REGISTERED NUMBER: 02877449 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MANN GROUP LIMITED |
REGISTERED NUMBER: 02877449 (England and Wales) |
REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
MANN GROUP LIMITED |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Report of the Independent Auditors | 4 |
Consolidated Income Statement | 8 |
Consolidated Balance Sheet | 9 |
Company Balance Sheet | 10 |
Notes to the Consolidated Financial Statements | 11 |
MANN GROUP 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 GROUP LIMITED (REGISTERED NUMBER: 02877449) |
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. |
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 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 or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, LB Group, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MANN GROUP LIMITED |
Opinion |
We have audited the financial statements of Mann Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Balance Sheet, Company Balance Sheet and 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Directors has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
MANN GROUP 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 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; or |
- | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Group Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 |
MANN GROUP 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 |
MANN GROUP 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 |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 1,951,069 | 2,123,844 |
Cost of sales | 739,021 | 682,430 |
GROSS PROFIT | 1,212,048 | 1,441,414 |
Administrative expenses | 1,650,932 | 1,633,615 |
(438,884 | ) | (192,201 | ) |
Other operating income | 65,160 | 87,372 |
OPERATING LOSS | 5 | (373,724 | ) | (104,829 | ) |
Interest receivable and similar income | 12 | - |
(373,712 | ) | (104,829 | ) |
Interest payable and similar expenses | 9,347 | 78,646 |
LOSS BEFORE TAXATION | (383,059 | ) | (183,475 | ) |
Tax on loss | 6 | 456 | (101,682 | ) |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Loss attributable to: |
Owners of the parent | (383,515 | ) | (81,793 | ) |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 | 96,981 | 138,932 |
Investments | 9 | 1,019 | 1,019 |
98,000 | 139,951 |
CURRENT ASSETS |
Stocks | 3,788,945 | 3,795,726 |
Debtors | 10 | 151,095 | 505,453 |
Cash at bank and in hand | 197,208 | 48,244 |
4,137,248 | 4,349,423 |
CREDITORS |
Amounts falling due within one year | 11 | 2,096,593 | 1,938,143 |
NET CURRENT ASSETS | 2,040,655 | 2,411,280 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 2,138,655 | 2,551,231 |
CREDITORS |
Amounts falling due after more than one year |
12 |
(53,591 |
) |
(83,108 |
) |
PROVISIONS FOR LIABILITIES | (241,794 | ) | (241,338 | ) |
NET ASSETS | 1,843,270 | 2,226,785 |
CAPITAL AND RESERVES |
Called up share capital | 13 | 2,442 | 2,442 |
Share premium | 15,460 | 15,460 |
Revaluation reserve | 14 | 1,608,533 | 1,608,533 |
Retained earnings | 216,835 | 600,350 |
SHAREHOLDERS' FUNDS | 1,843,270 | 2,226,785 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
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 GROUP LIMITED (REGISTERED NUMBER: 02877449) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 8 |
Investments | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
Company's (loss)/profit for the financial year |
(1,441 |
) |
14,127 |
The financial statements were approved by the Board of Directors and authorised for issue on |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Mann Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The presentation currency of these financial statements is sterling. |
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. |
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; |
- 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. |
Basis of consolidation |
The consolidated financial statements present the results of Mann Group 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. |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED 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 reasons. |
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 and group will have sufficient funds, through its group cash reserves to meet its liabilities as they fall due and to continue in operation for the foreseeable future. |
The directors have also considered the impact of inflation on the company in terms of the structural finance, market-based demand, and operational capability. While inflation has had a negative effect on the business the company has the contractual flexibility to increase prices where necessary and benefits from a fixed price energy contract that expires during 2023. |
The directors have also considered the impact of COVID-19 on the company. While the COVID-19 pandemic has had a negative effect on demand in the first quarter of 2022, volumes have increased since then with the removal of legal restrictions and the company benefits from being in the shipping and logistics sector which has been deemed by the government to be an essential industry should any restrictions be re-introduced. |
The directors are therefore confident that the company will have sufficient funds for the group to continue to meet its liabilities as they fall due for at least 12 months from the date of approval of the financial statements. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Group 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. |
Handling and related services are recognised on the day the activity is completed. Warehouse and rental income is recognised over the relevant period of time. |
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. |
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: |
