Dorian LPG (UK) Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 08780058 (England and Wales)

DORIAN LPG (UK) LTD

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page

Company information

1

Statement of financial position

2

Notes to the financial statements

3

Directors:

John Constantine Hadjipateras

Tim Truels Hansen

Nagaraj Kundeti

Theodore Young

Registered office:

167-169 Great Portland Street

London

W1W 5PF

Registered number:

08780058 (England and Wales)

Senior statutory auditor:

Samuel Ketcher FCCA

Auditors:

Xeinadin Audit Limited

Chartered Accountants

Statutory Auditor

12 Conqueror Court

Sittingbourne

Kent

ME10 5BH

Fixed assets

Tangible assets

5

-

1,667

Investments

6

2

2

2

1,669

Current assets

Debtors

7

1,002,656

903,532

Cash at bank

53,845

168,200

1,056,501

1,071,732

Creditors

Amounts falling due within one year

8

39,632

108,474

Net current assets

1,016,869

963,258

Total assets less current liabilities

1,016,871

964,927

Provisions for liabilities

10

-

317

Net assets

1,016,871

964,610

Capital and reserves

Called up share capital

2

2

Retained earnings

1,016,869

964,608

Shareholders' funds

1,016,871

964,610

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

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 December 2023 and were signed on its behalf by:

Theodore Young - Director

1.	Statutory information

Dorian LPG (UK) Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the US Dollar ($).

2.	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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	Accounting policies

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Dorian LPG (UK) Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, DORIAN LPG (USA) LLC, United States of America.

Turnover

Turnover represents net invoiced sales of services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Straight line over 3 years

Computer equipment

-

Straight line over 3 years

Investments in subsidiaries

Shares in Group undertakings are stated at cost less any provision for impairment.

The Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the profit and loss account.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Provisions for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

4.

Employees

The average number of employees during the year was 1 (2022 - 6 ) .

5.	Tangible fixed assets

Improvements

Computer

to property

equipment

Totals

$

$

$

Cost

At 1 April 2022

37,472

5,000

42,472

Disposals

(37,472

)

-

(37,472

)

At 31 March 2023

-

5,000

5,000

Depreciation

At 1 April 2022

37,472

3,333

40,805

Charge for year

-

1,667

1,667

Eliminated on disposal

(37,472

)

-

(37,472

)

At 31 March 2023

-

5,000

5,000

Net book value

At 31 March 2023

-

-

-

At 31 March 2022

-

1,667

1,667

6.	Fixed asset investments

Shares in

group

undertakings

$

Cost

At 1 April 2022

and 31 March 2023

15,367

Provisions

At 1 April 2022

and 31 March 2023

15,365

Net book value

At 31 March 2023

2

At 31 March 2022

2

7.

Debtors

2023

2022

$

$

Amounts falling due within one year:

Amounts owed by parent company

980,283

789,633

Amounts owed by subsidiary

21,664

18,930

VAT

709

11,637

Prepaid expenses

-

27,847

1,002,656

848,047

2023

2022

$

$

Amounts falling due after more than one year:

Rent deposit

-

55,485

Aggregate amounts

1,002,656

903,532

8.

Creditors: amounts falling due within one year

2023

2022

$

$

Trade creditors

349

50,262

Corporation Tax

7,298

28,326

Social security and other taxes

6,562

8,396

Accrued leave days

6,316

9,323

Accrued expenses

19,107

12,167

39,632

108,474

9.	Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:

2023

2022

$

$

Within one year

-

11,423

10.	Provisions for liabilities

2023

2022

$

$

Deferred tax

Accelerated capital allowances

-

317

Deferred tax

$

Balance at 1 April 2022

317

Accelerated capital allowances

Balance at 31 March 2023

317

11.	Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the auditors was unqualified.

Samuel Ketcher FCCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

12.	Ultimate parent company

Dorian LPG (USA) LLC (incorporated in the United States of America) is the company's parent company.

Dorian LPG Ltd (incorporated in the Republic of The Marshall Islands) is regarded by the directors as being the company's ultimate parent company.