{"engagement":"Northbridge Marine Holdings","financialYear":2025,"complete":false,"documents":[{"id":"nb-fs","name":"Management accounts, Cyprus companies","source":"Uploaded by the client","sha256":"58754b9bee6f52c4bbc1289ed6ee03b2d71087a0f2838144a70f57276bbba064","intact":true}],"items":[{"id":"obl:nb-hold","title":"Obligations: Northbridge Marine Holdings Ltd","state":"draft","contentHash":"8abe773cb44c797ea4dd79354ce380850572d0f02632578d37d5625701a04b21","content":{"fy":2025,"entity":"nb-hold","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[["loan",10000000,true,true]],"excluded":[],"localFile":true,"summaryTable":true,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"obl:nb-mgmt","title":"Obligations: Northbridge Ship Management Ltd","state":"draft","contentHash":"5c50bd962fcc54cb91ea8c9e088daecc7a760c85abf3ce93cc0e8e1b5bdc5b28","content":{"fy":2025,"entity":"nb-mgmt","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[],"excluded":[["nb1","cy.faq.tonnage"]],"localFile":false,"summaryTable":false,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null],["cy.faq.tonnage","verified",null,null],["cy.faq.q51","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"obl:nb-own","title":"Obligations: Northbridge Bulk Carriers Ltd","state":"verified","contentHash":"9604a3809315a99f15997ea63361154609a0eac005aa348b3d99098491d3bba3","content":{"fy":2025,"entity":"nb-own","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[],"excluded":[["nb1","cy.faq.tonnage"],["nb3","cy.faq.ifree"]],"localFile":false,"summaryTable":false,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null],["cy.faq.tonnage","verified",null,null],["cy.faq.ifree","verified",null,null],["cy.faq.q51","verified",null,null]]},"rests_on":[],"signoffs":[{"stage":"reviewed","by":"Niki Papas","at":"3 Nov 2026 14:09","looked_at":"Tonnage tax status of both parties (certificates requested); interest-free balance left out for the payer (FAQ Q25).","note":"No counted transactions: Summary Table not due, subject to the certificates.","change_reason":"","countsNow":true,"contentHash":"9604a3809315a99f15997ea63361154609a0eac005aa348b3d99098491d3bba3"},{"stage":"verified","by":"Andreas Lane","at":"5 Nov 2026 14:10","looked_at":"FAQ Q22–25 against the facts in the management accounts.","note":"Partner to confirm the tonnage tax point.","change_reason":"","countsNow":true,"contentHash":"9604a3809315a99f15997ea63361154609a0eac005aa348b3d99098491d3bba3"}],"changes":[]},{"id":"obl:nb-crew","title":"Obligations: Northbridge Crew Services Ltd","state":"draft","contentHash":"4022d237b7b2c451781b12eef5acbb2268a09f98b14b2ddc4be5b137ee529219","content":{"fy":2025,"entity":"nb-crew","thresholds":[["cy.lf.threshold","verified",750000],["cy.lf.threshold.circ2024","verified",1000000],["cy.lf.threshold.circ2024.fin","verified",5000000]],"lines":[["services",1350000,true,true]],"excluded":[],"localFile":true,"summaryTable":true,"rules":[["cy.law","verified",null,null],["cy.who","verified",null,null],["cy.related","verified",0.25,null],["cy.lf.threshold","verified",750000,null],["cy.faq.loan","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.lf.threshold.circ2024.fin","verified",5000000,null],["cy.lf.threshold.2026","verified",2500000,null],["cy.lf.threshold.2026.goods","verified",5000000,null],["cy.lf.threshold.2026.fin","verified",10000000,null],["cy.lf.prepare","verified",null,null],["cy.return.due","verified",null,null],["cy.return.due.2025","tbc",null,null],["cy.sit","verified",null,null],["cy.mf","verified",null,null],["cy.mf.threshold","verified",750000000,null],["cy.faq.cashpool","verified",null,null],["cy.faq.guarantee","verified",null,null],["cy.faq.directors","verified",null,null],["cy.faq.trade","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"bench:nb2","title":"Benchmarking: Crew supply to the tankers","state":"draft","contentHash":"07b654355ca422a54c16a582506924f2c797a1931e0a6a8c85735b9953cea4d0","content":{"fy":2025,"tx":["nb2","Transactional