REGISTERED NUMBER: 09190113 (England and Wales)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 December 2024

for

Casper Shipping Holdings Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

Consolidated Statement of Comprehensive Income

7

Consolidated Balance Sheet

9

Company Balance Sheet

10

Consolidated Statement of Changes in Equity

11

Company Statement of Changes in Equity

12

Consolidated Cash Flow Statement

13

Notes to the Consolidated Cash Flow Statement

14

Notes to the Consolidated Financial Statements

15

DIRECTORS:

M Shakesheff

Mrs H M Shakesheff

M D Sharp

REGISTERED OFFICE:

Tees Wharf

Dockside Road

Middlesbrough

Cleveland

TS3 6AH

REGISTERED NUMBER:

09190113 (England and Wales)

AUDITORS:

Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Casper Shipping is one of the UK's leading independent port agencies, logistics and marine service companies. Since 1872 they have provided professional port agency, customs and forwarding services and continue to set the highest standards with new technology, experienced people and a personal approach.

The Group had an operating profit in the year of £1,185,543 (2023 - £1,315,214) and a loss before tax of £189,003 (2023 profit - £350,340).

2024 followed 2023's precedent in that supply of vessels in the shipping industry continued to outstrip demand. Basic economics decrees that when supply is greater than demand, profits fall. This pattern inevitably affected some of the companies within the Group. However, due to the Group continuing to extend its offering within the marine sector, falls in profitability have been mitigated in part with gains in others.

PRINCIPAL RISKS AND UNCERTAINTIES

The Group continues to diversify its operations over a wide number and type of customers and ensures that appropriate levels of insurances are maintained. Additionally, it doe not rely upon any one or either a particularly small number of customers, diminishing financial risk.

As the Group operates internationally, any disruption to economic stability in the global markets remains a risk to the business, latterly in relation to Brexit and the war in Ukraine and more recently tariffs being imposed by the United States. Operating in foreign currencies also means that the Group's results are subject to the vagaries of foreign currency markets and exchange movements.

The Group uses financial tools such as the preparation of forecasts and regular monitoring of actual performance against these forecasts. This ensures that adequate sources of finance are in place to meet the requirements of the business.

The Group's principal financial instruments comprise bank balances, bank loans, hire purchase contracts, trade creditors and trade debtors. The main purpose of these instruments is to raise funds for and finance the Group's operations. The Group's approach to managing the risks applicable to the financial instruments concerned is shown below:

- Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits as well as obtaining credit reports on prospective customers.

- Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

FUTURE DEVELOPMENTS

The Group continues to expand and develop its customs, hub, defence and dry cargo services and envisages consolidation in all of these areas. Additionally, during the reporting period, the Group was heavily involved with advising and consultations around the Freeports currently being established in the United Kingdom.

The global demand for shipping surpassing the available supply was anticipated by the directors to start to show signs of easing during 2025, this is still the case but appears likely to be in the latter part of the year. As a result, the directors anticipate that continuing trading levels, which saw a substantial increase in the year under review, will stabilise during 2026.

The Group continues to investigate further geographical locations to ensure that it continues to offer the best possible service.

KEY PERFORMANCE INDICATORS

The directors use turnover and gross margin analysis as the key performance indicators.

Given the straightforward nature of the Group, the Group's directors are of the opinion that analysis using other key performance indicators is not necessary for an understanding of the development and performance of the entity.

ON BEHALF OF THE BOARD:

M D Sharp - Director

25 September 2025

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of shipping agents, chartering brokers and freight forwarders.

The directors do not anticipate any significant future changes or developments.

DIVIDENDS

The total distribution of dividends for the year ended 31 December 2024 is £213,158 (2023 - £588,032) in respect of the ordinary shares.

DIRECTORS

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

M Shakesheff

Mrs H M Shakesheff

M D Sharp

POLITICAL DONATIONS AND EXPENDITURE

No political donations were made by the group during the year.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group'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 group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

M D Sharp - Director

25 September 2025

Opinion

We have audited the financial statements of Casper Shipping Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group Strategic Report and 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 Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 three, 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 group's and the parent 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 group or the parent 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.

Based on our understanding of the industry, we have considered applicable laws and regulations which may be fundamental to the group's ability to operate or to avoid a material penalty, and we considered the extent to which non-compliance might have a material effect on the financial statements. We considered management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate manual journal entries to manipulate financial performance, management bias and any significant one-off or unusual transactions.

We discussed among the audit engagement team the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

Audit procedures performed by the engagement team included:

-

Enquiry of management and those charged with governance around actual and potential litigation and claims.