Plant and machinery etc - 20% straight line, 25% straight line and 33.3% 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 Consolidated Income Statement. |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stock relating to raw materials and consumables are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Property held for development is stated at the carrying value at the date of redesignation (28 December 2008) as held for development rather than an operating fixed asset. On a historical cost basis the carrying value of the asset would be £1,575,704. These stocks are stated at the lower of cost and net realisable value. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately against the revaluation reserve. |
Financial instruments |
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. |
Current and deferred 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations. |
The contributions are recognised as an expense in the Consolidated Income Statement when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds. |
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. |
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. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
Key judgements made by the directors in the preparation of these financial statements (and related areas of estimation uncertainty) is the valuation and classification of the property held for development. The directors review the estimates and underlying assumptions each period to ensure they remain appropriate. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | OPERATING LOSS |
The operating loss is stated after charging: |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 5,483 | 4,196 |
Auditor's remuneration: audit services | 18,550 | 16,800 |
Auditor's remuneration: tax compliance services | 945 | 1,654 |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
6. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the loss for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
Group relief tax | - | (179,002 | ) |
Deferred tax | 456 | 77,320 |
Tax on loss | 456 | (101,682 | ) |
Reconciliation of total tax charge/(credit) 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 before tax | (383,059 | ) | (183,475 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 23.500 % (2022 - 19 %) |
(90,019 |
) |
(34,860 |
) |
Effects of: |
Expenses not deductible for tax purposes | (57 | ) | (127 | ) |
Capital allowances in excess of depreciation | - | (19,991 | ) |
Depreciation in excess of capital allowances | 1,558 | - |
Utilisation of tax losses | - | (124,024 | ) |
Deferred tax adjustment | 456 | 77,320 |
Losses of year carried forward | 88,518 | - |
Group relief | - | 179,002 |
Payment received for Group relief | - | (179,002 | ) |
Total tax charge/(credit) | 456 | (101,682 | ) |
Deferred tax asset of £550,400 (2022: £446,552) in respect of losses carried forward has not been recognised. |
7. | 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. |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | TANGIBLE FIXED ASSETS |
Group |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 | 1,724,322 |
Additions | 15,000 |
At 31 December 2023 | 1,739,322 |
DEPRECIATION |
At 1 January 2023 | 1,585,390 |
Charge for year | 56,951 |
At 31 December 2023 | 1,642,341 |
NET BOOK VALUE |
At 31 December 2023 | 96,981 |
At 31 December 2022 | 138,932 |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 257,353 |
DEPRECIATION |
At 1 January 2023 | 128,847 |
Charge for year | 51,468 |
At 31 December 2023 | 180,315 |
NET BOOK VALUE |
At 31 December 2023 | 77,038 |
At 31 December 2022 | 128,506 |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | FIXED ASSET INVESTMENTS |
Group |
Other |
investments |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 1,019 |
NET BOOK VALUE |
At 31 December 2023 | 1,019 |
At 31 December 2022 | 1,019 |
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 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Harwich Dock Company Limited |
Registered office: Naval House, Kings Quay Street, Harwich, CO12 3JJ |
Nature of business: Dock operations and related services |
% |
Class of shares: | holding |
Ordinary | 100.00 |
Navyard Limited |
Registered office: Naval House, Kings Quay Street, Harwich, CO12 3JJ |
Nature of business: Property development |
% |
Class of shares: | holding |
Ordinary | 100.00 |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 54,040 | 47,182 |
Amounts owed by group undertakings | - | 291,496 |
Other debtors | 97,055 | 166,775 |
151,095 | 505,453 |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Bank loans and overdrafts | - | - |
Hire purchase contracts | 29,518 | 50,278 |
Trade creditors | 144,554 | 127,243 |
Amounts owed to group undertakings | 82,837 | 16,504 |
Amounts owed to associates | 1,755,805 | 1,671,805 | - | - |
Taxation and social security | 28,069 | 15,039 |
Other creditors | 55,810 | 57,274 |
2,096,593 | 1,938,143 |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Hire purchase contracts | 53,591 | 83,108 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.01 | 2,442 | 2,442 |
14. | RESERVES |
Group |
Revaluation |
reserve |
£ |
At 1 January 2023 |
and 31 December 2023 | 1,608,533 |
MANN GROUP LIMITED (REGISTERED NUMBER: 02877449) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | RESERVES - continued |
Revaluation reserve |
The revaluation reserve represents surpluses on the revaluation of fixed assets that are now included as stocks net of deferred tax. |
Profit and loss account |
This represents cumulative profit or losses, net of dividends paid and other adjustments. |
15. | RELATED PARTY DISCLOSURES |
As a wholly owned subsidiary and group of BNX Holdings Limited the company and group is exempt from the requirement of FRS 102 to disclose transactions with other members of the group headed by BNX Holdings Limited. |
The following transactions occurred in the group : |
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 £133,000 (2022: £243,000). At the year end the outstanding balance was £642,000 (2022: £558,000). |
Included within amounts owed to associates Navyard Limited had a loan of £1,113,805 (2022: £1,113,805) outstanding with Traminco Limited at the year end. During the year Traminco made interest charges amounting to £NIL (2022: £66,984). |
16. | POST BALANCE SHEET EVENTS |
There have been no significant events affecting the Company since the year end. |
17. | 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 |