V.SHIPS LONDON LIMITED

Company number

00209897

Status

Active

Incorporation

1925-11-24

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

50200

Hubs

UK Logistics & Mobility

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“As at 31 December 2024 the Company has a net current liability position of £236k (2023: £193k). The Company is dependent for its working capital on funds provided by the Group (Star Sirocco Topco Limited and its subsidiaries). These financial statements have been prepared on the going concern basis which the Directors believe to be appropriate. The Company's ultimate parent undertaking, Star Sirocco Topco Limited, will provide financial support to the Company, such that the Company is able to operate as a going concern and to settle its liabilities as they fall due for a period of not less than 12 months from the date of signing the financial statements. In forming the assessment, the Directors have considered the financial position and liquidity of Star Sirocco Topco Limited and its subsidiaries (the "Group"). As disclosed in the consolidated financial statements, the Group held unrestricted cash balances of $21.3 million, undrawn revolving credit facilities of $25.0 million, and an undrawn delayed draw facility of $74.0 million as at 31 December 2024. The Group also recorded a net cash inflow of $82.2 million during the year and remained in compliance with its financial covenants, with a year-end leverage ratio of 2.64x LTM EBITDA. Taking into account the Company's own financial position, the recent capital restructure, and the financial strength and financial support of its ultimate parent company, the Directors are satisfied that the Company has adequate resources to continue in operational existence for the foreseeable future being at least 12 months from the date of approval of these financial statements. Accordingly, the Directors consider it appropriate to adopt the going concern basis of accounting in preparing these financial statements.”

Significant events

• “On the 19th of February 2025 V.Ships London Limited filed a resolution with Companies House to change the Company's name as well as re-register the entity as a private company. From this date the Company is no longer a public limited company.”
• “In July 2024, the UK Court of Appeal issued a judgment in the case of Virgin Media Limited v NTL Pension Trustees II Limited, which has implications for contracted-out defined benefit pension schemes. The ruling held that certain amendments made to contracted-out schemes between 6 April 1997 and 5 April 2016 are void if made without an actuarial confirmation certificate in accordance with section 37 of the Pension Schemes Act 1993. The Group has reviewed its defined benefit pension arrangements to assess whether any amendments made during the relevant period could be impacted by this ruling. At the date of signing these financial statements, the review remains ongoing and legal advice is being sought. It is currently not possible to quantify with certainty the financial effect, if any, of this ruling on the Group's pension obligations.”

Auditor / going-concern / subsidiary information is extracted from the PDF version of the latest annual accounts and is not tagged in iXBRL. About these numbers