-

Enquiry of entity staff to identify any instances of non-compliance with laws and regulations.

-

Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

-

Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.

-

Revenue recognition; agreeing a sample of revenue transactions to gain assurance over the occurrence and accuracy of revenue and also to ensure revenue has been recognised in the correct period.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

David Shawcross FCA (Senior Statutory Auditor)

for and on behalf of Anderson Barrowcliff Limited

Statutory Auditors

Chartered Accountants

3 Kingfisher Court

Bowesfield Park

Stockton on Tees

TS18 3EX

25 September 2025

TURNOVER

2

13,936,271

-

13,936,271

Cost of sales

(6,598,754

)

-

(6,598,754

)

GROSS PROFIT

7,337,517

-

7,337,517

Administrative expenses

(6,221,638

)

-

(6,221,638

)

1,115,879

-

1,115,879

Other operating income

69,664

-

69,664

OPERATING PROFIT

1,185,543

-

1,185,543

Income from interest in associated undertakings

(666,324

)

-

(666,324

)

Gain/loss on revaluation of assets

(630,580

)

-

(630,580

)

Interest payable and similar expenses

5

(77,642

)

-

(77,642

)

LOSS BEFORE TAXATION

6

(189,003

)

-

(189,003

)

Tax on loss

7

(209,616

)

-

(209,616

)

LOSS FOR THE FINANCIAL YEAR

(398,619

)

-

(398,619

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(398,619

)

Loss attributable to:

Owners of the parent

(398,619

)

Total comprehensive income attributable to:

Owners of the parent

(398,619

)

Non-controlling interests

-

(398,619

)

TURNOVER

2

11,839,951

23,568,299

35,408,250

Cost of sales

(4,521,137

)

(20,868,250

)

(25,389,387

)

GROSS PROFIT

7,318,814

2,700,049

10,018,863

Administrative expenses

(5,741,055

)

(2,962,594

)

(8,703,649

)

OPERATING PROFIT/(LOSS)

1,577,759

(262,545

)

1,315,214

Profit on sale of tangible

fixed asset

4

-

1,029,314

1,029,314

Loss on sale of investment

4

-

(1,223,709

)

(1,223,709

)

1,577,759

(456,940

)

1,120,819

Interest receivable and similar income

-

21,974

21,974

Interest payable and similar expenses

5

(62,792

)

(729,661

)

(792,453

)

PROFIT/(LOSS) BEFORE TAXATION

6

1,514,967

(1,164,627

)

350,340

Tax on profit/(loss)

7

(394,855

)

41,265

(353,590

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

1,120,112

(1,123,362

)

(3,250

)

OTHER COMPREHENSIVE INCOME

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(3,250

)

Profit/(loss) attributable to:

Owners of the parent

56,004

Non-controlling interests

(59,254

)

(3,250

)

Total comprehensive income attributable to:

Owners of the parent

56,004

Non-controlling interests

(59,254

)

(3,250

)

FIXED ASSETS

Intangible assets

10

278,589

385,028

Tangible assets

11

357,393

305,870

Investments

12

Interest in associate undertaking

2,075,338

2,741,662

Investment property

13

1,750,000

1,472,442

4,461,320

4,905,002

CURRENT ASSETS

Debtors

14

10,290,135

8,309,595

Cash at bank and in hand

3,227,414

4,146,005

13,517,549

12,455,600

CREDITORS

Amounts falling due within one year

15

12,840,839

11,659,369

NET CURRENT ASSETS

676,710

796,231

TOTAL ASSETS LESS CURRENT LIABILITIES

5,138,030

5,701,233

CREDITORS

Amounts falling due after more than one year

16

(107,418

)

(41,918

)

PROVISIONS FOR LIABILITIES

21

(43,674

)

(60,600

)

NET ASSETS

4,986,938

5,598,715

CAPITAL AND RESERVES

Called up share capital

22

123,909

123,909

Retained earnings

23

4,863,029

5,474,806

SHAREHOLDERS' FUNDS

4,986,938

5,598,715

The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2025 and were signed on its behalf by:

M D Sharp - Director

FIXED ASSETS

Intangible assets

10

50,004

-

Tangible assets

11

-

-

Investments

12

2,484,113

2,484,113

Investment property

13

1,750,000

1,472,442

4,284,117

3,956,555

CURRENT ASSETS

Debtors

14

353,856

38,178

Cash at bank

1,629,850

1,634,427

1,983,706

1,672,605

CREDITORS

Amounts falling due within one year

15

3,811,261

3,427,254

NET CURRENT LIABILITIES

(1,827,555

)

