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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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MS GLOBAL SHIPPING LLP
INFORMATION
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MS GLOBAL SHIPPING LLP
CONTENTS
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MS GLOBAL SHIPPING LLP
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Chairmen presents his strategic report for the year ended 31 December 2024.
MS Global Shipping LLP is the UK based partnership that is involved into marine freight forwarding services. In 2024 the business enjoyed large market share due to lesser competition in the logistic services in the year.
The members are responsible for creating and monitoring the risk management system of the LLP. The risk management policy is revised regularly taking into account changes in the market conditions and the development of the LLP’s business. The management uses an effective risk management system aimed at creating an effective control system in which every employee understands his role and responsibilities. The LLP is exposed to credit risk, liquidity risk and currency risk. The risk management policies employed by the management are discussed below:
Credit risk Credit risk arises when a failure by counter parties to discharge their obligations could reduce the amount of future cash inflows from financial assets on hand at the reporting date. The LLP has policies in place to ensure that sales of products are made to customers with an appropriate credit history and monitors on a continuous basis the ageing profile of its trade debtors. Liquidity risk liquidity risk is the risk that arises when the maturity of assets and liabilities does not match. An unmatched position potentially enhances profitability, but can also increase the risk of losses. The LLP has procedures with the object of minimizing such losses such as maintaining sufficient cash and other highly liquid current assets and by having available an adequate amount of committed member’s and credit facilities. Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Currency risk arises when future commercial transactions and recognized assets and liabilities are denominated in a currency that is not the LLP’s measurement currency. The LLP is exposed to foreign exchange risk arising from various currency exposures primarily with respect to GBP, Yuan and the Euro. The LLP’s management monitors the exchange rate fluctuations on a continuous basis and acts accordingly. Market risks Changing industry structures, domestic laws, international laws and sanctions, technology, competition or pricing volatility could result in changes in the supply and demand of and for the LLP’s services.
The loss for the year before members' remuneration was $275,569 (2023 - $3,174,602).
The LLP has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.
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MS GLOBAL SHIPPING LLP
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 8 September 2025 and signed on its behalf.
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MS GLOBAL SHIPPING LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The members present their annual report together with the audited financial statements of MS Global Shipping LLP (the "LLP") for the year ended 31 December 2024.
Principal activities
The principal activity of the LLP is to provide freight forwarding services outside of the United Kingdom.
Designated Members
Gaval Holdings AG was a designated member of the LLP throughout the period.
Members
MS Transport Limited was a member of the LLP throughout the period.
Members' capital and interests
The capital of the LLP is £100 to be provided by the members in proportion being entitled together with such further sums as shall be determined by the members as being required for the purposes of the LLP. Such further capital shall be provided in the proportions in which the members are for the time being entitled to share in the profits of the LLP.
Interest on members' capital shall be payable at a rate equal to the base lending rate from time to time of the LLP bank. Any loans made to the partnership (apart from any amounts of members' capital which have been contributed) shall bear interest at a rate equal to 3 per cent per annum over the base lending rate from time to time of the LLP bank.
The profits and losses of the LLP, including profits and losses of a capital nature, shall be shared between the members in proportion being entitled.
Each member may receive drawings from the LLP on account of their entitlement to profits in such amounts as shall be determined by the members.
Members' responsibilities statement
The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008), requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the LLP and of the profit or loss of the LLP for that period.
In preparing these financial statements, the members are required to:
∙select suitable accounting policies and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
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MS GLOBAL SHIPPING LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Disclosure of information to auditors
Each of the persons who are members at the time when this Members' Report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditors are unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.
This report, incorporating the Strategic Report, was approved by the members, in their capacity as company directors, on 8 September 2025 and signed on their behalf by:
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MS GLOBAL SHIPPING LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MS GLOBAL SHIPPING LLP
We have audited the financial statements of MS Global Shipping LLP (the 'LLP') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity 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 LLP 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.
In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the LLP's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the members with respect to going concern are described in the relevant sections of this report.
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MS GLOBAL SHIPPING LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MS GLOBAL SHIPPING LLP (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The members are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and 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.
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MS GLOBAL SHIPPING LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MS GLOBAL SHIPPING LLP (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:
We performed risk assessment procedures and obtained an understanding of the LLP and its environment, the applicable financial reporting framework, the applicable laws and regulations, the LLP's system of internal control and the fraud risk factors relevant to the LLP that affect the susceptibility of assertions to material misstatement due to fraud. We made enquiries with management regarding actual or suspected fraud, non-compliance with laws and regulations, potential litigation and claims. The engagement partner led a discussion among the audit team with particular emphasis on how and where the LLP's financial statements may be susceptible to material misstatement due to fraud, including how fraud might occur. The engagement partner assessed that the engagement team collectively had the appropriate competence and capability to identify or recognise non-compliance with laws and regulations.
