Company registration number:
10727003
|
|
|
FOR THE YEAR ENDED
31 DECEMBER 2020
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
COMPANY INFORMATION
|
|
|
|
|
J. Fitzgerald
(appointed
1 September 2020
)
|
|
P. S. Mahony
(appointed
1 September 2020
)
|
|
B. Traynor
(appointed
1 September 2020
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chartered Accountants
&
Statutory Auditor
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
CONTENTS
|
|
Statement of Financial Position
|
|
Notes to the Financial Statements
|
|
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
REGISTERED NUMBER:
10727003
|
|
|
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
Provisions for liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
J. Tyrrell
|
................................................
P. Tyrrell
|
|
|
|
|
|
|
The notes on pages 2 to 7 form part of these financial statements.
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
C.R.S. Cold Storage Limited is a private company limited by shares incorporated in England and Wales. The trading and registered office are the same and disclosed on the company information page.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
The financial statements have been prepared on the assumption that the Company is a going concern.
The Covid-19 pandemic has led to significant global uncertainty. C.R.S Cold Storage Limited is not immune to the financial effects of the pandemic however the directors have taken appropriate measures to ensure the safety of their employees, adherence to Government advice and continuance of operations.
The company has continued to trade during the pandemic and remains a profitable trading entity with net assets of £1,854,763 (2019: £306,001), cash at bank of £545,872 (2019: £126,671) and profit for the year of £1,548,762 (2019: £314,049). Although there are net current liabilities at the year end the parent Company have confirmed their support in order that the Company can meet its debts as they fall due. Post year end the Company has continued to be profitable.
Consequently, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis with no material uncertainty.
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
C.R.S. Cold Storage Limited sell a range of cold storage containers.
Revenue from the sale of containers is recognised when all of the following conditions are satisfied the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
C.R.S. Cold Storage Limited rent out cold storage containers.
Revenue from a contract to provide services, for the rental of cold storage containers is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.
Defined benefit pension plan
The Company operates a defined benefit plan for certain employees. A defined benefit plan defines the pension benefit that the employee will receive on retirement, usually dependent upon several factors including but not limited to age, length of service and remuneration. A defined benefit plan is a pension plan that is not a defined contribution plan.
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
|
|
Current and deferred taxation
|
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
∙
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
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 profit or loss.
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
|
The average monthly number of employees, including directors, during the year was
5
(2019 -
4
)
.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the year on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A revolving credit facility is in place at C.R.S. Rent A Fridge Limited, the Company's parent company. This facility is secured against the assets of the group, including those of C.R.S. Cold Storage Limited.
|
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
100
(2019 -
100
)
Ordinary
shares of £
1.00
each
|
|
|
|
Commitments under operating leases
|
|
At 31 December 2020 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Later than 1 year and not later than 5 years
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.R.S. COLD STORAGE LIMITED
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
|
Related party transactions
|
|
At the year end the company owed (as shown in creditors under note 6 above) its parent company C.R.S. Rent a Fridge Limited £1,893,165 (2019 - £1,175,655). C.R.S. Cold Storage Limited is also owed £881,752 (2019: £Nil) from C.R.S. Refrigeration Limited at the year end (as shown in debtors under note 5 above), this company is related by virtue of its common ownership by C.R.S. Rent a Fridge Limited.
No interest was charged on either related party balance.
|
The ultimate controlling party by virtue of its majority shareholding is C.R.S. Rent a Fridge Limited a company registered in Ireland.
Registration number: 212485
Registered office:
Carnisle
Kildalkey
Co Meath
The auditors' report on the financial statements for the year ended 31 December 2020 was unqualified.
The audit report was signed on
9 July 2021
by
Andrew Hookway
(Senior Statutory Auditor) on behalf of
Menzies LLP
.
|