Company No: 03097430 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	4	4,614		6,204
		4,614		6,204
Current assets
Debtors	5	313,630		640,689
Cash at bank and in hand		65,995		85,566
		379,625		726,255
Creditors: amounts falling due within one year	6	( 668,634)		( 979,689)
Net current liabilities		(289,009)		(253,434)
Total assets less current liabilities		(284,395)		(247,230)
Creditors: amounts falling due after more than one year	7	( 13,071)		( 22,508)
Net liabilities		( 297,466)		( 269,738)
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		( 297,566 )		( 269,838 )
Total shareholder's deficit		( 297,466)		( 269,738)

For the financial year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of M K Shipping Limited (registered number: 03097430) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

M R Leary Director

29 September 2025

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

M K Shipping Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services - Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Turnover is recognised once the ship has sailed.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill

1.75 years straight line

Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	25 % reducing balance
Fixtures and fittings	25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Cash and cash equivalents

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

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	7		7

3. Intangible assets

	Goodwill		Total
	£		£
Cost
At 01 January 2024	65,800		65,800
At 31 December 2024	65,800		65,800
Accumulated amortisation
At 01 January 2024	65,800		65,800
At 31 December 2024	65,800		65,800
Net book value
At 31 December 2024	0		0
At 31 December 2023	0		0

4. Tangible assets

	Plant and machinery		Fixtures and fittings		Total
	£		£		£
Cost
At 01 January 2024	7,602		81,739		89,341
At 31 December 2024	7,602		81,739		89,341
Accumulated depreciation
At 01 January 2024	7,550		75,587		83,137
Charge for the financial year	52		1,538		1,590
At 31 December 2024	7,602		77,125		84,727
Net book value
At 31 December 2024	0		4,614		4,614
At 31 December 2023	52		6,152		6,204

5. Debtors

	2024		2023
	£		£
Trade debtors	207,911		297,938
Prepayments and accrued income	11,503		245,779
Corporation tax	2,561		2,561
Other debtors	91,655		94,411
	313,630		640,689

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans and overdrafts	6,461		3,102
Trade creditors	627,410		798,552
Accruals	32,192		167,926
Taxation and social security	1,652		10,109
Other creditors	919		0
	668,634		979,689

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans and overdrafts	13,071		22,508

There are no amounts included above in respect of which any security has been given by the small entity.

Bank loans
	2024		2023
	£		£
Between one and two years	10,431		10,648
Between two and five years	2,640		11,860
After five years	0		0
	13,071		22,508
On demand or within one year	10,164		10,648
	23,235		33,156

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each	100		100

9. Financial commitments

Pensions

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. £Nil contributions were payable to the fund at the balance sheet date.

	2024		2023
	£		£
Unpaid contributions due to the fund (inc. in other creditors)	493		0

10. Related party transactions

Transactions with the entity's directors

Advances

Included within other debtors is a balance of £8,589 (2023: £8,589) owed by the directors. Interest on the balance amounted to £Nil (2023: £Nil).

11. Ultimate controlling party

The ultimate parent undertaking is Greenwich Maritime Holdings Limited, which owns the entire share capital of this company. The parent company is incorporated in England and Wales.