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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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VERBUS INTERNATIONAL LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2020 |
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FOR |
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VERBUS INTERNATIONAL LIMITED |
VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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VERBUS INTERNATIONAL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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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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Chartered Certified Accountants |
9 Mansfield Street |
London |
W1G 9NY |
VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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BALANCE SHEET |
31 DECEMBER 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET (LIABILITIES)/ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Share premium |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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1. | STATUTORY INFORMATION |
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Verbus International Limited is a
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2. | ACCOUNTING POLICIES |
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BASIS OF PREPARING THE FINANCIAL STATEMENTS |
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GOING CONCERN |
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Verbus International Limited ("VIL") and its subsidiary(ies) relied on financial support from the wider group in the form of inter-company loans and cash pooling facilities with overall comfort of confirmed ongoing financial support from the ultimate parent company, China International Marine Containers (Group) Co., Ltd ("CIMC") to continue as going concerns. |
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In early 2020, in response to the global uncertainties faced by the wider group due to Covid-19, CIMC set up a "Special Period Decision-making Committee" as the temporary highest decision-making body of the group. This resulted in a group wide adjustment to the previous processes, plans and routines to ensure the group survived the crisis safely. At around the same time, three of VIL's trading subsidiaries faced claims and/or had ongoing liabilities which could not be met due to withdrawal of further financial support. After taking insolvency advice, the affected subsidiaries were placed into creditor's voluntary liquidations in June 2020. |
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The amount owed to VIL by the affected subsidiaries was written off in the year resulting in VIL making a loss of £13,362,959 for the year with a deficit in shareholder funds of £12,439,842 at the end of the year. |
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During the year, the company rationalised its costs by taking advantage of the government job retention scheme, making redundancies and negotiating the surrender of its office lease. |
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As a result of CIMC's success in manoeuvring through the challenging times and subsequent increased global demand for containers, it's financial position has strengthened and it has confirmed its financial support to VIL and its remaining subsidiary to enable them to continue in operational existence for the foreseeable future being a period of at least 12 months from the date of approval of these financial statements. |
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Whilst the ongoing effect of Covid-19 makes it difficult to predict future events or conditions, based on the the above, the directors feel it remains appropriate to prepare the financial statements on a going concern basis. |
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If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any additional liabilities that might arise. |
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PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Verbus International Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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TANGIBLE FIXED ASSETS |
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Fixtures and fittings | - |
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INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiaries are stated at cost less any provision for impairment. |
VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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FINANCIAL INSTRUMENTS |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
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Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. |
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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. |
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Basic financial assets |
Basic financial assets, which include inter-group loans and other 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. |
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Impairment of financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
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Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
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If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
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Derecognition of financial assets |
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
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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. |
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Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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2. | ACCOUNTING POLICIES - continued |
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 initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
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Derecognition of financial liabilities |
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
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TAXATION |
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. |
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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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DEFERRED TAX |
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 year 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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PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
The company makes contributions to employees individual personal pension plans and contributions payable are charged to the profit and loss account in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
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COST |
At 1 January 2020 |
and 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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DEPRECIATION |
At 1 January 2020 |
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Charge for year |
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Eliminated on disposal | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2020 |
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Disposals | ( |
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At 31 December 2020 |
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NET BOOK VALUE |
At 31 December 2020 |
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At 31 December 2019 |
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7. | DEBTORS |
2020 | 2019 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
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Amounts owed by group undertakings |
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VAT |
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Prepayments and accrued income |
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VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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7. | DEBTORS - continued |
2020 | 2019 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts (see note 9) |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation |
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Social security and other taxes |
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Other creditors |
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Accruals and deferred income |
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9. | LOANS |
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An analysis of the maturity of loans is given below: |
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2020 | 2019 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
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The above balance represents the company's borrowings under an accession agreement within the group's bank notional cash pooling facility. |
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10. | FINANCIAL INSTRUMENTS |
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There are no differences between the fair values of financial assets and liabilities and their carrying amounts as stated in the balance sheet. |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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"A" Ordinary | 1 | 887 | 887 |
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"B" Ordinary | 1 | 221 | 221 |
1,108 | 1,108 |
VERBUS INTERNATIONAL LIMITED (REGISTERED NUMBER: 06829020) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2020 |
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12. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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13. | RELATED PARTY DISCLOSURES |
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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. |
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14. | CONTROLLING PARTY |
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The company is a member of a group. Consolidated accounts, for the smallest group, are prepared for it's intermediate holding company, CIMC MBS Hong Kong Limited. The registered address of CIMC MBS Hong Kong Limited is Unit 41, 15/F, Pacific Trade Centre, 2 Kai Hing Road, Kowloon, Hong Kong. The consolidated accounts are not available to the public. |
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The ultimate parent company is China International Marine Containers (Group) Co., Ltd which is incorporated in China. |
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During the period, there was no single person controlling the company. |