REGISTERED NUMBER: 02699917 (England and Wales)

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

UNITED EUROPEAN CAR CARRIERS (GRIMSBY)

LIMITED

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

3

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Statement of Changes in Equity

10

Notes to the Financial Statements

11

DIRECTORS:

E Birkeland

T Thue

REGISTERED OFFICE:

Units 5b & 5c

Appian Way

Europa Park

Grimsby

DN31 2UT

REGISTERED NUMBER:

02699917 (England and Wales)

SENIOR STATUTORY AUDITOR:

Frances Howard FCA

INDEPENDENT AUDITORS:

Fortus Audit LLP

Equinox House

Clifton Park, Shipton Road

York

Yorkshire

YO30 5PA

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

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

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

E Birkeland

T Thue

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). 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.

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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions applicable to small companies.

AUDITORS

The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

E Birkeland - Director

24 September 2025

Opinion

We have audited the financial statements of United European Car Carriers (Grimsby) Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, 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 101 'Reduced Disclosure Framework' (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 loss 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.

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.

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.

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

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 obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (IFRS and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

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.

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.

Frances Howard FCA (Senior Statutory Auditor)

for and on behalf of Fortus Audit LLP

Equinox House

Clifton Park, Shipton Road

York

Yorkshire

YO30 5PA

25 September 2025

TURNOVER

1,031

986

Administrative expenses

1,040

971

OPERATING (LOSS)/PROFIT

(9

)

15

Interest receivable and similar income

3

1

(6

)

16

Interest payable and similar expenses

5

8

7

(LOSS)/PROFIT BEFORE TAXATION

6

(14

)

9

Tax on (loss)/profit

7

8

14

LOSS FOR THE FINANCIAL YEAR

(22

)

(5

)

LOSS FOR THE YEAR

(22

)

(5

)

OTHER COMPREHENSIVE INCOME

Item that will not be reclassified to profit or loss:

Actuarial gain on pension scheme

46

44

Income tax relating to item that will not be reclassified to profit or loss

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

46

44

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

24

39

FIXED ASSETS

Owned

Tangible assets

9

-

-

Right-of-use

Tangible assets

9, 14

128

129

128

129

CURRENT ASSETS

Debtors

10

120

51

Cash at bank

326

347

446

398

CREDITORS

Amounts falling due within one year

11

125

90

NET CURRENT ASSETS

321

308

TOTAL ASSETS LESS CURRENT LIABILITIES

449

437

CREDITORS

Amounts falling due after more than one year

12

87

99

NET ASSETS

362

338

CAPITAL AND RESERVES

Called up share capital

-

-

Retained earnings

15

362

338

362

338

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 24 September 2025 and were signed on its behalf by:

E Birkeland - Director

Called up

share

Retained

Total

capital

earnings

equity

€'000

€'000

€'000

Balance at 1 January 2023

-

299

299

Changes in equity

Total comprehensive income

-

39

39

Balance at 31 December 2023

-

338

338

Changes in equity

Total comprehensive income

-

24

24

Balance at 31 December 2024

-

362

362

1.	STATUTORY INFORMATION

United European Car Carriers (Grimsby) Limited us a private company limited by shares incorporated in England and Wales. The registered office is Units 5B and 5C, Appian Way Europa Park, Grimsby, DN31 2UT. The trading address of the company is Royal Portbury Docks, Portbury, Bristol, BS20 7XL.

2.	ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared in accordance with United Kingdom Accounting Standards, in particular, Financial Reporting Standard 101 Reduced Disclosure Framework (FRS 101) abd the Companies Act 2006 (the act) as applicable to companies using FRS 101. FRS 101 sets out a reduced disclosure framework for a 'qualifying entity' as defined in the standard which addresses the financial reporting requirements and disclosure exemptions in the individual financial statement of qualifying entities that otherwise apply the recognition, measurement and disclosure requirements of EU-adopted IFRS.

The company is a qualifying entity for the purposes of FRS101. Note 17 give details of the company's ultimate parent and from where it's consolidated financial statements prepared in accordance IFRS may be obtained.

The disclosure exemption adopted by the company is accordance with FRS 101 are as follows:

a) Statement of cash flows

b) Capital risk management

c) Related party transactions

The preparation of the financial statements in conformity with FRS 101 requires the use of estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of turnover and expenses during the reporting period. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results may differ from those estimates.

The financial statements are prepared in euros which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest €'000.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover

Turnover is the amount derived from the provisions of services falling with the company's ordinary activities, excluding VAT, and is entirely attributable to fees receivable under a management agreements with a fellow group company. Turnover is recognised on an accrual basis in the period the service is performed.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Financial instruments

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies that are classified as debt, are recognised at transaction price.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised at transaction price.

Basic financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reporting in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it future 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 date.

Deferred tax is recognised in respect of all timing differences that have originated but not reserves at the statement of financial position date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the statement if financial position date.

Foreign exchange

Transaction denominated in foreign currencies are translated at the rate of exchange ruling at the date of transaction. Monetary assets and liabilities are translated into Euros at rates of exchange ruling at the date the transactions making up the balances accrued (temporal method). All exchange differences are taken to the profit and loss accounting the financial year in which they arise.

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.

Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset does not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.

Employee benefit costs

The company operates defined contribution pension schemes covering the majority of its employees. The assets of the scheme are held independently of the company. Contributions are charges against profits as they become payable,

The company also contributes to individual employee's personal pension schemes. The cost of these contributions us recognised in the financial year in which payments become payable.

In addition, some of the employees are members of the Merchant Navy Officers Pension Fund (MNOPF) which comprises two defined benefit funds. Contributions to the pre-1978 fund are accounted for as if the scheme was a defined contributions scheme (note 14).

