Company Registration No. 01762380 (England and Wales)
FLIXBOROUGH WHARF LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
FLIXBOROUGH WHARF LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
FLIXBOROUGH WHARF LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,716,997
2,828,997
Current assets
Debtors
5
1,246,600
1,283,000
Cash at bank and in hand
404
5,056
1,247,004
1,288,056
Creditors: amounts falling due within one year
6
(775,012)
(975,560)
Net current assets
471,992
312,496
Total assets less current liabilities
3,188,989
3,141,493
Provisions for liabilities
(3,598)
(3,407)
Net assets
3,185,391
3,138,086
Capital and reserves
Called up share capital
7
1,450,000
1,450,000
Revaluation reserve
8
1,832,453
1,832,453
Profit and loss reserves
9
(97,062)
(144,367)
Total equity
3,185,391
3,138,086
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered 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 20 September 2023 and are signed on its behalf by:
S. Bentley
Director
Company Registration No. 01762380
FLIXBOROUGH WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information
Flixborough Wharf Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boothferry Terminal, Bridge Street, Goole, East Yorkshire, DN14 5SS.
1.1
Accounting convention
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 modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Land is not depreciated. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold buildings
10 - 50 years on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Recoverable amount is the higher of fair value less costs to sell and value in use.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
1.5
Cash and cash equivalents
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.
FLIXBOROUGH WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
FLIXBOROUGH WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
1.10
Related party transactions
Advantage has been taken under FRS 102 section 33.1A of the exemption available to groups of companies not to disclose transactions and balances with wholly owned subsidiaries within the group.
1.11
The company's accounting reference date is 29 December, the directors have chosen to take advantage of the seven day rule and continue to prepare accounts to 31 December.
2
Judgements and key sources of estimation uncertainty
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
1
FLIXBOROUGH WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -
4
Tangible fixed assets
Freehold land and buildings
£
Cost or valuation
At 1 January 2022 and 31 December 2022
3,836,997
Depreciation and impairment
At 1 January 2022
1,008,000
Depreciation charged in the year
112,000
At 31 December 2022
1,120,000
Carrying amount
At 31 December 2022
2,716,997
At 31 December 2021
2,828,997
Included in freehold property is freehold land of £1,192,000 (2021: £1,192,000) which is not depreciated.
In 2012 freehold land and buildings were valued at £3,410,000 on an open market value with vacant possession basis by Clark Weightman Limited. This valuation on transition to FRS 102 has been taken to be deemed cost of the freehold land and buildings. These assets are being depreciated from their valuation date in 2012.
In the event that the freehold property was sold at the balance sheet valuation, there would be no taxation charge thereon.
The revaluation surplus is disclosed in note 8.
The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:
2022
2021
£
£
Cost
6,146,149
6,146,149
Accumulated depreciation
(5,689,272)
(5,577,272)
Carrying value
456,877
568,877
FLIXBOROUGH WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,246,000
1,283,000
Other debtors
600
1,246,600
1,283,000
6
Creditors: amounts falling due within one year
2022
2021
£
£
Amounts owed to group undertakings
737,819
937,819
Taxation and social security
37,193
37,741
775,012
975,560
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,450,000
1,450,000
1,450,000
1,450,000
8
Revaluation reserve
2022
2021
£
£
At the beginning and end of the year
1,832,453
1,832,453
The revaluation reserve represents the cumulative effect of revaluations of tangible fixed assets where a policy of revaluation has been adopted.
9
Profit and loss reserves
This reserve represents cumulative retained profits and losses.
10
Audit report information
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 was unqualified.
Senior Statutory Auditor:
Douglas Baker FCCA
Statutory Auditor:
Dutton Moore
FLIXBOROUGH WHARF LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 7 -
11
Financial commitments, guarantees and contingent liabilities
The bank hold fixed and floating charges over company assets. The company is party to a joint and several guarantee in respect of the borrowings of RMS Ports Limited and its subsidiaries. The net liability at 31 December 2022 was £3,707,170 (2021: £4,702,592).
12
Ultimate controlling party
The parent company is RMS Europe Group Limited, a company registered in England and Wales. The ultimate parent company of the group undertakings for which group financial statements are drawn up and of which the company is a member of is RMS Ports Limited, registered in England and Wales. RMS Ports Limited is the smallest and largest group for which consolidated financial statements are prepared. The directors do not consider any one party to exercise control over RMS Ports Limited. Copies of RMS Ports Limited’s financial statements can be obtained from its registered office of Boothferry Terminal, Bridge Street, Goole, DN14 5SS, United Kingdom.