Caseware UK (AP4) 2024.0.164 2024.0.164 2024-12-31 2024-12-31 true The principal activity of the company in the year under review was that of ship agents in Gibraltar.2024-01-01 false 4 4 true false 00185767 2024-01-01 2024-12-31 00185767 2023-01-01 2023-12-31 00185767 2024-12-31 00185767 2023-12-31 00185767 c:Director2 2024-01-01 2024-12-31 00185767 d:PlantMachinery 2024-01-01 2024-12-31 00185767 d:FurnitureFittings 2024-01-01 2024-12-31 00185767 d:FurnitureFittings 2024-12-31 00185767 d:FurnitureFittings 2023-12-31 00185767 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00185767 d:OfficeEquipment 2024-01-01 2024-12-31 00185767 d:OfficeEquipment 2024-12-31 00185767 d:OfficeEquipment 2023-12-31 00185767 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00185767 d:ComputerEquipment 2024-01-01 2024-12-31 00185767 d:ComputerEquipment 2024-12-31 00185767 d:ComputerEquipment 2023-12-31 00185767 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00185767 d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 00185767 d:CurrentFinancialInstruments 2024-12-31 00185767 d:CurrentFinancialInstruments 2023-12-31 00185767 d:Non-currentFinancialInstruments 2024-12-31 00185767 d:Non-currentFinancialInstruments 2023-12-31 00185767 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 00185767 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 00185767 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 00185767 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 00185767 d:ShareCapital 2024-12-31 00185767 d:ShareCapital 2023-12-31 00185767 d:SharePremium 2024-12-31 00185767 d:SharePremium 2023-12-31 00185767 d:RetainedEarningsAccumulatedLosses 2024-12-31 00185767 d:RetainedEarningsAccumulatedLosses 2023-12-31 00185767 c:FRS102 2024-01-01 2024-12-31 00185767 c:Audited 2024-01-01 2024-12-31 00185767 c:FullAccounts 2024-01-01 2024-12-31 00185767 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 00185767 d:WithinOneYear 2024-12-31 00185767 d:WithinOneYear 2023-12-31 00185767 c:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 00185767 2 2024-01-01 2024-12-31 00185767 e:PoundSterling 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Registered number: 00185767 INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2024
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED CONTENTS
| Page
Balance sheet | 1 - 2
Notes to the financial statements | 3 - 10
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED REGISTERED NUMBER: 00185767 BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 7 |  | 579 |  | 1,054
|  |  | 579 |  | 1,054
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 8 | 490,700 |  | 494,921 |
Cash at bank and in hand | 9 | 247,804 |  | 111,409 |
|  | 738,504 |  | 606,330 |
Creditors: amounts falling due within one year | 10 | (561,419) |  | (434,046) |
Net current assets |  |  | 177,085 |  | 172,284
Total assets less current liabilities |  |  | 177,664 |  | 173,338
Creditors: amounts falling due after more than one year | 11 |  | (914,346) |  | (858,651)
Net liabilities |  |  | (736,682) |  | (685,313)
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 60,000 |  | 60,000
Share premium account |  |  | 65,000 |  | 65,000
Profit and loss account |  |  | (861,682) |  | (810,313)
|  |  | (736,682) |  | (685,313)
Page 1
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED REGISTERED NUMBER: 00185767 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2024 The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 17 March 2026.
Michael Omar Walker
Director
The notes on pages 3 to 10 form part of these financial statements. Page 2
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
This is a private company limited by shares, incorporated in England and Wales. The registered office address is 10 Lloyd's Avenue, London, EC3N 3AJ. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. Page 3
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue generated from agency business is recognised at the date on which the vessel sails. Where liabilities are incurred in the course of agency business that are recoverable from principals, the amounts owed are recorded as liabilities of the company and the corresponding receivables are recorded as assets of the company. Similarly where receivables are to be collected from third parties on behalf of principals in the course of the liner agency business, the amounts are recorded as assets of the company and the corresponding amounts payable to the principal are recorded as current liabilities. Where the company acts as contractor rather than agent the full revenue under the contract is recognised as turnover. Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.6 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Plant and machinery | - | 33% | on cost and 15% on cost
|  |  |  | Fixtures and fittings | - | 50% | on cost
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.9 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.10 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.11 | Financial instruments
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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. Page 5
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.11 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due within the operating cycle fall into this category of financial instruments. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. Derecognition of financial instruments Derecognition of financial assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained. Derecognition of financial liabilities Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Page 6
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. | Auditors' remuneration
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 12,250 | -
4. | Employees
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2024 No. | 2023 No.
