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REGISTERED NUMBER: 02857005 (England and Wales)















SIEM SHIPPING UK LIMITED

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Report of the Directors 2

Report of the Independent Auditors 3

Income Statement 6

Other Comprehensive Income 7

Balance Sheet 8

Statement of Changes in Equity 9

Notes to the Financial Statements 10


SIEM SHIPPING UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr C S S Bondi
Mr K Ross



SECRETARY: Mr C S S Bondi



REGISTERED OFFICE: 40 Brighton Road
Sutton
SM2 5BN



REGISTERED NUMBER: 02857005 (England and Wales)



SENIOR STATUTORY AUDITOR: Robin Lloyd



AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

Mr C S S Bondi
Mr K Ross

THIRD PARTY INDEMNITIES
Qualifying third party indemnity provisions for the benefit of the directors were in force during the year under review and remain in force as at the date of approval of the financial statements.

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;
-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, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr C S S Bondi - Director


4 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIEM SHIPPING UK LIMITED


Opinion
We have audited the financial statements of Siem Shipping UK Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit 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.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- 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; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

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; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIEM SHIPPING UK LIMITED


Responsibilities of directors
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, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

o Obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the financial reporting framework and in relation to the company's shipping activities.

o Understanding how the company is complying with those regulations by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through our review of board minutes and relevant correspondence.

o Discussing among the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.

o Assessing the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussing with management susceptibility to fraud, considering performance targets and how this may influence results, and assessing the internal control environment. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included assessing the appropriateness of presentation of separately disclosed items and testing manual journals. These procedures were designed to provide reasonable assurance that the financial statements were free from fraud or material error.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIEM SHIPPING UK LIMITED


Use of our report
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.




Robin Lloyd (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

4 September 2024

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes $ $ $ $

TURNOVER 3 10,575,394 9,117,489

Cost of sales 3,222,590 2,824,872
GROSS PROFIT 7,352,804 6,292,617

Administrative expenses 6,821,433 5,146,978
OPERATING PROFIT 6 531,371 1,145,639

Net exchange gain/(loss) 7 127,880 (8,022 )
659,251 1,137,617

Income from shares in group undertakings - 158,640
Interest receivable and similar income 8 1,164,107 659,765
1,164,107 818,405
1,823,358 1,956,022

Interest payable and similar expenses 9 1,221,000 910,151
PROFIT BEFORE TAXATION 602,358 1,045,871

Tax on profit 10 - -
PROFIT FOR THE FINANCIAL YEAR 602,358 1,045,871

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes $ $

PROFIT FOR THE YEAR 602,358 1,045,871


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

602,358

1,045,871

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes $ $ $ $
FIXED ASSETS
Tangible assets 11 2,788,797 1,105,016
Investments 12 15,962 15,962
2,804,759 1,120,978

CURRENT ASSETS
Stocks 13 72,767 56,692
Debtors 14 8,051,891 6,899,292
Cash at bank 822,719 3,890,428
8,947,377 10,846,412
CREDITORS
Amounts falling due within one year 15 1,607,817 2,425,429
NET CURRENT ASSETS 7,339,560 8,420,983
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,144,319

9,541,961

CAPITAL AND RESERVES
Called up share capital 17 2,813,603 2,813,603
Share premium 18 28,413,768 28,413,768
Retained earnings 18 (21,083,052 ) (21,685,410 )
SHAREHOLDERS' FUNDS 10,144,319 9,541,961

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 4 September 2024 and were signed on its behalf by:





Mr C S S Bondi - Director


SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Share Total
capital earnings premium equity
$ $ $ $
Balance at 1 January 2022 2,813,603 (22,731,281 ) 28,413,768 8,496,090

Changes in equity
Total comprehensive income - 1,045,871 - 1,045,871
Balance at 31 December 2022 2,813,603 (21,685,410 ) 28,413,768 9,541,961

Changes in equity
Total comprehensive income - 602,358 - 602,358
Balance at 31 December 2023 2,813,603 (21,083,052 ) 28,413,768 10,144,319

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. COMPANY INFORMATION

Siem Shipping UK Limited was incorporated on 27 September 1993 under the Companies Act 1985, as a private limited company and is registered in England and Wales. The principal activity of Siem Shipping UK Limited is that of sea and coastal freight water transport. The address of its registered office is 40 Brighton Road, Sutton, SM2 5BN.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historic cost convention.

