Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2023
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MIRAMIS TRANSPORTATION LIMITED
COMPANY INFORMATION
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MIRAMIS TRANSPORTATION LIMITED
CONTENTS
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MIRAMIS TRANSPORTATION LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
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.
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MIRAMIS TRANSPORTATION LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
Decrease in sales - 85.3%
Decrease in profit/loss before tax - 112.5% Decrease in gross profit margin - 2.1%
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.
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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.
The director is responsible for preparing the Strategic report, the Director's report and the financial statements in accordance with applicable law and regulations.
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 2006. He 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.
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.
The directors who served during the year were:
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MIRAMIS TRANSPORTATION LIMITED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
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.
There are no post balance sheet events to report.
The auditors, Barnes Roffe LLP, will 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.
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MIRAMIS TRANSPORTATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION LIMITED
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 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).
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.
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.
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MIRAMIS TRANSPORTATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION LIMITED (CONTINUED)
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 Report. 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. 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.
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.
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.
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MIRAMIS TRANSPORTATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION LIMITED (CONTINUED)
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.
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MIRAMIS TRANSPORTATION LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MIRAMIS TRANSPORTATION LIMITED (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Leytonstone House
London
E11 1GA
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MIRAMIS TRANSPORTATION LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
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MIRAMIS TRANSPORTATION LIMITED
REGISTERED NUMBER: 06843929
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 23 form part of these financial statements.
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MIRAMIS TRANSPORTATION LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MIRAMIS TRANSPORTATION LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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
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:
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.
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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. 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.
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (continued)
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
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2.Accounting policies (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.
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Analysis of turnover by country of destination:
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
11.Taxation (continued)
There were no factors that may affect future tax charges.
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
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MIRAMIS TRANSPORTATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
Other reserves
Profit and loss account
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.
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