Siem Capital UK Limited - Accounts to registrar (filleted) - small 18.2
Siem Capital UK Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
SIEM CAPITAL UK LIMITED |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 |
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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 2021 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditors |
Chartered Accountants |
Fryern House |
125 Winchester Road |
Chandlers Ford |
Hampshire |
SO53 2DR |
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307) |
BALANCE SHEET |
31 DECEMBER 2021 |
2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Debtors | 3 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 4 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
PENSION ASSET/(LIABILITY) | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
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 |
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 £903k (2020: £432k liability). |
In order to calculate the asset the directors, with the assistance of the scheme actuaries, use judgements 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. |
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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 Income Statement in the period it arises. |
2. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
The deferred tax asset relates solely to the pension liability. |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
VAT | 20,803 | 7,185 |
Accrued expenses |
5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
SIEM CAPITAL UK LIMITED (REGISTERED NUMBER: 00081307) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
6. | 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 2021 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 |
2021 | 519 | - | 173 | - |
2020 | - | 47 | 184 | - |
Entities controlled by key management personnel |
2021 | - | 54 | - | - |
2020 | - | 248 | 2 | - |
7. | ULTIMATE PARENT COMPANY |
The immediate parent Company is Siem Europe S.A.R.L. (a company incorporated in the Luxembourg). |
Siem Industries S.A. is the majority shareholder of Siem Europe S.A.R.L. and is controlled by Kristian Siem. Siem Industries S.A. is registered in the Cayman Islands. Copies of the publicly available consolidated financial statements can be obtained from 36-38 Grand Rue, L-1660 Luxembourg, Grand Duchy of Luxembourg. |