Acorah Software Products - Accounts Production 16.3.350 false true true 31 December 2023 1 January 2023 false 4 June 2025 1 January 2024 31 December 2024 31 December 2024 08761259 Mr Andreas Demosthenous Yiangou Mr Ibrahim Miskavi true iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 08761259 2023-12-31 08761259 2024-12-31 08761259 2024-01-01 2024-12-31 08761259 frs-core:CurrentFinancialInstruments 2024-12-31 08761259 frs-core:ComputerEquipment 2024-12-31 08761259 frs-core:ComputerEquipment 2024-01-01 2024-12-31 08761259 frs-core:ComputerEquipment 2023-12-31 08761259 frs-core:FurnitureFittings 2024-12-31 08761259 frs-core:FurnitureFittings 2024-01-01 2024-12-31 08761259 frs-core:FurnitureFittings 2023-12-31 08761259 frs-core:ShareCapital 2024-12-31 08761259 frs-core:RetainedEarningsAccumulatedLosses 2024-12-31 08761259 frs-bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 08761259 frs-bus:FilletedAccounts 2024-01-01 2024-12-31 08761259 frs-bus:SmallEntities 2024-01-01 2024-12-31 08761259 frs-bus:Audited 2024-01-01 2024-12-31 08761259 frs-bus:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 08761259 1 2024-01-01 2024-12-31 08761259 frs-bus:Director1 2024-01-01 2024-12-31 08761259 frs-bus:Director2 2024-01-01 2024-12-31 08761259 frs-countries:EnglandWales 2024-01-01 2024-12-31 08761259 2022-12-31 08761259 2023-12-31 08761259 2023-01-01 2023-12-31 08761259 frs-core:CurrentFinancialInstruments 2023-12-31 08761259 frs-core:ShareCapital 2023-12-31 08761259 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31
Registered number: 08761259
Misnak International (UK) Limited
Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Statement of Financial Position 1
Notes to the Financial Statements 2—5
Page 1
Statement of Financial Position
Registered number: 08761259
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 3,661 4,307
3,661 4,307
CURRENT ASSETS
Debtors 4 373,498 211,144
Cash at bank and in hand 29,932 132,947
403,430 344,091
Creditors: Amounts Falling Due Within One Year 5 (673,657 ) (714,174 )
NET CURRENT ASSETS (LIABILITIES) (270,227 ) (370,083 )
TOTAL ASSETS LESS CURRENT LIABILITIES (266,566 ) (365,776 )
NET LIABILITIES (266,566 ) (365,776 )
CAPITAL AND RESERVES
Called up share capital 6 1,000 1,000
Income Statement (267,566 ) (366,776 )
SHAREHOLDERS' FUNDS (266,566) (365,776)
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Andreas Demosthenous Yiangou
Director
02/06/2025
The notes on pages 2 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. Going Concern Disclosure
During the period there was decrease in sales and associated gross profit. The company made a net profit of £99,210 (2023: £290,085). At the year end the current liabilities exceeded its current assets by £270,227 (2023: £370,083).
The directors recognise the importance of improving profitability and liquidity.The company is actively looking for new customers and projects with a view to increasing sales and improve profitability. The directors of Misnak International (UK) Limited have prepared prudent forecast which give a reasonable expectation that the company has sufficient resources to improve it's liquidity and operational existence for the foreseeable future. The directors have received a confirmation from the parent company Misnak International DWC LLC that it will provide all the necessary financial support to the company for a period of 12 months from the date of approval of these financial statements. Enquiries made by the directors indicate that the parent company has the ability to provide such ongoing support. As with any company placing reliance on other parent entity for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.
In the year ended 31 December 2018 the company had entered into a dispute with a customer. The case was decided in favour of the company in year ended 31 December 2019. The amount due from the customer is £69,397. As a result of the legal case the company was given an option to exercise its rights of lien in respect of the indebtness.
In March 2020 the customer filed a new civil suit disputing the original judgement and restraining Misnak International UK) Limited from exercising a contractual lien. The new civil suit was dismissed by the Court. Following the dismissal of the case the customer has further sued the company (see note 7). An application to challenge jurisdiction of the suit has been made by the company. Ruling was delivered whereby the court declined to dismiss the suit and held that it had jurisdiction. An appeal against the court ruling has been filed by the company. The company is awaiting direction from the court on the hearing of the appeal. The outcome of the case is uncertain and as a result no provision has been made by the company in the accounts. The directors are confident that the company will be successful in the legal dispute. The directors are confident that the company will recover the outstanding balance.
