Company No: 14965202 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTORS	L Baratgin (Appointed 09 August 2024)
	J P Larsen (Appointed 06 September 2024)
	P B Markides (Resigned 28 June 2024)
	I J Mcleod (Appointed 29 April 2024, Resigned 31 January 2025)
	P Nikiteas (Appointed 29 April 2024)
	C G Oliver (Appointed 29 April 2024, Resigned 01 March 2025)
	A J Roberts (Resigned 02 September 2024)
	C S Saunders (Appointed 31 October 2024)
	J W Stawpert (Appointed 01 March 2025)
	S Tarasis (Appointed 29 April 2024)

REGISTERED OFFICE	Wey Court West
	Union Road
	Farnham
	GU9 7PT
	United Kingdom

COMPANY NUMBER

14965202 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT

	Note	31.12.2024		31.12.2023
		£		£
Fixed assets
Intangible assets	3	94,565		16,589
Tangible assets	4	2,594		0
		97,159		16,589
Current assets
Debtors	5	85,963		605
Cash at bank and in hand	6	44,974		0
		130,937		605
Creditors: amounts falling due within one year	7	( 81,298)		( 46,537)
Net current assets/(liabilities)		49,639		(45,932)
Total assets less current liabilities		146,798		(29,343)
Creditors: amounts falling due after more than one year	8	( 520,128)		( 53,842)
Net liabilities		( 373,330)		( 83,185)
Capital and reserves
Called-up share capital		0		0
Profit and loss account		( 373,330 )		( 83,185 )
Total shareholders' deficit		( 373,330)		( 83,185)

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 members have 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 Dry Bulk Centre of Excellence (registered number: 14965202) were approved and authorised for issue by the Board of Directors on 10 December 2025. They were signed on its behalf by:

C S Saunders Director

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 period, unless otherwise stated.

General information and basis of accounting

Dry Bulk Centre of Excellence (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 Wey Court West, Union Road, Farnham, GU9 7PT, 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 Balance Sheet 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 Balance Sheet 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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Taxation

Current tax
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.

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:

Website costs

25 % reducing balance

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:

Computer equipment

25 % reducing balance

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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 company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs.

2. Employees

	Year ended 31.12.2024		Period from 23.06.2023 to 31.12.2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	9		7

3. Intangible assets

	Website costs		Total
	£		£
Cost
At 01 January 2024	18,305		18,305
Additions	88,655		88,655
At 31 December 2024	106,960		106,960
Accumulated amortisation
At 01 January 2024	1,716		1,716
Charge for the financial year	10,679		10,679
At 31 December 2024	12,395		12,395
Net book value
At 31 December 2024	94,565		94,565
At 31 December 2023	16,589		16,589

4. Tangible assets

	Computer equipment		Total
	£		£
Cost
At 01 January 2024	0		0
Additions	2,936		2,936
At 31 December 2024	2,936		2,936
Accumulated depreciation
At 01 January 2024	0		0
Charge for the financial year	342		342
At 31 December 2024	342		342
Net book value
At 31 December 2024	2,594		2,594
At 31 December 2023	0		0

5. Debtors

	31.12.2024		31.12.2023
	£		£
Trade debtors	41,450		0
Prepayments	16,173		605
Other debtors	28,340		0
	85,963		605

6. Cash and cash equivalents

	31.12.2024		31.12.2023
	£		£
Cash at bank and in hand	44,974		0

7. Creditors: amounts falling due within one year

	31.12.2024		31.12.2023
	£		£
Trade creditors	10,622		0
Accruals and deferred income	59,998		46,537
Other taxation and social security	7,762		0
Other creditors	2,916		0
	81,298		46,537

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

	31.12.2024		31.12.2023
	£		£
Other loans	520,128		53,842

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

9. Related party transactions

Other related party transactions

	31.12.2024		31.12.2023
	£		£
Loan from Rightship UK including interest	278,155		36,779
Loan from Intercargo including interest	238,882		17,063

Rightship UK is a founder member of Dry Bulk Centre of Excellence (DBCE), has the right to appoint directors and loaned the company its start up funds. The loan is repayable in full on 30 June 2027 and interest is accruing daily, interest is set at 6% per annum.

Intercargo is a founder member of Dry Bulk Centre of Excellence (DBCE), has the right to appoint directors and loaned the company its start up funds. The loan is repayable in full on 30 June 2027 and interest is accruing daily, interest is set at 6% per annum.