The company's functional and presentation currency is US Dollars.

Going concern
The financial statements have been prepared on the going concern basis.

Preparation of consolidated financial statements
The financial statements contain information about Siem Shipping UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Siem Shipowning Inc, STAR Reefers AS, Jerpefaret 12, 0788 Oslo, Norway.

Judgements in applying accounting policies
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

1)Impairment of assets

Judgement is used to determine whether there are any indicators of impairment, triggering an impairment
review.

2)Leases

A lease that does not transfer substantially all the risks and rewards of ownership is classified as an
operating lease and is therefore not included in the statement of financial position.

Other key sources of estimation uncertainty:

1)Tangible fixed assets



Tangible fixed assets are depreciated over their useful lives taking into account residual values, where
appropriate. The actual lives of the assets and residual values are assessed annually and may vary
depending on a number of factors. Residual value assessments consider issues such as market
conditions, the remaining life of the asset and projected disposal values.

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

Turnover
Turnover consists of management services and freight revenue on a time-charter basis from voyage charters and time charters. Turnover is derived from ordinary activities, and is stated after trade discounts, other sales taxes and net of VAT.

Turnover relating to management services is recognised as the service is provided.

Turnover relating to voyages of vessels has been recognised based on the number of days the voyage lasted in the year. A voyage is defined as starting after unloading from the previous voyage.

Intangible fixed assets
Intangible fixed assets are initially measured at cost. After initial recognition, intangible fixed assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Intangible fixed assets are being amortised evenly over their useful lives of 5 years.

Tangible fixed assets
All tangible fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of tangible fixed assets initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Vessel25 years (straight-line method)
Fixtures and fittings5 years (straight-line method)
Deferred drydocking5 years (straight-line method)
Computer equipment3 - 5 years (straight-line method)

The vessels are required to be drydocked for inspection and re-licensing, at which point major repairs and maintenance are performed. The costs associated with drydocking are capitalised as they occur by adding them to the cost of the vessel and depreciating them over the period until the next scheduled drydocking.

The assets' residual values and useful lives are reviewed and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in the Income Statement.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Lubricating oil and bunkers inventories are valued at the lower of historical cost and market value applying the FIFO (first in first out) principle.

Financial instruments
The company only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.


SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Income tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies
Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Operating leases
Rentals applicable to operating leases, where substantially all of the benefits and risk of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement.

Finance income and costs
Finance income and costs are charged to the Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.

Dividend income
Dividend income is recognised when the right to receive payment is established.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2023 2022
$ $
Freight revenue 4,085,665 3,898,310
Management services 6,489,729 5,219,179
10,575,394 9,117,489

4. EMPLOYEES AND DIRECTORS
2023 2022
$ $
Wages and salaries 2,408,832 2,124,292
Social security costs 295,755 277,344
Other pension costs 207,851 210,841
2,912,438 2,612,477

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2023 2022

Administrative 18 19

The average number of employees during the year was 18 (2022: 19).

5. DIRECTORS' EMOLUMENTS
2023 2022
$ $
Directors' remuneration 120,816 115,721
Directors' pension contributions to money purchase schemes 8,712 8,708

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes 1 1

6. OPERATING PROFIT

2023 2022
$ $
Amortisation - intangible assets-8,695
Depreciation - owned assets319,854785
Auditors' remuneration11,77610,500
Amounts paid under operating leases - land and buildings100,928134,939

7. EXCEPTIONAL ITEMS
2023 2022
$ $
Net exchange gain/(loss) 127,880 (8,022 )

8. INTEREST RECEIVABLE AND SIMILAR INCOME
2023 2022
$ $
Bank interest receivable 50,999 12,997
Other interest received 1,113,108 646,768
1,164,107 659,765

9. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
$ $
Group interest payable 1,214,374 895,804
Bank charges 6,183 14,347
Interest payable 443 -
1,221,000 910,151

10. TAXATION

Analysis of the tax charge
No liability to UK corporation tax arose for the year ended 31 December 2023 nor for the year ended 31 December 2022.

