143,535

16. AUDITOR LIABILITY LIMITATION AGREEMENT

An auditors' limitation of liability agreement has been approved by the members for the financial year ended 31 December 2024. The principal terms and conditions are as below:

- The agreement limits the amount of any liability owed to the Company by the auditors in respect of any
negligence default, breach of duty or breach of trust, occurring in the course of audit of the Company's
accounts and pursuant to this agreement the auditor may be guilty in relation to the Company.

- The agreement also stipulates the maximum aggregated amount payable in event of any of the
circumstances stated above.


Pareto Shipbrokers Limited (Registered number: 04195801)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

17. ULTIMATE PARENT COMPANY

The company is a 100% subsidiary of Pareto Shipbrokers AS, a company registered in Norway. The Ultimate parent company is Pareto AS, a company also registered in Norway. The ultimate controlling party is Mr Svein Stole.

Group accounts are available from the following address:

Pareto AS
Dronning Mauds Gate 3
PO Box 1396 Oslo
Norway.