REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MANN & SON (LONDON) LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MANN & SON (LONDON) LIMITED |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
MANN & SON (LONDON) LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
The Octagon |
Suite E2 |
Middleborough |
Colchester |
Essex |
CO1 1TG |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Mann & Son (London) Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The Company's parent undertaking M-Ship Limited included the Company in its consolidated financial statements. The consolidated financial statements of M-Ship Limited are prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (UK General Accepted Accounting Practice) and are available to the public and may be obtained from the Registrar of Companies (England & Wales). |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the accounting policies. |
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. |
The following principal accounting policies have been applied: |
Going concern |
The Company continues to adopt the going concern basis in preparing its financial statements. The directors have prepared forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, through the UK group cash reserves and overdraft facility to meet its liabilities as they fall due and continue in operation for the foreseeable future. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Transport turnover is recognised on delivery of goods transported and agency turnover is recognised on a departure date basis. |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Short-term leasehold property - 33% straight line |
Plant and machinery - 15% - 20% straight line |
Motor vehicles - 25% - 50% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the income statement. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currency translation |
Functional and presentation currency |
The Company's functional and presentational currency is GBP. |
Transactions and balances |
Foreign currency transactions are translated into the functional currency using HMRC's monthly exchange rates. |
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. |
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 income statement except when deferred in other comprehensive income as qualifying cash flow hedges. |
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within 'finance income or costs'. All other foreign exchange gains and losses are presented in the income statement within 'other operating income'. |
Operating leases: the company as lessee |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Finance costs |
Finance costs are charged to the income statement over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts owed by associates |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Bank overdrafts are secured by a floating charge over the assets of the company and a cross guarantee from the parent company and certain fellow subsidiaries. |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
8. | DEFERRED TAX |
£ |
Balance at 1 January 2023 | ( |
) |
Charge to Income Statement during year |
Balance at 31 December 2023 | ( |
) |
At 31 December 2023 the company had an unrecognised deferred tax asset amounting to £357,594 (2022: £312,226) in relation to losses carried forward. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1,868,000 | 1,868,000 |
10. | RESERVES |
Profit and loss account |
This represents cumulative profit or losses, net of dividends paid and other adjustments. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | CONTINGENT LIABILITIES |
There is a contingent liability in respect of guarantees given by the company, in common with fellow subsidiaries, to its banks for overdraft facilities granted to the ultimate parent company, M-Ship Limited, and its subsidiaries. |
At the year end other companies had gross overdrafts amounting to £150,555 (2022 - £924,999). The group has a right of set off between overdrafts and current account balances. At the year end other group companies had current account balances totalling £1,529,451 (2022 - £2,804,004). As at the year end there was a net amount of £NIL (2022: £NIL) owed to the bank. |
MANN & SON (LONDON) LIMITED (REGISTERED NUMBER: 00444555) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | RELATED PARTY TRANSACTIONS |
As a wholly-owned subsidiary of BNX Holding Limited the company is exempt from the requirements of FRS102 to disclose transactions with other members of the group headed by BNX Holdings Limited. Traminco Limited is a related party by virtue of common control. |
During the year Traminco Limited made charges for services and consultancy provided amounting to £142,000 (2022: £186,000). Included within trade creditors is a balance of £NIL (2022: £NIL). Included within other debtors at the year end is a balance of £9,216 (2022: £9,216) due from W A Binks, a director. There is no interest payable on the balance and the year end balance is the maximum amount outstanding in the year. |
During the year Mann & Son (London) Limited made sales to Mann Lines OU of £4,243 (2022: £5.352) and purchases of £20,223 (2022: £10,794). Included within amounts owed by joint ventures and associate undertakings at the year-end is a balance due of £3,576 (2022: £3,351). |
During the year the company paid rent of £17,500 (2022: £17,500) to a trust connected to the directors. |
14. | POST BALANCE SHEET EVENTS |
There have been no significant events affecting the Company since the year end. |
15. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking of this company is BNX Holding Limited which is registered in Jersey. |
The company is included in the consolidated accounts of M-Ship Limited, the company's immediate parent undertaking and controlling related party under the definition set out in FRS 102 by virtue of its shareholding in the company. The accounts of M-Ship Limited are available from the Registrar of Companies (England & Wales). |
The ultimate controlling related party based on the definition and requirements of FRS 102 is considered to be AWS Binks as a result of his shareholding, his beneficiary interests under a trust and position on the Board of Directors of the ultimate parent undertaking. |