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REGISTERED NUMBER: 02830990 (England and Wales)













STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

FOR

FAIRPORT CONTAINERS LIMITED

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022




Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Notes to the Financial Statements 12


FAIRPORT CONTAINERS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2022







Directors: Mr A L J Porter
Mr D A Porter
Mr S Collinson





Registered office: No. 1 Market Place
Adlington
Lancashire
PR7 4EZ





Registered number: 02830990 (England and Wales)





Auditors: NR Barton
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022

The directors are pleased to present their report and financial statements for the financial year to 31 March 2022.

Review of business
The company's principal activities during the year were as follows:

- Specialist refurbishment, maintenance and modification of industrial and commercial metal waste containers, four wheeled trade waste containers and recycling banks for the waste and associated industries and charities.
- Buying, refurbishing, selling and hiring of waste containers and recycling banks.
- Mobile repair and maintenance of waste containers and recycling banks.
- Commercial vehicle repairs, maintenance and hire.

The demand for the company's refurbishment services returned to pre-covid levels by Spring 2021 and turnover increased due to a significant increase in demand from two major customers, together with increased demand from new customers. The high price of steel considerably increased the cost of new containers which further increased the demand for refurbished containers.

The commercial vehicle repair and maintenance division performed satisfactorily throughout the year and increased its customer base.

The directors are satisfied with the performance of the company and in particular the turnaround from the previous financial year.

Key performance indicators
The directors consider the key performance indicators of the business to be turnover, liquidity as per the current ratio, the average number of employees and turnover per employee. Compared to the previous year, turnover was up by 72%, and the number of employees was up by 25%. Meanwhile the company maintained generally healthy liquidity with a current ratio of 1.26.

2022 2021
Turnover £9,093,901 £5,282,876
current ratio 1.26 1.17
Average number of employees 80 64

Future developments
The company is experiencing a significant increase in demand from two major customers, together with increased demand from new customers. This has resulted in the company achieving record turnover figures in recent months and the directors are forecasting that this will continue.

Personnel
The company's Finance Director retired on 31 December 2021. However, the company expects to retain the knowledge, skills and experience required due to the long period of succession planning that has taken place. Succession planning is also in place for other senior staff members / directors who will be of retirement age in the next few years. The company is an equal opportunities employer which often promotes from within.

Employee matters
The company sees its people as its primary asset to achieving its business plan and has established policies for reviewing, training and development. It is committed to achieving excellence in Health & Safety, welfare and protection of its employees.

Employment within the company is based on the person's ability to work and not on the basis of race, individual characteristics, creed or political opinion.

The company would like to thank all employees for their efforts throughout the year.


FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2022

Principal risks and uncertainties
Financial Risks
The company's risk to not receiving payment from its customers is low, as all new and existing customers are credit checked on a regular basis, in conjunction with its credit insurance policy. To assist with the company's growth and to reduce the risk of exposure, the company continued with its ID facility secured against its assets.

Non-Financial Risks
As a company managing risk effectively is fundamental to our strategy and to operating successfully. The principal risk to the company is competition. To guard against this risk, the company focuses on providing exceptional quality of service on a national basis at competitive prices. The company continues to invest in high capital cost in trucks and specialist handling equipment in order to offer services that few competitors can offer.

The company's risk of exposure to fluctuations in raw material prices and other costs has increased following Brexit and during the pandemic. It continues to mitigate this due to agreements in place with all its major customers, allowing for regular price reviews.

To guard against the risk of shortage in supplies, whether materials or labour, the group has continued to strengthen its relationship with its supply chains and has the experience and expertise within its personnel to proactively minimise these risks.

Operational
The company's policies, procedures and systems are reviewed regularly to ensure they remain current and appropriate.

On behalf of the board:





Mr A L J Porter - Director


6 September 2022

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2022

The directors present their report with the financial statements of the company for the year ended 31 March 2022.

Principal activities
The principal activities of the company are set out in the Strategic Report.

Dividends
No dividends will be distributed for the year ended 31 March 2022.

Directors
The directors shown below have held office during the whole of the period from 1 April 2021 to the date of this report.

Mr A L J Porter
Mr D A Porter
Mr S Collinson

Other changes in directors holding office are as follows:

Mr D L Holden - resigned 31 December 2021

Disclosure in the strategic report
The disclosures in respect of the business review, future developments and the financial risk management, objectives and policies are included in the Strategic Report.The principal activities of the company are also disclosed in the Strategic Report.

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.

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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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.

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.

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2022


Auditors
The auditors, NR Barton, will be proposed for re-appointment at the forthcoming Annual General Meeting.

On behalf of the board:





Mr A L J Porter - Director


6 September 2022

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRPORT CONTAINERS LIMITED

Opinion
We have audited the financial statements of Fairport Containers Limited (the 'company') for the year ended 31 March 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, 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).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2022 and of its profit for the year 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.

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.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

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.

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.

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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- 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
- 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
FAIRPORT CONTAINERS LIMITED


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.

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:
- 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.

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.

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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
FAIRPORT CONTAINERS LIMITED


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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below :

- Consideration was given to the entity's susceptibility to material misstatement at all times during the audit including consideration of how fraud could occur. This involved consideration of the nature of the entity's activities and transactions with the potential identification of fraud

- Identification of key laws and regulations considered central to the entity, including a review of any policies and procedures in place to ensure compliance. Key laws and regulations identified include the UK Companies Act, tax legislation and health and safety regulations

- Ensured that the engagement team had the necessary competence and capabilities to identify any examples of non-compliance at all stages

- Audit work was completed in all relevant areas that were deemed to be appropriate for the client and the associated risks in respect of potential misstatements, including fraud. Our audit work was designed to assess these risks in all areas and included enquiry of management, testing the appropriateness of journal entries, reviewing financial statement disclosures and tracing to relevant documentation as well as the consideration of the risk of potential management override

Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

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.

