REGISTERED NUMBER: 09269664 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

DKT ALLSEAS SHIPPING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

D Wright

D Ambrose

REGISTERED OFFICE:

Adelaide Mill

Gould Street

Oldham

Greater Manchester

OL1 3LL

REGISTERED NUMBER:

09269664 (England and Wales)

AUDITORS:

Ad Valorem Audit Services Limited

Chartered Certified Accountants

& Statutory Auditors

2 Manor Farm Court

Old Wolverton Road

Old Wolverton

Milton Keynes

Buckinghamshire

MK12 5NN

FIXED ASSETS

Tangible assets

5

857,802

52,967

CURRENT ASSETS

Debtors

6

7,551,839

7,339,991

Cash at bank

1,851,955

106,114

9,403,794

7,446,105

CREDITORS

Amounts falling due within one year

7

7,083,404

4,939,092

NET CURRENT ASSETS

2,320,390

2,507,013

TOTAL ASSETS LESS CURRENT LIABILITIES

3,178,192

2,559,980

PROVISIONS FOR LIABILITIES

176,159

13,241

NET ASSETS

3,002,033

2,546,739

CAPITAL AND RESERVES

Called up share capital

9

100,000

100,000

Retained earnings

2,902,033

2,446,739

SHAREHOLDERS' FUNDS

3,002,033

2,546,739

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 30 December 2025 and were signed on its behalf by:

D Ambrose - Director

1.	STATUTORY INFORMATION

DKT Allseas Shipping 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 presentation currency of the financial statements is the Pound Sterling (£).

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.

3.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

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

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TURNOVER

Turnover is recognised when the event that entitles the company to contractually charge an agency fee occurs. This will be upon the departure of a vessel from its point of origin. Turnover is measured as the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

TANGIBLE FIXED ASSETS

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant & Machinery

20% on cost

Fixtures and fittings

20% on cost

Computer equipment

20% on cost

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.

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention 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.

CLASSIFICATION OF FINANCIAL LIABILITIES

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.

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.

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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EQUITY INSTRUMENTS

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

IMPAIRMENT OF FIXED ASSETS

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

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 current liabilities.

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2023 - 17 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

machinery

fittings

Computers

Totals

£

£

£

£

COST

At 1 January 2024

-

38,658

58,170

96,828

Additions

1,978,246

424

6,292

1,984,962

Disposals

(1,139,586

)

-

-

(1,139,586

)

At 31 December 2024

838,660

39,082

64,462

942,204

DEPRECIATION

At 1 January 2024

-

26,520

17,341

43,861

Charge for year

42,748

5,158

14,425

62,331

Eliminated on disposal

(21,790

)

-

-

(21,790

)

At 31 December 2024

20,958

31,678

31,766

84,402

NET BOOK VALUE

At 31 December 2024

817,702

7,404

32,696

857,802

At 31 December 2023

-

12,138

40,829

52,967

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

981,238

434,454

Amounts owed by group undertakings

3,612,076

4,283,091

Amounts owed by associates

870,340

1,962,749

Other debtors

925,241

138,586

Tax

-

43,121

VAT

-

95,722

Prepayments and accrued income

412,944

82,268

6,801,839

7,039,991

Amounts falling due after more than one year:

Other debtors

750,000

300,000

Aggregate amounts

7,551,839

7,339,991

Included within debtors is a balance due of £993,897 (2023 : £1,397,849) from DCW Management Limited. DCW Management Limited was the former parent of the company and is currently in administration. There is one material creditor, other than connected parties, and settlement discussions are ongoing. If a settlement is achieved, DCW Management Limited will be restored to a solvent position. Therefore no provision has been made against this debt in these financial statements.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

857,070

772,080

Amounts owed to associates

-

405,813

Tax

-

15,714

Social security and other taxes

-

23,097

VAT

36,348

-

Other creditors

5,925,410

3,227,772

Accruals and deferred income

264,576

494,616

7,083,404

4,939,092

8.	SECURED DEBTS

As at 31 December 2024, the Company has given security arising from a loan agreement with Barclays Bank plc, secured by a fixed charge over its assets and a floating charge over its inventory and receivables. In the event of default, the bank may enforce its security, potentially leading to the forced sale of secured assets. Although the company is currently in compliance with all covenants and does not anticipate default, future market conditions and the company's ability to meet its obligations could affect this. No provisions have been recognised in the financial statements as it is not probable that an outflow of resources will be required.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

2,000

Ordinary

£50

100,000

100,000

10.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Zubair Arshad FCCA (Senior Statutory Auditor)

for and on behalf of Ad Valorem Audit Services Limited

11.	CONTINGENT LIABILITIES

The company entered into a joint and several lease for the supply of shipping containers under which losses arose following the insolvency of an associated company. This lease has subsequently been settled by one of the other lessees. It is not yet known whether the settlor of the lease will seek compensation from the company. The impact of this could be up to £2 million. The company may seek legal advice should a claim be made to ascertain the validity of the claim. No provisions have been recognised in the financial statements as it is not probable that an outflow of resources will be required.

12.	RELATED PARTY DISCLOSURES

The Company has taken advantage of the exemption available under FRS102 for Related Party disclosure, not to disclose any transactions and balances between the group companies that have been eliminated on consolidation.

13.	ULTIMATE CONTROLLING PARTY

The ultimate parent company is Notus Investments Limited, a company registered in England and Wales. Copies of the group accounts are available from its registered office at Adelaide Mill, Gould Street, Oldham, OL1 3LL.

The company is controlled by the director, D Wright by virtue of his shareholding in the ultimate parent company.