net margin method, net cost plus",0.06,0.052],"indicator":"ncp","method":"inclusive","comps":[],"range":null,"where":null,"rules":[["oecd.process","verified",null,null],["oecd.select","verified",null,null],["oecd.iqr","verified",null,null],["method.quartile","tbc",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"fin:nb3","title":"Financing: Interest-free shareholder balance","state":"draft","contentHash":"4981689cd12eb61ee423c58e20cd8588789343dcc43f40c6145bea9cfe2a1296","content":{"tx":"nb3","funding":"interest-free","amount":0,"principal":3200000,"rate":null,"yields":null,"where":null,"sources":{"exclude":"An interest-free payable: left out for the company that owes it (2022–2026)","exclude_for":"The payer only","funding":"Shareholder balance, no interest charged","principal":"Balance sheet of Bulk Carriers Ltd, maximum in the year (invented)"},"rules":[["cy.fin","verified",null,null],["cy.fin.2026","verified",null,null],["cy.faq.safeharbour","verified",null,null],["cy.faq.loan","verified",null,null],["cy.faq.ifree","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"fin:nb4","title":"Financing: Physical cash pool: deposits from the tankers","state":"draft","contentHash":"ed004eb6e3a75745c8b24e76b40a7cee70e66e076413dc8eb9f09b0f6416376f","content":{"tx":"nb4","funding":"deposit","amount":238000,"principal":6800000,"rate":0.035,"yields":null,"where":null,"sources":{"funding":"The tankers deposit their cash with the pool leader: the Cyprus company borrows","interest":"Per the client (cash pool agreement requested, not yet on file): interest paid on the deposits in the year (invented)","principal":"Cash pool statement, maximum balance in the year (invented); measured like a loan by analogy to FAQ question 10","rate":"Per the client (cash pool agreement requested, not yet on file): deposit rate paid by the pool leader (invented)"},"rules":[["cy.fin","verified",null,null],["cy.fin.2026","verified",null,null],["cy.faq.safeharbour","verified",null,null],["cy.faq.loan","verified",null,null],["cy.fin.d3","verified",0.015,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:nb1","title":"Draft agreement: Ship management of the bulk carriers","state":"draft","contentHash":"2586d1cace4da9dfd1ec68bc6510c4656b23fc6d3aacda5368d5c60ac9122ef5","content":{"tx":"nb1","clauses":[["0","Between Northbridge Ship Management Ltd (the Provider) and Northbridge Bulk Carriers Ltd (the Recipient).","Transaction record"],["1","The Provider supplies the services described in Schedule 1. The Recipient decides which services it orders; the Provider decides how they are delivered.","Functional analysis: who decides what and how"],["2","The Recipient pays the Provider's costs of the services plus a mark-up of 8.00% on those costs.","Group transfer pricing policy §2"],["3","Invoices are payable within 30 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:nb2","title":"Draft agreement: Crew supply to the tankers","state":"draft","contentHash":"6f62f46a01bdf0f407c39048117563330b9335453148aa28fd34006cf0bcf912","content":{"tx":"nb2","clauses":[["0","Between Northbridge Crew Services Ltd (the Provider) and Northbridge Tankers Ltd (the Recipient).","Transaction record"],["1","The Provider supplies the services described in Schedule 1. The Recipient decides which services it orders; the Provider decides how they are delivered.","Functional analysis: who decides what and how"],["2","The Recipient pays the Provider's costs of the services plus a mark-up of 6.00% on those costs.","Group transfer pricing policy §2"],["3","Invoices are payable within 30 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:nb3","title":"Draft agreement: Interest-free shareholder balance","state":"draft","contentHash":"b2a76b4b0679de3c048db4f1cae574760b056d09f9c63a3b337e0f75d3ea2e86","content":{"tx":"nb3","clauses":[["0","Between Northbridge