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Registration number: 09054066

Cobelfret UK Limited

Annual Report and Financial Statements

for the Year Ended 31 October 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Cobelfret UK Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 7

Statement of Income and Retained Earnings

8

Statement of Financial Position

9

Notes to the Financial Statements

10 to 19

 

Cobelfret UK Limited

Company Information

Directors

B D Dove-Seymour

S M Hammond

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Cobelfret UK Limited

Strategic Report for the Year Ended 31 October 2024

The directors present their strategic report for the year ended 31 October 2024.

Principal activity

The principal activity of the company is that of an investment holding company.

Fair review of the business

The group operates bulk cargo vessels and chemical tankers.

The company also provides legal services to the shipping industry.

The company made a profit before tax for the year ended 31 October 2024 of £14,981,286 due principally to dividends receivable from subsidiary undertakings of £14,999,434. Turnover of £480,124 from legal services is similar to previous years.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Investments

£

162,145,053

162,145,053

Capital and reserves

£

165,694,832

164,155,488

Equity to fixed asset ratio

%

100

100

Principal risks and uncertainties

The principal risks facing the company relate to the activities of its subsidiaries and associates, which operate exclusively in the dry bulk and chemical tanker markets. They are therefore susceptible to changes in the economic conditions of these markets, including the volatility of the demand for raw materials or products that their ships carry, fuel and labour costs, and impacts on the underlying value of their vessel assets.

The operation of maritime vessels also involves a number of risks such as potential losses due to damage to vessels, cargo/loading/freight losses or pollution, or in certain parts of the world, terrorist activity. Consequently these companies have taken out the necessary insurance policies to cover these risks.

Other risks include counterparty default risk, exchange rates, the ability to access financing, and the activities of its joint venture partners.


Conclusions

At the time of this financial statement, an uncertain economic outlook and geopolitical factors contribute to uncertainties about the global economy and therefore on demand for the services of the company’s subsidiaries. The directors consider that nonetheless the company’s subsidiaries and associates have taken steps to manage and mitigate these risks so far as possible and thereby the impact on the company’s performance.

Approved by the Board on 16 May 2025 and signed on its behalf by:

.........................................
B D Dove-Seymour
Director

 

Cobelfret UK Limited

Directors' Report for the Year Ended 31 October 2024

The directors present their report and the financial statements for the year ended 31 October 2024.

Directors of the company

The directors who held office during the year were as follows:

B D Dove-Seymour

P A Grout (ceased 10 March 2025)

S M Hammond

Directors' indemnities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.


Dividends

Interim dividends of £13,440,882 (2023: £1,556,110) were declared and paid during the year. No final dividend is proposed.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 16 May 2025 and signed by:



 

.........................................
B D Dove-Seymour
Director

 

Cobelfret UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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). 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2024

Opinion

We have audited the financial statements of Cobelfret UK Limited (the 'company') for the year ended 31 October 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 October 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 Auditor’s 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 director's 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 original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2024

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 Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), 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 is 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.

Auditor’s 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 an auditor’s report 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:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

 

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Year Ended 31 October 2024

We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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 an auditor’s report 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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

16 May 2025

 

Cobelfret UK Limited

Statement of Income and Retained Earnings for the Year Ended 31 October 2024

Note

2024
£

2023
£

Turnover

3

480,124

550,361

Administrative expenses

 

(594,664)

(558,411)

Dividends receivable from group undertakings

14,999,434

5,203,732

Operating profit

5

14,884,894

5,195,682

Other interest receivable and similar income

96,392

62,129

 

96,392

62,129

Profit before tax

 

14,981,286

5,257,811

Taxation

9

(1,060)

162

Profit for the financial year

 

14,980,226

5,257,973

Retained earnings brought forward

 

19,591,948

15,890,085

Dividends paid

 

(13,440,882)

(1,556,110)

Retained earnings carried forward

 

21,131,292

19,591,948

 

Cobelfret UK Limited

Statement of Financial Position as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

10

11,154

15,605

Investments

11

162,145,053

162,145,053

 

162,156,207

162,160,658

Current assets

 

Debtors

12

48,711

198,657

Cash at bank and in hand

 

3,537,992

1,846,895

 

3,586,703

2,045,552

Creditors: Amounts falling due within one year

14

(47,514)

(50,722)

Net current assets

 

3,539,189

1,994,830

Total assets less current liabilities

 

165,695,396

164,155,488

Provisions for liabilities

(564)

-

Net assets

 

165,694,832

164,155,488

Capital and reserves

 

Called up share capital

135,522,009

135,522,009

Share premium reserve

9,041,531

9,041,531

Retained earnings

21,131,292

19,591,948

Shareholders' funds

 

165,694,832

164,155,488

Approved and authorised by the Board on 16 May 2025 and signed on its behalf by:

 

......................................................................

B D Dove-Seymour

Director

Company registration number: 09054066

 

Cobelfret UK Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of an investment holding company and the provision of legal services to the shipping industry.

The principal place of business is;
Long Reach House
London Road
Purfleet
Essex
RM19 1PD

2

Accounting policies

Statement of compliance

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' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:

The company exercises judgement to determine whether any impairment is necessary in respect of fixed asset investments.

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.

 

Cobelfret UK Limited

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

Going concern

The company made a profit for the year ended 31 October 2024 of £14,980,226 and had net assets of £165,694,832 at that date.

As an investment holding company the company has no significant working capital requirements of its own and its continued operational existence is dependent upon the subsidiary and associated undertakings remaining in operational existence.

Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Summary of disclosure exemptions

Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosures have been given for the aggregate remuneration of key management personnel.

