REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Ms Global Shipping LLP |
REGISTERED NUMBER: |
Report of the Members and |
Audited Financial Statements for the Year Ended 31 December 2023 |
for |
Ms Global Shipping LLP |
Ms Global Shipping LLP (Registered number: OC414582) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
General Information | 1 |
Report of the Members | 2 |
Report of the Independent Auditors | 4 |
Statement of Comprehensive Income | 6 |
Balance Sheet | 7 |
Reconciliation of Members' Interests | 9 |
Cash Flow Statement | 11 |
Notes to the Cash Flow Statement | 12 |
Notes to the Financial Statements | 14 |
Ms Global Shipping LLP |
General Information |
for the Year Ended 31 December 2023 |
DESIGNATED MEMBERS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
First Floor |
18 Devonshire Row |
London |
EC2M 4RH |
Ms Global Shipping LLP (Registered number: OC414582) |
Report of the Members |
for the Year Ended 31 December 2023 |
The members present their report with the financial statements of the LLP for the year ended 31 December 2023. |
PRINCIPAL ACTIVITIES |
The principal activities of the LLP in the year under review were those of sales of containers and the arrangement and provision of transportation services outside of the United Kingdom. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DESIGNATED MEMBERS |
The designated members during the year under review were: |
Other changes in designated members are as follows: |
Systus Ltd - ceased being a designated member and a member on the 16 March 2023. |
MS Transport Limited became a designated member on the 16 March 2023. |
RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS |
The loss for the year before members' remuneration and profit shares was $3,174,603 (2022 - $4,457,731 profit). |
MEMBERS' INTERESTS |
The capital of the LLP is £100 to be provided by the members in proportion being entitled together with such further sums as shall be determined by the members as being required for the purposes of the LLP. Such further capital shall be provided in the proportions in which the members are for the time being entitled to share in the profits of the LLP. |
Interest on members' capital shall be payable at a rate equal to the base lending rate from time to time of the LLP bank. Any loans made to the partnership (apart from any amounts of members' capital which have been contributed) shall bear interest at a rate equal to 3 per cent per annum over the base lending rate from time to time of the LLP bank. |
The profits and losses of the LLP, including profits and losses of a capital nature, shall be shared between the members in proportion being entitled. |
Each member may receive drawings from the LLP on account of their entitlement to profits in such amounts as shall be determined by the members. |
STATEMENT OF MEMBERS' RESPONSIBILITIES |
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations. |
Legislation applicable to limited liability partnerships requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under legislation applicable to limited liability partnerships the members 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 LLP and of the profit or loss of the LLP for that period. In preparing these financial statements, the members are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements 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 LLP will continue in business. |
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
Ms Global Shipping LLP (Registered number: OC414582) |
Report of the Members |
for the Year Ended 31 December 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information. |
ON BEHALF OF THE MEMBERS: |
Report of the Independent Auditors to the Members of |
Ms Global Shipping LLP |
Opinion |
We have audited the financial statements of Ms Global Shipping LLP (the 'LLP') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the LLP's affairs as at 31 December 2023 and of its loss for the year 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. |
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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 members' 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 LLP'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 members with respect to going concern are described in the relevant sections of this report. |
Other information |
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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 |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of members |
As explained more fully in the Statement of Members' Responsibilities set out on page two, the members 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 members determine 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so. |
Report of the Independent Auditors to the Members of |
Ms Global Shipping LLP |
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 a Report of the Auditors 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: |
We performed risk assessment procedures and obtained an understanding of the LLP and its environment, the applicable financial reporting framework, the applicable laws and regulations, the LLP's system of internal control and the fraud risk factors relevant to the LLP that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the LLP's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations. |
