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REGISTERED NUMBER: 04243029 (England and Wales)












FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

MANN LINES LIMITED

MANN LINES LIMITED (REGISTERED NUMBER: 04243029)






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 LINES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: A W S Binks
T A Binks
W A Binks





SECRETARY: J P Ward





REGISTERED OFFICE: The Naval House
Kings Quay Street
Harwich
Essex
CO12 3JJ





REGISTERED NUMBER: 04243029 (England and Wales)





AUDITORS: LB Group
The Octagon
Suite E2
Middleborough
Colchester
Essex
CO1 1TG

MANN LINES LIMITED (REGISTERED NUMBER: 04243029)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,990 -
Investments 5 1 1
14,991 1

CURRENT ASSETS
Stocks 150,589 137,714
Debtors 6 2,482,530 2,910,004
Cash at bank 36,161 274,892
2,669,280 3,322,610
CREDITORS
Amounts falling due within one year 7 1,684,135 2,423,710
NET CURRENT ASSETS 985,145 898,900
TOTAL ASSETS LESS CURRENT LIABILITIES 1,000,136 898,901

CREDITORS
Amounts falling due after more than one
year

8

-

70,867
NET ASSETS 1,000,136 828,034

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 11 1,000,135 828,033
SHAREHOLDERS' FUNDS 1,000,136 828,034

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

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 18 September 2024 and were signed on its behalf by:





W A Binks - Director


MANN LINES LIMITED (REGISTERED NUMBER: 04243029)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Mann Lines Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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:

Preparation of consolidated financial statements
The financial statements contain information about Mann Lines Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, M-Ship Limited, Naval House, Kings Quay Street, Harwich, Essex, CO12 3JJ.

Turnover
Revenue from shipping freight and ancillary income is recognised on a completion date basis over the period of a voyage rotation at which point 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stock relates to bunker fuel and consumables and is held at cost.

MANN LINES LIMITED (REGISTERED NUMBER: 04243029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Going concern
The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reason.

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.

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.

Foreign currency translation
Functional and presentation currency
The Company's functional currency is Euros. This differs from the presentational currency which is GBP. The reason for the difference is that Europe is the primary economic operating environment for the entity.

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. Nonmonetary 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 Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

MANN LINES LIMITED (REGISTERED NUMBER: 04243029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Operating leases: the company as lessee
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the lease term.

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.

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.

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 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
Additions 21,554
At 31 December 2023 21,554
DEPRECIATION
Charge for year 6,564
At 31 December 2023 6,564
NET BOOK VALUE
At 31 December 2023 14,990

MANN LINES LIMITED (REGISTERED NUMBER: 04243029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023
and 31 December 2023 1
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,800 6,113
Amounts owed by group undertakings 1,200,803 1,566,497
Amounts owed by associates 222,088 195,782
Other debtors 1,054,839 1,141,612
2,482,530 2,910,004

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 108,572 432,915
Trade creditors 860,255 978,696
Amounts owed to group undertakings 75,266 660,781
Other creditors 640,042 351,318
1,684,135 2,423,710

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.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Trade creditors - 70,867

MANN LINES LIMITED (REGISTERED NUMBER: 04243029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 5,483,284 5,173,306
Between one and five years 34,140,825 32,013,137
In more than five years 13,205,994 21,558,293
52,830,103 58,744,736

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

11. RESERVES

Profit and loss account
This includes all current and prior period retained profits and losses.

12. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Oliver James White (Senior Statutory Auditor)
for and on behalf of LB Group

13. 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 £896,952 (2022 - £492,085). 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 £1,493,289 (2022 - £2,710,629). As at the year end there was a net amount of £NIL (2022: £NIL) owed to the bank.

14. RELATED PARTY TRANSACTIONS

As a wholly owned subsidiary of BNX Holdings Limited the company of 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, including management and consultancy services provided by the directors, amounting to £206,110 (2022: £198,516). At the year end the company owed Traminco Limited £NIL (2022: £NIL).

Mann Lines OU is not wholly owned by the group. During the year Mann Lines OU made charges for services amounting to £2,337,629 (2022: £2,122,204), additionally Mann Lines Limited made sales to Mann Lines OU amounting to £4,499,960 (2022: £4,164,892). At the year end Mann Lines OU owed the company £222,088 (2022: £195,782).

MANN LINES LIMITED (REGISTERED NUMBER: 04243029)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

15. POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

16. ULTIMATE CONTROLLING PARTY

The ultimate parent undertaking of the company is BNX Holdings Limited, which is registered in Jersey. The company is included in the consolidated accounts of M-Ship Limited, Naval House, Kings Quay Street, Harwich, Essex, CO12 3JJ, the company's immediate parent undertaking and controlling related party under the definition set out in FRS102 by virtue of its shareholding in the company. M-Ship Limited's accounts are available from the Registrar of Companies (England & Wales) Companies House, Crown Way, Cardiff, CF14 3UZ. The ultimate controlling related party based on the definitions and requirements of FRS102 is considered to be AWS Binks as a result of his shareholdings, his beneficial interests under a trust and position on the Board of Directors of the ultimate parent undertaking.