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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 OCTOBER 2017 TO 31 DECEMBER 2018 |
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FOR |
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CONTAINERLIFT SERVICES LIMITED |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS |
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FOR THE PERIOD 1 OCTOBER 2017 TO 31 DECEMBER 2018 |
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FOR |
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CONTAINERLIFT SERVICES LIMITED |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the period 1 October 2017 to 31 December 2018 |
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Page |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 6 |
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Income Statement | 8 |
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Other Comprehensive Income | 9 |
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Balance Sheet | 10 |
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Statement of Changes in Equity | 11 |
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Notes to the Financial Statements | 12 |
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CONTAINERLIFT SERVICES LIMITED |
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COMPANY INFORMATION |
for the period 1 October 2017 to 31 December 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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STRATEGIC REPORT |
for the period 1 October 2017 to 31 December 2018 |
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The directors present their strategic report for the period 1 October 2017 to 31 December 2018. |
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REVIEW OF BUSINESS |
The results for the period are in the company's profit and loss account on Page 8. This shows a turnover of £17,298,969 |
(2018 - £13,583,138), and an operating profit for the year of £511,326 (2018 - £661,463). |
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The company's balance sheet on page 10 shows net assets at the year-end of £1,148,544. |
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The company's financial period October 2017 to December 2018 has been strong relative to market conditions. The |
severe winter weather from January through to March 2018 had a notable impact; Road closures, inaccessible delivery |
sites and closures at the ports and container depots meant many vehicles were not working. The summer whilst |
witnessing a unseasonal peak was again disrupted by infrastructure issues with Ports and railways impacting on |
productivity. The forecast for the current year is stronger. |
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The principal risks are the uncertainties that Brexit creates along with the competitive nature of the logistics industry. |
The recognised national shortage of Heavy Goods Vehicle drivers is exacerbated by Brexit, with a shrinking of |
European driver pool working in the UK. |
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The Board are committed to reviewing and improving operational efficiencies, customer engagement and service |
excellence to moderate the impact of the identified risks. |
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Further initiatives for 2019 will continue to improve the company's financial strength and the Board are confident the |
company will continue to deliver profitable growth during this period of our 30th anniversary. |
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Containerlift continues to ready themselves to optimise the opportunities that Brexit/ No Brexit will create. |
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REVIEW OF BUSINESS |
Brexit with a deal should restore confidence to the economy (both in UK and the wider European economy) and see |
trade return to previous growth patterns. |
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Containerlift continues to ready themselves to optimise the opportunity each path creates. |
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ON BEHALF OF THE BOARD: |
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26 September 2019 |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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REPORT OF THE DIRECTORS |
for the period 1 October 2017 to 31 December 2018 |
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The directors present their report with the financial statements of the company for the period 1 October 2017 to 31 December 2018. |
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PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of the road transport and handling (lifting) of |
shipping containers and international freight forwarding. |
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DIVIDENDS |
An interim dividend of £ paid on the Ordinary B £1 shares. |
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The total distribution of dividends for the period ended 31 December 2018 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2017 to the date of this |
report. |
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EMPLOYEES |
The company operates an equal opportunities policy. The aim of this policy is to ensure that there should be equal |
opportunity for all and this applies to external recruitment, internal appointments, terms of employment, conditions of |
service and opportunity for training and promotion regardless of gender, ethnic origin or disability. |
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Disabled persons are given full and fair consideration for all types of vacancy in as much as the opportunities available |
are constrained by the practical limitations of the disability. Should, for whatever reason, an employee of the company |
become disabled whilst in employment, every step, where appropriate will be taken to assist with rehabilitation and |
suitable re-training. |
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The company maintains its own health, safety and environmental policies covering all aspect of its operations. Regular |
meetings and inspections take place to ensure all legal requirements are adhered to and that the company is responsive to |
the needs of the employees and the environment. |
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CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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REPORT OF THE DIRECTORS |
for the period 1 October 2017 to 31 December 2018 |
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FINANCIAL RISK MANAGEMENT |
The company's operations expose it to a variety of financial risks that include the effects of changes in credit risk, |
liquidity risk and interest rate risk. The company has in place a risk management programme that seeks to limit the |
adverse effects on the financial performance of the company by monitoring levels of debt finance and the related finance |