We considered compliance with UK Companies Act 2006 and the applicable tax legislation as the key laws and regulations which non-compliance cold directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the LLP may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to: |
- Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; |
- Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries; |
- Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period; |
- Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud. |
Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, override of internal controls, or collusion. |
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 Report of the Auditors. |
Use of our report |
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
First Floor |
18 Devonshire Row |
London |
EC2M 4RH |
Ms Global Shipping LLP (Registered number: OC414582) |
Statement of Comprehensive Income |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
TURNOVER | 3 |
Cost of sales | ( |
) | ( |
) |
GROSS (LOSS)/PROFIT | ( |
) |
Administrative expenses | ( |
) | ( |
) |
OPERATING (LOSS)/PROFIT | 5 | ( |
) |
Interest receivable and similar income | 7 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS |
( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
Ms Global Shipping LLP (Registered number: OC414582) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
CURRENT ASSETS |
Stocks | 9 |
Debtors | 10 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 11 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
and |
NET ASSETS ATTRIBUTABLE TO MEMBERS | 13,157 | 1,945,972 |
LOANS AND OTHER DEBTS DUE TO MEMBERS |
12 |
13,022 |
1,945,837 |
MEMBERS' OTHER INTERESTS |
Capital accounts | 135 | 135 |
13,157 | 1,945,972 |
TOTAL MEMBERS' INTERESTS |
Loans and other debts due to members | 12 | 13,022 | 1,945,837 |
Members' other interests | 135 | 135 |
Amounts due from members | 10 | (1,241,788 | ) | - |
(1,228,631 | ) | 1,945,972 |
Ms Global Shipping LLP (Registered number: OC414582) |
Balance Sheet - continued |
31 December 2023 |
The financial statements were approved by the members of the LLP and authorised for issue on |
Ms Global Shipping LLP (Registered number: OC414582) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
$ | $ | $ |
Balance at 1 January 2023 | 135 | - | 135 |
Loss for the financial year available for discretionary division among members |
- |
(3,174,603 |
) |
(3,174,603 |
) |
Members' interests after loss for the year | 135 | (3,174,603 | ) | (3,174,468 | ) |
Other divisions of loss | - | 3,174,603 | 3,174,603 |
Balance at 31 December 2023 | 135 | - | 135 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
$ | $ |
Amount due to members | 1,945,837 |
Amount due from members | - |
Balance at 1 January 2023 | 1,945,837 | 1,945,972 |
Loss for the financial year available for discretionary division among members |
- |
(3,174,603 |
) |
Members' interests after loss for the year | 1,945,837 | (1,228,631 | ) |
Other divisions of loss | (3,174,603 | ) | - |
Amount due to members | 13,022 |
Amount due from members | (1,241,788 | ) |
Balance at 31 December 2023 | (1,228,766 | ) | (1,228,631 | ) |
Ms Global Shipping LLP (Registered number: OC414582) |
Reconciliation of Members' Interests |
for the Year Ended 31 December 2023 |
EQUITY |
Members' other interests |
Members' |
capital |
(classified |
as | Other |
equity) | reserves | Total |
$ | $ | $ |
Balance at 1 January 2022 | 135 | - | 135 |
Profit for the financial year available for discretionary division among members |
- |
4,457,731 |
4,457,731 |
Members' interests after profit for the year | 135 | 4,457,731 | 4,457,866 |
Other divisions of profit | - | (4,457,731 | ) | (4,457,731 | ) |
Balance at 31 December 2022 | 135 | - | 135 |
DEBT | TOTAL |
Loans and other debts due to | MEMBERS' |
members less any amounts due | INTERESTS |
from members in debtors |
Other |
amounts | Total |
$ | $ |
Amount due to members | - |
Amount due from members | (2,511,894 | ) |
Balance at 1 January 2022 | (2,511,894 | ) | (2,511,759 | ) |
Profit for the financial year available for discretionary division among members |
- |
4,457,731 |
Members' interests after profit for the year | (2,511,894 | ) | 1,945,972 |
Other divisions of profit | 4,457,731 | - |
Amount due to members | 1,945,837 |
Amount due from members | - |
Balance at 31 December 2022 | 1,945,837 | 1,945,972 |
Ms Global Shipping LLP (Registered number: OC414582) |
Cash Flow Statement |
for the Year Ended 31 December 2023 |
31.12.23 | 31.12.22 |
Notes | $ | $ |
Cash flows from operating activities |
Cash generated from operations | 2 | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Loan (increase)/decrease related parties | ( |
) |
Interest received |
Net cash from investing activities | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of year | 3 | 1,787,929 |
Cash and cash equivalents at end of year | 3 | 108,493 | 236,037 |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
1. | CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT |
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members is used as a starting point in cash flow statement. |
2. | RECONCILIATION OF (LOSS)/PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS |
31.12.23 | 31.12.22 |
$ | $ |
(Loss)/profit for the financial year before members' remuneration and profit shares available for discretionary division among members |
(3,174,603 |
) |
4,457,731 |
Finance income | (49,576 | ) | (53,335 | ) |
(3,224,179 | ) | 4,404,396 |
Increase in stocks | ( |
) | ( |
) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase/(decrease) in trade and other creditors | ( |
) |
