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Registration number: 03069731

Precious Shipping (UK) Limited

Annual Report and Financial Statements

for the Year Ended 31 December 2024

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
London
W1D 5AR

 

Precious Shipping (UK) Limited

Contents

Company Information

1

Directors' Report

2

Statement of Directors' Responsibilities

3

Independent Auditor's Report

4 to 6

Statement of Income and Retained Earnings

7

Statement of Financial Position

8

Notes to the Financial Statements

9 to 13

 

Precious Shipping (UK) Limited

Company Information

Directors

Khalid Moinuddin Hashim

Gautam Khurana

Chandrasekhar Sivaraman Venkatraman

Registered office

130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

Auditor

Brebners
Chartered Accountants & Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

 

Precious Shipping (UK) Limited

Directors' Report for the Year Ended 31 December 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

Directors of the company

The directors who held office during the year were as follows:

Khalid Moinuddin Hashim

Gautam Khurana

Chandrasekhar Sivaraman Venkatraman

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved by the director on 3 February 2025 and signed by:



 

.........................................
Gautam Khurana
Director

 

Precious Shipping (UK) Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report 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 apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

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.

 

Precious Shipping (UK) Limited

Independent Auditor's Report to the Members of Precious Shipping (UK) Limited
for the Year Ended 31 December 2024

Opinion

We have audited the financial statements of Precious Shipping (UK) Limited (the 'company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, 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 2024 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.

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 Auditor’s 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.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

Precious Shipping (UK) Limited

Independent Auditor's Report to the Members of Precious Shipping (UK) Limited
for the Year Ended 31 December 2024

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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities (set out on page 3), 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 is 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.

Auditor’s 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 an auditor’s report 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.

 

Precious Shipping (UK) Limited

Independent Auditor's Report to the Members of Precious Shipping (UK) Limited
for the Year Ended 31 December 2024

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, environmental legislation, health and safety legislation, and international maritime regulations. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.

We understood how the company is complying with relevant legislation by making enquiries of management. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.

We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; and identifying and assessing the effectiveness of controls in place to prevent and detect fraud.

Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.

The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.

The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation or forgery.

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 an auditor’s report 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.

......................................
Martin Widdowson (Senior Statutory Auditor)
For and on behalf of

Brebners, Statutory Auditor
130 Shaftesbury Avenue
W1D 5AR

5 February 2025

 

Precious Shipping (UK) Limited

Statement of Income and Retained Earnings
for the Year Ended 31 December 2024

Note

2024
£

2023
£

Turnover

-

-

Administrative expenses

 

(16,108)

(508)

Operating loss

3

(16,108)

(508)

Other interest receivable and similar income

4

3,755

7,253

 

3,755

7,253

(Loss)/profit before tax

 

(12,353)

6,745

(Loss)/profit for the financial year

 

(12,353)

6,745

Retained earnings brought forward

 

(226,389)

(233,134)

Retained earnings carried forward

 

(238,742)

(226,389)

 

Precious Shipping (UK) Limited

Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Current assets

 

Debtors

8

33

32

Cash at bank and in hand

 

598,488

131,382

 

598,521

131,414

Creditors: Amounts falling due within one year

10

(831,036)

(351,576)

Net liabilities

 

(232,515)

(220,162)

Capital and reserves

 

Called up share capital

6,227

6,227

Retained earnings

(238,742)

(226,389)

Shareholders' deficit

 

(232,515)

(220,162)

Approved and authorised by the Board on 3 February 2025 and signed on its behalf by:

 

......................................................................

Gautam Khurana

Director

Company registration number: 03069731

 

Precious Shipping (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
130 Shaftesbury Avenue
2nd Floor
London
W1D 5EU

The principal activity of the company is that of ship charterers.
 

The principal place of business is:
No 8 North Sathorn Road
G, 7th, 8th and 9th Floors
Silom, Bangrak
Bangkok, 10500
Thailand

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the presentational currency of the entity. The functional currency of the entity is US$ which is the traditional currency of the shipping industry.

Summary of disclosure exemptions

Advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:

(a) No cash flow statement has been presented for the company
(b) Disclosures in respect of financial instruments have not been presented
(c) No disclosure has been given for the aggregate remuneration of key management personnel.

 

Precious Shipping (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Going concern

The company made a loss for the year ended 31 December 2024 and had a deficiency of assets of £232,515. At that date, an amount of £748,751 was due to the parent company.

The parent company has confirmed that the group will continue to support the company and will provide funds to enable the company to meet its current and future obligations as they fall due and will not call for repayment of the amounts due until such time as the company has sufficient working capital.

After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. Key assumptions and other estimation uncertainty may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Revenue recognition

Turnover is the amount receivable by the company in respect of services provided in the ordinary course of activities.

Vessel hire income and costs in respect of time charters are recognised on a daily basis and in respect of voyage charters are recognised based upon the measure of the stage of contractual completion of the voyage.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Precious Shipping (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

Financial instruments

Financial instruments are classified and accounted for according to the substance of the contractual arrangement as either financial asset, financial liability or equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3

Operating loss

Arrived at after charging/(crediting)

2024
 £

2023
 £

Foreign exchange losses/(gains)

3,120

(11,982)

4

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

3,755

7,253

5

Staff numbers

The average number of persons employed by the company during the year, was 0 (2023 - 0).

6

Auditor's remuneration

2024
 £

2023
 £

Audit of the financial statements

3,800

3,680


 

 

Precious Shipping (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

7

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

-

-

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - lower than the standard rate of corporation tax in the UK) of 25% (2023 - 25%).

The differences are reconciled below:

2024
 £

2023
 £

(Loss)/profit before tax

(12,353)

6,745

Corporation tax at standard rate

3,088

1,686

Increase (decrease) from tax losses for which no deferred tax asset was recognised

(3,088)

(1,686)

Total tax charge/(credit)

-

-

8

Debtors

2024
£

2023
£

Other debtors

33

32

33

32

9

Cash and cash equivalents

2024
£

2023
£

Cash on hand

598,488

131,382

10

Creditors

2024
 £

2023
 £

Due within one year

Trade creditors

78,556

77,537

Amounts owed to group undertakings

748,751

270,627

Accruals and deferred income

3,729

3,412

831,036

351,576

 

Precious Shipping (UK) Limited

Notes to the Financial Statements for the Year Ended 31 December 2024

11

Share capital

 

2024

2023

 

No.

£

No.

£

Ordinary shares of $1 (£0.63) each

10,000

6,277

10,000

6,277

         

There are no restrictions on the distribution of dividends or the repayment of capital.

12

Related party transactions

In accordance with FRS 102 paragraph 33.1A, exemption has been taken from disclosing transactions in the year or amounts falling due between undertakings wholly owned within the group.

13

Relationship between entity and parents

The parent of the smallest and largest group preparing group accounts including the results of the company is Precious Shipping Public Company Limited. The financial statements of Precious Shipping Public Company Limited may be obtained from www.preciousshipping.com.

The registered office of Precious Shipping Public Company Limited is No. 8, North Sathorn Road, G, 7th, 8th and 9th Floors, Silom, Bangrak, Bangkok 10500, Thailand.