Adhara One Limited

Contents

Balance Sheet	1
Notes to the Unaudited Financial Statements	2 to 6

Adhara One Limited

Balance Sheet

30 June 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	333,204	376,626
Current assets
Debtors	5	423,508	340,861
Creditors: Amounts falling due within one year	6	(801,412)	(795,233)
Net current liabilities		(377,904)	(454,372)
Net liabilities		(44,700)	(77,746)
Capital and reserves
Called up share capital	7	100	100
Profit and loss account		(44,800)	(77,846)
Shareholders' deficit		(44,700)	(77,746)

For the financial year ending 30 June 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 September 2026 and signed on its behalf by:
 

......................................... C J Charnley Director

Company Registration Number: 13464100

Adhara One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 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:
Thorn Business Centre
Rotherwas
Hereford
HR2 6JT
United Kingdom

2	Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. There are no material departures from FRS 102.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Notwithstanding the company having net current liabilities of £377,904 (2024 - £454,372) and net liabilities of £44,700 (2024 - £77,746) as at 30 June 2025, the directors, having made all necessary enquiries and taken all steps that they ought to have taken, have concluded that the going concern basis of preparation remains appropriate.

In preparing their going concern assessment, the directors have considered the company's operations, trading performance and financial position. Based on this assessment, the directors are satisfied that the company will be able to meet its liabilities as they fall due and will continue to operate with sufficient cash headroom for a period of at least 12 months from the date of approval of these financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Adhara One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2025

Key accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key accounting judgement that has a significant impact on the financial statements is in respect of going concern, as described above.

The key estimates that have a significant effect on the amounts recognised in the financial statements are described below.

Tangible fixed assets are measured at cost less accumulated depreciation and accumulated impairment losses. This requires estimation in the depreciation rates used as well as the on-going economic contribution of the assets to the company as to whether an indicator of impairment has occurred. The carrying amount at the end of the period is £333,204 (2024 - £376,626).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the charter of vessels. Turnover is shown net of value added tax, returns, rebates and discounts. Revenue is recognised when the charter service is provided.

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 measured in terms of historical cost in a foreign currency are not retranslated.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

The company passes some of its tax losses to fellow group companies via group relief. It receives payment for these losses at the average rate of tax for the financial period in which the losses are relieved.

Adhara One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2025

Deferred tax is recognised on all timing differences at the balance sheet date. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet 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
Maritime vessels	10% straight line
Plant and machinery	20% straight line

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Short term intercompany debtors and creditors; and

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 0).

Adhara One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2025

4	Tangible assets

	Maritime vessels  £	Plant and machinery £	Total £
Cost or valuation
At 1 July 2024	477,617	5,303	482,920
At 30 June 2025	477,617	5,303	482,920
Depreciation
At 1 July 2024	103,425	2,869	106,294
Charge for the year	42,361	1,061	43,422
At 30 June 2025	145,786	3,930	149,716
Carrying amount
At 30 June 2025	331,831	1,373	333,204
At 30 June 2024	374,192	2,434	376,626

5

Debtors

	2025 £	2024 £
Trade debtors	14,912	-
Amounts owed from connected companies	381,750	339,316
Prepayments	3,059	1,545
Other debtors	23,787	-
	423,508	340,861

6

Creditors

	2025 £	2024 £
Due within one year
Trade creditors	8,470	9,189
Amounts owed to connected companies	792,942	739,489
Corporation tax	-	45,607
Other creditors	-	948
	801,412	795,233

Adhara One Limited

Notes to the Unaudited Financial Statements

Year Ended 30 June 2025

7	Share capital

Allotted, called up and fully paid shares

	2025		2024
	No.	£	No.	£
Ordinary shares of £1 each	50	50	50	50
B Ordinary shares of £1 each	50	50	50	50
	100	100	100	100

8	Related party transactions

The company has taken advantage of the exemption available under Section 1A of FRS 102 and has therefore not disclosed transactions entered into between wholly owned members of the group.

9	Parent and ultimate parent undertaking

The company is under the joint control of Ambrey Holdings Limited and Aspiral Sun Limited, through shareholdings of 50 shares each. Ambrey Holdings Limited is a company incorporated in England and Wales, while Aspiral Sun Limited is a company incorporated in Nigeria.