Cash generated from operations | ( |
) |
3. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
$ | $ |
Cash and cash equivalents | 108,493 | 236,037 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
$ | $ |
Cash and cash equivalents | 236,037 | 1,787,929 |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Cash Flow Statement |
for the Year Ended 31 December 2023 |
4. | ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS |
Other |
non-cash |
At 1.1.23 | Cash flow | changes | At 31.12.23 |
$ | $ | $ | $ |
Net cash |
Cash at bank |
and in hand | 236,037 | (127,544 | ) | 108,493 |
236,037 | ( |
) | 108,493 |
Net funds (before |
members' debt) | 236,037 | (127,544 | ) | - | 108,493 |
Loans and other debts |
due to members |
Other amounts |
due to members | (1,945,837 | ) | - | 1,932,815 | (13,022 | ) |
Net (debt)/funds | (1,709,800 | ) | (127,544 | ) | 1,932,815 | 95,471 |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Ms Global Shipping LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared in US Dollars as this is considered by the members to be the LLP's functional currency. |
Turnover |
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying services and excludes value added tax. Where services are performed gradually over time, revenue is recognised as an activity progresses by reference to the value of the work performed. Revenue in respect of transport is recognised on delivery of goods. |
Revenue arising from the sale of goods is recognised when the significant risks and rewards of ownership have been transferred to the buyer; there is neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction arise; and the costs incurred in respect of the transaction can be measured reliably. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock represents containers purchased for re-sale and is stated at purchase price. |
Foreign currencies |
Monetary assets and liabilities in foreign currencies are translated into US Dollars at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into US Dollars at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Allocation of profit and losses |
A member's share in the profits of the year is accounted for as an allocation of profits. The income profits and losses of the LLP shall be shared between the members in proportion entitled. |
Taxation |
Taxation on partnership profits is solely the responsibility of individual members. Consequently neither taxation nor deferred taxation arising in respect of the LLP are accounted for in these financial statements. |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
Cash and cash equivalents |
Cash and cash equivalents comprise cash in hand and cash held on demand with banks. |
Trade and other debtors |
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. Bad and doubtful debt provision is based on analysis and review of aging debtors at the end of the financial year. Debts over one year are scrutinised and provision is made based on management' opinion. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The LLP does not have long term creditors. |
Loans and borrowings |
Loans and borrowing are recognized initially at fair value, net of transaction costs incurred and subsequently carried at amortized cost using the effective interest method. |
Going concern |
The financial statements have been prepared on a going concern basis, even if during the year the LLP made a loss of $3,174,603 (2022: profit of $4,457,731) net assets attributable to members decreased to $13,157 (2022: net assets $1,945,972). |
The members of the LLP are considering the following steps to ensure going concern basis is appropriate: |
1) Ultimate controlling member has expressed his willingness to provide financial support to the partnership for the next 12 months from the date these financial statements are signed in order for the LLP to meet its obligations. |
2) The partnership is exploring new markets to expand their business activities. |
3) The partnership is starting a new business activity, renting containers. This will generate additional income. |
3. | TURNOVER |
The turnover and loss (2022 - profit) for the financial year before members' remuneration and profit shares are attributable to the principal activities of the LLP. |
An analysis of turnover by class of business is given below: |
31.12.23 | 31.12.22 |
$ | $ |
The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the principal activity of the LLP. |
No turnover was derived from activities in the UK. |
4. | EMPLOYEE INFORMATION |
There were no staff costs for the year ended 31 December 2023 nor for the year ended 31 December 2022. |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging: |
31.12.23 | 31.12.22 |
$ | $ |
Foreign exchange differences |
Bad debts written off |
Provision for doubtful debts |
6. | AUDITORS' REMUNERATION |
31.12.23 | 31.12.22 |
$ | $ |
Fees payable to the LLP's auditors for the audit of the LLP's financial statements | 14,287 | 13,501 |
Fees payable to the LLP's auditors for the audit of the LLP's financial statements for the current year are £11,200 plus VAT (2022: £11,200 plus VAT). |
7. | INTEREST RECEIVABLE AND SIMILAR INCOME |
31.12.23 | 31.12.22 |
$ | $ |
Interest receivable |
8. | INFORMATION IN RELATION TO MEMBERS |
31.12.23 | 31.12.22 |
The average number of members during the year was | 2 | 2 |
9. | STOCKS |
31.12.23 | 31.12.22 |
$ | $ |
Stocks |
Stock represents containers purchased for re-sale. |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Trade debtors |
