ANGLO CYNOSURE SHIPPING LIMITED

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors considered it appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements. The going concern statement is detailed in full in note 2.2 of the Notes to the Financial Statements. During the year ended 31 December 2024, the Company recorded a comprehensive income of US$558,000 (2023: US$641,000), the Company's current assets exceeded its current liabilities by US$970,000 (2023: US$632,000) and it is in a net shareholder's surplus position of US$11,022,000 (2023: US$10,651,000). The financial statements, prepared on the going concern basis, assume that the Company will generate sufficient working capital to continue operational existence for the foreseeable future. The Company has contractual protections as well as strategic and operational plans in place to strengthen its resilience to the risks referenced in these financial statements, with key focus on revenues, vessel utilisation, and cost control. The Directors have conducted stress tests on the charter revenue, fuel price, vessel utilisation and cost assumptions included in the Company's cash projections for a period of at least 12 months from the date of approval of these financial statements. These stress tests incorporate a reduction in cash flows of over 10% for the next twelve months and the potential impact does not impugn the ability of the Company to continue as a going concern. Whilst sensitivities to lower cash flows have been incorporated into the cash projections, the Directors are optimistic that the impact on the Company in the periods ahead will not be as severe as this, based on external indicators. The Directors have, at the time of approving the financial statements, an expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, it continues to adopt the going concern basis of accounting in preparing the financial statements.”

Significant events

• “Attacks and acts of piracy on ocean-going vessels in the Red Sea, and armed conflicts in Ukraine, the Gaza Strip, and other hostile developments in the Middle East, have not had a material impact on the Group's operations to date. The Directors have considered the associated risks from these conflicts and instructed Group vessels to avoid transiting these conflict areas. The directors believe the Group's existing processes and contractual protections remain adequate to continue mitigating the known risks in the forthcoming period. The Directors continue to monitor developments closely.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

3

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.