costs. The company does not use derivative financial instruments to manage interest rate costs and as such, no hedge |
accounting is applied. |
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Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk |
management to a sub-committee of the board. The policies set by the board of directors are implemented by the |
company's finance department. |
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Price risk |
The company has no exposure to equity securities price risk as it holds no listed or other equity investments. |
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Liquidity risk |
The company actively maintains short-term debt finance that is designed to ensure that the company has sufficient |
available funds for operations and planned expansions. |
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Interest rate risk |
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets include only cash |
balances which earn interest at fixed rate. The company has a policy of maintaining debt at a fixed rate to ensure |
certainty of future interest cash flows. The directors will revisit the appropriateness of this policy if the operations of the |
company change in size or nature. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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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 of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company 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 hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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REPORT OF THE DIRECTORS |
for the period 1 October 2017 to 31 December 2018 |
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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 company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's |
auditors are aware of that information. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CONTAINERLIFT SERVICES LIMITED |
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Opinion |
We have audited the financial statements of Containerlift Services Limited (the 'company') for the period ended |
31 December 2018 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of |
Changes in Equity 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). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for the period
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. |
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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 company 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. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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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. |
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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 there is a material misstatement in the financial |
statements or a material misstatement of the other information. 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. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
CONTAINERLIFT SERVICES LIMITED |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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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: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the 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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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In preparing the financial statements, the directors are responsible for assessing the 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 company or to cease operations, or have no realistic |
alternative but to do so. |
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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. |
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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. |
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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. |
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for and on behalf of
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19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
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CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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INCOME STATEMENT |
for the period 1 October 2017 to 31 December 2018 |
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Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
Notes | £ | £ |
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TURNOVER | 4 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses |
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481,508 | 629,863 |
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Other operating income | 5 |
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OPERATING PROFIT | 7 |
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Interest payable and similar expenses | 8 |
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PROFIT BEFORE TAXATION |
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Tax on profit | 9 |
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PROFIT FOR THE FINANCIAL PERIOD |
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CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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OTHER COMPREHENSIVE INCOME |
for the period 1 October 2017 to 31 December 2018 |
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Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
Notes | £ | £ |
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PROFIT FOR THE PERIOD |
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OTHER COMPREHENSIVE INCOME |
Revaluation gain |
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Income tax relating to other comprehensive
income |
( |
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OTHER COMPREHENSIVE INCOME
FOR THE PERIOD, NET OF INCOME TAX |
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TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD |
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CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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BALANCE SHEET |
31 December 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 11 |
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Tangible assets | 12 |
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CURRENT ASSETS |
Stocks | 13 |
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Debtors | 14 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 15 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
16 |
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( |
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PROVISIONS FOR LIABILITIES | 20 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 21 |