Group accounts not prepared

Exemption is taken from preparing consolidated financial statements under Companies Act 2006 section 401 on the basis that the company and its subsidiary undertakings are reflected in the consolidated accounts of CLdN Armateurs AG.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of legal services. Turnover is shown net of Value Added Tax, rebates and discounts.

Turnover from the provision of legal services is recognised based upon the stage of completion.

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. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction date.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Cobelfret UK Limited

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

Tax

The tax expense for the year comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

33% - 50% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Cobelfret UK Limited

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

3

Turnover

The analysis of the company's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Rendering of services

480,124

550,361

4

Other gains and losses

The analysis of the company's other gains and losses for the year is as follows:

2024
 £

2023
 £

Gain/loss on disposal of property, plant and equipment

(182)

1

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,870

3,584

Foreign exchange losses

131,608

20,466

Loss/(profit) on disposal of property, plant and equipment

182

(1)

6

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

245,857

320,548

Social security costs

31,110

36,274

Pension costs, defined contribution scheme

13,927

16,327

Other employee expense

1,461

1,301

292,355

374,450

The average number of persons employed by the company during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

-

1

Management

2

2

2

3

 

Cobelfret UK Limited

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

7

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
 £

2023
 £

Remuneration

213,745

248,436

Contributions paid to money purchase schemes

12,000

12,000

225,745

260,436

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
 No.

2023
 No.

Accruing benefits under money purchase pension scheme

1

1

In respect of the highest paid director:

2024
£

2023
£

Remuneration

208,745

236,000

Company contributions to money purchase pension schemes

12,000

12,000

8

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

2,920

4,500

Taxation compliance fees

2,266

2,371


 

 

Cobelfret UK Limited

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

9

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

1,060

(162)

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 23.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

14,981,286

5,257,811

Corporation tax at standard rate

3,745,322

1,236,637

Effect of income exempt from taxation

(3,749,859)

(1,223,918)

Tax increase/(decrease) from effect of capital allowances and depreciation

1,390

(507)

Tax decrease from other short-term timing differences

(94)

(162)

Effect of expense not deductible in determining taxable profit (tax loss)

-

6

Effect of tax losses

4,301

(12,218)

Total tax charge/(credit)

1,060

(162)

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Accelerated capital allowances

564

564

2023

Asset
£

Accelerated capital allowances

495

495

 

Cobelfret UK Limited

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

10

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 November 2023

22,557

22,557

Disposals

(4,652)

(4,652)

At 31 October 2024

17,905

17,905

Depreciation

At 1 November 2023

6,952

6,952

Charge for the year

2,870

2,870

Eliminated on disposal

(3,071)

(3,071)

At 31 October 2024

6,751

6,751

Carrying amount

At 31 October 2024

11,154

11,154

At 31 October 2023

15,605

15,605

11

Investments

2024
 £

2023
 £

Investments in subsidiaries

147,569,931

147,569,931

Investments in associates

14,575,122

14,575,122

162,145,053

162,145,053

Subsidiaries

£

Cost or valuation

At 1 November 2023 and 31 October 2024

149,827,230

Provision

At 1 November 2023 and 31 October 2024

2,257,299

Carrying amount

At 31 October 2023 and 31 October 2024

147,569,931

Associates

£

Cost

At 1 November 2023 and 31 October 2024

14,575,122

Carrying amount

At 31 October 2024

14,575,122

At 31 October 2023

14,575,122

 

Cobelfret UK Limited

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

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

2023

Subsidiary undertakings

CLdN Cobelfret PTE Ltd

3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190)

Ordinary

100%

100%

         

Cobelfret Agencies PTE Ltd

3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190)

Ordinary

100%

100%

         

Associates

BTS Tankers PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Calypso PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Camilla PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Capella PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Winter PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Elizabeth PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Fabulous PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

         

BTS Summer PTE Ltd

72 Anson Road, #13-02, Anson House, Singapore (079911)

Ordinary

50%

50%

 

Siingapore

     

The principal activities of the subsidiary undertakings and associates are that of the ownership and chartering of vessels.

 

Cobelfret UK Limited

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

12

Debtors

Note

2024
£

2023
£

Trade debtors

 

5,219

12,887

Other debtors

 

21,950

20,900

Prepayments and accrued income

 

21,542

164,375

Deferred tax assets

9

-

495

 

48,711

198,657

13

Cash and cash equivalents

2024
£

2023
£

Cash on hand

3,537,992

1,846,895

14

Creditors

2024
£

2023
£

Due within one year

Trade creditors

5,364

15,386

Social security and other taxes

34,174

26,669

Accruals

7,976

8,667

47,514

50,722

15

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

135,522,009

135,522,009

135,522,009

135,522,009

       

There are no restrictions on the repayment of capital or the declaration of dividends.

 

Cobelfret UK Limited

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

16

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

81,000

94,050

The amount of non-cancellable operating lease payments recognised as an expense during the year was £128,000 (2023 - £114,800).

17

Dividends

2024

2023

£

£

Interim dividend of £0.099 (2023 - £0.011) per ordinary share

13,440,882

1,556,110

 

 

18

Related party transactions

Exemption is taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts falling due between companies that are wholly owned within the group.

During the year, sales of £480,124 (2023: £550,360) were made to entities under common control.

19

CONTINGENCIES AND SECURITY

The company has guaranteed the bank borrowings of the associated undertakings secured by way of a fixed charge over the shares in the respective undertakings.

20

Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is C.Armateurs AG incorporated in Switzerland. C.Armateurs AG is the parent of the smallest and largest group preparing group accounts including the results of the company. The registered address of C.Armateurs AG is; route de Crassier 7, Eysins, Switzerland.