V.SHIPS UK LIMITED

Company number

02268506

Status

Active

Incorporation

1988-06-16

Last accounts made up

2024-12-31

Account category

FULL

Primary SIC

52220

Hubs

UK Logistics & Mobility

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Deloitte LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“At 31 December 2024, the Company held net assets of £42,342k (2023:£43,105k). Cash balances are pooled centrally to Vouvrary Acquisition Limited the parent company, to facilitate the Group's central Treasury facility on a weekly basis. These financial statements have been prepared on the going concern basis which the Directors believe to be appropriate. The Company is a Material Subsidiary and a guarantor under the Group's external borrowing facilities (see note 23). 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 18th September 2024 AI Mistral (Luxembourg) BottomCo S.a.r.l and its subsidiaries the Group ('V.') was acquired by STAR Capital Partnership LLP ('STAR'), therefore Vouvrary Acquisition Limited is ultimately owned by a consortium led by STAR Capital Partner LLP ("Star Capital"), an English limited liability partnership with registration number OC402487 that includes Ackermans & vaan Haaren (incorporated in Belgium) and others.”
• “Star Sirocco Bidco Limited, a subsidiary of Star Sirocco Topco Limited, acquired 100% of the equity share capital of the Group ('V.') for cash consideration of USD 675.8m.”
• “The directors expect the remainder of 2025 to remain challenging partly due to (i) Ukraine conflict and sanctions (ii) implications of Red Sea instability.”

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