Siem Capital UK Limited - Accounts to registrar (filleted) - small 18.2

Siem Capital UK Limited - Accounts to registrar (filleted) - small 18.2

SIEM CAPITAL UK LIMITED - Company Information

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REGISTERED NUMBER: 00081307















SIEM CAPITAL UK LIMITED

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019






SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SIEM CAPITAL UK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2019







DIRECTORS: K Ross
C S S Bondi



SECRETARY: C S S Bondi



REGISTERED OFFICE: 40 Brighton Road
Sutton
SM2 5BN



REGISTERED NUMBER: 00081307



SENIOR STATUTORY AUDITOR: Robin Lloyd



AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR
Page 1
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307)

BALANCE SHEET
31 DECEMBER 2019

2019 2018
Notes £    £   
CURRENT ASSETS
Debtors 3 671,955 687,570
Cash at bank and in hand 319,181 108,747
991,136 796,317
CREDITORS
Amounts falling due within one year 4 902,893 797,600
NET CURRENT ASSETS/(LIABILITIES) 88,243 (1,283 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
88,243
(1,283
)

PROVISIONS FOR LIABILITIES 5 (213,619 ) (134,199 )

PENSION ASSET 1,124,312 706,312
NET ASSETS 998,936 570,830

CAPITAL AND RESERVES
Called up share capital 500,000 500,000
Share premium 46,598 46,598
Retained earnings 452,338 24,232
SHAREHOLDERS' FUNDS 998,936 570,830

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 14 December 2020 and were signed on its behalf by:





C S S Bondi - Director


The notes form part of these financial statements

Page 2
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019


1. 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.

The presentation currency is £ sterling.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Defined benefit pension plans

The company has recognised an asset for defined benefit pension plans in the amount of £1,124k (2018:
£706k).


In order to calculate the liability the directors, with the assistance of the scheme actuaries, use judgement
regarding discount rate, rate of return on plan assets, future salary and pension increases.


A relatively minor change in any of these assumptions can have a significant impact on the carrying
amount of the defined benefit obligation.

Turnover
Turnover represents net sales during the year (excluding value added tax) adjusted for accrued and deferred income where applicable. Turnover is recognised on the provision of management services.

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

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 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.

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.

Page 3 continued...
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019


1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined benefit scheme. Under FRS 102 the pension scheme liabilities are measured using the projected units method. The pension scheme asset is recognised in full, net of deferred tax, and disclosed on the face of the balance sheet. The movement in the scheme asset is split between operating profit and finance costs in the income statement and the statement of other comprehensive income.

In addition, the company makes pension contributions to a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently administered fund. Contributions to this scheme are charged to the income statement as they become payable.

Provisions
Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at the present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance cost in the profit in the period it arises.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

3. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade debtors 491,488 390,466
Amounts owed by group undertakings 171,087 174,296
Other debtors 9,380 122,808
671,955 687,570

4. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2019 2018
£    £   
Trade creditors 80,469 159,099
Taxation and social security 1,863 -
Other creditors 820,561 638,501
902,893 797,600

5. PROVISIONS FOR LIABILITIES
2019 2018
£    £   
Deferred tax 213,619 134,199

Deferred
tax
£   
Balance at 1 January 2019 134,199
Provided during year 79,420
Balance at 31 December 2019 213,619

Page 4 continued...
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2019


5. PROVISIONS FOR LIABILITIES - continued

The deferred tax liability relates solely to the pension asset.

6. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Robin Lloyd (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP

7. RELATED PARTY DISCLOSURES

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.

During the year, the company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into and trading balances outstanding at 31 December 2019 were as follows:

Sales to
related
parties		 Purchases
from related
parties		 Amounts owed
by related
parties		 Amounts owed
to related
parties
£'000 £'000 £'000 £'000

Group entities not
wholly owned
2019 438 65 271 125
2018 646 108 - 45

Entities controlled by
key management
personnel

2019 - 93 2 -
2018 19 663 - -

Page 5