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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: A W S Binks
Mrs P M Binks
T A Binks
W A Binks





SECRETARY: J P Ward





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





REGISTERED NUMBER: 02877449 (England and Wales)





AUDITORS: LB Group
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.

A W S Binks
Mrs P M Binks
T A Binks
W A Binks

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:



W A Binks - Director


18 September 2024

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.




Andrew Robert Graham Green (Senior Statutory Auditor)
for and on behalf of LB Group
The Octagon
Suite E2
Middleborough
Colchester
Essex
CO1 1TG

18 September 2024

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 (383,515 ) (81,793 )

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 2 2
2 2

CURRENT ASSETS
Debtors 10 1,639 18,267
Cash at bank 15,017 -
16,656 18,267
CREDITORS
Amounts falling due within one year 11 19,493 19,663
NET CURRENT LIABILITIES (2,837 ) (1,396 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,835 ) (1,394 )

CAPITAL AND RESERVES
Called up share capital 13 2,442 2,442
Retained earnings (5,277 ) (3,836 )
SHAREHOLDERS' FUNDS (2,835 ) (1,394 )

Company's (loss)/profit for the financial
year

(1,441

)

14,127

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)

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

1. STATUTORY INFORMATION

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

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The 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 33 (2022 - 37 ) .

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 2
NET BOOK VALUE
At 31 December 2023 2
At 31 December 2022 2

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 1,639 17,894
Other debtors 97,055 166,775 - 373
151,095 505,453 1,639 18,267

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts - - - 23
Hire purchase contracts 29,518 50,278 - -
Trade creditors 144,554 127,243 - 6,714
Amounts owed to group undertakings 82,837 16,504 11,043 4,476
Amounts owed to associates 1,755,805 1,671,805 - -
Taxation and social security 28,069 15,039 - -
Other creditors 55,810 57,274 8,450 8,450
2,096,593 1,938,143 19,493 19,663

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: £    £   
244,200 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