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Registered number: 15982806 UMLNB 34 LIMITED DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
UMLNB 34 LIMITED COMPANY INFORMATION
Directors | B. S. Kansagra (appointed 27 September 2024)
| R. S. Kansagra (appointed 27 September 2024)
| L. E. Cadji (appointed 27 September 2024)
| L. L. Cadji (appointed 27 September 2024)
| M. B. Enston (appointed 27 September 2024)
| M. Kotsapas (appointed 27 September 2024)
Registered number | 15982806
Registered office | Portland House
| 69-71 Wembley Hill Road
| Wembley
| HA9 8BU
UMLNB 34 LIMITED CONTENTS
| Page
Directors' Report | 1 - 2
Independent Auditors' Report | 3 - 7
Statement of Comprehensive Income | 8
Balance Sheet | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 14
UMLNB 34 LIMITED DIRECTORS' REPORT FOR THE PERIOD ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the period ended 31 December 2025. The Company was incorporated on 27 September 2024. The financial statements are for the period from incorporation.
Directors' responsibilities statement
The directors are responsible for preparing the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 judgments 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 to 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.
Directors
The directors who served during the period were:
B. S. Kansagra (appointed 27 September 2024)
R. S. Kansagra (appointed 27 September 2024)
L. E. Cadji (appointed 27 September 2024)
L. L. Cadji (appointed 27 September 2024)
M. B. Enston (appointed 27 September 2024)
M. Kotsapas (appointed 27 September 2024)
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 1
UMLNB 34 LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2025
Auditors
The auditors, Malde & Co, were appointed as the first auditors of the company, and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the board and signed on its behalf.
L. E. Cadji Director
Date: 25 June 2026
Page 2
UMLNB 34 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UMLNB 34 LIMITED
Opinion
We have audited the financial statements of UMLNB 34 Limited (the 'Company') for the period ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (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 2025 and of its loss for the period 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 United Kingdom, including the Financial Reporting Council'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. Page 3
UMLNB 34 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UMLNB 34 LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Opinion 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 period 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 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which 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' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. Page 4
UMLNB 34 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UMLNB 34 LIMITED (CONTINUED)
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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. Page 5
UMLNB 34 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UMLNB 34 LIMITED (CONTINUED)
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 an Auditors' 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. 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 industry, we considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006, income and payroll taxes. The Company is also subject to other laws and regulations where the consequences of noncompliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: maritime law, health and safety, anti-bribery, employment law and certain aspects of relevant applicable legislation in countries where the Company operates. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of override of controls, and determined that the principal risks were related to posting inappropriate journal entries to revenue and management bias in accounting estimates, particularly in impairment reviews. Audit procedures performed by the audit team included: ∙Inspecting correspondence with regulators and tax authorities; ∙Discussions with management including consideration of known or suspected instances of non- compliance with laws and regulation and fraud; ∙Evaluating management’s controls designed to prevent and detect irregularities; ∙Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by users outside their normal job role or with unusual descriptions and significant transactions made outside the normal course of business; ∙Challenging assumptions and judgments made by management in their critical accounting estimates, including vessel impairment reviews; and ∙At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify noncompliance with laws and regulations and fraud. Owing to the inherent limitations in our audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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 by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.d. 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 Auditors' Report. Page 6
UMLNB 34 LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UMLNB 34 LIMITED (CONTINUED)
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 Auditors' 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. Chirag Sirish Malde FCCA (Senior Statutory Auditor) for and on behalf of Malde & Co. Chartered Certified Accountants and Statutory Auditor 99 Kenton Road Harrow Middlesex HA3 0AN 25 June 2026 Page 7
UMLNB 34 LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD ENDED 31 DECEMBER 2025
| 27 September 2024 to 31 December
| 2025
Note | $
Administrative expenses |  | (1,983)
Operating (loss)/profit | 4 | (1,983)
(Loss)/profit for the financial period |  | (1,983)
The notes on pages 11 to 14 form part of these financial statements.
Page 8
UMLNB 34 LIMITED REGISTERED NUMBER: 15982806 BALANCE SHEET AS AT 31 DECEMBER 2025
|  | 2025
Note |  | $
Current assets |  |  |
Creditors: amounts falling due within one year | 7 | (1,982) |
Net current (liabilities)/assets |  |  | (1,982)
Net (liabilities)/assets |  |  | (1,982)
Capital and reserves |  |  |
Called up share capital | 8 |  | 1
Retained earnings |  |  | (1,983)
|  |  | (1,982)
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
M. Kotsapas
Director
Date: 25 June 2026
The notes on pages 11 to 14 form part of these financial statements. Page 9
UMLNB 34 LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2025
| Called up share capital | Retained earnings | Total equity
| $ | $ | $
Comprehensive income for the period |  |  |
Loss for the period | - | (1,983) | (1,983)
Contributions by and distributions to owners |  |  |
Shares issued during the period | 1 | - | 1
At 31 December 2025 | 1 | (1,983) | (1,982)
| The notes on pages 11 to 14 form part of these financial statements.
Page 10
UMLNB 34 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
1. | General information
UMLNB 34 Limited is a private company, limited by shares, registered in England and Wales. The Company's registered number can be found on the balance sheet, and its registered office is Portland House, 69-71 Wembley Hill Road, Middlesex, HA9 8BU. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers ∙the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total ∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of: - paragraph 79(a)(iv) of IAS 1; - paragraph 73(e) of IAS 16 Property, Plant and Equipment; ∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors ∙the requirements of paragraph 74A(b) of IAS 16 ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member ∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets. This information is included in the consolidated financial statements of Union Maritime Limited as at 31 December 2025 and these financial statements may be obtained from The Registrar of Companies. Page 11
UMLNB 34 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.3 | Going concern
The Company has net current liabilities at the year end of $1,982 however this represents amounts due to group companies which will not be recalled until the resources of the Company allow.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is USD. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
| 2.6 | Financial instruments
Financial Instruments are recognised on the Company’s balance sheet when the Company becomes a party to the contractual provisions of the instrument. All financial instruments are initially measured at fair value, which generally equates to acquistion cost and are subsequently measured at amortised cost using the effective interest rate method. Page 12
UMLNB 34 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, management are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from estimates. In the opinion of the directors, there are no estimates or assumptions at the balance sheet date that could materially affect future financial statements..
4. | Operating (loss)/profit
| The operating (loss)/profit is stated after charging:
|  |  |  |  | 27 September 2024 to 31 December
|  |  |  |  | 2025
|  |  |  |  | $
| Audit fees | 1,389
5. | Employees
| The Company has no employees other than the directors who did not receive any remuneration. All personnel working for the Company are employed by a related party who charge a management fee.
6. | Taxation
No liability to UK corporation tax arose in the period.
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025
|  |  |  |  | $
| Amounts owed to group undertakings | 1,982
|  | 1,982
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
Page 13
UMLNB 34 LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2025
8. | Share capital
|  |  |  |  | 2025
|  |  |  |  | $
|  | Allotted, called up and fully paid |
|  | 1 Ordinary share of $1 | 1
The Company issued 1 Ordinary share of US$1 at par on incorporation.
9. | Controlling party
The Company is a wholly owned subsidiary of Union Maritime Limited whose registered office is at Portland House, 69-71 Wembley Hill Road, Middlesex, England, HA9 8BU. Union Maritime Limited is a subsidiary of Springfield Shipping Limited whose registered office is at 46 Berners Street, London, England, W1T 3NE. There is not considered to be a single ultimate controlling party. The smallest group for which the Company is a member and for which group financial statements have been prepared is Union Maritime Limited and the largest group is Springfield Shipping Limited.
Page 14