Cobelfret UK Limited 09054066 false 2024-11-01 2025-12-31 2025-12-31 The principal activity of the company is that of an investment holding company and the provision of legal services to the shipping industry. Digita Accounts Production Advanced 6.30.9574.0 true true true false false true false false false false false false false false 09054066 2024-11-01 2025-12-31 09054066 2025-12-31 09054066 bus:Director2 2025-12-31 09054066 bus:OrdinaryShareClass1 2025-12-31 09054066 bus:Consolidated 2025-12-31 09054066 core:CurrentFinancialInstruments 2025-12-31 09054066 core:CurrentFinancialInstruments core:WithinOneYear 2025-12-31 09054066 core:AdditionsToInvestments 2025-12-31 09054066 core:CostValuation 2025-12-31 09054066 core:ProvidedReleasedInPeriodProvisionsForImpairmentInvestments 2025-12-31 09054066 core:ProvisionsForImpairmentInvestments 2025-12-31 09054066 core:WithinOneYear 2025-12-31 09054066 core:FurnitureFittingsToolsEquipment 2025-12-31 09054066 bus:FRS102 2024-11-01 2025-12-31 09054066 bus:Audited 2024-11-01 2025-12-31 09054066 bus:FullAccounts 2024-11-01 2025-12-31 09054066 bus:RegisteredOffice 2024-11-01 2025-12-31 09054066 bus:Director1 2024-11-01 2025-12-31 09054066 bus:Director2 2024-11-01 2025-12-31 09054066 bus:Director5 2024-11-01 2025-12-31 09054066 bus:HighestPaidDirector 2024-11-01 2025-12-31 09054066 bus:OrdinaryShareClass1 2024-11-01 2025-12-31 09054066 bus:Consolidated 2024-11-01 2025-12-31 09054066 bus:PrivateLimitedCompanyLtd 2024-11-01 2025-12-31 09054066 core:Associate1 2024-11-01 2025-12-31 09054066 core:Associate2 2024-11-01 2025-12-31 09054066 core:Associate3 2024-11-01 2025-12-31 09054066 core:Associate4 2024-11-01 2025-12-31 09054066 core:Associate5 2024-11-01 2025-12-31 09054066 core:Associate6 2024-11-01 2025-12-31 09054066 core:Associate7 2024-11-01 2025-12-31 09054066 core:Associate8 2024-11-01 2025-12-31 09054066 core:FurnitureFittings 2024-11-01 2025-12-31 09054066 core:FurnitureFittingsToolsEquipment 2024-11-01 2025-12-31 09054066 core:Subsidiary1 2024-11-01 2025-12-31 09054066 core:Subsidiary2 2024-11-01 2025-12-31 09054066 core:Subsidiary3 2024-11-01 2025-12-31 09054066 core:Subsidiary4 2024-11-01 2025-12-31 09054066 core:Subsidiary5 2024-11-01 2025-12-31 09054066 core:Subsidiary6 2024-11-01 2025-12-31 09054066 core:Subsidiary7 2024-11-01 2025-12-31 09054066 core:Subsidiary8 2024-11-01 2025-12-31 09054066 core:UKTax 2024-11-01 2025-12-31 09054066 1 2024-11-01 2025-12-31 09054066 1 2024-11-01 2025-12-31 09054066 countries:EnglandWales 2024-11-01 2025-12-31 09054066 2024-10-31 09054066 core:CostValuation 2024-10-31 09054066 core:ProvisionsForImpairmentInvestments 2024-10-31 09054066 core:FurnitureFittingsToolsEquipment 2024-10-31 09054066 2023-11-01 2024-10-31 09054066 2024-10-31 09054066 bus:OrdinaryShareClass1 2024-10-31 09054066 core:CurrentFinancialInstruments 2024-10-31 09054066 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 09054066 core:WithinOneYear 2024-10-31 09054066 core:FurnitureFittingsToolsEquipment 2024-10-31 09054066 bus:HighestPaidDirector 2023-11-01 2024-10-31 09054066 core:Associate1 2023-11-01 2024-10-31 09054066 core:Associate2 2023-11-01 2024-10-31 09054066 core:Associate3 2023-11-01 2024-10-31 09054066 core:Associate4 2023-11-01 2024-10-31 09054066 core:Associate5 2023-11-01 2024-10-31 09054066 core:Associate6 2023-11-01 2024-10-31 09054066 core:Associate7 2023-11-01 2024-10-31 09054066 core:Associate8 2023-11-01 2024-10-31 09054066 core:Subsidiary1 2023-11-01 2024-10-31 09054066 core:Subsidiary2 2023-11-01 2024-10-31 09054066 core:Subsidiary3 2023-11-01 2024-10-31 09054066 core:Subsidiary4 2023-11-01 2024-10-31 09054066 core:Subsidiary5 2023-11-01 2024-10-31 09054066 core:Subsidiary6 2023-11-01 2024-10-31 09054066 core:Subsidiary7 2023-11-01 2024-10-31 09054066 core:Subsidiary8 2023-11-01 2024-10-31 09054066 core:UKTax 2023-11-01 2024-10-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09054066

