REGISTERED NUMBER: 01877474 (England and Wales)

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2013

FOR

THE GREAT EASTERN SHIPPING CO LONDON LTD

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Profit and Loss Account

6

Balance Sheet

7

Cash Flow Statement

8

Notes to the Cash Flow Statement

9

Notes to the Financial Statements

10

DIRECTORS:

B.K Sheth

M J Brace

P.B Kerr-Dineen

SECRETARY:

M J Brace

REGISTERED OFFICE:

The Galleries

Charters Road

Sunningdale

Ascot

Berkshire

SL5 9QJ

REGISTERED NUMBER:

01877474 (England and Wales)

SENIOR STATUTORY AUDITOR:

Dawn O'Leary CA

AUDITORS:

Davis Burton Sellek

Chartered Accountants

Statutory Auditors

The Galleries

Charters Road

Sunningdale

Berkshire

SL5 9QJ

BANKERS:

Bank of Baroda

32 City Road

London

EC1Y 2BD

BANKERS:

Royal Bank of Scotland plc

Shipping Business Centre

5-10 Great Tower Street

London

EC3P 3HX

The directors present their report with the financial statements of the company for the year ended 31 March 2013.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of shipping. The company did not actively trade

in the period.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements. Since the

company did not actively trade during the period, it did not receive an income from its principal activity but continued to

invest funds on short term deposit.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2013.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2012 to the date of this report.

B.K Sheth

M J Brace

P.B Kerr-Dineen

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with

applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors

have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting

Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not

approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the

company and of the profit or loss of the company for that period. In preparing these financial statements, the directors

are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable accuracy at any time the financial position of the company and

enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for

safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud

and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act

2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken

as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors

are aware of that information.

AUDITORS

The auditors, Davis Burton Sellek, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

M J Brace - Secretary

2 May 2013

We have audited the financial statements of The Great Eastern Shipping Co London Ltd for the year ended

31 March 2013 on pages six to eleven. The financial reporting framework that has been applied in their preparation is

applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the

Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those

matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent

permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's

members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have

been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the

directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial

information in the Report of the Directors to identify material inconsistencies with the audited financial statements. If we

become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2013 and of its loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion the information given in the Report of the Directors for the financial year for which the financial

statements are prepared is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you

if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Dawn O'Leary CA (Senior Statutory Auditor)

for and on behalf of Davis Burton Sellek

Chartered Accountants

Statutory Auditors

The Galleries

Charters Road

Sunningdale

Berkshire

SL5 9QJ

3 May 2013

TURNOVER

-

-

Administrative expenses

45,616

45,592

OPERATING LOSS

3

(45,616

)

(45,592

)

Interest receivable and similar income

14,670

15,993

LOSS ON ORDINARY ACTIVITIES BEFORE TAXATION

(30,946

)

(29,599

)

Tax on loss on ordinary activities

4

-

-

LOSS FOR THE FINANCIAL YEAR

(30,946

)

(29,599

)

CONTINUING OPERATIONS

None of the company's activities were acquired or discontinued during the current year or previous year.

TOTAL RECOGNISED GAINS AND LOSSES

The company has no recognised gains or losses other than the losses for the current year or previous year.

CURRENT ASSETS

Cash at bank

1,219,927

1,250,873

CREDITORS

Amounts falling due within one year

5

4,800

4,800

NET CURRENT ASSETS

1,215,127

1,246,073

TOTAL ASSETS LESS CURRENT LIABILITIES

1,215,127

1,246,073

CAPITAL AND RESERVES

Called up share capital

6

301,600

301,600

Profit and loss account

7

913,527

944,473

SHAREHOLDERS' FUNDS

11

1,215,127

1,246,073

The financial statements were approved by the Board of Directors on 2 May 2013 and were signed on its behalf by:

B.K Sheth - Director

Net cash outflow

from operating activities

1

(45,616

)

(47,296

)

Returns on investments and

servicing of finance

2

14,670

15,993

Decrease in cash in the period

(30,946

)

(31,303

)

Reconciliation of net cash flow

to movement in net funds

3

Decrease in cash in the period

(30,946

)

(31,303

)

Change in net funds resulting

from cash flows

(30,946

)

(31,303

)

Movement in net funds in the period

(30,946

)

(31,303

)

Net funds at 1 April

1,250,873

1,282,176

Net funds at 31 March

1,219,927

1,250,873

1.	RECONCILIATION OF OPERATING LOSS TO NET CASH OUTFLOW FROM OPERATING ACTIVITIES

2013

2012

$

$

Operating loss

(45,616

)

(45,592

)

Decrease in creditors

-

(1,704

)

Net cash outflow from operating activities

(45,616

)

(47,296

)

2.	ANALYSIS OF CASH FLOWS FOR HEADINGS NETTED IN THE CASH FLOW STATEMENT

2013

2012

$

$

Returns on investments and servicing of finance

Interest received

15,791

16,258

Foreign exchange gains/(losses)

(1,121

)

(265

)

Net cash inflow for returns on investments and servicing of finance

14,670

15,993

3.	ANALYSIS OF CHANGES IN NET FUNDS

At

At 1.4.12

Cash flow

31.3.13

$

$

$

Net cash:

Cash at bank

1,250,873

(30,946

)

1,219,927

1,250,873

(30,946

)

1,219,927

Total

1,250,873

(30,946

)

1,219,927

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and are in accordance with

applicable accounting standards.

Deferred tax

No provision for deferred tax is required.

Foreign currencies

The financial statements are stated in U.S. dollars.

Assets and liabilities denominated in other currencies are translated into dollars at the rates of exchange ruling at

the balance sheet date. Income and expenditure transactions in other currencies are translated into dollars at the

average rate for the year. Exchange differences are taken to the profit and loss account for the year.

2.	STAFF COSTS

There were no staff costs for the year ended 31 March 2013 nor for the year ended 31 March 2012.

3.	OPERATING LOSS

The operating loss is stated after charging:

2013

2012

$

$

Auditors' remuneration

4,800

4,800

Non-audit tax and consultancy

fees

14,061

14,063

Directors' remuneration

-

-

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose on ordinary activities for the year ended 31 March 2013 nor for the year

ended 31 March 2012.

Factors affecting the tax charge

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is

explained below:

2013

2012

$

$

Loss on ordinary activities before tax

(30,946

)

(29,599

)

Loss on ordinary activities

multiplied by the standard rate of corporation tax

in the UK of 24% (2012 - 26%)

(7,427

)

(7,696

)

Effects of:

Losses carried forward

7,427

7,696

Current tax charge

-

-

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2013

2012

$

$

Accrued expenses

4,800

4,800

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2013

2012

value:

$

$

16,000

Ordinary

£10

301,600

301,600

7.

RESERVES

Profit

and loss

account

$

At 1 April 2012

944,473

Deficit for the year

(30,946

)

At 31 March 2013

913,527

8.	CONTINGENT LIABILITIES

9.	RELATED PARTY DISCLOSURES

10.	ULTIMATE CONTROLLING PARTY

11.	RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS

2013

2012

$

$

Loss for the financial year

(30,946

)

(29,599

)

Net reduction of shareholders' funds

(30,946

)

(29,599

)

Opening shareholders' funds

1,246,073

1,275,672

Closing shareholders' funds

1,215,127

1,246,073