Contents of the Financial Statements

for the Period Ended 31 December 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

Directors' report period ended 31 December 2024

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

Directors

The directors shown below have held office during the whole of the period from
1 January 2024 to 31 December 2024

MELANIE LOUISE HOLLOWAY
MARK KETHISOUARAN
GEORGE NICHOLAS GEORGIOU

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
30 September 2025

And signed on behalf of the board by:
Name: MELANIE LOUISE HOLLOWAY
Status: Director

Profit And Loss Account

for the Period Ended 31 December 2024

	2024	18 months to 31 December 2023
	£	£
Turnover:	7,595,000	9,854,000
Cost of sales:	( 309,000 )	( 6,000 )
Gross profit(or loss):	7,286,000	9,848,000
Distribution costs:	0	0
Administrative expenses:	( 3,403,000 )	( 4,519,000 )
Other operating income:	84,000	2,000
Operating profit(or loss):	3,967,000	5,331,000
Interest receivable and similar income:	36,000	24,000
Interest payable and similar charges:	( 2,162,000 )	( 2,751,000 )
Profit(or loss) before tax:	1,841,000	2,604,000
Profit(or loss) for the financial year:	1,841,000	2,604,000

Balance sheet

As at 31 December 2024

	Notes	2024	18 months to 31 December 2023
		£	£
Called up share capital not paid:		0	0
Fixed assets
Intangible assets:		0	0
Tangible assets:	3	25,947,000	25,885,000
Investments:		0	0
Total fixed assets:		25,947,000	25,885,000
Current assets
Stocks:	4	92,000	72,000
Debtors:	5	1,706,000	2,308,000
Cash at bank and in hand:		945,001	239,001
Investments:		0	0
Total current assets:		2,743,001	2,619,001
Prepayments and accrued income:		0	0
Creditors: amounts falling due within one year:	6	( 3,017,000 )	( 4,872,000 )
Net current assets (liabilities):		(273,999)	(2,252,999)
Total assets less current liabilities:		25,673,001	23,632,001
Creditors: amounts falling due after more than one year:	7	( 16,621,000 )	( 13,479,000 )
Provision for liabilities:		0	0
Accruals and deferred income:		0	0
Total net assets (liabilities):		9,052,001	10,153,001
Capital and reserves
Called up share capital:		1	1
Share premium account:		0	0
Other reserves:		7,033,000	7,549,000
Profit and loss account:		2,019,000	2,604,000
Total Shareholders' funds:		9,052,001	10,153,001

The notes form part of these financial statements

Balance sheet statements

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

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The notes form part of these financial statements

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 1. Accounting policies

  Basis of measurement and preparation

  These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

  Turnover policy

  The Company generates its revenues from pool revenue. Aggregated revenue recognized on a daily basis from vessels operating on voyage charters in the spot market within the pool is converted into an aggregated net revenue amount by subtracting aggregated voyage expenses (such as fuel and port charges) from gross voyage revenue. These aggregated net revenues determine aggregated pool Time Charter Equivalent revenue (TCE). The pool TCE revenue is then allocated to pool partners in accordance with the allocated pool points earned for each vessel that recognises the vessel’s earnings capacity based on its cargo, capacity, speed and fuel consumption performance and actual on hire days. The pool revenue arrangements contain a lease, as they meet the criteria of a lease under IFRS 16 - Leases. These arrangements refer to the leasing out of the Company’s vessel to charterers for a specified period of time and may include options for the charterers to extend the lease term. The pool TCE revenue is paid to the Company as the owner for the use of the vessel, as well as covering the direct costs linked to the operation of the vessel, such as port dues, canal tolls and fuel consumption. Pool revenue is recognised in the month in which the service is rendered and is receivable in arrears with the terms of pool arrangements. Under the pool revenue, the pool TCE revenue effectively includes a lease and a non-lease component. The lease component is linked to the right of use of the vessel by the pool. The non-lease component, also known as the service element, relates to the operating expenses of the vessels incurred by the Company, such as crew expenses, commissions, repair, spares, insurance costs, etc. These are treated as one performance obligation, as they are rendered and recognised over the same time. Both components are implicit in the pool arrangements and are not negotiated separately. The allocation of the pool TCE revenue, as the transaction price, is primarily done by calculating the service element based on the average daily operating cost per type of vessel, while the lease component is considered to be the residual value of the total transaction price.

  Tangible fixed assets depreciation policy

  Charges for depreciation are calculated on a straight-line basis to write-down the carrying value of the vessels over their expected useful life, being 25 years from build date, to an estimated residual value based on prevailing scrap rates at each statement of financial position date. Depreciation commences when the vessel is ready for its intended use.

Notes to the Financial Statements

for the Period Ended 31 December 2024

• 2. Employees

  	2024	18 months to 31 December 2023
  Average number of employees during the period	0	0