Cobelfret UK Limited Annual Report and Financial Statements for the Period from 1 November 2024 to 31 December 2025
Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Cobelfret UK Limited

Contents

Company Information | 1
Strategic Report | 2
Directors' Report | 3
Statement of Directors' Responsibilities | 4
Independent Auditor's Report | 5 to 7
Statement of Income and Retained Earnings | 8
Statement of Financial Position | 9
Notes to the Financial Statements | 10 to 20

Cobelfret UK Limited

Company Information

Directors | B D Dove-Seymour S M Hammond

Registered office | 130 Shaftesbury Avenue 2nd Floor London W1D 5EU

Auditor | Brebners Chartered Accountants & Statutory Auditor 130 Shaftesbury Avenue London W1D 5AR

Cobelfret UK Limited

Strategic Report for the Period from 1 November 2024 to 31 December 2025

The directors present their strategic report for the period from 1 November 2024 to 31 December 2025.

Principal activity

The principal activity of the company is that of an investment holding company and the provision of legal services to the shipping industry.

Fair review of the business

The company's subsidiaries and associated undertakings operate bulk cargo vessels and chemical tankers.
The company made a profit before tax for the year ended 31 December 2025 of £104,339,906 due principally to dividends receivable from subsidiary undertakings of £106,716,532. The funds generated from the dividends received were principally deployed in the acquisition by the company of the C.Bulk S.A. group, which accounts for the increase in the company’s fixed assets from £162,156,207 at 31 October 2024 to £255,375,905 at 31 December 2025. Turnover of £468,433 from the provision of legal services is similar to previous years.

The company's key financial and other performance indicators during the period were as follows:

Financial KPIs | Unit | 2025 | 2024
Investments | £ | 255,367,473 | 162,145,053
Capital and reserves | £ | 256,131,262 | 165,694,832
Equity to fixed asset ratio | % | 100 | 100

Principal risks and uncertainties

The principal risks facing the company relate to the activities of its subsidiaries and associates, which operate exclusively in the dry bulk and chemical tanker markets. They are therefore susceptible to changes in the economic conditions of these markets, including the volatility of the demand for raw materials or products that their ships carry, fuel and labour costs, and impacts on the underlying value of their vessel assets.
The operation of maritime vessels also involves a number of risks such as potential losses due to damage to vessels, cargo/loading/freight losses or pollution, or in certain parts of the world, terrorist activity. Consequently these companies have taken out the necessary insurance policies to cover these risks.
Other risks include counterparty default risk, exchange rates, the ability to access financing, and the activities of its joint venture partners.

Conclusions

At the time of this financial statement, an uncertain economic outlook and geopolitical factors contribute to uncertainties about the global economy and therefore on demand for the services of the company’s subsidiaries. The directors consider that nonetheless the company’s subsidiaries and associates have taken steps to manage and mitigate these risks so far as possible and thereby the impact on the company’s performance.

Approved by the Board on 5 June 2026 and signed on its behalf by:

.........................................
B D Dove-Seymour
Director

Cobelfret UK Limited

Directors' Report for the Period from 1 November 2024 to 31 December 2025

The directors present their report and the financial statements for the period from 1 November 2024 to 31 December 2025.

Directors of the company

The directors who held office during the period were as follows:

B D Dove-Seymour

P A Grout (ceased 10 March 2025)

S M Hammond

Directors' indemnities

As permitted by the Articles of Association, the Directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force.

