1.
General Information
Capeside Steamship Company Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
00416850
. The registered office is Sixth Floor, 27 Queen Anne's Gate, London, SW1H 9BU.
2.
Accounting Policies
2.1.
Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2.
Going Concern Disclosure
The company’s sole customer, a group company, sold their final ship in 2018 and has since not replaced it. As a result, they require fewer services from the company. The directors have confirmed that the customer continues to use their agency services. The company is dependent on this arrangement in order to continue in operation and has received assurances from the group that this will continue for at least 12 months from the date of approval of these financial statements. As such, the directors consider the company will be a going concern for 12 months from the date of approval of these financial statements and the financial statements have been drawn up on a going concern basis.
2.3.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Leasehold |
|
| Plant & Machinery |
|
2.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Capeside Steamship Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
2.6.
Pensions
The company has obligations to pay pension benefits to certain employees. The cost of these benefits and the present value of the obligation depend on a number of factors, including; life expectancy, salary increases, asset valuations and the discount rate on corporate bonds. Management estimates these factors in determining the net pension obligation in the balance sheet. The assumptions reflect historical experience and current trends. For details of assumptions adopted, see note 13.
2.7.
Provisions
Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
3.
Average Number of Employees
Average number of employees, including directors, during the year was: 4 (2024: 4)
4.
Tangible Assets
| Land & Property | |||
|---|---|---|---|
| Leasehold | Plant & Machinery | Total | |
| £ | £ | £ | |
| Cost | |||
| As at 1 January 2025 |
|
|
|
| Disposals |
|
( |
( |
| As at 31 December 2025 |
|
|
|
| Depreciation | |||
| As at 1 January 2025 |
|
|
|
| Provided during the period |
|
|
|
| Disposals |
|
( |
( |
| As at 31 December 2025 |
|
|
|
| Net Book Value | |||
| As at 31 December 2025 |
|
|
|
| As at 1 January 2025 |
|
|
|
5.
Debtors
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Other debtors |
|
|
|
| Due after more than one year | |||
| Defined benefit pension fund surplus | 1,516,733 | 1,363,733 | |
|
|
|
||
Capeside Steamship Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
6.
Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
|
|
|
| Other taxes and social security |
|
|
|
| Other creditors |
|
|
|
|
|
|
||
7.
Provisions for Liabilities
| Deferred Tax | Total | |
|---|---|---|
| £ | £ | |
| As at 1 January 2025 |
|
340,579 |
| Additions |
|
38,202 |
| Balance at 31 December 2025 |
|
378,781 |
Deferred tax makes up of the following:
|
2025
|
|
|
£
|
|
|
Deferred tax on fixed asset
|
(402)
|
|
Deferred tax on pension scheme
|
379,183
|
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 2" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
|
|
378,781
![image](data:image/svg+xml;utf8,<svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 80 5" preserveAspectRatio="none"> <line x1="0" y1="1" x2="80" y2="1" stroke="black" shape-rendering="crispEdges"/> <line x1="0" y1="4" x2="80" y2="4" stroke="black" shape-rendering="crispEdges"/> </svg>){kind=small}
|
9.
Other Commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Not later than one year |
|
|
|
| Later than one year and not later than five years |
|
|
|
|
|
|
||
Capeside Steamship Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
10.
Related Party Transactions
During the year the company had following transactions with Andros Compania Maritima S.A, a company which has common directors and shareholders with the ultimate controlling party, General Seaways Corporation, a company incorporated in Liberia:
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Sales
|
420,000
|
420,000
|
|
Other income
|
-
|
200,000
|
The other income relates to an additional funding contribution to cover the pension scheme premium. There was no additional funding for the year.
11.
Ultimate Parent Undertaking and Controlling Party
The company considers that the ultimate controlling party is General Seaways Corporation, a company incorporated in Liberia, by virtue of its 100% shareholding in Quindale Holdings Limited, a company incorporated in the British Virgin Islands. The directors understand that this company draws up consolidated accounts that are not publicly available.
The company considers that the immediate controlling party is Quindale Holdings Limited, a company incorporated in the British Virgin Islands, by virtue of its 100% shareholding.
12.
Retirement benefit scheme
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Defined contribution scheme
|
||
|
Charge to profit and loss in respect of defined contribution scheme
|
15,754
|
15,371
|
At the balance sheet date there were no prepaid or outstanding contributions.
Defined benefit scheme
The company operates a pension scheme providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the company, being invested with Aviva Life & Pensions UK Limited.