The MNOPF post 1978 fund has been accounted for as an industry-wide defined benefit scheme under which the company is able to make a reasonable assessment of its share of the assets and liabilities and therefore the scheme has been accounts fir in accordance with IAS 19 Revised for defined benefit schemes. As a results, the regular service costs of providing retirement benefits to employees during the financial year is charged to operating profit in the financial year. The full cost of providing amendments to benefits in respect of past service is also charged to operating profit in the financial year.

Pension schemes surpluses, to the extent that they are considered recoverable, or deficits are recognised in full and presented on the face of the statement of financial position net of the related deferred tax.

Income representing the expected return on assets of the find during the financial year is included within other finance costs. This is based on the market value of the assets of the find at the start of the financial year. A cost representing the interest on the liabilities of the fund during the financial year is also included within other financial costs. This arises from the liabilities of the find being one year closer to payment.

Differences between actual and expected returns on assets during the financial year are recognised in the statement of comprehensive income for the financial year, together with differences arising from changes in assumptions underlying the present value of scheme liabilities and experienced gains and losses arising on scheme liabilities.

Pension scheme liabilities are measured using the projected unit actuarial methods and are discounted at the current rate of return on a high quality corporate bond of equivalent terms to the liability.

Crewing costs and ship operating costs

By a way of an agreement with United Car Carriers Unipessoal LDA, the company employs, as an agent, the masters and officers, who man the vessels owned by United European Car Carriers Unipessoal LDA.

All crewing and vessel operating costs are recharged to and borne by United Car CArriers Unipessoal LDA. Such costs are not reflected within the income statement of the company.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the actual results. Estimates and judgements are continually evaluated and are based on the historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that have a significant risk of causing material adjustment to the carrying value of assets and liabilities within the next financial year are addressed below:

Defined benefit pension scheme

The company has an obligation to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net position obligation in the balance sheet. The assumptions reflect historical experience and current trends. See note 14 for disclosures of the defined benefit pension scheme.

3.	EMPLOYEES AND DIRECTORS

2024

2023

as

restated

€'000

€'000

Wages and salaries

576

540

Social security costs

70

64

Other pension costs

99

108

745

712

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

2024

2023

as

restated

Operations

1

6

Admin

5

1

6

7

The emoluments of the two directors are paid by another group company which makes no recharge to the company. It is not possible to make an accurate apportionment of their emoluments in respect of each of the subsidiaries. Accordingly, the above details include no emoluments in respect of the directors. The total emoluments are included in the aggregate of directors emoluments disclosed in the financial statements of another group company. There are no benefits accruing under the defined benefit scheme to either director.

4.	DIRECTORS' EMOLUMENTS

2024

2023

as

restated

€

€

Directors' remuneration

-

-

5.

INTEREST PAYABLE AND SIMILAR EXPENSES

2024

2023

as

restated

€'000

€'000

Bank interest

-

1

Leasing

8

6

8

7

6.	(LOSS)/PROFIT BEFORE TAXATION

The loss before taxation (2023 - profit before taxation) is stated after charging/(crediting):

2024

2023

as

restated

€'000

€'000

Depreciation - assets on hire purchase contracts or finance leases

55

46

Auditors' remuneration

17

21

Foreign exchange differences

(21

)

(5

)

7.

TAXATION

Analysis of tax expense

2024

2023

as

restated

€'000

€'000

Current tax:

Corporation tax

8

14

Total tax expense in income statement

8

14

Factors affecting the tax expense

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

as

restated

€'000

€'000

(Loss)/profit before income tax

(14

)

9

(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

(4

)

2

Effects of:

Expenses not allowable for corporation tax

12

12

Tax expense

8

14

Tax effects relating to effects of other comprehensive income

2024

Gross

Tax

Net

€'000

€'000

€'000

Actuarial gain on pension scheme

46

-

46

8.	PRIOR YEAR ADJUSTMENT

During the year it has come to the attention of the Directors that an operating lease entered into in 2022 was not recognised as required by FRS101. This error has been corrected in the comparative figures and has the result of:

Increasing tangible fixed assets by €129k;

Increasing short term liabilities by €35k;

Increasing long term liabilities by €99k;

Reducing opening reserves by €3k;

Reducing administrative costs by €5k; and

Increasing finance costs by €6k.

9.	TANGIBLE FIXED ASSETS

Long

Motor

leasehold

vehicles

Totals

€'000

€'000

€'000

COST

At 1 January 2024

155

20

175

Additions

-

54

54

At 31 December 2024

155

74

229

DEPRECIATION

At 1 January 2024

32

14

46

Charge for year

32

23

55

At 31 December 2024

64

37

101

NET BOOK VALUE

At 31 December 2024

91

37

128

At 31 December 2023

123

6

129

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as

restated

€'000

€'000

Amounts owed by group undertakings

40

29

Other debtors

80

22

120

51

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

as

restated

€'000

€'000

Leases (see note 13)

51

37

Trade creditors

1

(1

)

Corporation tax

8

11

Social security and other taxes

17

16

Other creditors

15

10

Accrued expenses

33

17

125

90

12.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

as

restated

€'000

€'000

Leases (see note 13)

87

99

13.

FINANCIAL LIABILITIES - BORROWINGS

2024

2023

as

restated

€'000

€'000

Current:

Leases (see note 14)

51

37

Non-current:

Leases (see note 14)

87

99

Terms and debt repayment schedule

1 year or

less

1-2 years

2-5 years

Totals

€'000

€'000

€'000

€'000

Leases

51

50

37

138

14.

LEASING

Right-of-use assets

Tangible fixed assets

2024

2023

as

restated

€'000

€'000

COST

At 1 January 2024

175

175

Additions

54

-

229

175

DEPRECIATION

At 1 January 2024

46

-

Charge for year

55

46

101

46

NET BOOK VALUE

128

129