REGISTERED NUMBER: 05593413 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
M-SHIP LIMITED |
REGISTERED NUMBER: 05593413 (England and Wales) |
GROUP STRATEGIC REPORT, |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
M-SHIP LIMITED |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Consolidated Income Statement | 10 |
Consolidated Other Comprehensive Income | 11 |
Consolidated Balance Sheet | 12 |
Company Balance Sheet | 13 |
Consolidated Statement of Changes in Equity | 14 |
Company Statement of Changes in Equity | 15 |
Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Cash Flow Statement | 17 |
Notes to the Consolidated Financial Statements | 19 |
M-SHIP 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 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
The company acts as a parent to its subsidiaries principally engaged in the provision of liner shipping and related services and forwarding operations. |
REVIEW OF BUSINESS |
The Group made a loss of £717,364 in the year (£3,204,424 profit in 2022). |
RoRo volumes declined in 2023, and the first quarter results of 2024 were lower than expected due to industrial action in Finland. |
The short-sea container services long term charter obligations ceased in April 2024 ending the losses associated with it. From May onwards the service has looked to develop new business opportunities utilising short-term charter agreements. |
PRINCIPAL RISKS AND UNCERTAINTIES |
RUSSIA / UKRAINE |
The Russia invasion of Ukraine in February 2022 raised significant risks for the group. |
The group has put in place comprehensive procedures to ensure that the group stays sanction compliant. In addition, during the year the short sea container service ceased calling at Russian ports which further mitigates the compliance risk. The group has seen increased volumes on many of its other routes as businesses pivots away from Russia to alternative supply chains. |
The group closely monitors cost inflation and have raised prices were necessary. |
EU ETS |
The EU ETS is a "cap and trade" scheme where a limit is placed on the right to emit specified pollutants over a geographic area. |
The shipping industry will be included in the scheme from the 1st January 2024 and the RoRo service will need to purchase emission allowances from the EU which will have a significant impact on its cost base. These costs will need to be absorbed by the market and the group will therefore be introducing an ETS surcharge to its customers from the 1st January 2024. |
The group has commissioned a new RoRo vessel which is due for delivery in 2025. The vessel will have a dual fuel capability and will significantly reduce the pollutants emitted by the service. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FINANCIAL KEY PERFORMANCE INDICATORS |
Sales - Like for like sales in 2023 decreased by £10,265,939 from £39,535,684 in 2022 to £29,269,745 in 2022, after the suspension of the Mann Lines Multimodal service. |
Profit (loss) before tax - In 2023 the group made a loss of £717,364 which is a reduction of £3,921,788 on the profit of £3,204,424 made in 2022. |
EBITDA - Earnings before interest tax, depreciation and amortisation decreased by £4,555,158 from a profit of £4,054,405 in 2022 to a loss of £500,753 in 2023. |
ON BEHALF OF THE BOARD: |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
DIVIDENDS |
An interim dividend of £50,000 per share was paid on 24 March 2023. The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 50,000 . |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors 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 the directors 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 company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group 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 directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
AUDITORS |
The auditors, LB Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
M-SHIP LIMITED |
Opinion |
We have audited the financial statements of M-Ship Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2023 and of the group's loss 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. |
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 group 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 directors' 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 group's and the parent company'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 directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
M-SHIP LIMITED |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors 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 directors 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 directors are responsible for assessing the group's and the parent company'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 directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
