REGISTERED NUMBER: OC414582 (England and Wales)

Report of the Members and

Audited Financial Statements for the Year Ended 31 December 2025

for

Ms Global Shipping LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

5

Income Statement

8

Balance Sheet

9

Reconciliation of Members' Interests

10

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DESIGNATED MEMBERS:

Gaval Holdings AG

MS Transport Limited

REGISTERED OFFICE:

3rd Floor Front

39 Ludgate Hill

London

EC4M 7JN

REGISTERED NUMBER:

OC414582 (England and Wales)

AUDITORS:

Zenith Audit Ltd

Statutory Auditors

3rd Floor North

Warwick House

65/66 Queen Street

London

EC4R 1EB

The members present their report with the financial statements of the LLP for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of freight forwarding services provided to international clients.

REVIEW OF BUSINESS

MS Global Shipping LLP is the UK based partnership that is involved into marine freight forwarding services. In 2025 the business continued to provide logistic services, however it did not reach volumes of the previous year. This was largely influenced by unstable political and economic factors. Despite this, the partnership has ended financial year with a healthy profit which resulted from better cost management during the year.

DESIGNATED MEMBERS

Gaval Holdings AG was a designated member of the LLP throughout the period.

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was $2,225,853 (2024 - $275,569 loss).

MEMBERS' 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.

PRINCIPAL RISKS AND UNCERTAINTIES

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.

STREAMLINED ENERGY AND CARBON REPORTING

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.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 legislation applicable to limited liability partnerships 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 judgements and accounting estimates that are reasonable and prudent;

-	state whether applicable 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.

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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Zenith Audit Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

Gaval Holdings AG - Designated member

21 September 2026

Opinion

We have audited the financial statements of Ms Global Shipping LLP (the 'LLP') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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).

In our opinion the financial statements:

-	give a true and fair view of the state of the LLP's affairs as at 31 December 2025 and of its profit 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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.

Conclusions relating to going concern

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.

Other information

The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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

-	we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on pages three and four, the members are 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 members determine 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 members are responsible for assessing the LLP'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 members either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

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 a Report of the Auditors 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.

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 Report of the Auditors.

Use of our report

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 to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application 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 a Report of the Auditors 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.

Milena Mitova (Senior Statutory Auditor)

for and on behalf of Zenith Audit Ltd

Statutory Auditors

3rd Floor North

Warwick House

65/66 Queen Street

London

EC4R 1EB

23 September 2026

TURNOVER

3

126,157,615

216,680,142

Cost of sales

(122,398,041

)

(215,888,782

)

GROSS PROFIT

3,759,574

791,360

Administrative expenses

(806,072

)

(1,116,033

)

2,953,502

(324,673

)

Loss on revaluation of stocks

(782,940

)

-

OPERATING PROFIT/(LOSS)

5

2,170,562

(324,673

)

Interest receivable and similar income

55,291

49,104

PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

2,225,853

(275,569

)

FIXED ASSETS

Investments

7

10,000

-

CURRENT ASSETS

Stocks

8

521,100

1,370,540

Debtors

9

30,974,914

60,205,154

Cash at bank and in hand

393,860

314,162

31,889,874

61,889,856

CREDITORS

Amounts falling due within one year

10

(31,178,221

)

(61,876,699

)

NET CURRENT ASSETS

711,653

13,157

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

721,653

13,157

LOANS AND OTHER DEBTS DUE TO MEMBERS

11

721,518

13,022

MEMBERS' OTHER INTERESTS

Capital accounts

135

135

721,653

13,157

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

11

721,518

13,022

Members' other interests

135

135

Amounts due from members

9

-

(1,517,357

)

721,653

(1,504,200

)

The financial statements were approved by the members of the LLP and authorised for issue on 21 September 2026 and were signed by:

Gaval Holdings AG - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

$

$

$

Balance at 1 January 2025

135

-

135

Profit for the financial year available for discretionary division among members

-

2,225,853

2,225,853

Members' interests after profit for the year

135

2,225,853

2,225,988

Other divisions of profit

-

(2,225,853

)

(2,225,853

)

Introduced by members

-

-

-

Drawings on account and distributions of profit

-

-

-

Balance at 31 December 2025

135

-

135

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

$

$

Amount due to members

13,022

Amount due from members

(1,517,357

)

Balance at 1 January 2025

(1,504,335

)

(1,504,200

)

Profit for the financial year available for discretionary division among members

-

2,225,853

Members' interests after profit for the year

(1,504,335

)

721,653

Other divisions of profit

2,225,853

-

Introduced by members

13,022

13,022

Drawings on account and distributions of profit

(13,022

)

(13,022

)

Amount due to members

721,518

Amount due from members

-

Balance at 31 December 2025

721,518

721,653

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

$

$

$

Balance at 1 January 2024

135

-

135

Loss for the financial year available for discretionary division among members

-

(275,569

)

(275,569

)

Members' interests after loss for the year

135

(275,569

)

(275,434

)

Other divisions of loss

-

275,569

275,569

Balance at 31 December 2024

135

-

135

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

$

$

Amount due to members

13,022

Amount due from members

(1,241,788

)

Balance at 1 January 2024

(1,228,766

)

(1,228,631

)

Loss for the financial year available for discretionary division among members

-

(275,569

)

Members' interests after loss for the year

(1,228,766

)

(1,504,200

)

Other divisions of loss

(275,569

)

-

Amount due to members

13,022

Amount due from members

(1,517,357

)

Balance at 31 December 2024

(1,504,335

)

(1,504,200

)

Cash flows from operating activities

Cash generated from operations

2

78,940

200,155

Net cash from operating activities

78,940

200,155

Cash flows from investing activities

Purchase of fixed asset investments

(10,000

)

-

Interest received

10,758

5,514

Net cash from investing activities

758

5,514

Increase in cash and cash equivalents

79,698

205,669

Cash and cash equivalents at beginning of year

3

314,162

108,493

Cash and cash equivalents at end of year

3

393,860

314,162

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Members' remuneration charged as an expense is included within operating activities in the statement of cash flows, as it forms part of the LLP's operating results.

