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

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

Mann & Son (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Naval House, Kings Quay Street, Harwich, Essex, England, CO12 3JJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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 Company continues to adopt the going concern basis in preparing itstrue 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 the UK group cash reserves and overdraft facility to meet its liabilities as they fall due and continue in operation for the foreseeable future.

Turnover is recognised to the extent that 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.

Transport turnover is recognised on delivery of goods transported and agency turnover is recognised on a departure date basis.

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 Company 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 Company. The carrying amount of the replaced part is derecognized. 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:

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 income statement.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax 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.

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.

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 recognized 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'.

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

Bank overdrafts are secured by a floating charge over the assets of the company and a cross guarantee from the parent company and certain fellow subsidiaries.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

At 31 December 2024 the company had an unrecognised deferred tax asset amounting to £428,800 (2023: £357,594) in relation to losses carried forward.

Profit and loss account

This represents cumulative profit or losses, net of dividends paid and other adjustments.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its 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.

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 £767,504 (2023 - £150,555). 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 £1,591,800 (2023 - £1,529,451). As at the year end there was a net amount of £NIL (2023: £NIL) owed to the bank.

The company has had a claim brought against them in respect of potential unpaid import duty, dating back to the post Brexit period where customs clearance was required, however options were available to delay this to assist in the inflow of goods. The company has insurance cover in place against potential errors, which is limited to £250,000. The directors do not believe it is probable that a claim will be successful against the company, accordingly no provision for any liability has been made in these financial statements.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

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

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 and consultancy provided amounting to £138,000 (2023: £142,000). Included within trade creditors is a balance of £55,200 (2023: £NIL). Included within other debtors at the year end is a balance of £NIL (2023: £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 Mann & Son (London) Limited made sales to Mann Lines OU of £3,510 (2023: £4,243) and purchases of £14,346 (2023: £20,223). Included within amounts owed by joint ventures and associate undertakings at the year-end is a balance due of £NIL (2023: £3,576).

During the year the company paid rent of £NIL (2023: £17,500) to a trust connected to the directors.

The ultimate parent undertaking of this company in the year was BNX Holdings Limited, which is registered in Jersey. The company was included in the consolidated accounts of M-Ship Limited, the company's immediate parent undertaking and controlling related party under the definition set out in FRS102 by virtue of its shareholding in the company. M-Ship Limited's accounts are available from the Registrar of Companies (England & Wales), Companies House, Crown Way, Cardiff, CF14 3UZ. The ultimate controlling related party based on the definitions and requirements of FRS 102 was considered to be AWS Binks as a result of his shareholdings, his beneficial interest under a trust and position on the Board of Directors of the ultimate parent undertaking.

Post year end there has been a change in ownership which means the new ultimate parent undertaking of this company is Rederi Aktiebolaget Soya, a company that is registered in Sweden. There is now no ultimate controlling related party with the changes in the share ownership as per the requirements of FRS 102.