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Registered number: 06843929









MIRAMIS TRANSPORTATION LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
MIRAMIS TRANSPORTATION LIMITED
 
 
COMPANY INFORMATION


Director
Anna Aleksandridi 




Company secretary
Forth Trustees Limited



Registered number
06843929



Registered office
12 The Shrubberies
George Lane

London

E18 1BD




Independent auditors
Barnes Roffe LLP
Chartered Accountants

Leytonstone House

Leytonstone

London

E11 1GA





 
MIRAMIS TRANSPORTATION LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Director's report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Statement of financial position
 
10
Statement of cash flows
 
11
Analysis of net debt
 
12
Notes to the financial statements
 
13 - 23


 
MIRAMIS TRANSPORTATION LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
Miramis Transportation Limited is registered in the United Kingdom and has conducted its activities in accordance with the laws of the country of registration since 2009. The main activities of the Company are international rail and sea transport, rental of rolling stock and ships, as well as marine agency services at sea ports.

Business review
 
The Company made a net loss in 2023 compared to a net profit in 2022. During the last years, due to the Russian war aggression against Ukraine, decisions were made, within the time limits determined by the restrictive measures of the UK, EU countries, Switzerlandand the United States, to abandon part of the Company's activities related to transport services in the territories and with counterparties that are classified as risky in terms of sanctions restrictive measures.
The Company revised the internal policy of the Company, and regarding the prospects for activity, taking into account all factors affecting the Company's activities. Thereof, in view of the restrictive measures being introduced related to the military situation in Ukraine and the requirements of the legislation of the UK, EU countries, Switzerland and the United States, Miramis Transportation Limited is reforming its activities, rebuilding logistics chains and partially changing the directions and territories for providing services.
Thus, during 2023 year the Company concentrated on its debt recovery process and on closing the part of the activity, which does not correspond with Company politics anymore.
During 2023 year the Company provided transport services for the transportation of grain and other agricultural crops along land and sea routes in the Ukraine-Europe, Ukraine-Asia directions, as well as Romania (Constanta sea port)- Romania railways- Ukraine border directions and reverse route, Gdansk(Port) — Poland railways — Ukraine and reverse route, and multimodal container transportations China- EU sea ports- Ukraine border.
During the year, the Company sold its investment in associate.

Page 1

 
MIRAMIS TRANSPORTATION LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Principal risks and uncertainties
 
The principal risks and uncertainties facing the Company are as follows:
 
Rising Costs - Increasing rates of cost of transport monopolists (administrations of railways, ports, shipping lines, owners of rolling stock and shipowners) together with economic instability, affects the price and competitiveness of the whole range of services for a customer, which leads to a decrease in demand and also the customers' refusal of services of freight forwarding companies;
Competitiveness - Constant reduction of rates offered by competing companies, whereby competitors periodically offer customers a very low cost of a range of services, in order to secure the contract;
Cash flow - Customers tend to pay for services upon provision of such services, as well as with a delay of up to 30-45 days or more, less often on prepayment, or even pay for the service in several parts based on invoices;
Bad and doubtful debts - Financial bad faith by some customers can lead to long-term debts to freight forwarding companies. There may be unrecoverable debts of customers that have to be resolved in court, which costs additional time and money.

All of the above factors can certainly have a negative effect on doing business, but taking into account our many years of experience, the existence of long-term contracts and the agreements reached with both customers and contractors, the Company is trying to expand its range of services, attracting its partners for this to cover a large segment of the market for transport and forwarding costs.

Within the framework of the implementation of the law on Combating Money Laundering and Financing Terrorism, as well as in order to prevent financial losses, the Company has to check all the components of the transport process, to request customers and performers to provide the identification documents of the persons involved in the transaction, to obtain all necessary information about the counterparty through search databases, to use additional legal and other specialised service companies to check the counterparties.
 

Financial key performance indicators (excluding dividend income and exceptional items)
 
Decrease in sales - 85.3%
Decrease in profit/loss before tax - 112.5%
Decrease in gross profit margin - 2.1%

Directors' statement of compliance with duty to promote the success of the Company
 
The directors of the Company are actively involved in the business process. When making decisions, the directors consider what is likely to lead to the success of the Company and to be of benefit to the member as a whole over the long term.


This report was approved by the board on 24 April 2025 and signed on its behalf.



Anna Aleksandridi
Director

Page 2

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director's responsibilities statement

The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is 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 director is required to:


select suitable accounting policies for the Company's financial statements 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 director is 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 him to ensure that the financial statements comply with the Companies Act 2006He is 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.

Results and dividends

The loss for the year, after taxation, amounted to $7,018,699 (2022 - profit $4,850,075).

The directors do not propose the payment of a dividend for the year ended 31 December 2023.

