MIR LIMITED UK LTD

Company Registration Number:
10417552 (England and Wales)

Unaudited statutory accounts for the year ended 31 December 2022

Period of accounts

Start date: 1 January 2022

End date: 31 December 2022

MIR LIMITED UK LTD

Contents of the Financial Statements

for the Period Ended 31 December 2022

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

MIR LIMITED UK LTD

Directors' report period ended 31 December 2022

The directors present their report with the financial statements of the company for the period ended 31 December 2022

Principal activities of the company

The principal activity of the Company is that of the provision of a digital wallets service

Political and charitable donations

Political and charitable donationsNo political or charitable donations were made during the reporting period.

Additional information

Post reporting date eventsAfter the reporting date the Company had a large trade receivable from a payment service provider deemed irrecoverablewhich resulted in an adjusting event as disclosed in note 21.Subsequent to the year end the company received external advice in June 2023 regarding its definition of 'relevant funds' and acted upon this advice in first instance as stated in note 15.During October 2023, the directors committed to a plan to restructure the UK operations due to a decrease in revenuesfrom ceasement of certain business segments, estimated costs have not been confirmed. The restructure is expected tobe completed by 31 December 2023.



Directors

The directors shown below have held office during the whole of the period from
1 January 2022 to 31 December 2022

Israel Rosenthal
Christian Mark Sperring


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 November 2023

And signed on behalf of the board by:
Name: Israel Rosenthal
Status: Director

MIR LIMITED UK LTD

Profit And Loss Account

for the Period Ended 31 December 2022

2022 13 months to 31 December 2021


£

£
Turnover: 13,090,000 10,460,000
Cost of sales: ( 7,135,000 ) ( 5,372,000 )
Gross profit(or loss): 5,955,000 5,088,000
Distribution costs: 0 0
Administrative expenses: ( 5,839,000 ) ( 5,109,000 )
Operating profit(or loss): 116,000 (21,000)
Interest receivable and similar income: 0
Interest payable and similar charges: ( 5,000 ) ( 20,000 )
Profit(or loss) before tax: 111,000 (41,000)
Tax: ( 21,000 ) 0
Profit(or loss) for the financial year: 90,000 (41,000)

MIR LIMITED UK LTD

Balance sheet

As at 31 December 2022

Notes 2022 13 months to 31 December 2021


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Investments: 3 318,000 318,000
Total fixed assets: 318,000 318,000
Current assets
Debtors: 4 20,187,000 19,478,000
Cash at bank and in hand: 24,725,000 18,548,000
Total current assets: 44,912,000 38,026,000
Prepayments and accrued income: 446,000 385,000
Creditors: amounts falling due within one year: 5 ( 43,177,000 ) ( 36,429,000 )
Net current assets (liabilities): 2,181,000 1,982,000
Total assets less current liabilities: 2,499,000 2,300,000
Creditors: amounts falling due after more than one year: 6 ( 11,000 ) ( 26,000 )
Provision for liabilities: 0 0
Accruals and deferred income: ( 318,000 ) ( 194,000 )
Total net assets (liabilities): 2,170,000 2,080,000
Capital and reserves
Called up share capital: 2,000,000 2,000,000
Profit and loss account: 170,000 80,000
Total Shareholders' funds: 2,170,000 2,080,000

The notes form part of these financial statements

MIR LIMITED UK LTD

Balance sheet statements

For the year ending 31 December 2022 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 7 November 2023
and signed on behalf of the board by:

Name: Israel Rosenthal
Status: Director

The notes form part of these financial statements

MIR LIMITED UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 101

    Turnover policy

    Revenue from contracts with customers policy explained. All revenues generated by the Company relate to services transferred at a point in time and as such no contractreceivables, assets or liabilities have been recognised as at 31 December 2022.

    Tangible fixed assets depreciation policy

    Property and equipmentProperty and equipment are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their estimated residual valuesusing a straight line method over the useful lives on the following bases:Fixtures and fittings 5 years straight lineThe gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds andthe carrying value of the asset and is recognised in the statement of profit or loss and other comprehensive income.

    Intangible fixed assets amortisation policy

    The Company has operating leases for offices and considers the lease term to establish the right-of-use assetsand lease liabilities. The lease agreements do not contain any material residual value guaranteesor material restrictive covenants. The Company does not face a significant liquidity risk with regard to its leaseliabilities. Lease liabilities are monitored within the Company's treasury function.

    Other accounting policies

    - Revenue from contracts with customer (note 5)- Taxation, including deferred tax (note 10)- Property and equipment (note 11)- Investment in subsidiary undertakings (note 13)- Trade and other receivables (note 14)- Events after the Reporting Period (note 21)

MIR LIMITED UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2022

  • 2. Employees

    2022 13 months to 31 December 2021
    Average number of employees during the period 11 13

    The restructure disclosure note in the accounts is not going to affect any UK employees

MIR LIMITED UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2022

3. Fixed assets investments note

Investment in subsidiary undertakingsThe Company has control in the financial and operating policy decisions of other entities during the Year. Investment in subsids are recognised in the statement of financial position at cost less accumulatedimpairment. The balance of investments within the Company represents the 100% share holdings of MIRMuchBetter EDE S.L., UAB MIR Lithuania, MIR MuchBetter Australia PTY Ltd during the period. The principalsubsidiaries of the Company are as follows:Class of % HeldName of undertaking Registered office shares held DirectUAB MIR Lithuania Lithuania Ordinary Shares 100%MIR MuchBetter EDE S.L Spain Ordinary Shares 100%MIR MuchBetter Australia PTY Ltd Australia Ordinary Shares 100%

MIR LIMITED UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2022

4. Debtors

2022 13 months to 31 December 2021
£ £
Trade debtors 19,741,000 19,093,000
Prepayments and accrued income 446,000 385,000
Total 20,187,000 19,478,000

MIR LIMITED UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2022

5. Creditors: amounts falling due within one year note

2022 13 months to 31 December 2021
£ £
Trade creditors 42,859,000 36,235,000
Accruals and deferred income 318,000 194,000
Total 43,177,000 36,429,000

MIR LIMITED UK LTD

Notes to the Financial Statements

for the Period Ended 31 December 2022

6. Creditors: amounts falling due after more than one year note

2022 13 months to 31 December 2021
£ £
Amounts due under finance leases and hire purchase contracts 11,000 26,000
Total 11,000 26,000