Dividends
Interim dividends of £13,904,040 (2024: £13,440,882) were declared and paid during the period. No final dividend is proposed.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Disclosure of information in the Strategic Report

The company has chosen in accordance with s.414C(11) Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

Approved by the director on 5 June 2026 and signed by:

.........................................
B D Dove-Seymour
Director

Cobelfret UK Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Period from 1 November 2024 to 31 December 2025

Opinion

We have audited the financial statements of Cobelfret UK Limited (the 'company') for the period from 1 November 2024 to 31 December 2025, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• | give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit for the period then ended;
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
• | have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Period from 1 November 2024 to 31 December 2025

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• | the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and

• | the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
• | the financial statements are not in agreement with the accounting records and returns; or
• | certain disclosures of directors' remuneration specified by law are not made; or
• | we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 4), the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006) and UK corporate taxation laws, and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

Cobelfret UK Limited

Independent Auditor's Report to the Members of Cobelfret UK Limited
for the Period from 1 November 2024 to 31 December 2025

We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of
Brebners, Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

5 June 2026

Cobelfret UK Limited

Statement of Income and Retained Earnings for the Period from 1 November 2024 to 31 December 2025

| Note | Period ended 31 December 2025 £ | Year ended 31 October 2024 £
Turnover | 3 | 468,433 | 480,124
Administrative expenses |  | (3,337,567) | (594,664)
Dividends receivable from group undertakings |  | 106,716,532 | 14,999,434
Operating profit | 5 | 103,847,398 | 14,884,894
Other interest receivable and similar income |  | 492,508 | 96,392
|  | 492,508 | 96,392
Profit before tax |  | 104,339,906 | 14,981,286
Taxation | 9 | 564 | (1,060)
Profit for the financial period |  | 104,340,470 | 14,980,226
Retained earnings brought forward |  | 21,131,292 | 19,591,948
Dividends paid |  | (13,904,040) | (13,440,882)
Retained earnings carried forward |  | 111,567,722 | 21,131,292

Cobelfret UK Limited

Statement of Financial Position as at 31 December 2025

| Note | 31 December 2025 £ | 31 October 2024 £
Fixed assets |  |  |
Tangible assets | 10 | 8,432 | 11,154
Investments | 11 | 255,367,473 | 162,145,053
|  | 255,375,905 | 162,156,207
Current assets |  |  |
Debtors | 12 | 73,963 | 48,711
Cash at bank and in hand |  | 2,319,470 | 3,537,992
|  | 2,393,433 | 3,586,703
Creditors: Amounts falling due within one year | 14 | (1,638,076) | (47,514)
Net current assets |  | 755,357 | 3,539,189
Total assets less current liabilities |  | 256,131,262 | 165,695,396
Provisions for liabilities |  | - | (564)
Net assets |  | 256,131,262 | 165,694,832
Capital and reserves |  |  |
Called up share capital |  | 135,522,009 | 135,522,009
Share premium reserve |  | 9,041,531 | 9,041,531
Retained earnings |  | 111,567,722 | 21,131,292
Shareholders' funds |  | 256,131,262 | 165,694,832

Approved and authorised by the Board on 5 June 2026 and signed on its behalf by:

......................................................................

B D Dove-Seymour

Director

Company registration number: 09054066

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activities of the company are that of an investment holding company and the provision of legal services to the shipping industry.

The principal place of business is;
Long Reach House
London Road
Purfleet
Essex
RM19 1PD

2 | Accounting policies

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' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows:
The company exercises judgement to determine whether any impairment is necessary in respect of fixed asset investments.

Long period of account

The company financial statements relate to the 14 month period from 1 November 2024 to 31 December 2025. The comparatives relate to the year ended 31 October 2024.

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Going concern

The company made a profit for the period ended 31 December 2025 of £104,340,470, and had net assets of £256,131,262 at that date.
As an investment holding company the company has no significant working capital requirements of its own and the subsidiaries and associated undertakings continue to trade profitably with sufficient working capital.
Having made sufficient enquiries, and based upon the above, the directors have a reasonable expectation that the company has adequate resources to continue operating in the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements.

Summary of disclosure exemptions

Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosures have been given for the aggregate remuneration of key management personnel.

Group accounts not prepared

Exemption is taken from preparing consolidated financial statements under Companies Act 2006 section 401 on the basis that the company and its subsidiary undertakings are reflected in the consolidated accounts of C. Armateurs SA..

