Company registration number 06763953 (England and Wales)
SVAROG SHIPPING & TRADING COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
Faulkner House
Victoria Street
Rayner Essex LLP
St Albans
Chartered Accountants
Hertfordshire
AL1 3SE
SVAROG SHIPPING & TRADING COMPANY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
SVAROG SHIPPING & TRADING COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
$
$
$
$
Current assets
Debtors
4
-
0
431,419
Cash at bank and in hand
-
0
1,811,742
-
0
2,243,161
Creditors: amounts falling due within one year
6
-
0
(218,539)
Net current assets
-
0
2,024,622
Creditors: amounts falling due after more than one year
5
-
0
(3,477,699)
Net assets/(liabilities)
-
0
(1,453,077)
Capital and reserves
Called up share capital
7
15,159
15,159
Profit and loss reserves
(15,159)
(1,468,236)
Total equity
-
0
(1,453,077)

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 12 June 2025 and are signed on its behalf by:
Mr N Savva
Ms C Konstantinou
Director
Director
Company registration number 06763953 (England and Wales)
SVAROG SHIPPING & TRADING COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024
31 December 2024
- 2 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

Svarog Shipping & Trading Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is Tavistock House South, Tavistock Square, London, WC1H 9LG.

2.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in US$, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared on the historical cost convention.

The company has been wound down and this is the last period of account.

2.2
Going concern

The company was in operational existence through the year ended 31 December 2024. The company ceased trading in January 2024. This comes after a temporary cessation of trading in February 2023 due to the the sanctions imposed to Russia on Russian sourced oil products on the 5th of February 2023. The Board of Directors have wound the company down, and this will be the last year in which accounts are filed.

The Board of Directors of the Company after considering and evaluating all the above conditions and relevant factors has concluded that the Company had the available resources within the year to enable it to continue its activities in the limited capacity they have been operating this year, however, given the conditions described above there is material uncertainty over the Company's ability to continue as a going concern.

2.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

SVAROG SHIPPING & TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 3 -

Revenues earned by the Company are recognised on the following bases:

Rendering of services

Sales of services are recognised in the accounting period in which the services are rendered by reference to completion of the specific transaction assessed on the basis of the actual service provided as a proportion of the total services to be provided.

Time charter hire revenue

Revenue from time charters represents charter hire earned under time charter agreement and is recorded over the term of the charter as service is provided.

Freight income

All voyage revenues are recognised on a percentage of completion method. The Company used a discharge-to-discharge basis in determining percentage of completion for all voyages.

2.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

SVAROG SHIPPING & TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
2
Accounting policies
(Continued)
- 4 -
2.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.7
Taxation

The company is subject to Cypriot corporation tax. The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2.8
Foreign exchange
Items included in the compay's financial statements are measured using the currency of the primary economic environment in which the company operates (the "functional currency"). The financial statements are presented in United States Dollars (US$), which is the company's functional and presentational currency.  

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
3
Employees
2024
2023
Number
Number
Total
0
0
SVAROG SHIPPING & TRADING COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
$
$
Trade debtors
-
0
25,653
Other debtors
-
0
405,766
-
0
431,419
5
Creditors: amounts falling due after more than one year
2024
2023
$
$
Other creditors
-
0
3,477,699

A loan existed due to an agreement in 2022 by the company and outgoing shareholder to novate an existing obligation to pay a dividend and convert this into a loan. Interest was charged on this loan at a rate of 1.5% per annum. The loan was repayable on or before 20 August 2025.

 

Repayments against this loan were made in the year totaling £1,737,999. The obligations for the remainder of the loan were discharged by the beneficiary on 30 December 2024.

6
Creditors: amounts falling due within one year
2024
2023
$
$
Trade creditors
-
0
15,363
Other creditors
-
203,176
-
218,539
7
Called up share capital
2024
2023
$
$
Ordinary share capital
Issued and fully paid
10,000 Ordinary of $1.5159 each
15,159
15,159
8
Events after the reporting date

The company will apply for strike off following the filing of the accounts for the year ended 31 December 2024, which is to be the last period of account.

9
Parent company

The ultimate controlling party is Mr Ramiz Hasanov by virtue of his shareholding.

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