REGISTERED NUMBER: 05504023 (England and Wales)

Combe IV Shipping Ltd

Financial Statements

for the Year Ended 31st December 2024

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

Directors:

Mr J P Karlsen

Mr R G Verburgt

Registered office:

Artillery House

35 Artillery Lane

London

E1 7LP

Registered number:

05504023 (England and Wales)

Auditors:

Nigel Wilson & Co

Accountants & Statutory Auditor

4th Floor

100 Fenchurch Street

London

EC3M 5JD

Accountants:

Wilson Stevens

4th Floor

100 Fenchurch Street

London

EC3M 5JD

Fixed assets

Tangible assets

5

6,263,572

7,216,064

Current assets

Stocks

36,936

109,934

Debtors

6

1,040,182

3,292,960

Cash at bank

1,781,332

1,365,968

2,858,450

4,768,862

Creditors

Amounts falling due within one year

7

8,385,704

9,753,816

Net current liabilities

(5,527,254

)

(4,984,954

)

Total assets less current liabilities

736,318

2,231,110

Creditors

Amounts falling due after more than one year

8

-

(1,572,400

)

Provisions for liabilities

(67,896

)

(106,118

)

Net assets

668,422

552,592

Capital and reserves

Called up share capital

9

1,000

1,000

Other reserves

136,627

136,627

Retained earnings

530,795

414,965

Shareholders' funds

668,422

552,592

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th September 2025 and were signed on its behalf by:

Mr J P Karlsen - Director

1.	Statutory information

Combe IV Shipping Ltd 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 US Dollar ($).

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.

Going concern

The financial statements have been prepared on the going concern basis, notwithstanding net current liabilities of $5,527,254 which the directors believe to be appropriate after reviewing the company’s forecasts and projections. Although the company currently has retained losses, there has been a period of sustained improvement in the time charter rates secured. The vessel is currently on time charter and it is the directors intention that this should continue to be the case.

The company is reliant on continuing financial support from Norbulk Shipholdings Limited, Larsson Shipping AB, Perseverance Marine Holdings B.V. and Alliance Tanker Management Cooperatief U.A., all shareholders of the company. They have indicated that for at least 12 months from the date of approval of these financial statements, they will continue to provide such support and in particular will not seek repayment of the amounts currently outstanding.

The cash flow forecasts show that the company will have sufficient funds, through continued support from its shareholders, to meet its liabilities as they fall due for that period. These forecasts reflect ongoing compliance with the requirements of the company’s bank loan facility.

Based on these indications the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. However, the uncertainty over the shareholders’ ability to provide such support as and when required, as well as the uncertainty over the external bank loan facility, represents a material uncertainty which may cast significant doubt on the company’s ability to continue as a going concern and, therefore, to continue realizing its assets and discharging its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the amounts, excluding value added tax, comprised of income from the principal activity and is derived from Charter hire to customers. Amounts are net of address commissions deducted from amounts received and commissions paid to commercial managers and brokers.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as separate items of tangible fixed assets, for example vessel is treated separately from mechanical components.

The company assesses at each reporting date whether tangible fixed assets are impaired.

Depreciation is charged to the profit and loss account on a straight-line basis over the estimated useful lives of each part of an item of tangible fixed assets. The estimated useful lives are as follows:

- Vessel 25 years

- Mechanical Components 5 years

Depreciation methods, useful lives and residual values are reviewed if there is an indication of a significant change since last annual reporting date in the pattern by which the company expects to consume an asset’s future economic benefits.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in first-out principle and includes expenditure incurred in acquiring the stocks and other costs in bringing them to their existing location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

Transactions in foreign currencies are translated to the Company's functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional currency at the foreign exchange rate ruling at that date.

3.	Employees and directors

The average number of employees during the year was 2 (2023 - 2 ) .

4.	Auditors' remuneration

2024

2023

$

$

Fees payable to the company's auditors for the audit of the company's financial statements

13,897

14,531

5.	Tangible fixed assets

Anuket

Sapphire

$

Cost

At 1st January 2024

15,724,669

Additions

419,060

Disposals

(797,391

)

At 31st December 2024

15,346,338

Depreciation

At 1st January 2024

8,508,605

Charge for year

1,016,792

Eliminated on disposal

(442,631

)

At 31st December 2024

9,082,766

Net book value

At 31st December 2024

6,263,572

At 31st December 2023

7,216,064

Included in the cost of tangible fixed assets is $966,305 (2023: $966,305) in respect of capitalised finance costs.

6.

Debtors: amounts falling due within one year

2024

2023

$

$

Trade debtors

496,000

-

Amounts owed by associates

201,138

497,556

Other debtors

343,044

2,795,404

1,040,182

3,292,960

7.

Creditors: amounts falling due within one year

2024

2023

$

$

Bank loans and overdrafts

1,572,400

345,600

Amounts owed to associates

783,281

946,281

Taxation and social security

4,566

10,496

Other creditors

6,025,457

8,451,439

8,385,704

9,753,816

Shareholder's loans are included within other creditors. The loans are due to Norbulk Shipholdings Limted of $2,076,231 (2023:$2,076,231), Larsson Shipping AB $533,344 (2023: $533,344), Perseverance Marine Holdings B.V. of $1,895,274 (2023: $1,895,274) and Alliance Tanker Management Cooperatief U.A. of $257,148 (2023: $257,148).

The amounts are interest free and are repayable on demand.

8.

Creditors: amounts falling due after more than one year

2024

2023

$

$

Bank loans

-

1,572,400

The US dollar bank loan is with NIBC and is repayable in quarterly instalments over a period of five years. Interest is calculated at SOFR plus a margin and is payable quarterly in arrears. The loans are secured by a deed of assignment of the vessel.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

$

$

1,000

Ordinary

1

1,000

1,000

10.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

David Hatchard BA FCA (Senior Statutory Auditor)

for and on behalf of Nigel Wilson & Co

11.	Contingencies

The company has entered into a deed of assignment of charter guarantee for the aggregate loan value outstanding from the company and Combe II Shipping Limited with NIBC. At 31 December 2024, the aggregate loan value in total was $1,572,400 (2023: $3,836,000).

12.	Related party disclosures

A balance of $201,138 (2023: $497,556) was owed by Combe Shipping II Limited, a company which has common shareholders.

A balance of $663,281 (2023: $826,281) was owed to Combe Shipping III Limited, a company which has common shareholders.

A balance of $120,000 (2023: $120,000) was owed to a director of Perseverance Marine Holdings, a company which is a shareholder.

No interest is payable on these balances which are repayable as and when sufficient cash is available.