Company registration number 08813242 (England and Wales)
BW EPIC KOSAN (UK) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BW EPIC KOSAN (UK) LIMITED
COMPANY INFORMATION
Directors
U Urbaniak-Sage
N Singh
J Bode
(Appointed 1 March 2024)
Company number
08813242
Registered office
82 St John Street
London
EC1M 4JN
Auditor
Beavis Morgan Audit Limited
82 St John Street
London
EC1M 4JN
BW EPIC KOSAN (UK) LIMITED
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Statement of financial position
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 19
BW EPIC KOSAN (UK) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

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

Principal activities

The principal activity of the company continued to be that of the provision of commercial and operational ship management services.

Results and dividends

The results for the year are set out on page 6.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

U Urbaniak-Sage
C Maltby
(Resigned 1 June 2025)
N Singh
T Woidemann
(Resigned 1 March 2024)
J Bode
(Appointed 1 March 2024)
Auditor

Beavis Morgan Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

 

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

On behalf of the board
U Urbaniak-Sage
N Singh
Director
Director
31 July 2025
31 July 2025
BW EPIC KOSAN (UK) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

The directors are responsible 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 International Financial Reporting Standards (IFRSs) as adopted by the European Union. 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, International Accounting Standard 1 requires that directors:

 

 

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.

BW EPIC KOSAN (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BW EPIC KOSAN (UK) LIMITED
- 3 -
Opinion

We have audited the financial statements of BW Epic Kosan (UK) Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.

In our opinion the financial statements:

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 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

BW EPIC KOSAN (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BW EPIC KOSAN (UK) LIMITED
- 4 -
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 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BW EPIC KOSAN (UK) LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BW EPIC KOSAN (UK) LIMITED
- 5 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

 

The following laws and regulations were identified as being of significance to the entity:

 

 

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council's website at: https://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.

Matthew Burge (Senior Statutory Auditor)
For and on behalf of Beavis Morgan Audit Limited
31 July 2025
Chartered Accountants
Statutory Auditor
82 St John Street
London
EC1M 4JN
BW EPIC KOSAN (UK) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
2024
2023
Notes
USD $
USD $
Revenue
3
142,383
232,184
Gross profit
142,383
232,184
Administrative expenses
(130,627)
(213,013)
Operating profit
4
11,756
19,171
Investment revenues
8
2,889
532
Profit before taxation
14,645
19,703
Income tax (expense)/credit
9
(11,186)
2,710
Profit and total comprehensive income for the year
18
3,459
22,413

The income statement has been prepared on the basis that all operations are continuing operations.

BW EPIC KOSAN (UK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
31 December 2024
- 7 -
2024
2023
Notes
USD $
USD $
Current assets
Trade and other receivables
10
1,363,043
1,590,749
Current tax recoverable
-
0
4,864
Cash and cash equivalents
46,989
32,680
1,410,032
1,628,293
Current liabilities
Trade and other payables
11
559,023
784,466
Current tax liabilities
3,723
-
0
562,746
784,466
Net current assets
847,286
843,827
Net assets
847,286
843,827
Equity
Called up share capital
17
150,002
150,002
Retained earnings
18
697,284
693,825
Total equity
847,286
843,827

These 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 31 July 2025 and are signed on its behalf by:
U Urbaniak-Sage
N Singh
Director
Director
Company registration number 08813242 (England and Wales)
BW EPIC KOSAN (UK) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Share capital
Retained earnings
Total
USD $
USD $
USD $
Balance at 1 January 2023
150,002
671,412
821,414
Year ended 31 December 2023:
Profit and total comprehensive income
-
22,413
22,413
Balance at 31 December 2023
150,002
693,825
843,827
Year ended 31 December 2024:
Profit and total comprehensive income
-
3,459
3,459
Balance at 31 December 2024
150,002
697,284
847,286
BW EPIC KOSAN (UK) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
2024
2023
Notes
USD $
USD $
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
14,019
(52,857)
Tax paid
(2,599)
-
0
Net cash inflow/(outflow) from operating activities
11,420
(52,857)
Investing activities
Interest received
2,889
532
Net cash generated from investing activities
2,889
532
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
14,309
(52,325)
Cash and cash equivalents at beginning of year
32,680
85,005
Cash and cash equivalents at end of year
46,989
32,680
BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information

BW Epic Kosan (UK) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 St John Street, London, EC1M 4JN.

1.1
Accounting convention

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

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 USD $.

The financial statements have been prepared on the historical cost basis. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. The company has scaled down their business operations. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Revenue arising from the provision of services is recognised when and to the extent that the Company obtains rights to consideration in exchange for the performance of its contractual obligations.

