REGISTERED NUMBER: 11153268 (England and Wales)

SWIFTBULK HOLDING CO. LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Directors:

Mr M Barnes

Mr J Ilany

Mr M Nomikos

Mr R Maultsby

Secretary:

Oakwood Corporate Secretary Limited

Registered office:

3rd Floor

1 Ashley Road

Altrincham

Cheshire

WA14 2DT

Registered number:

11153268 (England and Wales)

Auditors:

Rock Tax & Accounting Ltd

69 High Street

Southgate

London

N14 6LD

Current assets

Cash at bank

860

401

Creditors: amounts falling due within one year

6

726,706

708,706

Net current liabilities

(725,846

)

(708,305

)

Total assets less current liabilities

(725,846

)

(708,305

)

Capital and reserves

Called up share capital

7

53

53

Share premium

1,138,159

1,138,159

Retained earnings

(1,864,058

)

(1,846,517

)

Shareholders' funds

(725,846

)

(708,305

)

(725,846

)

(708,305

)

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

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:

Mr M Nomikos - Director

1.	Statutory information

SWIFTBULK HOLDING CO. LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The address of the registered office is:

3rd Floor

1 Ashley Road

Altrincham

Cheshire

WA14 2DT

2.	Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The presentational currency of the company is US Dollars ($) and the level of rounding is $1.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on an alternative basis other than going concern. All the debtors and creditors of the company have been recorded as current debtor or current liabilities.

Preparation of consolidated financial statements

The company is exempt from preparing consolidated financial statements under section 400 of the Companies Act.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

Since it is the intention of the members to liquidate the company as soon as arrangements can be made, the Financial Statements have been prepared on alternative basis other than going concern.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Share premium

Share premium represents the excess of proceeds received over the nominal value of new shares issued.

4.	Employees and directors

The average number of employees during the year was NIL (2023 - NIL).

5.	Auditors' remuneration

31.12.24

31.12.23

as restated

$

$

Fees payable to the company's auditors for the audit of the company's financial statements

15,862

15,000

6.

Creditors: amounts falling due within one year

31.12.24

31.12.23

as restated

$

$

Other creditors

711,706

693,706

Accrued expenses

15,000

15,000

726,706

708,706

7.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

as restated

$

$

53,000,000

Ordinary

0.000001

53

53

8.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Amit Prasanna (Senior Statutory Auditor)

for and on behalf of Rock Tax & Accounting Ltd

9.	Parent and ultimate parent company

The company's immediate parent is Tiptree Marine LLC, incorporated in the United States of America.

The most senior parent entity producing publicly available financial statements is Tiptree Inc.

Tiptree Inc., a company registered in the United States of America, is regarded by the directors as being the company's ultimate parent company.