| Ciner Shipping UK Ltd |
| Notes to the Accounts |
| For the year ended 31 December 2024 |
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| 1 |
Company information |
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The company is a private company limited by shares, incorporated in England and registered at 23 College Hill, London, EC4R 2RP. |
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| 2 |
Accounting policies |
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2.1 Basis of preparation |
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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). |
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2.2 Turnover |
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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. |
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2.3 Tangible assets |
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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: |
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Equipment and fittings |
over 3 to 5 years |
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2.4 Debtors |
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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. |
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2.5 Creditors |
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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. |
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2.6 Taxation |
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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. |
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2.7 Impairment |
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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. |
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2.8 Foreign currency translation |
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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. |
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2.9 Pension contributions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 3 |
Audit information |
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The audit report is: |
Unqualified |
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Senior statutory auditor: |
Tuğrul Kaban |
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Firm: |
Kaban & Company Ltd |
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Date of audit report: |
10 September 2025 |
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| 4 |
Employees |
2024 |
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2023 |
| Number |
Number |
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Average number of persons employed |
3 |
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3 |
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| 5 |
Tangible assets |
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Equipment and fittings |
| £ |
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Cost |
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At 1 January 2024 |
170,069 |
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Additions |
9,452 |
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Disposals |
(1,557) |
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At 31 December 2024 |
177,964 |
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Depreciation |
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At 1 January 2024 |
124,921 |
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Charge for the year |
23,062 |
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On disposals |
(1,547) |
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At 31 December 2024 |
146,436 |
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Net book value |
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At 31 December 2024 |
31,528 |
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At 31 December 2023 |
45,148 |
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| 6 |
Debtors |
2024 |
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2023 |
| £ |
£ |
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Trade debtors |
403,246 |
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974,835 |
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Amounts owed by group undertakings |
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14,618 |
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14,618 |
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Other debtors |
2,175,998 |
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564,111 |
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2,593,862 |
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1,553,564 |
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| 7 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
| £ |
£ |
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Trade creditors |
6,936 |
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24,140 |
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Amounts owed to group undertakings |
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386,341 |
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- |
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Taxation and social security |
47,585 |
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286,147 |
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Other creditors |
71,952 |
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121,895 |
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512,814 |
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432,182 |
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| 8 |
Share capital |
2024 |
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2023 |
| £ |
£ |
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Allotted, called up and fully paid: |
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100 Ordinary shares of £1 each |
100 |
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100 |
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| 9 |
Events after the reporting date |
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Following the end of the reporting period in January, March, April and July 2025, 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. |
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| 10 |
Related party matters |
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Included in other debtors in Note 6 is a loan of £1,647,480 (2023: £nil) to Ciner Ship Management Limited, a company incorporated in Greece and a related party under the same control as the ultimate controlling party. The loan is interest-free, unsecured and repayable on demand.
Also included in other debtors in Note 6 is a loan of £30,655 (2023: £29,576) to director Vasileios Papakalodoukas. The loan is unsecured, repayable on demand and interest bearing at a rate of 2.25%.
Included in other creditors in Note 7 is a loan of £517 (2023: £16,117) from Turgay Ciner, the ultimate controlling party. The loan is interest-free, unsecured and repayable on demand. |
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| 11 |
Controlling party |
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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. |