Marine Holdings Ltd (the Lender) and Northbridge Bulk Carriers Ltd (the Borrower).","Transaction record"],["1","The Lender advances €3,200,000, repayable [term to be agreed] after drawdown.","Balance sheet of Bulk Carriers Ltd, maximum in the year (invented)"],["2","Interest accrues at [rate to be agreed] a year, payable quarterly in arrears.","Not in the file; group transfer pricing policy §3"],["3","Payment terms [to be agreed].","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"draft:nb4","title":"Draft agreement: Physical cash pool: deposits from the tankers","state":"draft","contentHash":"a24362bda0172194c203402f2a59709231f3b0701a23b3a2947340c08b0d8263","content":{"tx":"nb4","clauses":[["0","Between Northbridge Tankers Ltd (the Lender) and Northbridge Marine Holdings Ltd (the Borrower).","Transaction record"],["1","The Lender advances €6,800,000, repayable [term to be agreed] after drawdown.","Cash pool statement, maximum balance in the year (invented); measured like a loan by analogy to FAQ question 10"],["2","Interest accrues at 3.50% a year, payable quarterly in arrears.","Per the client (cash pool agreement requested, not yet on file): deposit rate paid by the pool leader (invented); group transfer pricing policy §3"],["3","Invoices are payable within 90 days.","Group transfer pricing policy"],["4","[to be agreed: no risk analysis in the file]","Functional analysis, risks"],["5","The parties intend the terms to be at arm's length and will adjust them if a review shows they are not.","OECD Guidelines 1.6; Income Tax Law s.33(6)"],["6","Effective from 1 January of the year; [term, termination and governing law to be agreed by the parties].","Not in the file"]],"rules":[["oecd.alp","verified",null,null],["cy.oecd-link","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:nb-hold:1","title":"Northbridge Marine Holdings Ltd: 1. The local entity","state":"draft","contentHash":"dea9aa15dab5b1cbb1d5af39988e94e3531def1c6e8b06eae88556834d175fc3","content":{"text":["Northbridge Marine Holdings Ltd is a company resident in Cyprus. Holding company and leader of the group's physical cash pool.","Group: Northbridge Marine Holdings. Entities in the group: Northbridge Marine Holdings Ltd (CY); Northbridge Ship Management Ltd (CY); Northbridge Bulk Carriers Ltd (CY); Northbridge Crew Services Ltd (CY); Northbridge Tankers Ltd (MT).","Documentation duty: financing, by its maximum principal, of €10,000,000 exceeds the €5,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","cy.faq.loan","oecd.docs"],"hashes":[["obl:nb-hold","8abe773cb44c797ea4dd79354ce380850572d0f02632578d37d5625701a04b21"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["cy.faq.loan","verified",null,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:nb-hold"],"signoffs":[],"changes":[]},{"id":"lf:nb-hold:2:nb3","title":"Northbridge Marine Holdings Ltd: 2.1 Interest-free shareholder balance","state":"draft","contentHash":"90e6362455c285382a5cff8fadca2af268f036466de441a22bdd172f34ea2676","content":{"text":["Interest-free shareholder balance: Northbridge Marine Holdings Ltd to Northbridge Bulk Carriers Ltd, interest €0 in the year on a maximum principal of €3,200,000.","Method: None charged: an interest-free balance. Tested party: Northbridge Marine Holdings Ltd.","Circular 6/2023 safe harbour: not available: the category is over the threshold.","No written agreement on file.","Risk allocation: Holding company bears the credit risk."],"cites":["oecd.factors","cy.faq.safeharbour"],"hashes":[["fin:nb3","4981689cd12eb61ee423c58e20cd8588789343dcc43f40c6145bea9cfe2a1296"]],"rules":[["oecd.factors","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":["fin:nb3"],"signoffs":[],"changes":[]},{"id":"lf:nb-hold:2:nb4","title":"Northbridge Marine Holdings Ltd: 2.2 Physical cash pool: deposits from the tankers","state":"draft","contentHash":"cc7840b403b2f546aa117667e8b3864e1d1b87dd6e3d8f94623d7c7fcf5b7403","content":{"text":["Physical