1.4
Cash and cash equivalents

Cash and cash equivalents include cash in hand held by the company.

1.5
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition.

Loans and receivables

Trade receivables, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables'. Loans and receivables are measured at amortised cost using the effective interest method, less any impairment.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.6
Financial liabilities

Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Other financial liabilities

Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis.

 

The effective interest method is a method of calculating the amortised cost of a financial asset or liability and of allocating interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash flows through the expected life of the financial asset or liability to the net carrying amount on initial recognition.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue 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 income statement 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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
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 inventories or non-current 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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they become payable in accordance with the rules of the scheme. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the statement of financial position.

1.11
Foreign exchange

Transactions in currencies other than US Dollar 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 income statement for the period.

2
Critical accounting estimates and judgements

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

 

In the directors' view there are no material judgements or estimates in the preparation of these financial statements.

3
Revenue
2024
2023
USD $
USD $
Revenue analysed by class of business
Service fee income
142,383
232,184
2024
2023
USD $
USD $
Other significant revenue
Interest income
2,889
532
Revenue analysed by geographical market

The company's revenue arises in the United Kingdom from its parent company BW Epic Kosan Maritime Pte. Ltd.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
USD $
USD $
Exchange (gains)/losses
(17,288)
841
Fees payable to the company's auditor for the audit of the company's financial statements
16,559
13,445
Staff costs
96,944
133,137
Defined contribution pension contributions
2,639
6,818
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
USD $
USD $
For audit services
Audit of the financial statements of the company
16,559
13,445
6
Employees

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

2024
2023
Number
Number
1
1

Their aggregate remuneration comprised:

2024
2023
USD $
USD $
Wages and salaries
94,571
121,023
Social security costs
1,727
9,246
Pension costs
2,639
6,818
Other employee benefits
646
2,868
99,583
139,955
7
Directors' remuneration

No director received any emoluments during the year ending 31 December 2024 and 31 December 2023.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 14 -
8
Investment revenues
2024
2023
USD $
USD $
Interest income
Financial instruments measured at amortised cost:
Bank deposits
2,889
532
Income above relates to assets held at amortised cost, unless stated otherwise.
9
Income tax (expense)/credit
2024
2023
USD $
USD $
Current tax
UK corporation tax on profits for the current period
3,723
4,864
Adjustments in respect of prior periods
7,463
(7,574)
Total UK current tax
11,186
(2,710)

The charge for the year can be reconciled to the profit per the statement of comprehensive income as follows:

2024
2023
USD $
USD $
Profit before taxation
14,645
19,703
Expected tax charge based on a corporation tax rate of 25.00% (2023: 23.50%)
3,661
4,630
Effect of expenses not deductible in determining taxable profit
62
230
Other permanent differences
-
0
4
Under/(over) provided in prior years
7,463
(7,574)
Taxation charge/(credit) for the year
11,186
(2,710)
10
Trade and other receivables
2024
2023
USD $
USD $
Trade receivables
-
0
200
VAT recoverable
503
2,845
Amounts owed by fellow group undertakings
1,338,868
1,587,704
Other receivables
23,672
-
0
1,363,043
1,590,749

The directors consider that the carrying amount of trade and other receivables is a reasonable approximation of their fair value.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
11
Trade and other payables
2024
2023
USD $
USD $
Trade payables
7,566
-
0
Amounts owed to fellow group undertakings
364,633
616,567
Accruals
161,310
150,026
Social security and other taxation
17,952
17,873
Other payables
7,562
-
0
559,023
784,466

The directors consider that the carrying amount of trade and other payables is a reasonable approximation of their fair value.

 

12
Financial instruments

The company's financial instruments comprise cash and cash equivalents and items such as trade and other payables and trade and other receivables which arise directly from its operations. The main purpose of these financial instruments is to provide finance for the company's operations.

 

The company's operations expose it to a variety of financial risks including credit risk, liquidity risk, interest rate risk and foreign currency exchange risk. Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.

13
Credit risk

The company's credit risk is primarily attributable to its trade receivables.

 

The carrying amount of financial assets represents the maximum credit exposure. The company's financial assets comprise deposits, intercompany receivables and other receivables.