Directors

The directors who served during the year were:

Anna Aleksandridi 
Julio Freire Pires (resigned 1 February 2023)

Page 3

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments

For 2024 and further, the Company plans to concentrate its efforts on expanding its activities in transport services for the transportation from EU seaports to Ukraine and transport of goods from Ukraine by road transport to European seaports, providing freight forwarding services to customers of rail transport throughout Romania using rented rail-wagons of private ownership.
 
Looking forward, the Company plans to concentrate its efforts on expanding its activities in transport services in the field multimodal container transportation. In addition, the Company plans to concentrate its efforts on establishing the direct relationships with the major international shipping companies as Maersk, CMA CGM, Mediterranean Shipping Company, COSCO etc.
For 2024 the Company forth develops its activity in the field multimodal container transportation in the direction of Asia-Europe, Middle East countries – Europe and reverse, plans to continue provide transport services for the transportation of grain and other agricultural crops along land and sea routes in the Ukraine-Europe, Ukraine-Asia directions, as well as Ukraine - Romania railways – Romania (Constanta sea port) and reverse route, Gdansk sea port – Poland railways-Ukraine and reverse route. 
In addition, the continuing unstable global situation, the rising cost of logistics services, currency fluctuations impact on reduction in the Company's income, may potentially entail a decrease in the Company’s income.
Thus, the Company takes into account all changes related to its activities and takes into account the restrictive measures and applicable legal requirements. Despite the above changes, the Company is positive and plans to maintain its activity in 2024 and further.

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as  is aware, there is no relevant audit information of which the Company's auditors are unaware, and

 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.

Post balance sheet events

There are no post balance sheet events to report.

Auditors

The auditorsBarnes Roffe LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Anna Aleksandridi
Director

Date: 24 April 2025

Page 4

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION LIMITED
 

Opinion


We have audited the financial statements of Miramis Transportation Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows and the related notes, including a summary of significant accounting policiesThe 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 Company'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.


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.


Material uncertainty related to going concern


We draw attention to note 2.2 in the financial statements, which indicates that the Company incurred a net loss of £7,018,699 during the year ended 31 December 2023. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION 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 director is responsible for the other information contained within the Annual ReportOur 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 Strategic report and the Director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Director's report have 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 Strategic report or the Director's 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 director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is 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 director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION 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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to
identify non-compliance with applicable laws and regulations;
We identified the laws and regulations applicable to the Company through discussions with directors, and
from our commercial knowledge and experience of the relevant sector;
The specific laws and regulations which we considered may have a direct material effect on the financial
statements or the operations of the Company, are as follows - Companies Act 2006, FRS 102, and tax
legislation.
We assessed the extent of compliance with the laws and regulations identified above through making
enquiries of management and inspecting legal correspondence.
Laws and regulations were communicated within the audit team at the planning meeting, and the audit team
remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the Company’s financial statements to material misstatement,
includingobtaining an understanding of how fraud might occur, by:
Making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud;
Considering the internal controls in place to mitigate risks of fraud and non - compliance with laws and
regulations;
Reviewing the financial statements and testing the disclosures against supporting documentation;
Performing analytical procedures to identify any unusual or unexpected trends or anomalies;
Inspecting and testing journal entries to identify unusual or unexpected transactions;
Assessing whether judgement and assumptions made in determining significant accounting estimates were
indicative of management bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 7

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION 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 2006Our 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.





Selven Iyaroo (Senior statutory auditor)
for and on behalf of
Barnes Roffe LLP
Chartered Accountants
Leytonstone House
Leytonstone
London
E11 1GA

24 April 2025
Page 8

 
MIRAMIS TRANSPORTATION LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
                                                                                                                 Note
$
$

  

Turnover
 4 
3,642,461
24,375,274

Cost of sales
  
(3,577,411)
(23,888,322)

Gross profit
  
65,050
486,952

Administrative expenses
  
(89,343)
(390,000)

Exceptional administrative expenses
 12 
(7,010,377)
-

Operating (loss)/profit
 5 
(7,034,670)
96,952

Income from participating interests
  
-
4,774,800

Interest receivable and similar income
 9 
118,321
189,885

Interest payable and similar expenses
 10 
(101,450)
(227,683)

(Loss)/profit before tax
  
(7,017,799)
4,833,954

Tax on (loss)/profit
 11 
(900)
16,121

(Loss)/profit for the financial year
  
(7,018,699)
4,850,075

There was no other comprehensive income for 2023 (2022:$NIL).

The notes on pages 13 to 23 form part of these financial statements.