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in the ordinary course of the company's activities in respect of the provision of legal services. Turnover is shown net of Value Added Tax, rebates and discounts.
Turnover from the provision of legal services is recognised based upon the stage of completion.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction date.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

Tax

The tax expense for the year comprises tax. Tax is recognised in profit or loss, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Furniture, fittings and equipment | 33% - 50% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

3 | Turnover

The analysis of the company's turnover for the period from continuing operations is as follows:

| 31 December 2025 £ | 31 October 2024 £
Rendering of services | 468,433 | 480,124

4 | Other gains and losses

The analysis of the company's other gains and losses for the period is as follows:

| 31 December 2025 £ | 31 October 2024 £
Gain/loss on disposal of property, plant and equipment | (1) | (182)

5 | Operating profit

Arrived at after charging/(crediting)

| 31 December 2025 £ | 31 October 2024 £
Depreciation expense | 2,721 | 2,870
Impairment loss | 54,534 | -
Foreign exchange losses | 2,812,848 | 131,608
Loss on disposal of property, plant and equipment | 1 | 182

6 | Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

| 31 December 2025 £ | 31 October 2024 £
Wages and salaries | 244,960 | 245,857
Social security costs | 33,574 | 31,110
Pension costs, defined contribution scheme | 14,000 | 13,927
Other employee expense | 1,351 | 1,461
| 293,885 | 292,355

The average number of persons employed by the company during the period, analysed by category was as follows:

| 31 December 2025 No. | 31 October 2024 No.
Management | 1 | 2
| 1 | 2

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

7 | Directors' remuneration

The directors' remuneration for the period was as follows:

| 1 November 2024 to 31 December 2025 £ | Year ended 31 October 2024 £
Remuneration | 244,960 | 213,745
Contributions paid to money purchase schemes | 14,000 | 12,000
| 258,960 | 225,745

During the period the number of directors who were receiving benefits and share incentives was as follows:

| 1 November 2024 to 31 December 2025 No. | Year ended 31 October 2024 No.
Accruing benefits under money purchase pension scheme | 1 | 1

In respect of the highest paid director:

| 31 December 2025 £ | 31 October 2024 £
Remuneration | 233,333 | 208,745
Company contributions to money purchase pension schemes | 14,000 | 12,000

8 | Auditor's remuneration

| 1 November 2024 to 31 December 2025 £ | Year ended 31 October 2024 £
Audit of the financial statements | 5,250 | 5,000
Taxation compliance fees | 2,190 | 2,298

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

9 | Taxation

Tax charged/(credited) in the income statement

| 31 December 2025 £ | 31 October 2024 £
Deferred taxation |  |
Arising from origination and reversal of timing differences | (564) | 1,060

The tax on profit before tax for the period is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of 25% (2024 - 25%).
The differences are reconciled below:

| 31 December 2025 £ | 31 October 2024 £
Profit before tax | 104,339,906 | 14,981,286
Corporation tax at standard rate | 26,084,977 | 3,745,322
Effect of income exempt from taxation | (26,679,133) | (3,749,859)
Tax increase from effect of capital allowances and depreciation | 680 | 1,390
Tax decrease from other short-term timing differences | (564) | (94)
Effect of tax losses | 593,476 | 4,301
Total tax (credit)/charge | (564) | 1,060

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

10 | Tangible assets

| Furniture, fittings and equipment £ | Total £
Cost
At 1 November 2024 | 17,905 | 17,905
Disposals | (390) | (390)
At 31 December 2025 | 17,515 | 17,515
Depreciation
At 1 November 2024 | 6,751 | 6,751
Charge for the period | 2,721 | 2,721
Eliminated on disposal | (389) | (389)
At 31 December 2025 | 9,083 | 9,083
Carrying amount
At 31 December 2025 | 8,432 | 8,432
At 31 October 2024 | 11,154 | 11,154

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

11 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 240,792,351 | 147,569,931
Investments in associates | 14,575,122 | 14,575,122
| 255,367,473 | 162,145,053

Subsidiaries | £
Cost or valuation
At 1 November 2024 | 149,827,230
Additions | 93,276,954
At 31 December 2025 | 243,104,184
Provision
At 1 November 2024 | 2,257,299
Charge for the period | 54,534
At 31 December 2025 | 2,311,833
Carrying amount
At 31 December 2025 | 240,792,351
At 31 October 2024 | 147,569,931