M-SHIP LIMITED |
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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
. The engagement partner ensured that the engagement team collectively had the appropriate competence, |
capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
. We identified the laws and regulations applicable to the company through discussions with directors and |
other management, and from our commercial knowledge and experience of the telecommunications sector; |
. We focused on specific laws and regulations which we considered may have a direct material effect on the |
financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, |
data protection, anti-bribery, employment, environmental and health and safety legislation; |
. We assessed the extent of compliance with the laws and regulations identified above through making enquiries |
of management and inspecting legal correspondence; and |
. Identified laws and regulations were communicated within the audit team regularly and the team remained alert |
to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
. Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge |
of actual, suspected and alleged fraud; and |
. Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we: |
. Performed analytical procedures to identify any unusual or unexpected relationships; |
. Tested journal entries to identify unusual transactions; |
. Reviewed the internal controls in place, specifically around payroll and bank transactions; and |
. Assessed whether judgements and assumptions made in determining the accounting estimates around |
depreciation were indicative of potential bias. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
M-SHIP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company'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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
The Octagon |
Suite E2 |
Middleborough |
Colchester |
Essex |
CO1 1TG |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 | 29,269,745 | 39,535,684 |
Other external charges | 27,725,973 | 33,382,169 |
GROSS PROFIT | 1,543,772 | 6,153,515 |
Staff costs and depreciation | 2,250,536 | 2,265,750 |
GROUP OPERATING (LOSS)/PROFIT | 6 | (706,764 | ) | 3,887,765 |
Share of operating profit in |
Associates | 93,239 | 64,707 |
Interest receivable and similar income | 12,067 | 241 |
(601,458 | ) | 3,952,713 |
Interest payable and similar expenses | 7 | 53,825 | 75,825 |
(LOSS)/PROFIT BEFORE TAXATION | (655,283 | ) | 3,876,888 |
Tax on (loss)/profit | 8 | 62,081 | 672,464 |
(LOSS)/PROFIT FOR THE FINANCIAL YEAR | ( |
) |
(Loss)/profit attributable to: |
Owners of the parent | (717,364 | ) | 3,204,424 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
CONSOLIDATED |
OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
(LOSS)/PROFIT FOR THE YEAR | (717,364 | ) | 3,204,424 |
OTHER COMPREHENSIVE INCOME |
Currency translation differences | 96 | (2,591 | ) |
Income tax relating to other comprehensive income |
- |
- |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
96 |
(2,591 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
(717,268 |
) |
3,201,833 |
Total comprehensive income attributable to: |
Owners of the parent | (717,268 | ) | 3,201,833 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 629,404 | 331,554 |
Investments | 12 |
Interest in associate | 453,607 | 360,368 |
1,083,011 | 691,922 |
CURRENT ASSETS |
Stocks | 13 | 323,935 | 241,409 |
Debtors | 14 | 4,214,863 | 5,338,983 |
Cash at bank and in hand | 5,319,482 | 7,000,217 |
9,858,280 | 12,580,609 |
CREDITORS |
Amounts falling due within one year | 15 | 4,466,843 | 5,739,230 |
NET CURRENT ASSETS | 5,391,437 | 6,841,379 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 6,474,448 | 7,533,301 |
CREDITORS |
Amounts falling due after more than one year |
16 |
335,153 |
626,738 |
NET ASSETS | 6,139,295 | 6,906,563 |
CAPITAL AND RESERVES |
Called up share capital | 19 | 1 | 1 |
Retained earnings | 20 | 6,139,294 | 6,906,562 |
SHAREHOLDERS' FUNDS | 6,139,295 | 6,906,563 |
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 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) |
CREDITORS |
Amounts falling due after more than one year |
16 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's loss for the financial year | (30,720 | ) | (116,493 | ) |
The financial statements were approved by the Board of Directors and authorised for issue on |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | 1 | 3,704,729 | 3,704,730 |
Changes in equity |
Total comprehensive income | - | 3,201,833 | 3,201,833 |
Balance at 31 December 2022 | 1 | 6,906,562 | 6,906,563 |
Changes in equity |
Dividends | - | (50,000 | ) | (50,000 | ) |
Total comprehensive income | - | (717,268 | ) | (717,268 | ) |
