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REGISTERED NUMBER: 06740319 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Advance Shipping Limited

Advance Shipping Limited (Registered number: 06740319)

Contents of the Financial Statements

for the Year Ended 31 December 2024

Page |

Company Information | 1 |

Balance Sheet | 2 |

Notes to the Financial Statements | 4 |

Advance Shipping Limited

Company Information

for the Year Ended 31 December 2024

| DIRECTORS: | Mrs EV Kolobova

| Mr AS Drury

| REGISTERED OFFICE: | 12 Mason's Avenue

| London

| EC2V 5BT

| REGISTERED NUMBER: | 06740319 (England and Wales)

Advance Shipping Limited (Registered number: 06740319)

Balance Sheet

31 December 2024

| 2024 | 2023 |

| Notes | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | - |  | - |  |

Investments | 5 | 100 |  | 100 |  |

100 |  | 100 |  |

CURRENT ASSETS

Debtors | 6 | 286,866 |  | 283,854 |  |

Prepayments and accrued income | 43,300 |  | 32,759 |  |

Cash at bank | 45,693 |  | 16,640 |  |

375,859 |  | 333,253 |  |

CREDITORS

Amounts falling due within one year | 7 | 288,595 |  | 204,436 |  |

NET CURRENT ASSETS | 87,264 |  | 128,817 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 87,364 |  | 128,917 |  |

CAPITAL AND RESERVES

Called up share capital | 9 | 100 |  | 100 |  |

Retained earnings | 87,264 |  | 128,817 |  |

SHAREHOLDERS' FUNDS | 87,364 |  | 128,917 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Advance Shipping Limited (Registered number: 06740319)

Balance Sheet - continued

31 December 2024

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 September 2025 and were signed on its behalf by:

Mrs EV Kolobova - Director

Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements

for the Year Ended 31 December 2024

1. | STATUTORY INFORMATION

| Advance Shipping Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Related party exemption

| 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.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Office Equipment | - | 25% on cost

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| 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 or deferred taxation assets and liabilities are not discounted.

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

| Deferred tax

| 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.

Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

2. | ACCOUNTING POLICIES - continued

| Foreign currencies

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

| 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 profit or loss in the period to which they relate.

| Operating leases

| Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.

| Group accounts

| Group accounts have not been prepared because the group meets the qualifying conditions set out in section 399(2A) of the Companies Act 2006.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 9 (2023 - 10 ) .

4. | TANGIBLE FIXED ASSETS

| Office

| Equipment

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 83,750 |  |

| DEPRECIATION

| At 1 January 2024

| and 31 December 2024 | 83,750 |  |

| NET BOOK VALUE

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

5. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 January 2024

| and 31 December 2024 | 100 |  |

| NET BOOK VALUE

| At 31 December 2024 | 100 |  |

| At 31 December 2023 | 100 |  |

6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Amounts owed by group undertakings | 275,004 |  | 275,004 |  |

| VAT | 11,862 |  | 8,850 |  |

286,866 |  | 283,854 |  |

7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2024 | 2023 |

£ | £ |

| Trade creditors | 9,546 |  | 4,466 |  |

| Amounts owed to group undertakings | 186,379 |  | 64,900 |  |

| Tax | 60,177 |  | 72,357 |  |

| Other creditors | 1,024 |  | 1,280 |  |

| Shareholder loans | 8,509 |  | 8,509 |  |

| Accrued expenses | 22,960 |  | 52,924 |  |

288,595 |  | 204,436 |  |

8. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 | 2023 |

£ | £ |

| Within one year | 116,183 |  | 116,183 |  |

| Between one and five years | 232,366 |  | 348,549 |  |

348,549 |  | 464,732 |  |

| Lease commencement 04 June 2022 for 5 years with additional 7 months rent free if break option is not exercised at the end of year 4.

Advance Shipping Limited (Registered number: 06740319)

Notes to the Financial Statements - continued

for the Year Ended 31 December 2024

9. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

| value: | £ | £ |

| 100 | Ordinary | £1 | 100 |  | 100 |  |

10. | ULTIMATE CONTROLLING PARTY

| The controlling party is Advance Shipping Holding Limited.

| Throughout the year the company was under the control of Advance Shipping Holding Limited, a company in which EV Kolobova and AS Drury hold 100% of the issued share capital.