Pension contributions are determined by a qualified actuary on the basis of roll forward method. The actuary was Carol Cole on behalf of Atkin Pensions. A full actuarial valuation was carried out at 31 December 2023 and updated to 31 December 2025. The main assumptions used by the actuary were:
|
2025
|
2024
|
|
|
%pa
|
%pa
|
|
|
Financial
|
||
|
Discount rate
|
5.85
|
5.65
|
|
RPI inflation
|
2.95
|
3.05
|
|
Pensionable salary growth
|
3.25
|
3.60
|
|
Pension increases in payment
|
2.75
|
2.80
|
|
2025
|
2024
|
|
|
years
|
years
|
|
|
Mortality
|
||
|
Life expectancy (current age 60)
|
||
|
-males
|
86.1
|
85.8
|
|
-females
|
88.7
|
88.6
|
...CONTINUED
Capeside Steamship Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
|
Life expectancy (current age 40)
|
||
|
-males
|
87.7
|
87.4
|
|
-females
|
90.2
|
90.1
|
The fair value of the scheme assets and the expected rate of return, the present value of the scheme liabilities and the resulting surplus are:
|
Capeside Steamship Company Ltd Pension Scheme 1978
|
||
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Total market value of assets
|
2,484,733
|
2,288,733
|
|
Present value of scheme liabilities
|
968,000
|
925,000
|
|
Surplus in the scheme
|
1,516,733
|
1,363,733
|
|
Related deferred tax
|
(379,183)
|
(340,933)
|
|
Net pension surplus
|
1,137,550
|
1,022,800
|
|
An analysis of the movements in the surplus during the year are shown below:
|
||
|
2025
|
2024
|
|
|
£
|
£
|
|
|
Surplus brought forward
|
1,363,733
|
896,539
|
|
Total operating charge
|
47,000
|
9,000
|
|
Actuarial gain/(loss)
|
66,000
|
268,000
|
|
Contributions
|
40,000
|
190,194
|
|
Surplus carried forward
|
1,516,733
|
1,363,733
|
|
Changes in the present value of the defined benefit obligation are as follows:
|
||
|
2025
|
2024
|
|
|
£000
|
£000
|
|
|
Opening defined benefit obligation
|
925
|
997
|
|
Current service cost
|
28
|
34
|
|
Interest expense
|
53
|
47
|
|
Actuarial (gain)/loss
|
(38)
|
(153)
|
|
Closing defined benefit obligation
|
968
|
925
|
|
Changes in the fair value of plan assets are as follows:
|
||
|
2025
|
2024
|
|
|
£000
|
£000
|
|
|
Opening fair value of plan assets
|
2,289
|
1,894
|
|
Interest income
|
130
|
92
|
|
Contributions by employer
|
40
|
190
|
|
Return on scheme assets, excluding amounts included in interest expense or income
|
28
|
115
|
...CONTINUED
Capeside Steamship Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
|
Administration fee paid from scheme assets
|
(2)
|
(2)
|
|
Benefits paid
|
-
|
-
|
|
Closing fair value of plan assets
|
2,485
|
2,289
|
|
The major categories of plan assets as a percentage of total plan assets are as follows:
|
||
|
2025
|
2024
|
|
|
%
|
%
|
|
|
Unitised with-profits policy
|
100%
|
100%
|
No amounts were included in the fair value of plan assets for the company's own financial instruments or for any property occupied by or for any other assets used by the entity.
The company contributed £40,000 (2024 - £190,000) during the year to 31 December 2025 to the Capeside Steamship Company Limited 1978 Pension Scheme. Last year included an amount of £6.4k as being owed to the Company in respect of an annuity purchase it made on behalf of the Scheme which had partially been repaid. It has been assumed that this has been paid over the year and this reduces the amount of contributions recognised over the period. During the year under review on-going employer contributions were paid at 37.8% (2024 – 37.8%) of pensionable salaries, with no deficit funding.
As per the full actuarial valuation carried out at 31st December 2023, the deficit on the technical provisions at the last valuation was surplus, so there is no requirement for deficit contributions.
|
Analysis of the amount charged to operating profit:
|
||
|
2025
|
2024
|
|
|
£000
|
£000
|
|
|
Current service cost
|
28
|
34
|
|
Interest expense
|
53
|
47
|
|
Interest income
|
(130)
|
(92)
|
|
Scheme administration expenses
|
2
|
2
|
|
Total recognised in profit and loss
|
(47)
|
(9)
|
|
Analysis of the amount recognised in statement of comprehensive income:
|
||
|
2025
|
2024
|
|
|
£000
|
£000
|
|
|
Return on scheme assets, excluding amounts included in interest expense / income
|
28
|
115
|
|
Remeasurement gain/(losses) on the defined benefit obligation
|
38
|
153
|
|
Remeasurement gain/(losses) recognised in other comprehensive income
|
66
|
268
|
Capeside Steamship Company Limited
Notes to the Financial Statements (continued)
For The Year Ended 31 December 2025
13.
Audit Information
The auditor's report on the accounts of
Capeside Steamship Company Limited
for the year ended 31 December 2025 was unqualified.
The auditor's report was signed by
Lee Gardner FCA
(Senior Statutory Auditor)
for and on behalf of
Vale and West Accountancy Services Limited
, Statutory Auditor.
|
Victoria House
26 Queen Victoria Street
Reading
RG1 1TG
|