Balance at 31 December 2023 | 1 | 6,139,294 | 6,139,295 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2023 | ( |
) | ( |
) |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (640,602 | ) | 4,404,842 |
Tax paid | (304,251 | ) | (281,724 | ) |
Net cash from operating activities | (944,853 | ) | 4,123,118 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (440,041 | ) | (169,312 | ) |
(Profit)/loss retained in associate | (93,239 | ) | (64,707 | ) |
Sale of tangible fixed assets | 25,796 | 97,014 |
Sale of fixed asset investments | - | (20,218 | ) |
Interest received | 12,067 | 241 |
Net cash from investing activities | (495,417 | ) | (156,982 | ) |
Cash flows from financing activities |
Loan repayments in year | (200,000 | ) | (200,000 | ) |
HP repayments in year | (17,138 | ) | (8,741 | ) |
Interest paid | (53,825 | ) | (75,825 | ) |
Equity dividends paid | (50,000 | ) | - |
Net cash from financing activities | (320,963 | ) | (284,566 | ) |
(Decrease)/increase in cash and cash equivalents | (1,761,233 | ) | 3,681,570 |
Cash and cash equivalents at beginning of year |
2 |
6,075,218 |
2,393,648 |
Cash and cash equivalents at end of year | 2 | 4,313,985 | 6,075,218 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
(Loss)/profit before taxation | (655,283 | ) | 3,876,888 |
Depreciation charges | 112,772 | 101,859 |
Profit on disposal of fixed assets | (2,816 | ) | (53,142 | ) |
Operating (profit)/loss in associates | (93,239 | ) | (64,707 | ) |
Foreign exchange | 99,775 | 51,779 |
Finance costs | 53,825 | 75,825 |
Finance income | (12,067 | ) | (241 | ) |
(497,033 | ) | 3,988,261 |
(Increase)/decrease in stocks | (82,526 | ) | 179,105 |
Decrease/(increase) in trade and other debtors | 1,123,073 | (386,923 | ) |
(Decrease)/increase in trade and other creditors | (1,184,116 | ) | 624,399 |
Cash generated from operations | (640,602 | ) | 4,404,842 |
2. | 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 2023 |
31/12/23 | 1/1/23 |
£ | £ |
Cash and cash equivalents | 5,319,482 | 7,000,217 |
Bank overdrafts | (1,005,497 | ) | (924,999 | ) |
4,313,985 | 6,075,218 |
Year ended 31 December 2022 |
31/12/22 | 1/1/22 |
£ | £ |
Cash and cash equivalents | 7,000,217 | 4,074,624 |
Bank overdrafts | (924,999 | ) | (1,680,976 | ) |
6,075,218 | 2,393,648 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/1/23 | Cash flow | At 31/12/23 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 7,000,217 | (1,680,735 | ) | 5,319,482 |
Bank overdrafts | (924,999 | ) | (80,498 | ) | (1,005,497 | ) |
6,075,218 | (1,761,233 | ) | 4,313,985 |
Debt |
Finance leases | (86,734 | ) | 17,138 | (69,596 | ) |
Debts falling due within 1 year | (200,000 | ) | - | (200,000 | ) |
Debts falling due after 1 year | (483,333 | ) | 199,999 | (283,334 | ) |
(770,067 | ) | 217,137 | (552,930 | ) |
Total | 5,305,151 | (1,544,096 | ) | 3,761,055 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
M-Ship Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Parent company disclosure exemptions |
In preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102: |
- Only one reconciliation of the number of shares outstanding at the beginning and end of the period has |
been presented as the reconciliation's for the group and the parent company would be identical; |
- No cash flow statement or net debt reconciliation has been presented for the parent company; |
- The company has taken advantage of the exemption allowed under section 408 of the Companies Act |
2006 and has not presented its own statement of comprehensive income in these financial statements. |
The following principal accounting policies have been applied: |
Basis of consolidation |
The consolidated financial statements present the results of M-Ship Limited and its subsidiaries ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. |
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from RoRo related sea freight and ancillary income is recognised on a departure 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. |
Revenue from container related sea freight and ancillary income is recognised on a discharge 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. |
Revenue relating to road transportation is recognised on delivery of goods transported and agency related revenue is recognised on a departure date basis. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED 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 Group 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 Group. 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: |
Leasehold improvements - 33% straight line |
Plant and machinery - 10% to 25% straight line |
Motor vehicles - 25% to 50% straight line |
The asset's 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 Consolidated Statement of Comprehensive Income. |
Investments in associates |