Page 9

 
MIRAMIS TRANSPORTATION LIMITED
REGISTERED NUMBER: 06843929

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
                                                                        Note
$
$

Fixed assets
  

Investments
 13 
-
7,000,000

Current assets
  

Debtors: amounts falling due after more than one year
 14 
538,328
1,405,116

Debtors: amounts falling due within one year
 14 
8,305,871
12,224,479

Cash at bank and in hand
 15 
8,040
586,460

  
8,852,239
14,216,055

Creditors: amounts falling due within one year
 16 
(4,798,622)
(10,143,739)

Net current assets
  
 
 
4,053,617
 
 
4,072,316

Total assets less current liabilities
  
4,053,617
11,072,316

  

Net assets
  
4,053,617
11,072,316


Capital and reserves
  

Called up share capital 
 18 
3
3

Other reserves
 19 
244,637
244,637

Profit and loss account
 19 
3,808,977
10,827,676

  
4,053,617
11,072,316


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 24 April 2025.




Anna Aleksandridi
Director

The notes on pages 13 to 23 form part of these financial statements.

Page 10

 
MIRAMIS TRANSPORTATION LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
$
$

Cash flows from operating activities

(Loss)/profit for the financial year
(7,018,699)
4,850,075

Adjustments for:

Interest paid
101,450
227,683

Interest received
(118,321)
(189,885)

Taxation charge
900
(16,121)

Decrease in debtors
11,785,396
1,143,398

Decrease in creditors
(5,333,878)
(6,346,196)

Income from investments in associates
-
(4,774,800)

Corporation tax paid
(12,139)
(12,640)

Net cash generated from operating activities

(595,291)
(5,118,486)


Cash flows from investing activities

Interest received
118,321
189,885

Income from investments in associates
-
4,774,800

Net cash from investing activities

118,321
4,964,685

Cash flows from financing activities

Interest paid
(101,450)
(227,683)

Net cash used in financing activities
(101,450)
(227,683)

Net decrease in cash and cash equivalents
(578,420)
(381,484)

Cash and cash equivalents at beginning of year
586,460
967,944

Cash and cash equivalents at the end of year
8,040
586,460


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
8,040
586,460

8,040
586,460


The notes on pages 13 to 23 form part of these financial statements.

Page 11

 
MIRAMIS TRANSPORTATION LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
$

$

$

Cash at bank and in hand

586,460

(578,420)

8,040

Debt due within 1 year

(1,400,000)

-

(1,400,000)


(813,540)
(578,420)
(1,391,960)

The notes on pages 13 to 23 form part of these financial statements.

Page 12

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Miramis Transportation Limited ("the Company") is a company limited by shares and incorporated in England and Wales. Its registered office is 12 The Shrubberies, George Lane, London, E18 1BD. The principal activities of the Company are international rail and sea transport, rental of rolling stock and ships, as well as marine agency services at sea ports.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements for the Company have been prepared on a going basis. The Company recorded a loss for the financial year of $7,018,699 as a result of significant fall in turnover and impairment of debtor balances.
Having assessed the Company's forecasts and considered all other relevant matters, the Director considers it appropriate to prepare the financial statements on a going concern basis as the Director has assured herself that the Company will have sufficient resources to remain in business for at least the next 12 months from the date of approval of these financial statements.
As a result of the above, the Director considers it appropriate to prepare the financial statements on a going concern basis.

Page 13

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

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'.
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 the Statement of Income and Retained Earnings.
All other foreign exchange gains and losses are presented in the Statement of Income and Retained Earnings.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. The company recognises revenue when or as control over distinct services is transferred to the customer, i.e when the customer is able to direct the use of the transferred goods and obtains substantially all the benefits, provided a contract with enforceable rights and obligations exists and amongst others collectability of consideration is probable taking into account the customers’ creditworthiness. 
Freight-related service
The company performs freight-related services such as the company provides trains and ships to move a customer’s goods between specified origin and destination points, and other ancillary related services to the movement of freight.  Freight related services are recognised as contractual obligations are fulfilled, i.e when the customer simultaneously receives and consumes the benefit of the company’s performance.
Related expenses over freight-related services are recognised as incurred.

Page 14

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.8

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.9

Valuation of investments

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.10

Associates and joint ventures

Associates and Joint Ventures are held at cost less impairment.

 
2.11

Debtors

      Short-term debtors are measured at transaction price, less any impairment. 

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 15

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Creditors

Short-term creditors are measured at the transaction price.

 
2.14

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are
Page 16

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the process of applying its accounting policies, the Company is required to make certain estimates, judgements and assumptions that it believes are reasonable based on the information available. These judgements, estimates and assumptions affect the amounts of assets and liabilities at the date of the financial statements and the amounts of revenues and expenses recognised during the reporting periods presented.

On an ongoing basis, the Company evaluates using historical experience, consultation with experts and other methods considered reasonable in the particular circumstances. Actual results may differ significantly from the estimates, the effect of which is recognised in the period in which the facts that give rise to the revision became known.

