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Registered number:
FOR THE PERIOD ENDED 31 DECEMBER 2025
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SHERLOCK SHIPPING LIMITED
COMPANY INFORMATION
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SHERLOCK SHIPPING LIMITED
CONTENTS
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SHERLOCK SHIPPING LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the period ended 31 December 2025.
The Company was incorporated on 7 April 2025. The financial statements are for the period from incorporation.
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors who served during the period were:
The auditors, Malde & Co, were appointed as the first auditors of the company, and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
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SHERLOCK SHIPPING LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2025
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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SHERLOCK SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHERLOCK SHIPPING LIMITED
We have audited the financial statements of Sherlock Shipping Limited (the 'Company') for the period ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice).
∙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.
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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 financial statements are 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.
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SHERLOCK SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHERLOCK SHIPPING LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Directors' Report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters in relation to which 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; or
∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
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SHERLOCK SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHERLOCK SHIPPING LIMITED (CONTINUED)
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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.
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SHERLOCK SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHERLOCK SHIPPING LIMITED (CONTINUED)
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 Auditors' 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 industry, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income and payroll taxes. The Company is also subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: maritime law, health and safety, anti-bribery, employment law and certain aspects of relevant applicable legislation in countries where the Company operates.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates, particularly in impairment reviews.
Audit procedures performed by the audit team included:
∙Inspecting correspondence with regulators and tax authorities;
∙Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud;
∙Evaluating management’s controls designed to prevent and detect irregularities;
∙Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by users outside their normal job role or with unusual descriptions and significant transactions made outside the normal course of business;
∙Challenging assumptions and judgments made by management in their critical accounting estimates, including vessel impairment reviews; and
∙At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud.
Owing to the inherent limitations in our audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.
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
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SHERLOCK SHIPPING LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF SHERLOCK SHIPPING LIMITED (CONTINUED)
Auditors' 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 Auditors' 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
Chartered Certified Accountants and Statutory Auditor
99 Kenton Road
Harrow
Middlesex
HA3 0AN
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SHERLOCK SHIPPING LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 DECEMBER 2025
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SHERLOCK SHIPPING LIMITED
REGISTERED NUMBER: 16369255
BALANCE SHEET
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 11 to 19 form part of these financial statements.
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SHERLOCK SHIPPING LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2025
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
Sherlock Shipping Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number can be found on the balance sheet, and its registered office is Portland House, 69-71 Wembley Hill Road, Middlesex, HA9 8BU.
2.Accounting policies
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
- paragraph 79(a)(iv) of IAS 1;
- paragraph 73(e) of IAS 16 Property, Plant and Equipment;
∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
∙the requirements of paragraph 74A(b) of IAS 16
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
This information is included in the consolidated financial statements of MR Tankers Holdco Limited as at 31 December 2025 and these financial statements may be obtained from The Registrar of Companies.
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company reports net assets of $14,957,713 at the balance sheet date.
The Directors review cash flow forecasts and closely monitor TCE rates and break-evens to ensure the Company will generate sufficient working capital and cash flows to continue in operational existence and have, as a result, prepared the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
Revenue derived from time charters is separated between the lease element of the predetermined rentals and the service element, based on the observable market rate for stand-alone bareboat charter at each contract inception. The service element is the difference between the equivalent bareboat rate and the agreed charter hire. The revenue is recognised concurrently. Revenue derived from voyage charters is adjusted for off-hire days and is recognised daily as it accrues, on a straight-line basis over the period of the contract. Contract assets are recognised when income has been earned but not yet received. Contract liabilities are recognised when billing and payment occur in advance of the provision of a service. These represent the difference between cumulative revenue recognised and the cumulative amounts billed for the contracts in place for the Group's shipping operations.
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company operates within the UK tonnage tax regime under which ship owning and operating activities are taxed based on the net tonnage of the vessel operated.
The vessel is stated at cost less accumulated depreciation and any provisions for impairment.
Depreciation is provided on the basis that the book value of the vessel, less any estimated residual value, is written off on a straight line basis over the remaining useful economic life, taken to be 25 years from the build date, to an estimated residual value based on scrap rates at each balance sheet date. Dry-docking costs are capitalised and written off over the estimated period to the next dry-docking. Unamortised costs are written off to profit or loss on disposal of the vessel.
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
Financial Instruments are recognised on the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument. All financial instruments are initially measured at fair value, which generally equates to acquistion cost and are subsequently measured at amortised cost using the effective interest rate method.
Contract with a purchase option and/or purchase obligation that was sold to a third party and leased back to the Company under a bareboat chartered in arrangement, in this transaction, the criteria necessary to recognise a sale of this vessel was not met under IFRS 15. Accordingly, this transaction has been accounted for as a financing arrangement, with the liability under the arrangement recorded as amortised cost using the effective interest method and the corresponding vessel recorded at cost, less accumulated depreciation on the balance sheet.
Contributed surplus represents amounts invested in the Company in excess of the nominal value of the share capital. There are no capital repayment terms and repayment is at the discretion of the Company.
The following summarises the judgements, estimates and assumptions that may cause amounts recognised or disclosed to change in following reporting periods: Asset impairment testing The Company reviews its non-curent assets for impairment at each balance sheet date. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the recoverable amount, determined by independent, third-party valuations, or if impractical or unavailable, by value in use calculations which require estimates to be made of future cash flows. If events or circumstances indicate that the carrying value may not be recoverable, the value is adjusted to the fair value. Any impairment is recognised in profit or loss. Residual values and estimated remaining lives The carrying value of vessels is depreciated over their expected useful life of 25 years from date of build to an estimated residual value. Changes in the remaining useful life of the vessels and the residual value, determined based on year end scrap rates, would result in an adjustment to the current and future rate of depreciation through profit or loss.
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Company has entered into the U.K. tonnage tax regime, under which its shipping activities are taxed based on the net tonnage of the vessel operated. Any income and profits outside the tonnage tax regime are taxed under the normal U.K. corporation tax rules at 25%.
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
(i) Charge against the vessel, cash at bank, earnings and the share capital of the Company.
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Company issued 1 Ordinary share of US$1 at par on incorporation.
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SHERLOCK SHIPPING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2025
The Company is a wholly owned subsidiary of MR Tankers Holdco Limited, whose registered office is at Portland House, 69-71 Wembley Hill Road, Middlesex, England, HA9 8BU.
The ultimate holding party is considered to be Springfield Shipping Limited whose registered office is First Floor, 1-5 Maple Place, London, England, W1T 4BB. There is not considered to be a single ultimate controlling party. The smallest group for which the Company is a member and for which group financial statements have been prepared is MR Tankers Holdco Limited and the largest group is Springfield Shipping Limited.
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