An entity is treated as a joint venture where the Group is a party to a contractual agreement with one or more parties from outside the Group to undertake an economic activity that is subject to joint control. |
An entity is treated as an associated undertaking where the Group exercises significant influence in that it has the power to participate in the operating and financial policy decisions. |
In the consolidated accounts, interests in associated undertakings are accounted for using the equity method of accounting. Under this method an equity investment is initially recognised at the transaction price (including transaction costs) and is subsequently adjusted to reflect the investors share of the profit or loss, other comprehensive income and equity of the associate. The Consolidated Statement of Comprehensive Income includes the Group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings applying accounting policies consistent with those of the Group. In the Consolidated Statement of Financial Position, the interests in associated undertakings are shown as the Group's share of the identifiable net assets, including any unamortised premium paid on acquisition. |
Any premium on acquisition is dealt with in accordance with the goodwill policy. |
Stocks |
Stock relates to bunker fuel and consumables and is held at cost. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets, other than investments and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at cost, less any impairment. |
Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. Financial liabilities, excluding convertible debt and derivatives, are initially measured at transaction price (including transaction costs) and subsequently held at amortised cost. |
The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED 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 the spot exchange rates at the dates of the transactions. |
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 Consolidated Statement of Comprehensive Income 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 Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'. |
On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pensions |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Operating leases: lessee |
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term. |
Valuation of investments |
Investments in subsidiaries are measured at cost less accumulated impairment. |
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. |
In the Consolidated 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 Group's cash management. |
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. |
Finance costs |
Finance costs are charged to the Consolidated Statement of Comprehensive Income 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. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
Interest income |
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method. |
Going concern |
The group 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 |
group will have sufficient funds, through UK cash reserves and overdraft facility to meet its liabilities as they fall due and continue in operation for the foreseeable future. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In preparing these financial statements, the directors have made the following judgements: |
- Determine whether leases entered into by the group either as a lessor or a lessee are operating or finance |
leases. These decisions depend on an assessment of whether the risks and rewards of ownership have |
been transferred from the lessor to the lessee on a lease by lease basis. |
- Determine whether there are indicators of impairment of the group’s tangible and intangible assets, |
including goodwill. 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. |
Other key sources of estimation uncertainty: |
- Tangible fixed assets (see note 10) |
Tangible fixed assets, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. |
4. | TURNOVER |
All turnover arose within the United Kingdom and Europe. |
The analysis of turnover by geographical market required by paragraph 68 of Schedule 1 to the Large and Medium-Sized Companies and Groups (Accounts and Reports) Regulations 2008 has not been provided as, in the opinion of the directors, such disclosure would be seriously prejudicial to the interests of the group. |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 2,199,295 | 2,259,594 |
Social security costs | 252,913 | 218,568 |
Other pension costs | 228,685 | 137,484 |
2,680,893 | 2,615,646 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Employees, including directors |
2023 | 2022 |
£ | £ |
Directors' remuneration | 42,522 | 42,574 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | OPERATING (LOSS)/PROFIT |
The operating loss (2022 - operating profit) is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Hire of plant and machinery | 5,150 | 6,414 |
