Registered number
12883490
Ciner Shipping UK Ltd
Accounts
For the year ended 31 December 2023
delivered to the Registrar of Companies under section 444 of the Companies Act 2006
Ciner Shipping UK Ltd
Registered number: 12883490
Balance Sheet
As at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 5 45,148 78,975
Current assets
Debtors 6 1,553,564 512,302
Cash at bank 338,897 509,877
1,892,461 1,022,179
Creditors: amounts falling due within one year 7 (432,182) (340,602)
Net current assets 1,460,279 681,577
Total assets less current liabilities 1,505,427 760,552
Provision for deferred tax liabilities (11,287) (19,744)
Net assets 1,494,140 740,808
Capital and reserves
Share capital 8 100 100
Retained earnings 1,494,040 740,708
Shareholders funds 1,494,140 740,808
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The company has taken the option not to deliver a profit and loss account to the Registrar of Companies.
Vasileios Papakalodoukas
Director
Approved by the board on 24 September 2024
Ciner Shipping UK Ltd
Notes to the Accounts
For the year ended 31 December 2023
1 Company information
The company is a private company limited by shares, incorporated in England and registered at 23 College Hill, London, EC4R 2RP.
2 Accounting policies
2.1 Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the Standard).
2.2 Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover comprises revenue earned from the rendering of services which is recognised on completion of the service.
2.3 Tangible assets
Tangible assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life, as follows:
Equipment and fittings over 3 to 5 years
2.4 Debtors
Short term debtors are measured at transaction price less any impairment losses for bad and doubtful debts. Longer term loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
2.5 Creditors
Short term creditors are measured at transaction price. Longer term loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.6 Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the accounts and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
2.7 Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in the profit and loss account unless the asset is carried at a revalued amount, in which case the impairment loss is a revaluation decrease.
2.8 Foreign currency translation
The company's functional and presentation currency is Pound Sterling ("£"). Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2.9 Pension contributions
Contributions to defined contribution plans are expensed in the period to which they relate.
3 Audit information
The audit report is: Unqualified
Senior statutory auditor: Tuğrul Kaban
Firm: Kaban & Company Ltd
Date of audit report: 24 September 2024
4 Employees 2023 2022
Number Number
Average number of persons employed 3 3
5 Tangible assets
Equipment and fittings
£
Cost
At 1 January 2023 159,692
Additions 10,377
At 31 December 2023 170,069
Depreciation
At 1 January 2023 80,717
Charge for the year 44,204
At 31 December 2023 124,921
Net book value
At 31 December 2023 45,148
At 31 December 2022 78,975
6 Debtors 2023 2022
£ £
Trade debtors 974,835 146,474
Amounts owed by group undertakings 14,618 14,618
Other debtors 564,111 351,210
1,553,564 512,302
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 24,140 28,244
Taxation and social security 286,147 217,819
Other creditors 121,895 94,539
432,182 340,602
8 Share capital 2023 2022
£ £
Allotted, called up and fully paid:
100 Ordinary shares of £1 each 100 100
9 Events after the reporting date
Following the end of the reporting period, in April, May and June 2024, the company gave letters of undertaking containing fixed and floating charges to the ultimate owners of 4 ships that are chartered by related party shipping operators and managed by the company.
10 Related party matters
Included in other creditors in Note 7 is an interest-free and unsecured loan of £16,117 (2022: £29,317) from Turgay Ciner, the ultimate controlling party. Although the loan is repayable on demand, confirmations have been received that repayment will not be sought whilst the company may need it.

Included in other debtors in Note 6 is a loan of £29,576 (2022: £nil) to director Vasileios Papakalodoukas. The loan is unsecured, repayable on demand and interest bearing at a rate of 2.25%.
11 Controlling party
The company is a wholly owned subsidiary of Mining, Minerals and Chemicals Ltd, registered at Palm Grove House, PO Box 438, Road Town, Tortola, British Virgin Islands. The ultimate controlling party is Turgay Ciner.
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