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Share premium |
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Revaluation reserve |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
by: |
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CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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STATEMENT OF CHANGES IN EQUITY |
for the period 1 October 2017 to 31 December 2018 |
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Called up |
share | Retained | Share |
capital | earnings | premium |
£ | £ | £ |
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Balance at 1 October 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 31 December 2018 |
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Capital |
Revaluation | redemption | Total |
reserve | reserve | equity |
£ | £ | £ |
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Balance at 1 October 2016 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income |
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Balance at 30 September 2017 |
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Changes in equity |
Dividends | - | - | ( |
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Total comprehensive income |
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Balance at 31 December 2018 |
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CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the period 1 October 2017 to 31 December 2018 |
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1. | GENERAL INFORMATION |
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Containerlift Services Limited is primarily involved in container handling and transportation. |
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The Company is a limited liability company incorporated in the United Kingdom under the Companies Act 2006. |
The address of the registered office is Gallop House, Hasler Lane, Great Dunmow, Essex, CM6 1XS. |
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2. | STATUTORY INFORMATION |
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Containerlift Services Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The accounts have been prepared on the going concern basis as the directors are of the opinion that the company |
will meet its liabilities as and when due. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows. |
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Turnover |
Turnover represents sales to external customers at invoices amounts less value added tax or local taxes on sales. |
Turnover is recognised when goods are delivered or over the period for which services are rendered. |
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Intangible fixed assets |
Website costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in |
equal annual instalments over the estimated useful life of 10 years. |
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Tangible fixed assets |
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Plant and machinery | - |
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Fixtures and fittings | - |
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Motor vehicles | - |
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Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated |
depreciation and impairment losses. |
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For assets bought on finance, the borrowing cost in relation to the acquition of the assets is capitalised and |
included in cost and are subsequently stated at cost less any accumulated depreciation and impairment losses. |
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Inventories |
Inventories are stated at the lower of cost and and estimated selling price less cost to complete the sell. |
The cost of finished goods and work in progress comprises all costs of purchase, cost of conversion and other |
costs incurred in bringing inventories to their present location and condition. These include design costs, raw |
materials, direct labour, other direct costs, related production overheads and borrowing costs. |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Taxation |
Taxation for the period 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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Current and deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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 period end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Obligation under finance lease |
Leases of property used as investment property are classified as finance leases. Such finance leases are |
capitalised at the beginning of the transition period for FRS 102 at the lower of the fair value of the property and |
the present value of the minimum lease payments. Each lease payment is allocated between the liability and |
finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental |
obligations, net of finance charges, are included in liabilities. The finance charges are charged to the Statement |
of Comprehensive Income over the lease period so as to produce a constant periodic rate of interest on the |
remaining balance of the liability for each period. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
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Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless htose costs are |
required to be recognised as part of the cost of stock or fixed assets. |
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The cost of any unused holiday entitlement is recognised in the period in which the empoyee's services are |
received. |
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Termination benefits are recognised immediately as an expense when the company is demonstrably committed to |
terminate the employment of an employee or to provide termination benefits. |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
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3. | ACCOUNTING POLICIES - continued |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable. |
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Debt instruments, like loans and other accounts receivable and payable, are initially measured at present value of |
the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that |
are payable or receivable within one year, typically trade payables or receivables, are measured, initially and |
subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the profit and loss account. |
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For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective |
interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is |
the current effective interest rate determined under the contract. |
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For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and best estimate, which is an approximation of the amount that the company would |
receive for the asset if it were to be sold at the balance sheet date. |
