Registration number:
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Cobelfret UK Limited
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Brebners
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Cobelfret UK Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Cobelfret UK Limited
Company Information
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Directors |
B D Dove-Seymour S M Hammond |
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Registered office |
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Auditor |
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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:
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Financial KPIs |
Unit |
2025 |
2024 |
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Investments |
£ |
255,367,473 |
162,145,053 |
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Capital and reserves |
£ |
256,131,262 |
165,694,832 |
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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
.........................................
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:
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
.........................................
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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:
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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 |
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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.
......................................
For and on behalf of
130 Shaftesbury Avenue
W1D 5AR
Cobelfret UK Limited
Statement of Income and Retained Earnings for the Period from 1 November 2024 to 31 December 2025
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Note |
Period ended |
Year ended |
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Turnover |
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Administrative expenses |
( |
( |
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Dividends receivable from group undertakings |
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Operating profit |
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Other interest receivable and similar income |
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492,508 |
96,392 |
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Profit before tax |
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Taxation |
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( |
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Profit for the financial period |
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Retained earnings brought forward |
21,131,292 |
19,591,948 |
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Dividends paid |
( |
( |
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Retained earnings carried forward |
111,567,722 |
21,131,292 |
Cobelfret UK Limited
Statement of Financial Position as at 31 December 2025
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Note |
31 December |
31 October |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
135,522,009 |
135,522,009 |
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Share premium reserve |
9,041,531 |
9,041,531 |
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Retained earnings |
111,567,722 |
21,131,292 |
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Shareholders' funds |
256,131,262 |
165,694,832 |
Approved and authorised by the
......................................................................
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
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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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
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
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
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:
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Asset class |
Depreciation method and rate |
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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
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Turnover |
The analysis of the company's turnover for the period from continuing operations is as follows:
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31 December |
31 October |
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Rendering of services |
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Other gains and losses |
The analysis of the company's other gains and losses for the period is as follows:
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31 December 2025 |
31 October 2024 |
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Gain/loss on disposal of property, plant and equipment |
( |
( |
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Operating profit |
Arrived at after charging/(crediting)
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31 December |
31 October |
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Depreciation expense |
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Impairment loss |
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- |
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Foreign exchange losses |
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Loss on disposal of property, plant and equipment |
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
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31 December |
31 October |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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Other employee expense |
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The average number of persons employed by the company during the period, analysed by category was as follows:
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31 December |
31 October |
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Management |
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Cobelfret UK Limited
Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025
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Directors' remuneration |
The directors' remuneration for the period was as follows:
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1 November 2024 to 31 December 2025 |
Year ended 31 October 2024 |
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Remuneration |
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Contributions paid to money purchase schemes |
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258,960 |
225,745 |
During the period the number of directors who were receiving benefits and share incentives was as follows:
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1 November 2024 to 31 December 2025 |
Year ended 31 October 2024 |
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Accruing benefits under money purchase pension scheme |
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In respect of the highest paid director:
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31 December |
31 October |
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Remuneration |
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Company contributions to money purchase pension schemes |
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Auditor's remuneration |
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1 November 2024 to 31 December 2025 |
Year ended 31 October 2024 |
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Audit of the financial statements |
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Taxation compliance fees |
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Cobelfret UK Limited
Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025
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Taxation |
Tax charged/(credited) in the income statement
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31 December |
31 October |
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Deferred taxation |
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Arising from origination and reversal of timing differences |
( |
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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
The differences are reconciled below:
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31 December |
31 October |
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Profit before tax |
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Corporation tax at standard rate |
|
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Effect of income exempt from taxation |
( |
( |
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Tax increase from effect of capital allowances and depreciation |
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Tax decrease from other short-term timing differences |
( |
( |
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Effect of tax losses |
|
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Total tax (credit)/charge |
( |
|
Cobelfret UK Limited
Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost |
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At 1 November 2024 |
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Disposals |
( |
( |
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At 31 December 2025 |
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Depreciation |
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At 1 November 2024 |
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Charge for the period |
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Eliminated on disposal |
( |
( |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 October 2024 |
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Cobelfret UK Limited
Notes to the Financial Statements for the Period from 1 November 2024 to 31 December 2025
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Investments |
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2025 |
2024 |
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Investments in subsidiaries |
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Investments in associates |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 November 2024 |
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Additions |
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At 31 December 2025 |
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Provision |
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At 1 November 2024 |
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Charge for the period |
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At 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 October 2024 |
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Associates |
£ |
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Cost |
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At 1 November 2024 and 31 December 2025 |
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Carrying amount |
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At 31 December 2025 |
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At 31 October 2024 |
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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:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2025 |
2024 |
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SUBSIDIARIES |
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3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190) |
Ordinary |
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3 Temasek Avenue, #23-04, Centennial Tower, Singapore (039190) |
Ordinary |
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3-7, Rue Schiller L-2519 Luxembourg |
Ordinary |
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3-7, Rue Schiller L-2519 Luxembourg |
Ordinary |
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3-7, Rue Schiller L-2519 Luxembourg |
Ordinary |
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3-7, Rue Schiller L-2519 Luxembourg |
Ordinary |
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3-7, Rue Schiller L-2519 Luxembourg |
Ordinary |
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Sneeuwbeslaan 14, 2610 Antwerpen, Belgium |
Ordinary |
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* Indirect Holdings |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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72 Anson Road, #13-02, Anson House, Singapore (079911) |
Ordinary |
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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
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Debtors |
|
31 December |
31 October |
|
|
Trade debtors |
|
|
|
Other debtors |
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
Cash and cash equivalents |
|
31 December |
31 October |
|
|
Cash on hand |
|
|
|
Creditors |
|
31 December |
31 October |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Social security and other taxes |
|
|
|
Other payables |
|
- |
|
Accruals |
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
31 December |
31 October |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
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
|
Guarantees and Commitments |
The total of future minimum lease payments under non-cancellable operating leases is as follows:
|
31 December |
31 October |
|
|
Not later than one year |
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the period was £
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.
|
Dividends |
|
31 December |
31 October |
|||
|
£ |
£ |
|||
|
Interim dividend of £ |
13,904,041 |
13,440,882 |
||
|
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.
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent undertaking is