Associates | £
Cost
At 1 November 2024 and 31 December 2025 | 14,575,122
Carrying amount
At 31 December 2025 | 14,575,122
At 31 October 2024 | 14,575,122

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
SUBSIDIARIES
CLdN Cobelfret PTE Ltd | 3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190) | Ordinary | 100% | 100%
Cobelfret Agencies PTE Ltd (Under Liquidation as of October 2025) | 3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190) | Ordinary | 100% | 100%
C. Bulk SA | 3-7, Rue Schiller L-2519 Luxembourg | Ordinary | 100% | 0%
C. Bulkers & Tankers SA * | 3-7, Rue Schiller L-2519 Luxembourg | Ordinary | 100% | 0%
Cobelfret SA * | 3-7, Rue Schiller L-2519 Luxembourg | Ordinary | 100% | 0%
Cobelfret Agencies SA * | 3-7, Rue Schiller L-2519 Luxembourg | Ordinary | 100% | 0%
C. Bulk II SA * | 3-7, Rue Schiller L-2519 Luxembourg | Ordinary | 100% | 0%
Cobelfret NV * | Sneeuwbeslaan 14, 2610 Antwerpen, Belgium | Ordinary | 100% | 0%

* Indirect Holdings ASSOCIATES
BTS Tankers PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%
BTS Calypso PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%
BTS Camilla PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%
BTS Capella PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%
BTS Winter PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%
BTS Elizabeth PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%
BTS Fabulous PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%
BTS Summer PTE Ltd | 72 Anson Road, #13-02, Anson House, Singapore (079911) | Ordinary | 50% | 50%

The principal activities of the subsidiary undertakings and associates are that of the ownership or chartering of vessels.

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

12 | Debtors

| 31 December 2025 £ | 31 October 2024 £
Trade debtors | 27,828 | 5,219
Other debtors | 17,010 | 21,950
Prepayments and accrued income | 29,125 | 21,542
| 73,963 | 48,711

13 | Cash and cash equivalents

| 31 December 2025 £ | 31 October 2024 £
Cash on hand | 2,319,470 | 3,537,992

14 | Creditors

| 31 December 2025 £ | 31 October 2024 £
Due within one year |  |
Trade creditors | 10,236 | 5,364
Social security and other taxes | 19,457 | 34,174
Other payables | 1,597,660 | -
Accruals | 10,723 | 7,976
| 1,638,076 | 47,514

15 | Share capital

Allotted, called up and fully paid shares

| 31 December 2025 | 31 October 2024
| No. | £ | No. | £
Ordinary Shares of £1 each | 135,522,009 | 135,522,009 | 135,522,009 | 135,522,009

There are no restrictions on the repayment of capital or the declaration of dividends.

Cobelfret UK Limited

Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025

16 | Guarantees and Commitments

The total of future minimum lease payments under non-cancellable operating leases is as follows:

| 31 December 2025 £ | 31 October 2024 £
Not later than one year | 68,040 | 81,000

The amount of non-cancellable operating lease payments recognised as an expense during the period was £111,345 (2024 - £102,250).

The company has guaranteed the bank borrowings of the associated undertakings secured by way of a fixed charge over the shares in the respective undertakings. The facilities amount to US$125,275,000 but no liability is expected to arise.

17 | Dividends

|  | 31 December 2025 |  | 31 October 2024
|  | £ |  | £
Interim dividend of £0.103 (2024 - £0.099) per ordinary share |  | 13,904,041 |  | 13,440,882

18 | Related party transactions

Exemption is taken under FRS 102 paragraph 33.1A not to disclose transactions or amounts falling due between companies that are wholly owned within the group.
During the period, sales of £468,433 (2024: £480,124) were made to entities under common control.
Also during the period the company acquired an investment in group undertakings for an amount of £93,276,954 from an entity under common control.

19 | Parent and ultimate parent undertaking

The company's immediate and ultimate parent undertaking is C.Armateurs SA incorporated in Switzerland. C.Armateurs SA is the parent of the smallest and largest group preparing group accounts including the results of the company. The registered address of C.Armateurs SA is; route de Crassier 7, Eysins, Switzerland.