Company registration number 03151658 (England and Wales)
EURONAV (UK) AGENCIES LIMITED
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
EURONAV (UK) AGENCIES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 9
EURONAV (UK) AGENCIES LIMITED
BALANCE SHEET
AS AT
29 DECEMBER 2024
29 December 2024
- 1 -
29 December 2024
31 December 2023
as restated
Notes
£
£
£
£
Current assets
Debtors
4
1,040,420
534,182
Cash at bank and in hand
71,180
617,484
1,111,600
1,151,666
Creditors: amounts falling due within one year
5
(176,093)
(179,310)
Net current assets
935,507
972,356
Capital and reserves
Called up share capital
6
300,000
300,000
Profit and loss reserves
635,507
672,356
Total equity
935,507
972,356

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 30 June 2026 and are signed on its behalf by:
C. Van de Gaer
MLJ. Van Ecke
Director
Director
Company registration number 03151658 (England and Wales)
EURONAV (UK) AGENCIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 DECEMBER 2024
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
As restated for the period ended 31 December 2023:
Balance at 1 January 2023
300,000
572,771
872,771
Year ended 31 December 2023:
Profit and total comprehensive income
-
99,585
99,585
Balance at 31 December 2023
300,000
672,356
972,356
Period ended 29 December 2024:
Loss and total comprehensive income
-
(36,849)
(36,849)
Balance at 29 December 2024
300,000
635,507
935,507
EURONAV (UK) AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Euronav (UK) Agencies Limited is a private company limited by shares incorporated in England and Wales. The registered office is Verde, 10 Bressenden Place, London, SW1E 5DH.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of CMB.Tech NV. These consolidated financial statements are available from its registered office, De Gerlachekaai 20, 2000 Antwerp, Belgium

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

EURONAV (UK) AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

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

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

Leasehold land and buildings
over term of lease
Plant and equipment
over 4 years
Fixtures and fittings
over 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

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

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

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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

EURONAV (UK) AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

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

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

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

EURONAV (UK) AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.10
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
2
4
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024 and 29 December 2024
370,017
122,086
492,103
Depreciation and impairment
At 1 January 2024 and 29 December 2024
370,017
122,086
492,103
Carrying amount
At 29 December 2024
-
0
-
0
-
0
At 31 December 2023
-
0
-
0
-
0
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
13,190
1,943
Other debtors
1,027,230
532,239
1,040,420
534,182
EURONAV (UK) AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
16,490
14,061
Other creditors
159,603
165,249
176,093
179,310
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
25,000
25,000
25,000
25,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
275,000
275,000
275,000
275,000
Preference shares classified as equity
275,000
275,000
Total equity share capital
300,000
300,000
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 29 December 2024 and of its loss 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.

Senior Statutory Auditor:
Kevin Corey FCCA
Statutory Auditor:
Xeinadin Audit Limited
Date of audit report:
30 June 2026
8
Operating lease commitments
As lessee
EURONAV (UK) AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
8
Operating lease commitments
(Continued)
- 8 -

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
Total commitments
480,824
520,075
9
Related party transactions
Balances with related parties
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
CMB. TECH NV
956,081
-
-
-
0
Euronav NV London Branch
32,264
-
0
-
0
-
0
Tankers International
-
0
-
8,898
-
0
10
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior period
Accrual
-
(45,885)
Equity as previously reported
872,771
1,018,241
Equity as adjusted
872,771
972,356
Analysis of the effect upon equity
Profit and loss reserves
-
(45,885)
Reconciliation of changes in profit for the previous financial period
2023
£
Adjustments to prior period
Accrual
(45,885)
Profit as previously reported
145,470
Profit as adjusted
99,585
EURONAV (UK) AGENCIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 DECEMBER 2024
10
Prior period adjustment
(Continued)
- 9 -
Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Creditors due within one year
Other creditors
(133,425)
(45,885)
(179,310)
Capital and reserves
Profit and loss reserves
718,241
(45,885)
672,356
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Administrative expenses
(184,348)
(45,885)
(230,233)
Profit for the financial period
145,470
(45,885)
99,585
Notes to reconciliation
Prior period adjustment - notes

During the year, the Company identified an error in the prior period relating to the accounting treatment of a rent-free period within a lease agreement. The rent-free benefit had not been fully accrued over the lease term in accordance with the applicable accounting policy, resulting in an understatement of accruals and a corresponding understatement of expenses in the prior period.

