REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MANN LINES MULTIMODAL LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MANN LINES MULTIMODAL LIMITED |
MANN LINES MULTIMODAL LIMITED (REGISTERED NUMBER: 04244658) |
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 MULTIMODAL 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 LINES MULTIMODAL LIMITED (REGISTERED NUMBER: 04244658) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks |
Debtors | 4 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Retained earnings | 8 |
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 LINES MULTIMODAL LIMITED (REGISTERED NUMBER: 04244658) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Mann Lines Multimodal 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 UK cash reserves and overdraft facility to meet its liabilities as they fall due and continue in operation for the foreseeable future. |
Turnover |
Revenue from shipping 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. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Stocks |
Stock relates to bunker fuel and consumables and is held at cost. |
Financial instruments |
The Company 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 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. |
MANN LINES MULTIMODAL LIMITED (REGISTERED NUMBER: 04244658) |
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 currency is Euros. This differs from the presentational currency which is GBP. The reason for the difference is that the primary economic operating environment of the entity is Europe. |
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' or 'other operating expense'. |
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. |
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. |
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 |
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
MANN LINES MULTIMODAL LIMITED (REGISTERED NUMBER: 04244658) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
8. | RESERVES |
Profit and loss account |
This includes all current and prior period retained profits and losses. |
9. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
10. | 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 £963,541 (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 £151,594 (2022 - £1,170,931). As at the year end there was a net amount of £NIL (2022: £NIL) owed to the bank. |
MANN LINES MULTIMODAL LIMITED (REGISTERED NUMBER: 04244658) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | RELATED PARTY TRANSACTIONS |
As a wholly owned subsidiary of BNX Holdings Limited the company is exempt from the requirement of FRS102 to disclose transactions with the other wholly owned member 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 charge for services and consultancy providing amounting to £115,208 (2022: £176.266). At the year end the company owed £NIL (2022: £11,815) to Traminco Limited. |
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 Mann Lines Multimodal made sales to Mann Lines CJSC amounting to £NIL (2022: £10,696). At the year end the company owed £NIL (2022: £10,876) to Mann Lines CSJC. |
12. | POST BALANCE SHEET EVENTS |
There have been no significant events affecting the Company since the year end. |
13. | ULTIMATE CONTROLLING PARTY |
The ultimate parent undertaking of this company in 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 intermediate 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. |
Mann Lines Limited, Naval House, Kings Quay Street, Harwich CO12 3JJ is the immediate parent of the company as a result of its shareholding. |
The ultimate controlling related party of the company based on the definitions and requirements of FRS102 is considered to be AWS Binks as a result of his shareholding, his beneficial interests under a trust and position on the Board of Directors of the ultimate holding company. |