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
$ $
Profit before tax 602,358 1,045,871
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2022 - 19%)

150,590

198,715

Effects of:
Expenses not deductible for tax purposes 6,654 -
Income not taxable for tax purposes - (30,142 )
Movement in deferred tax unprovided (157,244 ) (28,651 )
Group relief - (129,773 )
Impact of super deduction - (402 )
Other timing differences - (9,747 )
Total tax charge - -

11. TANGIBLE FIXED ASSETS
Fixtures
and Deferred Computer
Vessel fittings Drydocking equipment Totals
$ $ $ $ $
COST
At 1 January 2023 14,750,000 32,169 837,947 82,694 15,702,810
Additions 247,890 - 1,755,745 - 2,003,635
At 31 December 2023 14,997,890 32,169 2,593,692 82,694 17,706,445
DEPRECIATION
At 1 January 2023 13,651,260 32,169 837,947 76,418 14,597,794
Charge for year - - 317,501 2,353 319,854
At 31 December 2023 13,651,260 32,169 1,155,448 78,771 14,917,648
NET BOOK VALUE
At 31 December 2023 1,346,630 - 1,438,244 3,923 2,788,797
At 31 December 2022 1,098,740 - - 6,276 1,105,016


12. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
$
COST
At 1 January 2023
and 31 December 2023 15,962
NET BOOK VALUE
At 31 December 2023 15,962
At 31 December 2022 15,962

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. STOCKS
2023 2022
$ $
Stocks 72,767 56,692

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
$ $
Trade debtors 426,372 911,863
Amounts owed by group undertakings 7,356,207 5,244,746
Other debtors 90,049 77,472
VAT 51,523 39,373
Prepayments and accrued income 127,740 625,838
8,051,891 6,899,292

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
$ $
Trade creditors 435,979 348,865
Amounts owed to group undertakings 18,340 111,345
Other creditors 526,873 894,949
Accruals and deferred income 626,625 1,070,270
1,607,817 2,425,429

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
$ $
Within one year 100,928 100,928
Between one and five years 75,696 176,624
176,624 277,552

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: $ $
2,000,002 Ordinary shares £1 2,813,603 2,813,603

Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or any other distribution. Each share is entitled pari passu to participate in a distribution arising from a winding up of the company.

SIEM SHIPPING UK LIMITED (REGISTERED NUMBER: 02857005)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. RESERVES
Retained Share
earnings premium Totals
$ $ $

At 1 January 2023 (21,685,410 ) 28,413,768 6,728,358
Profit for the year 602,358 602,358
At 31 December 2023 (21,083,052 ) 28,413,768 7,330,716

Retained earnings includes all current and prior period retained profits and losses.

The share premium account includes any premiums received on issue of share capital, net of any transaction costs associated with the issuing of the shares.

19. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

During the year, Siem Shipping UK Limited made sales totalling $783,422 (2022: $1,085,591) to non-wholly owned subsidiaries within the group. The balance outstanding at the year end of $32,616 (2022: $108,928) is included within 'Debtors: Amounts falling due within one year'.

20. PENSION COMMITMENTS

The Company has a defined contribution plan for its employees. Under this contribution plan, the company contributes a fixed percentage of the employees' base salary. The percentage varies with the number of years employed and the level of position in the Company. Yearly contributions are expensed as incurred.

21. ULTIMATE PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate parent Company is Siem Shipowning Inc. (a company incorporated in the Cayman Islands and tax resident of the United Kingdom). Siem Industries S.A. is the majority shareholder of Siem Shipowning Inc. and is controlled by Kristian Siem. Copies of the publicly available consolidated financial statements can be obtained from Siem Shipowning Inc, 40 Brighton Road, Sutton, SM2 5BN, United Kingdom.