The comparative figures have therefore been restated to correct this error. The adjustment increases accrued liabilities and increases operating expenses in the prior period by £45,885.

11
Parent company

The financial statements of the company are consolidated in the financial statements of CMB.Tech NV. These consolidated accounts are available from its register office De Gerlachekaai 20, 2000 Antwerp, Belgium.

CMB.Tech NV is the smallest and largest group of undertakings to consolidate these financial statements.

The immediate and ultimate parent company is CMB.Tech NV , a C ompany incorporated in the Belgium.

2024-12-29 2024-01-01 false false false 30 June 2026 CCH Software CCH Accounts Production 2026.100 No description of principal activity C. Van de Gaer MLJ. Van Ecke 03151658 2024-01-01 2024-12-29 03151658 2024-12-29 03151658 2023-12-31 03151658 core:CurrentFinancialInstruments core:WithinOneYear 2024-12-29 03151658 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 03151658 core:CurrentFinancialInstruments 2024-12-29 03151658 core:CurrentFinancialInstruments 2023-12-31 03151658 core:ShareCapital 2024-12-29 03151658 core:ShareCapital 2023-12-31 03151658 core:RetainedEarningsAccumulatedLosses 2024-12-29 03151658 core:RetainedEarningsAccumulatedLosses 2023-12-31 03151658 core:ShareCapital 2022-12-31 03151658 core:RetainedEarningsAccumulatedLosses 2022-12-31 03151658 core:ShareCapitalOrdinaryShareClass1 2024-12-29 03151658 core:ShareCapitalOrdinaryShareClass1 2023-12-31 03151658 core:ShareCapitalPreferenceShareClass1 2024-12-29 03151658 core:ShareCapitalPreferenceShareClass1 2023-12-31 03151658 bus:Director1 2024-01-01 2024-12-29 03151658 bus:Director2 2024-01-01 2024-12-29 03151658 core:RetainedEarningsAccumulatedLosses 2023-01-01 2023-12-31 03151658 2023-01-01 2023-12-31 03151658 core:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-29 03151658 core:LandBuildings core:LongLeaseholdAssets 2024-01-01 2024-12-29 03151658 core:PlantMachinery 2024-01-01 2024-12-29 03151658 core:FurnitureFittings 2024-01-01 2024-12-29 03151658 core:LandBuildings 2023-12-31 03151658 core:OtherPropertyPlantEquipment 2023-12-31 03151658 2023-12-31 03151658 core:LandBuildings 2024-12-29 03151658 core:OtherPropertyPlantEquipment 2024-12-29 03151658 core:LandBuildings 2023-12-31 03151658 core:OtherPropertyPlantEquipment 2023-12-31 03151658 bus:OrdinaryShareClass1 2024-01-01 2024-12-29 03151658 bus:PreferenceShareClass1 2024-01-01 2024-12-29 03151658 bus:OrdinaryShareClass1 2024-12-29 03151658 bus:OrdinaryShareClass1 2023-12-31 03151658 bus:PreferenceShareClass1 2024-12-29 03151658 bus:PreferenceShareClass1 2023-12-31 03151658 core:ContinuingOperations 2023-01-01 2023-12-31 03151658 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-29 03151658 bus:FRS102 2024-01-01 2024-12-29 03151658 bus:Audited 2024-01-01 2024-12-29 03151658 bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-29 03151658 bus:FullAccounts 2024-01-01 2024-12-29 xbrli:pure xbrli:shares iso4217:GBP