Company Registration No. 09743395 (England and Wales)
Container Rack Limited
Unaudited accounts
for the year ended 31 March 2023
Container Rack Limited
Unaudited accounts
Contents
Container Rack Limited
Company Information
for the year ended 31 March 2023
Company Number
09743395 (England and Wales)
Registered Office
38 North Gate
Newark
Nottinghamshire
NG24 1EZ
ENGLAND
Accountants
A. R. & H. Accountancy Services Limited
1 Buckland Drive
Woodborough
Nottinghamshire
NG14 6EU
Container Rack Limited
Statement of financial position
as at 31 March 2023
Tangible assets
21,855
58,392
Cash at bank and in hand
1
1
Creditors: amounts falling due within one year
(62,252)
(86,962)
Net current liabilities
(25,115)
(30,935)
Total assets less current liabilities
(3,260)
27,457
Creditors: amounts falling due after more than one year
(21,667)
(31,667)
Provisions for liabilities
Deferred tax
(10,310)
(11,094)
Net liabilities
(35,237)
(15,304)
Called up share capital
100
100
Profit and loss account
(35,337)
(15,404)
Shareholders' funds
(35,237)
(15,304)
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 December 2023 and were signed on its behalf by
P D Elliott
Director
Company Registration No. 09743395
Container Rack Limited
Notes to the Accounts
for the year ended 31 March 2023
Container Rack Limited is a private company, limited by shares, registered in England and Wales, registration number 09743395. The registered office is 38 North Gate, Newark, Nottinghamshire, NG24 1EZ, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% on reducing balance
Fixtures & fittings
15% on reducing balance
Computer equipment
33% on cost
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
The financial statements have been prepared under the going concern concept.
The director has agreed to provide adequate funds for the company to meet its liabilities as they fall due for the foreseeable future. Consequently, the management believe that the financial statements should be prepared on the going concern basis. However, if this was not the case, fixed assets would require reclassifying as current assets and the carrying values of the balance sheet items may differ from those as currently stated.
Container Rack Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Plant & machinery
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
80,407
8,821
1,728
90,956
Additions
18,622
1,426
-
20,048
Disposals
(68,579)
(2,613)
-
(71,192)
At 31 March 2023
30,450
7,634
1,728
39,812
At 1 April 2022
26,824
4,588
1,152
32,564
Charge for the year
3,129
712
459
4,300
On disposals
(17,209)
(1,698)
-
(18,907)
At 31 March 2023
12,744
3,602
1,611
17,957
At 31 March 2023
17,706
4,032
117
21,855
At 31 March 2022
53,583
4,233
576
58,392
Amounts falling due within one year
Trade debtors
14,245
7,053
Accrued income and prepayments
109
358
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
33,827
10,316
Obligations under finance leases and hire purchase contracts
-
10,341
Trade creditors
6,879
13,802
Taxes and social security
21,385
4,160
Loans from directors
(50,995)
13,420
7
Creditors: amounts falling due after more than one year
2023
2022
Container Rack Limited
Notes to the Accounts
for the year ended 31 March 2023
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
During the year the company loaned £49,045 to the director. Loan interest has been charged at 2%. The loan is repayable within 12 months.
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).