We considered compliance with UK Companies Act 2006 and the applicable tax legislation as the key laws and regulations which non-compliance cold directly lead to material misstatement due to fraud at the financial statement level. We evaluated whether the selection and application of accounting policies by the LLP may be indicative of fraudulent financial reporting. Our audit procedures responsive to assessed risks of material misstatement due to fraud at the assertion level included but were not limited to: - Testing the appropriateness of manual journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; - Making inquiries of individuals involved in the financial reporting process about inappropriate or unusual activity relating to the processing of journal entries; - Selecting and testing journal entries and other adjustments made at the end of a reporting period and throughout the period; - Reviewing accounting estimates for biases that could represent a risk of material misstatement due to fraud. Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements of the financial statements due to irregularities, including fraud, may not be detected, even though we have properly planned and performed our audit in accordance with the auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, override of internal controls, or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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MS GLOBAL SHIPPING LLP
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MS GLOBAL SHIPPING LLP (CONTINUED)
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory auditors
1st Floor
18 Devonshire Row
EC2M 4RH
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MS GLOBAL SHIPPING LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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MS GLOBAL SHIPPING LLP
REGISTERED NUMBER: OC414582
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 14 to 23 form part of these financial statements.
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MS GLOBAL SHIPPING LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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MS GLOBAL SHIPPING LLP
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
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MS GLOBAL SHIPPING LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Ms Global Shipping LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.
2.Accounting policies
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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships".
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 LLP's accounting policies (see note 3).
The following principal accounting policies have been applied:
Functional and presentation currency
Transactions and balances
The financial statements have been prepared on a going concern basis. During the year the LLP made a loss of $275,569 (2023: $3,174,602) net assets attributable to members remained at $13,158 (2023: net assets $13,158).
The members of the LLP are considering the following steps to ensure going concern basis is appropriate: 1) Ultimate controlling member has expressed his willingness to provide financial support to the partnership for the next 12 months from the date these financial statements are signed in order for the LLP to meet its obligations. 2) The partnership is exploring new markets to expand their business activities.
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Turnover represents revenue recognised in the accounts. Revenue is recognised when the company fulfils its contractual obligations to customers by supplying services and excludes value added tax. Where services are performed gradually over time, revenue is recognised as an activity progresses by reference to the value of the work performed. Revenue in respect of transport is recognised on delivery of goods.
Revenue arising from the sale of goods is recognised when the significant risk, and rewards of ownership have been transferred to the buyer; there is neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; the amount of revenue can be measured reliably and it is probable that the economic benefits is associated with the transaction arise; and the costs incurred in respect of the transaction can be measured reliably.
A division of profits is the mechanism by which the profits of an LLP become a debt due to members. A division may be automatic or discretionary, may relate to some or all of the profits for a financial period and may take place during or after the end of a financial period.
An automatic division of profits is one where the LLP does not have an unconditional right to avoid making a division of an amount of profits based on the members' agreement in force at the time, whereas a discretionary division of profits requires a decision to be made by the LLP, which it has the unconditional right to avoid making.
The LLP divides profits automatically. Automatic divisions of profits are recognised as 'Members' remuneration charged as an expense in the Statement of Comprehensive Income.
Taxation on partnership profits is solely the responsibility of individual members. Consequently neither taxation nor deferred taxation arising, in respect of the LLP are accounted for in these financial statements.
Stock represents containers purchased for re-sale and is stated at purchase price.
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and doubtful debts. Bad and doubtful debt provision is based on analysis and review of aging debtors at the end of the financial year. Debts over one year are scrutinised and provision is made based on management opinion.
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting wouId be immaterial, in which case they are stated at cost. The LLP does not have long term creditors.
Loans and borrowings are recognized initially at fair value, net of transaction costs incurred and subsequently carried at amortized cost using the effective interest method.
Financial instruments are recognised in the LLP's Balance Sheet when the LLP 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.
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Judgement is required in assessing the appropriateness of the going concern assumption. Further details to support the assessment that the going concern basis is appropriate is provided in note 2. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of the assets and liabilities within the next financial year are: Determining when the significant risks and rewards have transferred to the customer and a sale is recognised. This has been determined to be upon completed transport consignment. Determining and recognising bad debt provision for doubtful debts. Determining whether there are indicators of impairment of the company's current assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Analysis of turnover by country of destination:
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The details of the movements in the provision are below:
After the year end, MS Global Shipping LLP signed set off agreement with one of the major debtors and the major creditors. As a result, the trade debtors balance was offset against the trade creditors balance for the amount of $ 18,713,456.
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The balances of total members' interests, including capital and current share of profit or loss, are the following:
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MS GLOBAL SHIPPING LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Members interests (continued)
An auditors' limitation of liability agreement has been approved by the members for the financial year ended 31 December 2024. The principal terms and conditions are as below:
- The agreement limits the amount of any liability owed to the LLP by the auditors in respect of any negligence default, breach of duty or breach of trust, occurring in the course of audit of the LLP's accounts and pursuant to this agreement the auditor may be guilty in relation to the LLP. - The agreement also stipulates the maximum aggregated amount payable in event of any of the circumstances stated above.
The ultimate controlling party is V Gay.
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