|  | Employees | 4 | 4
5. | Interest receivable
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest receivable from group companies | 2,415 | 2,515
| Other interest receivable | 2,326 | 3,469
|  | 4,741 | 5,984
6. | Interest payable and similar expenses
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Interest on loan from group undertakings | 59,903 | 55,104
|  | 59,903 | 55,104
Page 7
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Tangible fixed assets
|  | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2024 | 1,162 | 4,354 | 1,212 | 6,728
| Additions | - | 134 | - | 134
| At 31 December 2024 | 1,162 | 4,488 | 1,212 | 6,862
| Depreciation |  |  |  |
| At 1 January 2024 | 622 | 4,354 | 698 | 5,674
| Charge for the year on owned assets | 136 | 30 | 443 | 609
| At 31 December 2024 | 758 | 4,384 | 1,141 | 6,283
| Net book value |  |  |  |
| At 31 December 2024 | 404 | 104 | 71 | 579
| At 31 December 2023 | 540 | - | 514 | 1,054
Page 8
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
8. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade debtors | 293,057 | 439,130
| Amounts owed by group undertakings | 188,312 | 47,227
| Other debtors | 9,331 | 8,564
|  | 490,700 | 494,921
9. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 247,804 | 111,409
|  | 247,804 | 111,409
10. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 49,580 | 74,932
| Amounts owed to group undertakings | 470,382 | 334,818
| Other taxation and social security | 6,281 | 5,063
| Other creditors | 35,176 | 19,233
|  | 561,419 | 434,046
11. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Amounts owed to group undertakings | 914,346 | 858,651
|  | 914,346 | 858,651
Page 9
INCHCAPE SHIPPING SERVICES (GIBRALTAR) LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for the following period.
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | 13,887 | 21,226
|  | 13,887 | 21,226
13. | Related party transactions
| At the balance sheet date £188,312 (2023: £47,227) was due from group members. Interest of £2,415 (2023: £2,515) was charged on this balance. At the balance sheet date £1,384,728 (2023: £1,193,469) was due to group members. Interest of £59,903 (2023: £55,104) was charged on this balance. Included within administrative expenses is the operating fee amounting to £134,908 (2023: £10,903), incurred from companies under common control.
14. | Controlling party
The Company is a wholly owned subsidiary of its immediate parent, ISS Group Holdings Limited (incorporated in the United Kingdom). The largest group of undertakings for which group accounts are drawn up and of which the company is included is the group headed by EndeavourCo Topco Limited. The smallest such group is the group headed by Beagle Midco Limited. The registered office of Beagle Midco Limited is 10 Lloyd’s Avenue, London, United Kingdom, EC3N 3AJ. The registered office of EndeavourCo Topco Limited is Aztec Group House, IFC 6, The Esplanade, St Helier, Jersey, JE4 0QH. Copies of the financial statements of Beagle Midco Limited and EndeavourCo Topco Limited are available on request from Beagle Midco Limited’s registered office. The shares in EndeavourCo Topco Limited are ultimately owned by a Jersey based institutional private equity fund, Epiris Fund II. There are four limited partnerships which comprise Epiris Fund II are Epiris Fund II LP, Epiris Fund II (B) LP, Epiris Fund II FFP LP and Epiris TC LP. Epiris GP Limited is the general partner of Epiris Fund II and the ultimate parent and controlling party of EndeavourCo Topco Limited through its exercise/management of all voting rights in the entity, on behalf of the four limited partnerships comprising Epiris Fund II.
15. | Auditors' information
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified. The audit report was signed on 17 March 2026 by Abdul Pisavadi (Senior statutory auditor) on behalf of Sumer Auditco Limited. Page 10