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:	6,161,010	7,043,200
Cost of sales:	( 2,484,590 )	( 2,816,800 )
Gross profit(or loss):	3,676,420	4,226,400
Administrative expenses:	( 1,376,500 )	( 1,625,600 )
Operating profit(or loss):	2,299,920	2,600,800
Interest receivable and similar income:	26,610	24,000
Interest payable and similar charges:	( 2,340,600 )	( 2,512,000 )
Profit(or loss) before tax:	(14,070)	112,800
Profit(or loss) for the financial year:	(14,070)	112,800

Balance sheet

As at 31 December 2024

	Notes	2024	18 months to 31 December 2023
		£	£
Fixed assets
Tangible assets:	3	26,183,960	27,216,290
Total fixed assets:		26,183,960	27,216,290
Current assets
Stocks:	4	66,840	48,190
Debtors:	5	565,071	466,541
Cash at bank and in hand:		409,000	174,590
Total current assets:		1,040,911	689,321
Creditors: amounts falling due within one year:	6	( 2,551,870 )	( 5,606,630 )
Net current assets (liabilities):		(1,510,959)	(4,917,309)
Total assets less current liabilities:		24,673,001	22,298,981
Creditors: amounts falling due after more than one year:	7	( 16,621,000 )	( 13,478,980 )
Total net assets (liabilities):		8,052,001	8,820,001
Capital and reserves
Called up share capital:		1	1
Other reserves:		8,194,000	8,709,000
Profit and loss account:		(142,000 )	111,000
Total Shareholders' funds:		8,052,001	8,820,001

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

  he Company generates its revenues from time charter agreements, which contain a lease, as they meet the criteria of a lease under IFRS 16 - Leases. These charters 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 charterer pays a specified daily rate to the Company as the owner for the use of the vessel, as well as covers the direct costs linked to the operation of the vessel, such as port dues, canal tolls and fuel consumption, unless these are paid to the account of the immediate parent, in which case such are classified as direct costs in the statement of comprehensive income. Further, the Company pays commissions over the daily hire rate to the charterers and the brokers, as applicable and in accordance with the relevant agreements, as well as to a management company, which are also recognised as direct costs. Contract revenue is recognised on a straight-line basis over the non-cancellable period of the charters, on the basis that this accurately reflects the manner in which the service is rendered. Charter revenue is receivable in accordance with the terms of each charter, but it is generally payable by the charterer on receipt of the invoices issued every 15 days, in advance. Under a time-charter, the daily hire rate includes a lease and a non-lease component. The lease component is linked to the right of use of the vessel by the charterer. The non-lease component, also known as the service element of the charter, 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 time charter agreements and are not negotiated separately. The allocation of the daily hire rate, 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