14
Liquidity risk

The following table shows the contractual maturities of the company's financial liabilities (none of which are derivative financial liabilities), all of which are measured at amortised cost:

Less than 1 year
Total
USD $
USD $
At 31 December 2023
Trade creditors, accrued charges and other payables
35,125
35,125
At 31 December 2024
Trade creditors, accrued charges and other payables
59,520
59,520
Liquidity risk management

The company monitors its level of working capital to ensure that it can meet its debt repayments as they fall due.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
15
Market risk
Foreign exchange risk

 

The company is exposed to foreign currency exchange rate risk as a result of payables which will be settled in Sterling. During the year, the company did not enter into any arrangements to hedge this risk, as the directors did not consider the exposure to be significant given the short term nature of the balances. The company will review this policy as appropriate in the future.

 

No sensitivity analysis has been prepared as any foreign currency exchange rate risk on the assets and transactions in Sterling is deemed to be immaterial to the accounts.

Interest rate risk

 

The company has interest bearing assets. Interest bearing assets comprise only cash and cash equivalents which earn interest at a variable rate. The company has not entered into any derivative transactions during the year under review.

 

No sensitivity analysis has been prepared as the interest at a variable rate due on cash equivalents is deemed to be immaterial to the accounts.

16
Retirement benefit schemes
2024
2023
Defined contribution schemes
USD $
USD $
Charge to profit or loss in respect of defined contribution schemes
2,639
6,818

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

17
Share capital
2024
2023
USD $
USD $
Ordinary share capital
Allotted, called up and fully paid
93,751 ordinary shares of £1 each
150,002
150,002

Each share has full voting, dividend and capital distribution rights attached to it.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
18
Retained earnings
2024
2023
USD $
USD $
At the beginning of the year
693,825
671,412
Profit for the year
3,459
22,413
At the end of the year
697,284
693,825
19
Capital risk management

The company's objectives when managing capital are to safeguard the company's ability to continue as a going concern in order to provide returns to shareholders and maintain an optimal capital structure to reduce the cost of capital.

 

The company defines capital as being share capital plus reserves. The Board of Directors monitors the level of capital as compared to the company's long term debt commitments and adjusts the ratio of debt to capital as is determined to be necessary, by issuing new shares, reducing or increasing debt, paying dividends and returning capital to shareholders.

 

The company is not subject to any externally imposed capital requirements.

BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
20
Related party transactions
Other transactions with related parties

At the year end date the company owed $354,235 (2023: $616,567) to its parent company, BW Epic Kosan Maritime Pte. Ltd. The company's revenue arises from BW Epic Kosan Maritime Pte. Ltd.

At the year end date the company was owed $1,339,534 (2023: $1,574,132) by BW Epic Kosan Ltd, the ultimate controlling company.

 

At the year end date the company was owed $nil (2023: $1,226) by BW Epic Kosan Opco I Pte Ltd, a fellow group undertaking.

 

At the year end date the company owed $10,398 (2023: was owed $12,346) by BW Epic Kosan Denmark Branch, a fellow group undertaking.

 

All balances are unsecured, interest free and repayable on demand.

 

Key management personnel did not receive any compensation during the year ended 31 December 2023 and 31 December 2024.

 

21
Controlling party

The parent company during the year was BW Epic Kosan Maritime Pte. Ltd, a company registered in Singapore.

 

The ultimate parent company during the year was BW Epic Kosan Ltd, a company registered in Singapore, until 6 December 2023, on which Web Holding Limited acquired 100% of the shares. On 2 September 2024, Web Holding Limited re-domiciled from Bermuda to Singapore and renamed to WEBHL Pte. Ltd. During the year, the shareholders of WEBHL Pte. Ltd. resolved to effect the amalgamation between WEBHL Pte. Ltd. and BW Epic Kosan Ltd. There is no ultimate controlling party.

 

The group's consolidated financial statements are prepared by BW Epic Kosan Ltd. Copies of the group's financial statements are available for inspection on request at 10 Pasir Panjang Road #17-01, Mapletree Business City, Singapore 117438.

22
Cash generated from/(absorbed by) operations
2024
2023
USD $
USD $
Profit for the year after tax
3,459
22,413
Adjustments for:
Taxation charged/(credited)
11,186
(2,710)
Investment revenues
(2,889)
(532)
Movements in working capital:
Decrease/(increase) in trade and other receivables
227,706
(519,491)
(Decrease)/increase in trade and other payables
(225,443)
447,463
Cash generated from/(absorbed by) operations
14,019
(52,857)
BW EPIC KOSAN (UK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
23
Analysis of changes in net funds
1 January 2024
Cash flows
31 December 2024
USD $
USD $
USD $
Cash at bank and in hand
32,680
14,309
46,989
1 January 2023
Cash flows
31 December 2023
Prior year:
USD $
USD $
USD $
Cash at bank and in hand
85,005
(52,325)
32,680
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