The directors have carefully considered these risks including an assessment on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements on a going concern basis.
Therefore, after making relevant enquiries, the directors have reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the directors have continued to adopt the going concern basis of accounting in preparing these financial statements.
1.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Revenue from contracts for freight brokerage services is recognised by reference to the stage of completion of each assignment and by the shipment date. For individual shipments revenue is usually recognised at the time of shipment i.e. when the shipping documents such as bill of lading are raised, and for ongoing project work revenue is recognised on an ongoing basis when the service is provided and risks and rewards of ownership is transferred to the customers.
1.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 15% Reducing balance
Computer Equipment 15% Reducing balance
Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exists. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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1.5. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
1.6. Financial Instruments
Short term debtors and creditors

Trade and other debtors are initially recognised at fair value 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 receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade debtors are assessed for impairment at the end of each reporting period and amounts impaired are deducted and charged to the Profit and Loss Account.

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised costs using the effective interest method unless the effect of discounting would be immaterial in which case they are stated at cost.
1.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
1.8. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
1.9. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the income statement as they become payable in accordance with the rules of the scheme.
1.10. Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities.
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1.11. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12. Provisions
Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.
2. Average Number of Employees
Average number of employees, including directors, during the year was: 5 (2023: 5)
5 5
3. Tangible Assets
Fixtures & Fittings Computer Equipment Total
£ £ £
Cost
As at 1 January 2024 8,352 5,276 13,628
As at 31 December 2024 8,352 5,276 13,628
Depreciation
As at 1 January 2024 6,335 2,986 9,321
Provided during the period 303 343 646
As at 31 December 2024 6,638 3,329 9,967
Net Book Value
As at 31 December 2024 1,714 1,947 3,661
As at 1 January 2024 2,017 2,290 4,307
4. Debtors
2024 2023
£ £
Due within one year
Trade debtors 370,459 184,642
Prepayments and accrued income 757 11,553
Other debtors 2,282 14,949
373,498 211,144
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5. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 47,046 77,382
Other taxes and social security 8,611 8,501
Other creditors 1,283 -
Accruals and deferred income 29,749 41,323
Amounts owed to parent undertaking 586,968 586,968
673,657 714,174
The amounts owed to parent company is £586,968 (2023: £586,968). Although the amount is payable on demand the company has received assurances from Misnak International DWC LLC, the holding company, that it will not call upon the company to repay the amount of £586,968 until such time as this can be done without it adversely affecting the company's financial position.The amount is available to the company on an interest free basis.
6. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1,000 1,000
7. Contingent Liabilities
In the year ended 31 December 2018 the company had entered into a dispute with a customer. The case was decided in favour of the company in year ended 31 December 2019.
In March 2020 the customer filed a new civil suit disputing the original judgement and restraining Misnak International (UK) Limited from exercising a contractual lien.The new civil suit was dismissed by the Court. Following the dismissal of the case the customer has further sued the company for the value of the goods, purported loss of the income plus legal cost of the suit. An application to challenge jurisdiction of the suit has been made by the company. Ruling was delivered whereby the court declined to dismiss the suit and held that it had jurisdiction. An appeal against the court ruling has been filed by the company. The company is awaiting direction from the court on the hearing of the appeal. The outcome of the case is uncertain and as a result no provision has been made by the company in the accounts.
8. Ultimate Controlling Party
The company is a 100% subsidiary undertaking of Misnak International DWC-LLC incorporated in United Arab Emirates. The ultimate beneficial owner is Mr Fuat Miskavi, resident of Turkey.
9. Audit Information
The auditor's report on the accounts of Misnak International (UK) Limited for the year ended 31 December 2024 was unqualified.
The auditor's report was signed by Milena Mitova (Senior Statutory Auditor) for and on behalf of Zenith Audit Ltd , Statutory Auditor.
Zenith Audit Ltd
1st Floor
18 Devonshire Row
London
EC2M 4RH
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