Provision for doubtful debts | (764,473 | ) | (189,509 | ) |
Amounts due from members | 1,241,788 | - |
Other debtors |
Loans issued to related parties | 1,617,002 | 2,540,023 |
Amounts owed by related parties | 9,964,918 | 7,774,269 |
VAT |
Prepayments and accrued income |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
The details of the movements in the provision are below: |
Provision as at 01/01/2023 | 189,509 |
Increase in provision in 2023 | 702,268 |
Debt written off against provision 2022 | (131,836 | ) |
FX | 4,532 |
Provision as at 31/12/2023 | 764,473 |
Also the debts for the amount of $157,315 were written off as a bad debt in 2023. |
After the year end, in August 2024 MS Global Shipping LLP signed tri-partite agreement with one of the major debtors and the major creditor. As result the trade debtors balance was offset against the trade creditors balance for the amount of $ 1,948,868. |
In September 2024 the debts for the total amount of $1,300,500 were assigned to a non-related 3d party company. 50% of these debts were provided in 2023. |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
$ | $ |
Trade creditors |
Amount owed to related parties | 14,466,489 | 13,572,802 |
Prepayments received from |
customers | 389,072 | - |
Accruals and deferred income |
Accrued expenses |
In August 2024 MS Global Shipping LLP signed tri-partite agreement with one of the major debtors and the major creditor. As result the trade debtors balance was offset against trade creditors balance for the amount of $ 1,948,868. |
12. | LOANS AND OTHER DEBTS DUE TO MEMBERS |
31.12.23 | 31.12.22 |
$ | $ |
Amounts owed to members in respect of profits | 13,022 | 1,945,837 |
Falling due within one year | 13,022 | 1,945,837 |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
13. | RELATED PARTY DISCLOSURES |
During the year the LLP made sales of $18,813,052 (2022: $9,446,904) to OOO Modul Co. |
The balance owed by OOO Modul Co as at 31 December 2023 was $7,509,044 (2022: $4,760,474). |
During the year the LLP made sales of $4,242,728 (2022: $3,002,624) to MS Shipping AG. |
The balance owed by MS Shipping AG as at 31 December 2023 was $2,455,874 (2022: $3,013,795). |
During the year the LLP received services of $8,145,503 (2022: $14,656,150) from OOO Modul Co. |
The balance owed to OOO Modul Co as at 31 December 2023 was $10,054,498 (2022: $6,216,520). |
During the year there were no transactions with OOO Modul Terminal, renamed to MDL Forwarding Co Ltd, (2022: the LLP received services of $1,092,068 from OOO Modul Terminal). |
The balance owed to OOO Modul Terminal, renamed to MDL Forwarding Co Ltd, as at 31 December 2023 was $72,129 (2022: $72,129). |
During the year the LLP received services of $13,853,305 (2022: $9,473,736) from MS Shipping AG. |
The balance owed to MS Shipping AG as at 31 December 2023 was $4,339,863 (2022: $7,284,154). During the year a part of the debtor balance of $144,633 due from MS Shipping AG was offset against the creditor balance payable to the same company. |
During the year $1,000,000 of the loan to MS Shipping AG was repaid and an interest of $28,486 (2022: $33,438) was charged. As at 31 December 2023 the loan due from MS Shipping AG was $811,449 (2022: $1,782,963). There is no collateral for this loan, interest charge was charged at 3%. This loan is receivable on demand. |
All the above entities are related by virtue of common ownership. |
There were no payments/repayments during the year of the loan provided by the LLP to Mr V Gay. |
The LLP charged an interest of $21,091 (2022: $20,671). As at 31 December 2023 the balance due from Mr V Gay was $805,553 (2022: $757,060). |
Members' interests (amounts owed to/from members in respect of profits/loss) are shown in debtors, in Note 10 in these accounts (as Amounts due from members $1,241,789 (2022: $Nil)) and in creditors, in Note 12 in these accounts (as Amounts owed to members in respect of profits $13,022 (2022: $1,945,837). |
The detailed reconciliation of members' interests is on pages 9-10 of these accounts. |
The balances of total members' interests (page 9 in these accounts), including capital and current (share of profit/loss) parts are the following: |
31/12/2023 | 31/12/2022 |
$ | $ |
Systus Ltd | 13,022 | 19,460 |
Gaval Holdings AG | (1,216,344 | ) | 1,926,512 |
MS Transport Limited | (25,309 | ) |
Total members' interests | (1,228,631 | ) | 1,945,972 |
14. | AUDITOR LIABILITY LIMITATION AGREEMENT |
An auditors' limitation of liability agreement has been approved by the members for the financial year ended 31 December 2023. The principal terms and conditions are as below: |
- The agreement limits the amount of any liability owed to the LLP by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the LLP's accounts and pursuant to this agreement the auditor may be guilty in relation to the LLP. |
- The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above. |
Ms Global Shipping LLP (Registered number: OC414582) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
15. | POST BALANCE SHEET EVENTS |
After the year end, in August 2024 MS Global Shipping LLP signed tri-partite agreement with one of the major debtors and the major creditor. As result the trade debtors balance was offset against the trade creditors balance for the amount of $ 1,948,868. |
In September 2024 the debts for the total amount of $1,300,500 were assigned to a non-related 3d party company. 50% of these debts were provided in 2023. |
16. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is |