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Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an |
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. |
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Creditors |
Short term creditors are measured at the transaction price. |
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4. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by geographical market is given below: |
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Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
United Kingdom | 16,900,507 | 13,269,829 |
Outside the United Kingdom | 398,462 | 313,309 |
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5. | OTHER OPERATING INCOME |
Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
Sundry receipts | 29,818 | 31,600 |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
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6. | EMPLOYEES AND DIRECTORS |
Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
Wages and salaries |
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Social security costs |
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Other pension costs |
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The average number of employees during the period was as follows: |
Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
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Drivers | 48 | 45 |
Supervisors | 1 | 1 |
Administration | 28 | 25 |
Directors | 5 | 5 |
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There were no directors costs for the period ended 31 December 2018 nor for the year ended 30 September |
2017. |
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7. | OPERATING PROFIT |
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The operating profit is stated after charging: |
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Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
Depreciation - owned assets |
|
|
Depreciation - assets on hire purchase contracts |
|
|
Auditors' remuneration |
|
|
|
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
Bank interest |
|
|
Other interest |
|
|
Hire purchase |
|
|
|
|
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
|
9. | TAXATION |
|
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
Current tax: |
UK corporation tax |
|
|
|
Origination and reversal of |
timing differences |
|
|
Tax on profit |
|
|
|
UK corporation tax has been charged at 19% . |
|
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is |
explained below: |
|
Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2017 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | ( |
) |
rates above to actual rates |
Deferred tax adjustment | 24,821 | 74,830 |
Surrendered under Group tax relief | (13,668 | ) | (11,980 | ) |
Total tax charge | 71,861 | 161,267 |
|
Tax effects relating to effects of other comprehensive income |
|
1.10.17 to 31.12.18 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation gain |
|
(161,964 | ) | 690,477 |
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
|
10. | DIVIDENDS |
Period |
1.10.17 |
to | Year Ended |
31.12.18 | 30.9.17 |
£ | £ |
Ordinary shares of £1 each |
Interim |
|
|
|
11. | INTANGIBLE FIXED ASSETS |
Website |
costs |
£ |
COST |
At 1 October 2017 |
and 31 December 2018 |
|
AMORTISATION |
At 1 October 2017 |
and 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 30 September 2017 |
|
|
12. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 October 2017 |
|
|
|
|
Additions |
|
|
|
|
Revaluations |
|
|
|
|
At 31 December 2018 |
|
|
|
|
DEPRECIATION |
At 1 October 2017 |
|
|
|
|
Charge for period |
|
|
|
|
At 31 December 2018 |
|
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
|
At 30 September 2017 |
|
|
|
|
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
|
12. | TANGIBLE FIXED ASSETS - continued |
|
Cost or valuation at 31 December 2018 is represented by: |
|
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Totals |
£ | £ | £ | £ |
Valuation in 2018 | 852,441 | - | - | 852,441 |
Cost | 3,394,117 | 327,129 | 189,854 | 3,911,100 |
4,246,558 | 327,129 | 189,854 | 4,763,541 |
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Plant and | Motor |
machinery | vehicles | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2017 |
|
|
|
Additions |
|
|
|
At 31 December 2018 |
|
|
|
DEPRECIATION |
At 1 October 2017 |
|
|
|
Charge for period |
|
|
|
At 31 December 2018 |
|
|
|
NET BOOK VALUE |
At 31 December 2018 |
|
|
|
At 30 September 2017 |
|
|
|
|
13. | STOCKS |
2018 | 2017 |
£ | £ |
Raw materials and consumables |
|
|
|
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
|
|
Amounts owed by group undertakings |
|
|
Other debtors |
|
|
Directors' current accounts | 10,003 | 37,087 |
Tax |
|
|
Prepayments and accrued income |
|
|
|
|
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
|
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts (see note 17) |
|
|
Hire purchase contracts (see note 18) |
|
|
Trade creditors |
|
|
Tax |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
16. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2018 | 2017 |
£ | £ |
Other loans (see note 17) |
|
|
Hire purchase contracts (see note 18) |
|
|
|
|
|
17. | LOANS |
|
An analysis of the maturity of loans is given below: |
|
2018 | 2017 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Steelbro Loan | - | 3,495 |
|
18. | LEASING AGREEMENTS |
|
Minimum lease payments under hire purchase fall due as follows: |
|
2018 | 2017 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
Between one and five years |
|
|
|
|
CONTAINERLIFT SERVICES LIMITED (REGISTERED NUMBER: 02361315) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the period 1 October 2017 to 31 December 2018 |
|
19. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2018 | 2017 |
£ | £ |
Bank loans |
|
|
Hire purchase contracts | 343,753 | 257,744 |
Factored debts | 1,706,031 | 1,277,671 |
|
|
|
Hire purchase contracts are secured by the assets over which the agreements relate. The factoring advances are |
secured on trade debtors. |
|
The bank borrowings are secured by a debenture on all company assets. |
|
20. | PROVISIONS FOR LIABILITIES |
2018 | 2017 |
£ | £ |
Deferred tax | 346,212 | 159,428 |
|
Deferred |
tax |
£ |
Balance at 1 October 2017 |
|
Provided during period |
|
Deferred tax on revaluation | 161,964 |
Balance at 31 December 2018 |
|
|
21. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
|
Ordinary | £1 | 9,804 | 9,804 |
|
22. | ULTIMATE PARENT COMPANY |
|
JD Containerlift Holdings Limited is regarded by the directors as being the company's ultimate parent company. |
|
23. | RELATED PARTY DISCLOSURES |
|
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
|
24. | ULTIMATE CONTROLLING PARTY |
|
At the year end, Mr J A Baker, a director, was the ultimate controlling party as he owns the majority of the |
issued share capital in the ultimate parent company, JD Containerlift Holdings Limited. |