2.	RECONCILIATION OF PROFIT/(LOSS) FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

31.12.25

31.12.24

$

$

Profit/(loss) for the financial year before members' remuneration and profit shares available for discretionary division among members

2,225,853

(275,569

)

Foreign exchange differences

(104,378

)

(135,222

)

Bad debts

2,631

470,160

Loss on revaluation of stocks

782,940

-

Finance income

(55,291

)

(49,104

)

2,851,755

10,265

Decrease in stocks

66,500

1,221,660

Decrease/(increase) in trade and other debtors

27,827,163

(39,170,976

)

(Decrease)/increase in trade and other creditors

(30,666,478

)

38,139,206

Cash generated from operations

78,940

200,155

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2025

31.12.25

1.1.25

$

$

Cash and cash equivalents

393,860

314,162

Year ended 31 December 2024

31.12.24

1.1.24

$

$

Cash and cash equivalents

314,162

108,493

4.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.1.25

Cash flow

changes

At 31.12.25

$

$

$

$

Net cash

Cash at bank

and in hand

314,162

79,698

393,860

314,162

79,698

393,860

Net funds (before

members' debt)

314,162

79,698

-

393,860

Loans and other debts

due to members

Other amounts

due to members

(13,022

)

-

(708,496

)

(721,518

)

Net funds/(debt)

301,140

79,698

(708,496

)

(327,658

)

1.	STATUTORY INFORMATION

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.

The presentation currency of the financial statements is the US Dollar ($).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going Concern

The financial statements have been prepared on a going concern basis. During the year the LLP made a profit of $2,225,853 (Loss in 2024: $275,569) with net assets attributable to members at $721,653 (2024: net assets $13,157).

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 continuing to explore new markets to expand their business activities.

Preparation of consolidated financial statements

The financial statements contain information about MS Global Shipping LLP as an individual partnership and do not contain consolidated financial information as the parent of the group. The MS Global Shipping LLP has a subsidiary undertaking which has very limited business activities and its results, assets and liabilities are not material, individually or in aggregate, for the purpose of giving a true and fair view. Accordingly, the subsidiary undertaking has been excluded from consolidation on the grounds of immateriality and the LLP has taken advantage of the exemption from the requirement to prepare group accounts available under section 402 of the Companies Act 2006, on the basis that the subsidiary undertaking may be excluded from consolidation under section 405 of that Act.

Significant judgements and estimates

In preparing these financial statements, the directors have made the following judgements:

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.

Turnover

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.

Division and distribution of profits

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

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.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost, less impairment.

Stocks

Stocks represents containers purchased for re-sale and are valued at the lower of cost and net realisable value.

Financial instruments

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.

Trade and other debtors

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.

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 LLP's cash management.

Trade and other creditors

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 would be immaterial, in which case they are stated at cost. The LLP does not have long term creditors.

Loans and borrowings

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.

Foreign currencies

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.

3.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the principal activity of the LLP.

No turnover was derived from activities in the UK.

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

2025

2024

Transportation services

126,133,315

215,096,561

Sale of containers

24,300

1,583,581

4.	EMPLOYEE INFORMATION

There were no staff costs for the year ended 31 December 2025 nor for the year ended 31 December 2024.

The average number of employees during the year was NIL (2024 - NIL).

5.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

31.12.25

31.12.24

$

$

Auditors' remuneration

21,759

20,650

Foreign exchange differences

(58,327

)

(135,222

)

Bad debts

2,631

353,751

6.	INFORMATION IN RELATION TO MEMBERS

31.12.25

$

The amount of profit for the year ended 31 December 2025 attributable to the member with the largest entitlement was

2,203,594

31.12.25

31.12.24

The average number of members during the year was

2

2

7.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

$

COST

Additions

10,000

At 31 December 2025

10,000

NET BOOK VALUE

At 31 December 2025

10,000

The LLP's investments at the Balance Sheet date in the share capital of companies include the following:

Xemaco Group Pte. Ltd.

Registered office: Singapore

Nature of business: holding investments

%

Class of shares:

holding

Ordinary

100.00

31.12.25

31.12.24

$

$

Aggregate capital and reserves

7,436

165,700

Loss for the year

(158,264

)

(107,503

)

MS Global Shipping acquired Xemaco Group Pte.Ltd on 6 June 2024, company holding investments in IMT International Limited, for $10,000. Both entities have very limited trading activities and considered immaterial to MS Global Shipping business operations.

IMT INTERNATIONAL LIMITED

Registered office: Hong Kong

Nature of business: Transport services

%

Class of shares:

holding

Ordinary

100.00

31.12.25

31.12.24

$

$

Aggregate capital and reserves

9,041

8,375

(Loss)/profit for the year

(21

)

666

8.

STOCKS

31.12.25

31.12.24

$

$

Stocks

521,100

1,370,540

A stock provision in the amount of $782,940 was recognised in the year due to drop in selling price of sea containers.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

$

$

Trade debtors

28,760,987

45,875,735

Provision for bad debts

(614,955

)

(580,324

)

Amounts due from members

-

1,517,357

Other debtors

1,789,694

1,608,843

Prepayments and accrued income

1,039,188

11,783,543

30,974,914

60,205,154