Cermar Maritime Enterprises (U.k.) Limit - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01601565 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

CERMAR MARITIME ENTERPRISES (U.K.)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

V Browne

B S Neng

SECRETARY:

V Browne

REGISTERED OFFICE:

59a Brent Street

London

NW4 2EA

REGISTERED NUMBER:

01601565 (England and Wales)

AUDITORS:

Melinek Fine LLP

Chartered Accountants

Statutory Auditors

First Floor, Winston House

349 Regents Park Road

London

N3 1DH

FIXED ASSETS

Tangible assets

4

-

-

CURRENT ASSETS

Debtors

5

1,949,386

2,553,756

Cash at bank and in hand

70,296

20,064

2,019,682

2,573,820

CREDITORS

Amounts falling due within one year

6

1,841,212

2,407,969

NET CURRENT ASSETS

178,470

165,851

TOTAL ASSETS LESS CURRENT LIABILITIES

178,470

165,851

CAPITAL AND RESERVES

Called up share capital

8

84,242

84,242

Profit and loss account

94,228

81,609

SHAREHOLDERS' FUNDS

178,470

165,851

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors on 4 June 2018 and were signed on its behalf by:

V Browne - Director

1.	STATUTORY INFORMATION

Cermar Maritime Enterprises (U.k.) Limited 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 Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value

added tax and other sales taxes.

Turnover from chartering services is recognised when the Bill of Lading is issued and freight becomes payable which is

usually within 7 days after the Bill of Lading is signed.

Agency fees and income from insurances are recognised in the financial statements when they have been earned.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost and subsequently measured at cost less accumulated depreciation and

any impairment losses.

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

Fixtures & fittings - 20% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes party to the contractual provisions of

the instrument.

Basic financial instruments are initially recognised at the transacttion price, unless the arrangement constitutes a

financial transaction, where it is recognised at the present value of the future payments discounted at a market rate of

interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost unless they are classified as receivable within one year in

which case they are measured at the undiscounted amount of the cash or other consideration expected to be received

net of impairment.

Financial liabilities that are classified as payable within one year are measured at the undiscounted amount of the cash

or other consideration expected to be paid.

Financial assets or liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable

right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset or settle

the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

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 balance sheet

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 costs charged in the financial statements represents the company's obligations under Workplace Pension

Reform following the staging date which arose during the year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures & Fittings

Cost

£

At 1 January 2017 and 31 December 2017

34,148

Depreciation and impairment

At 1 January 2017 and 31 December 2017

34,148

Net book value

At 31 December 2017

-

At 31 December 2016

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

22,908

393,139

Amounts owed by group undertakings

1,916,661

2,128,753

Other debtors

9,817

31,864

1,949,386

2,553,756

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

1,830,703

2,003,122

Trade creditors

-

330,893

Amounts owed to group undertakings

-

21,594

Taxation and social security

3,140

10,506

Other creditors

7,369

41,854

1,841,212

2,407,969

7.	LEASING AGREEMENTS

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

2017

2016

£

£

Within one year

6,350

6,220

The company has a rolling contract with a two month notice period.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

84,242

Ordinary

£1

84,242

84,242

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Danny Fine (Senior Statutory Auditor)

for and on behalf of Melinek Fine LLP

10.	ULTIMATE CONTROLLING PARTY

The directors consider that Cerrahgil Denizcilik Nakliyat ve Ticaret AS, a company registered in Turkey, is both the

company's parent and ultimate holding company. The Accounts of the holding company are filed at the Turkish Ministry

of Industry and Commerce.

The ultimate controlling party is Esref Cerrahoglu.