Depreciation - owned assets | 112,772 | 101,933 |
Profit on disposal of fixed assets | (2,816 | ) | (53,142 | ) |
Auditors' remuneration | 37,275 | 28,375 |
Foreign exchange differences | 117,220 | (162,706 | ) |
Other operating lease rentals | 7,921,966 | 9,120,628 |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 46,371 | 70,943 |
Other interest | 7,454 | 4,882 |
53,825 | 75,825 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
Group relief tax | - | 179,001 |
Foreign tax | 61,034 | 215,094 |
Total current tax | 61,034 | 394,095 |
Deferred tax | 1,047 | 278,369 |
Tax on (loss)/profit | 62,081 | 672,464 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
(Loss)/profit before tax | (655,283 | ) | 3,876,888 |
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of 23.500 % (2022 - 19 %) |
(153,992 |
) |
736,609 |
Effects of: |
Expenses not deductible for tax purposes | 8,070 | 41,948 |
Income not taxable for tax purposes | (24,773 | ) | (12,295 | ) |
Capital allowances in excess of depreciation | (81,471 | ) | (9,016 | ) |
Utilisation of tax losses | - | (341,423 | ) |
dividend |
Deferred tax adjustment | 1,047 | 278,369 |
Group relief (claimed)/surrendered | - | (179,001 | ) |
Payment/(receipt)for group relief | - | 179,001 |
Foreign tax adjustments | 19,321 | (21,728 | ) |
Losses of year carried forward | 293,879 | - |
Total tax charge | 62,081 | 672,464 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences | 96 | - | 96 |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Currency translation differences | (2,591 | ) | - | (2,591 | ) |
Deferred taxation |
At 31 December 2023 the group had unrecognised deferred tax asset amounting to £624,864 (2022: £312,226). |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary share of 1 |
Interim | 50,000 | - |
11. | TANGIBLE FIXED ASSETS |
Group |
Long | Plant and | Motor | Computer |
leasehold | machinery | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2023 | 16,574 | 1,877,867 | 614,107 | - | 2,508,548 |
Additions | - | 159,603 | 61,365 | 219,073 | 440,041 |
Disposals | - | (19,532 | ) | (227,093 | ) | - | (246,625 | ) |
Exchange differences | - | (32,817 | ) | (8,648 | ) | (270 | ) | (41,735 | ) |
At 31 December 2023 | 16,574 | 1,985,121 | 439,731 | 218,803 | 2,660,229 |
DEPRECIATION |
At 1 January 2023 | 16,574 | 1,744,028 | 416,392 | - | 2,176,994 |
Charge for year | - | 57,195 | 53,153 | 2,424 | 112,772 |
Eliminated on disposal | - | (16,148 | ) | (207,497 | ) | - | (223,645 | ) |
Exchange differences | - | (30,404 | ) | (4,890 | ) | (2 | ) | (35,296 | ) |
At 31 December 2023 | 16,574 | 1,754,671 | 257,158 | 2,422 | 2,030,825 |
NET BOOK VALUE |
At 31 December 2023 | - | 230,450 | 182,573 | 216,381 | 629,404 |
At 31 December 2022 | - | 133,839 | 197,715 | - | 331,554 |
Company |
Plant and | Computer |
machinery | equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest |
in |
associate |
£ |
COST |
At 1 January 2023 | 360,368 |
Additions | 93,239 |
At 31 December 2023 | 453,607 |
NET BOOK VALUE |
At 31 December 2023 | 453,607 |
At 31 December 2022 | 360,368 |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 323,935 | 241,409 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 2,461,003 | 3,230,376 |
Amounts owed by group undertakings | 84,355 | 23,246 |
Amounts owed by associates | 225,290 | 199,133 |
Other debtors | 129,221 | 552,739 |
Directors' current accounts | 9,216 | 9,216 | - | - |
VAT | 28,466 | - |
Deferred tax asset | 3,870 | 4,917 | - | - |
Prepayments and accrued income | 1,273,442 | 1,319,356 |
4,214,863 | 5,338,983 |
Deferred tax asset |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 3,870 | 4,917 | - | - |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts (see note 17) | 1,205,497 | 1,124,999 |
Hire purchase contracts (see note 18) | 17,777 | 14,196 |
Trade creditors | 2,032,075 | 2,657,258 |
Amounts owed to group undertakings | - | 282,310 |
Tax | (12,327 | ) | 230,890 |
Social security and other taxes | 55,450 | 67,819 |
VAT | - | 91,504 | - | - |
Other creditors | 60,118 | 62,604 |
Accruals and deferred income | 1,108,253 | 1,207,650 |
4,466,843 | 5,739,230 |
Bank loans and overdrafts are secured by a floating charge over the assets of the group. |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans (see note 17) | 283,334 | 483,333 |
Hire purchase contracts (see note 18) | 51,819 | 72,538 |
Trade creditors | - | 70,867 |
335,153 | 626,738 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Amounts falling due within one year or on | demand: |
Bank overdrafts | 1,005,497 | 924,999 |
Bank loans | 200,000 | 200,000 |
1,205,497 | 1,124,999 |
Amounts falling due between one and two | years: |
Bank loans - 1-2 years | 200,000 | 200,000 |
Amounts falling due between two and five | years: |