The following paragraph details the estimates and judgements the Company believes to have the most significant impact on the annual results under FRS 102:

Revenue recognition and allowances for doubtful debtors

The Company recognises revenue generally at the time of service delivery and when collection of the resulting debtor is reasonably assured. When the Company considers that the criteria for revenue recognition are not met for a transaction, revenue recognition is delayed until such time as collectability is reasonably assured. Payments received in advance of revenue recognition are recorded as deferred income. At each reporting date, the Company evaluates the recoverability of trade debtors and records allowances for doubtful debtors based on experience. These allowances are based on, amongst other things, a consideration of actual collection history. The actual level of debtors collected may differ from the estimated levels of recovery, which could impact operating results positively or negatively.


Page 17

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
$
$

Provision of transport services
3,642,461
24,375,274


Analysis of turnover by country of destination:

2023
2022
$
$

Rest of the world
3,642,461
24,375,274



5.


Operating (loss)/profit

The operating (loss)/profit is stated after charging:

2023
2022
$
$

Exchange differences
(31,403)
255,542


6.


Auditors' remuneration

2023
2022
$
$

Fees payable to the Company's auditors for the audit of the Company's financial statements
24,825
21,500

7.


Employees

Staff costs, including director's remuneration, were as follows:


2023
2022
$
$

Wages and salaries
14,919
12,993


The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
2
2

Page 18

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Director's remuneration

2023
2022
$
$

Director's emoluments
14,919
12,993



9.


Interest receivable and similar income

2023
2022
$
$


Other interest receivable
118,321
189,885


10.


Interest payable and similar charges

2023
2022
$
$


Bank interest payable
157
351

Other loan interest payable
101,293
227,332

101,450
227,683


11.


Taxation


2023
2022
$
$

Corporation tax


Current tax on profits for the year
-
11,239

Adjustments in respect of previous periods
900
(27,360)


Total current tax
900
(16,121)
Page 19

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 25% (2022 - 19%). The differences are explained below:

2023
2022
$
$


(Loss)/profit on ordinary activities before tax
(7,017,799)
4,833,954


(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022 - 19%)
(1,754,450)
918,451

Effects of:


Non-taxable income
-
(907,212)

Unrelieved tax losses carried forward
1,754,450
-

Adjustments in respect of previous periods
900
(27,360)

Total tax charge for the year
900
(16,121)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Exceptional items

2023
2022
$
$


Impairment of debtors
7,010,377
-

7,010,377
-

Page 20

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Fixed asset investments





Investments in associates

$





At 1 January 2023
7,000,000


Disposals
(7,000,000)



At 31 December 2023
-




During the year the Company disposed of its investment in Natberg Holdings Limited for a total consideration of $7,000,000. 


14.


Debtors

2023
2022
$
$

Due after more than one year

Other debtors
538,328
1,405,116


2023
2022
$
$

Due within one year

Trade debtors
3,178,758
9,871,811

Other debtors
2,716,290
-

Prepayments and accrued income
2,410,823
2,352,668

8,305,871
12,224,479



15.


Cash and cash equivalents

2023
2022
$
$

Cash at bank and in hand
8,040
586,460


Page 21

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Creditors: Amounts falling due within one year

2023
2022
$
$

Trade creditors
3,322,762
8,683,835

Corporation tax
-
11,239

Other creditors
1,414,122
1,386,563

Accruals and deferred income
61,738
62,102

4,798,622
10,143,739



17.


Financial instruments

2023
2022
$
$

Financial assets


Financial assets that are debt instruments measured at amortised cost
6,433,376
11,276,927


Financial liabilities


Financial liabilities measured at amortised cost
(4,798,622)
(10,132,500)

Page 22

 
MIRAMIS TRANSPORTATION LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Share capital

2023
2022
$
$
Allotted, called up and fully paid



3 (2022 - 3) Ordinary shares shares of $1.00 each
3
3

Ordinary shares confer upon the holders rights to any dividends and the right to attend or vote at general meetings of the Company. 



19.


Reserves

Other reserves

Other reserves relate to capital contribution reserve in respect of loans received at below market rate.

Profit and loss account

The profit and loss account represents accumulated comprehensive income of the year and prior periods, less any dividends paid. 


20.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the reporting date.


21.


Receivables under operating leases

2023
2022
$
$
Not later than 1 year

-

720,000
 
Later than 1 year and not later than 5 years

-

2,160,000
 
-

2,880,000
 


22.


Controlling party

At the year end, the ultimate controlling party is Elena Popova by virtue of her 100% shareholding. 
However, post year end there was a change in the beneficial owner and Anna Aleksandridi is now considered to be the ultimate controlling party by virtue of her 100% shareholding. 

 
Page 23