(1,754,649

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,456,562

2,201,906

CAPITAL AND RESERVES

Called up share capital

22

123,909

123,909

Retained earnings

2,332,653

2,077,997

SHAREHOLDERS' FUNDS

2,456,562

2,201,906

Company's profit for the financial year

467,814

2,094,098

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 25 September 2025 and were signed on its behalf by:

M D Sharp - Director

Called up

share

Retained

Non-controlling

Total

capital

earnings

Total

interests

equity

£

£

£

£

£

Balance at 1 January 2023

123,909

6,006,834

6,130,743

1,633,613

7,764,356

Changes in equity

Purchase of own shares

-

-

-

(1,465,888

)

(1,465,888

)

Dividends

-

(588,032

)

(588,032

)

(108,471

)

(696,503

)

Total comprehensive income

-

56,004

56,004

(59,254

)

(3,250

)

Balance at 31 December 2023

123,909

5,474,806

5,598,715

-

5,598,715

Changes in equity

Dividends

-

(213,158

)

(213,158

)

-

(213,158

)

Total comprehensive income

-

(398,619

)

(398,619

)

-

(398,619

)

Balance at 31 December 2024

123,909

4,863,029

4,986,938

-

4,986,938

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

123,909

571,931

695,840

Changes in equity

Dividends

-

(588,032

)

(588,032

)

Total comprehensive income

-

2,094,098

2,094,098

Balance at 31 December 2023

123,909

2,077,997

2,201,906

Changes in equity

Dividends

-

(213,158

)

(213,158

)

Total comprehensive income

-

467,814

467,814

Balance at 31 December 2024

123,909

2,332,653

2,456,562

Cash flows from operating activities

Cash generated from operations

1

1,486,132

881,013

Interest paid

(67,922

)

(788,309

)

Interest element of hire purchase payments paid

(9,720

)

(4,144

)

Tax paid

(320,110

)

(618,438

)

Net cash from operating activities

1,088,380

(529,878

)

Cash flows from investing activities

Purchase of intangible fixed assets

(102,783

)

(90,829

)

Purchase of tangible fixed assets

(98,196

)

(5,587,802

)

Purchase of investment property

(908,138

)

(78,105

)

Sale of tangible fixed assets

62,046

4,008,276

Cash introduced from subsidiary

10,314

-

Net cash disposed of with subsidiary

-

(3,225,932

)

Interest received

-

21,974

Net cash from investing activities

(1,036,757

)

(4,952,418

)

Cash flows from financing activities

New finance in year

-

4,210,000

Loan repayments in year

(63,788

)

(2,259,517

)

Capital repayments in year

(6,188

)

(21,870

)

Amount introduced by directors

1,977

-

Amount withdrawn by directors

-

(3,737

)

Equity dividends paid

(213,158

)

(588,032

)

Dividends paid to minority interests

-

(108,471

)

Net cash from financing activities

(281,157

)

1,228,373

Decrease in cash and cash equivalents

(229,534

)

(4,253,923

)

Cash and cash equivalents at beginning of year

2

3,456,948

7,710,871

Cash and cash equivalents at end of year

2

3,227,414

3,456,948

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024

2023

£

£

(Loss)/profit before taxation

(189,003

)

350,340

Depreciation charges

306,834

1,044,858

Profit on disposal of fixed assets

(6,832

)

(1,397,410

)

Loss on revaluation of fixed assets

630,580

-

Loss on disposal of subsidiary

-

1,223,709

Finance costs

77,642

792,453

Finance income

666,324

(21,974

)

1,485,545

1,991,976

Decrease in stocks

-

238,491

Increase in trade and other debtors

(1,945,462

)

(789,628

)

Increase/(decrease) in trade and other creditors

1,946,049

(559,826

)

Cash generated from operations

1,486,132

881,013

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,227,414

4,146,005

Bank overdrafts

-

(689,057

)

3,227,414

3,456,948

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

4,146,005

7,710,871

Bank overdrafts

(689,057

)

-

3,456,948

7,710,871

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.24

Cash flow

At 31.12.24

£

£

£

Net cash

Cash at bank and in hand

4,146,005

(918,591

)

3,227,414

Bank overdrafts

(689,057

)

689,057

-

3,456,948

(229,534

)

3,227,414

Debt

Finance leases

(63,788

)

63,788

-

Debts falling due within 1 year

(900,000

)

(8,594

)

(908,594

)

Debts falling due after 1 year

-

(107,418

)

(107,418

)

(963,788

)

(52,224

)

(1,016,012

)

Total

2,493,160

(281,758

)

2,211,402