Bank loans - 2-5 years | 83,334 | 283,333 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year | 17,777 | 14,196 |
Between one and five years | 51,819 | 72,538 |
69,596 | 86,734 |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 6,584,495 | 8,001,131 |
Between one and five years | 34,441,887 | 33,019,484 |
In more than five years | 34,140,825 | 32,059,997 |
75,167,207 | 73,080,612 |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 1 | 1 |
20. | RESERVES |
Profit and loss account |
Includes all current and prior retained profits and losses, net of dividends paid and other adjustments. |
21. | PENSION COMMITMENTS |
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund. At the year end the group had outstanding pension contributions payable of £1,755 (2022: £1,163). |
22. | CONTINGENT LIABILITIES |
Company |
At the year end other companies had gross overdrafts amounting to £1,005,524 (2022 - £432,914). 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 £1,414,018 (2022 - £2,270,994). As at the year end there was a net amount of £NIL (2022: £NIL) owed to the bank. |
23. | 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, including management and consultancy services provided by the directors, amounting to £463,318 (2022: £560,782). Included within trade creditors is a balance of £NIL (2022: £11,815). |
Mann Lines CJSC is a related party by virtue of common control. During the year Mann Lines CJSC made charges for services provided amounting to £NIL (2022: £1,377,394), additionally the group made sales to Mann Lines CJSC amounting to £NIL (2022: £10,696). At the year end the group owed £NIL (2022: £10,876) to Mann Lines CSJC. |
Mann Lines OU is not wholly owned by the group. During the year Mann Lines OU made charges for services amounting to £2,357,852 (2022: £2,132,998), additionally the group made sales to Mann Lines OU amounting to £4,504,203 (2022: £4,170,244). At the year end Mann Lines OU owed the group £222,088 (2022: £195,872). |
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 the company paid rent of £17,500 (2022: £17,500) to a trust connected to the directors. |
24. | POST BALANCE SHEET EVENTS |
There have been no significant events affecting the Company or Group since the year end. |
M-SHIP LIMITED (REGISTERED NUMBER: 05593413) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
25. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking of this company is BNX Holdings Limited which is registered in Jersey. |
The ultimate controlling relating party based on the definitions and requirements of FRS 102 is considered to be AWS Binks as a result of his shareholdings and position on the Board of Directors of the ultimate holding company. |
26. | FIXED ASSET INVESTMENTS |
Investments in associates |
The investments in associates are as follows: |
Mann Lines OU, Paldiski Lõunasadam, Rae põik 10, EE-76806 Paldiski, Estonia, ordinary shares, 50% holding. |
Mann Lines UAB, Nemuno g. 2A LT-91199, Klaipeda, Lithuania, ordinary shares, 50% holding. |
The investment in Mann Lines UAB is held indirectly through the company's investment in Mann Lines OU. |
Subsidiary undertakings |
The following were subsidiary undertakings of the Company: |
Name | Registered office | Class of shares |
Holding |
Mann & Son (London) Limited | Naval House, Kings Quay Street, Harwich, England, CO12 3JJ |
Ordinary | 100 % |
Mann Lines Limited | Naval House, Kings Quay Street, Harwich, England, CO12 3JJ |
Ordinary | 100 % |
Mann Lines Gmbh | Hillmannplatz 13/15, D-28195 Bremen,Germany | Ordinary | 100 % |
Tracor Ou | Paldiski Lõunasadam, Rae Põik 10, EE-76806 Paldiski, Estonia |
Ordinary | 100 % |
Mann Lines Oy | Konttikatu 16, FIN-20200 Turku, Finland | Ordinary | 100 % |
M Logistik Gmbh | Hillmannplatz 13/15, D-28195 Bremen,Germany | Ordinary | 100 % |
Mann Lines BV | Veerhaven 7, 3016 CJ, Rotterdam, Netherlands | Ordinary | 100 % |
Mann Lines Multimodal Limited | Naval House, Kings Quay Street, Harwich, England, CO12 3JJ |
Ordinary | 100 % |
Mann Lines Baltic Ou | Paldiski Lõunasadam, Rae Põik 10, EE-76806 Paldiski, Estonia |
Ordinary | 100 % |
Mann Lines SIA | Miera street 36, Riga, LV-1001, Latvia | Ordinary | 100 % |
All of the subsidiary undertakings are included in the consolidated financial statements. The investment in Mann Lines Multimodal Limited is held indirectly through the company's investment in Mann Lines Limited. |
The principal activity of Mann Lines Limited and Mann Lines Multimodal Limited is that of sea transportation. |
The principal activity of Mann & Son (London) Limited, Mann Lines GMBH, Mann Lines BV, Mann Lines Rus Limited and Mann Lines SIA is that of freight forwarder and ships agent. |
The principal activity of M Logistiks Gmbh is that of freight forwarder. |
The principal activity of Tracor OU is that of asset rental. |
Mann Lines Baltic OU is dormant. |