cash pool: deposits from the tankers: Northbridge Tankers Ltd to Northbridge Marine Holdings Ltd, interest €238,000 in the year on a maximum principal of €6,800,000.","Method: Comparable uncontrolled price, deposit rate. Tested party: Northbridge Marine Holdings Ltd.","Circular 6/2023 safe harbour: not available: the category is over the threshold.","No written agreement on file.","Risk allocation: The depositor bears the credit risk of the pool leader."],"cites":["oecd.factors","cy.faq.safeharbour"],"hashes":[["fin:nb4","ed004eb6e3a75745c8b24e76b40a7cee70e66e076413dc8eb9f09b0f6416376f"]],"rules":[["oecd.factors","verified",null,null],["cy.faq.safeharbour","verified",null,null]]},"rests_on":["fin:nb4"],"signoffs":[],"changes":[]},{"id":"lf:nb-hold:3","title":"Northbridge Marine Holdings Ltd: 3. Financial information","state":"draft","contentHash":"0f941d762c5c8a3a99dd1e3b916c385c8718b7365ce698c3ee72cd5b60da6bc3","content":{"text":["Financial information used in the analysis: Management accounts, Cyprus companies (SHA-256 58754b9bee6f52c4…).","Interest-free shareholder balance: maximum principal €3,200,000; rate none charged (interest-free); tenor not on file; interest in the year €0.","Physical cash pool: deposits from the tankers: maximum principal €6,800,000; rate 3.50%; tenor not on file; interest in the year €238,000."],"cites":["oecd.docs","cy.faq.loan"],"hashes":[],"rules":[["oecd.docs","verified",null,null],["cy.faq.loan","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]},{"id":"lf:nb-crew:1","title":"Northbridge Crew Services Ltd: 1. The local entity","state":"draft","contentHash":"77419e939a8dc07c871d361630dc6b69425ab00d07456e5c09e4265355590e7c","content":{"text":["Northbridge Crew Services Ltd is a company resident in Cyprus. Crew agency for group and third-party vessels; not a qualifying ship manager, so under income tax.","Group: Northbridge Marine Holdings. Entities in the group: Northbridge Marine Holdings Ltd (CY); Northbridge Ship Management Ltd (CY); Northbridge Bulk Carriers Ltd (CY); Northbridge Crew Services Ltd (CY); Northbridge Tankers Ltd (MT).","Documentation duty: services of €1,350,000 exceeds the €1,000,000 threshold the Tax Department publishes."],"cites":["cy.who","cy.lf.threshold.circ2024","oecd.docs"],"hashes":[["obl:nb-crew","4022d237b7b2c451781b12eef5acbb2268a09f98b14b2ddc4be5b137ee529219"]],"rules":[["cy.who","verified",null,null],["cy.lf.threshold.circ2024","verified",1000000,null],["oecd.docs","verified",null,null]]},"rests_on":["obl:nb-crew"],"signoffs":[],"changes":[]},{"id":"lf:nb-crew:2:nb2","title":"Northbridge Crew Services Ltd: 2.1 Crew supply to the tankers","state":"draft","contentHash":"9657a9c372db4be4ddb67deacfa7baa5ac25c1e7a004964cbd9061fb8e765dab","content":{"text":["Crew supply to the tankers: Northbridge Crew Services Ltd to Northbridge Tankers Ltd, €1,350,000 in the year.","Method: Transactional net margin method, net cost plus. Tested party: Northbridge Crew Services Ltd.","No written agreement on file.","Risk allocation: Owner bears the operating risk of the vessels."],"cites":["oecd.factors"],"hashes":[["bench:nb2","07b654355ca422a54c16a582506924f2c797a1931e0a6a8c85735b9953cea4d0"]],"rules":[["oecd.factors","verified",null,null]]},"rests_on":["bench:nb2"],"signoffs":[],"changes":[]},{"id":"lf:nb-crew:3","title":"Northbridge Crew Services Ltd: 3. Financial information","state":"draft","contentHash":"81769c612632c9db5ac2b8da481419b8d241e3c35076f41759a4b98111a9621c","content":{"text":["Financial information used in the analysis: Management accounts, Cyprus companies (SHA-256 58754b9bee6f52c4…).","Crew supply to the tankers: net cost plus earned 5.20%."],"cites":["oecd.docs"],"hashes":[],"rules":[["oecd.docs","verified",null,null]]},"rests_on":[],"signoffs":[],"changes":[]}],"packHash":"7b8d13f2c22c4edc46cd69e0240a3e7ccd42ebe265772a0f853e64e407569f18"}