Highland Storage Shipping Limited
Financial Statements
For the year ended 31 December 2024
Pages for Filing with Registrar
Company Registration No. 11577893 (England and Wales)
Highland Storage Shipping Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 6
Highland Storage Shipping Limited
Balance Sheet
As at 31 December 2024
Page 1
2024
2023
Notes
$
$
$
$
Current assets
Stock
84,335
83,145
Debtors
4
1,090,350
860,062
Cash at bank and in hand
1,041,513
943,022
2,216,198
1,886,229
Creditors: amounts falling due within one year
5
(1,557,101)
(1,372,944)
Net current assets
659,097
513,285
Capital and reserves
Called up share capital
6
64,340
64,340
Profit and loss reserves
594,757
448,945
Total equity
659,097
513,285

The directors of the company have 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 by the board of directors and authorised for issue on 19 May 2025 and are signed on its behalf by:
A H Farley
Director
Company Registration No. 11577893
Highland Storage Shipping Limited
Notes to the Financial Statements
For the year ended 31 December 2024
Page 2
1
Accounting policies
Company information

Highland Storage Shipping Limited is a private company limited by shares incorporated in England and Wales. The registered office is 15 Appold Street, London, EC2A 2HB.

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 financial statements are prepared in US dollars, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest dollar.

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 had only one customer since its establishment in March 2018. In January 2025 the company's customer rendered notice of termination to terminate and not extend the lease agreement for the vessel. On 12 March 2025, the customer returned the vessel to the company and terminated the contract. Directors assessed that the company had no other reasonable alternative but to cease operations. The company terminated all employment contracts with its employees and returned the vessel to the supplier (parent company). The company ceased operations as of March 2025. true

 

The company remains solvent, and will remain so after settling all liabilities, and thereafter the directors intend to resolve to distribute remaining reserves and return capital to the shareholder. The company is therefore not a going concern, the financial statements are prepared on a basis other than going concern. There are no adjustments identified from financial statements prepared as a going concern.

1.3
Turnover

Turnover represents hire fees and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Hire turnover from providing services under operating lease commitments is recognised in the accounting period in which the services are rendered. For fixed-price contracts, turnover is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously. This is determined based on the actual days of hire relative to the total expected days of hire .

1.4
Stock

Inventories which primarily consist of lubricants, are stated at the lower of cost and net realisable value. Cost is determined on a first-in, first-out method.

Highland Storage Shipping Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 3
1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

Basic financial instruments are measured at amortised cost. The company has no other financial instruments or basic financial instruments measured at fair value.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

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

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.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Highland Storage Shipping Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
1
Accounting policies
(Continued)
Page 4
1.10
Foreign exchange

Transactions in currencies other than US dollars 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 are included in the profit and loss account for the period.

2
Employees

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

2024
2023
Number
Number
Total
22
25
3
Dividends
2024
2023
2024
2023
Per share
Per share
Total
Total
$
$
$
$
Paid during the year
8.00
8.00
400,000
400,000
Proposed final dividends

The proposed dividends below were declared and approved post year end, and therefore has not been provided for in these financial statements.

 

The proposed final dividend for 2023 financial year is $48,945.

The proposed interim dividend for the year ended 31 December 2024 is:$541,055

2024
2023
Per share
Total
Total
$
$
$
Proposed dividends
11.80
590,000
200,000
Highland Storage Shipping Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 5
4
Debtors
2024
2023
Amounts falling due within one year:
$
$
Trade debtors
42,833
43,146
Other debtors
938,956
748,792
Prepayments and accrued income
108,561
68,124
1,090,350
860,062
5
Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
207,893
254,226
Amounts owed to group undertakings
1,139,624
945,091
Corporation tax
120,608
60,445
Other taxation and social security
22,653
30,950
Accruals and deferred income
66,323
82,232
1,557,101
1,372,944
6
Called up share capital
2024
2023
$
$
Ordinary share capital
Issued and fully paid
50,000 Ordinary of £1 each
64,340
64,340
64,340
64,340
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:
Jonathan Sutcliffe
Statutory Auditor:
Moore Kingston Smith LLP
Highland Storage Shipping Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2024
Page 6
8
Operating lease commitments
Lessee

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

2024
2023
$
$
2,656,000
13,759,800
Lessor

At the reporting end date the company had contracted with tenants for the following minimum lease payments:

2024
2023
$
$
3,735,000
19,118,600
9
Events after the reporting date

On 5 February 2025 directors declared and approved a dividend payment of $300,000. $48,945 relating to financial year ended 31 December 2023 and $251,055 relating to the financial year ended 31 December 2024.

 

On 12 March 2025 the company's only customer terminated the lease agreement and returned the vessel to the company. The company terminated the lease agreement with the supplier for the rental of the vessel and returned the vessel to the supplier (parent company) and ceased operations as of 12 March 2025.

 

On 19 May 2025 directors declared and approved dividends of $290,000 relating to financial year ended 31 December 2024.

 

The directors intend to resolve to distribute remaining reserves and return capital to the shareholder and arrange for the company to be struck off the register.

 

The above events are non-adjusting and as such, no adjustments have been made in these financial statements.

 

10
Related party transactions

The Company has taken advantage of the exemption available in section 33.1a of FRS 102 not to disclose transactions or balances with wholly owned subsidiaries which form part of the Australis Shipping Inc. group.

11
Parent company

The company is controlled by virtue of its entire shareholding by Australis Shipping Inc, a company registered in the Marshall Islands.

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