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.




Catherine Rogers BSc FCA (Senior Statutory Auditor)
for and on behalf of NR Barton
1st Floor Waterside House
Waterside Drive
Wigan
Lancashire
WN3 5AZ

6 September 2022

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

STATEMENT OF COMPREHENSIVE
INCOME
FOR THE YEAR ENDED 31 MARCH 2022

31.3.22 31.3.21
Notes £    £   

TURNOVER 4 9,093,901 5,282,876

Cost of sales 6,581,640 5,457,590
GROSS PROFIT/(LOSS) 2,512,261 (174,714 )

Administrative expenses 1,913,833 1,430,059
598,428 (1,604,773 )

Other operating income 5 27,026 523,759
625,454 (1,081,014 )


Interest payable and similar expenses 7 57,253 52,233
PROFIT/(LOSS) BEFORE TAXATION 8 568,201 (1,133,247 )

Tax on profit/(loss) 9 185,740 (208,383 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

382,461

(924,864

)

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

382,461

(924,864

)

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 1,205,397 1,535,745
1,205,397 1,535,745

CURRENT ASSETS
Stocks 12 373,338 265,503
Debtors 13 4,127,371 3,044,023
Cash at bank 156,986 86,724
4,657,695 3,396,250
CREDITORS
Amounts falling due within one year 14 3,680,594 2,895,439
NET CURRENT ASSETS 977,101 500,811
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,182,498

2,036,556

CREDITORS
Amounts falling due after more than one
year

15

(290,040

)

(643,745

)

PROVISIONS FOR LIABILITIES 19 (117,186 ) -
NET ASSETS 1,775,272 1,392,811

CAPITAL AND RESERVES
Called up share capital 20 2 2
Retained earnings 21 1,775,270 1,392,809
SHAREHOLDERS' FUNDS 1,775,272 1,392,811

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2022 and were signed on its behalf by:





Mr A L J Porter - Director


FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2022

Called up
share Retained Total
capital earnings equity
£    £    £   

Balance at 1 April 2020 2 2,317,673 2,317,675

Changes in equity
Total comprehensive income - (924,864 ) (924,864 )
Balance at 31 March 2021 2 1,392,809 1,392,811

Changes in equity
Total comprehensive income - 382,461 382,461
Balance at 31 March 2022 2 1,775,270 1,775,272

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1. STATUTORY INFORMATION

Fairport Containers Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Going concern
The directors have reviewed the company's forecasts and projections and, in particular, have considered the company's recovery from the impact of Covid-19, The directors are confident that both the company, and wider group, are in a position to make a good recovery from the various issues caused by the pandemic.

The company, and wider group, continue to have significant liquidity headroom on existing facilities and the directors have a reasonable expectation that both the company, and wider group, are well placed to manage their financing and other business risks satisfactorily, and have a reasonable expectation they will have adequate funding and resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
In preparing it's financial statements, the company has taken advantage of the FRS102 reduced disclosure exemptions available in respect of financial instruments, presentation of a cash flow statement and remuneration of key management personnel. These exemptions have been taken on the basis that the company is a wholly owned subsidiary of Fairport Holdings Limited, which prepares consolidated group accounts.

Turnover
Sale of goods
Turnover from the sale of goods is stated net of VAT and is recognised when the goods are delivered to the customer. It is recorded at the fair value of consideration received or receivable.

Rendering of services
Turnover relating to the rendering of services is stated net of VAT and represents the value of services provided to the extent that there is a right to consideration and is recorded at the fair value of consideration received or receivable.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

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.

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

3. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows :

Plant and machinery - 10% - 33.3% on a straight line basis

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is calculated by reference to the most recent purchase price.

Pension costs and other post-retirement benefits
The company participates in a defined benefit pension scheme, along with other group companies. Full details of the scheme are disclosed within the financial statements of the parent company, Fairport Holdings Limited.

The contributions payable by the company in the year were £23,709 (2021 - £28,921).

The assets and liabilities of the scheme are recognised in the financial statements of Fairport Holdings Limited.

Taxation
The tax expenses for the year comprises current and deferred tax. Tax is recognised in the income statement, except that a change 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.

Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date.

Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Short term debtors and creditors receivable
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the income statement

4. TURNOVER

The turnover and profit (2021 - loss) before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

31.3.22 31.3.21
£    £   
Sale of goods 709,408 748,526
Rendering of services 8,384,493 4,534,350
9,093,901 5,282,876

All turnover arises in the United Kingdom.

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

5. OTHER OPERATING INCOME
31.3.22 31.3.21
£    £   
Sundry receipts - 50,000
Government grants 27,026 473,759
27,026 523,759

Government grant income of £27,026 includes £18,756 in respect of claims made under the Coronavirus Job Retention Scheme and £8,270 in respect of Business Interruption Payments to cover interest charges on a loan obtained under the Coronavirus Business Interruption Loan Scheme.

6. EMPLOYEES AND DIRECTORS
31.3.22 31.3.21
£    £   
Wages and salaries 2,532,346 2,485,857
Other pension costs 45,080 46,609
2,577,426 2,532,466

The average number of employees during the year was as follows:
31.3.22 31.3.21

Manufacturing and operational 67 54
Office and management 13 10
80 64

Wages and salaries costs include social security costs of £252,766 (2021 - £232,405).

31.3.22 31.3.21
£    £   
Directors' remuneration 53,730 58,617

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes 1 1

7. INTEREST PAYABLE AND SIMILAR EXPENSES
31.3.22 31.3.21
£    £   
Loan interest 11,884 8,270
Other interest 19,164 22,313
Hire purchase 26,205 21,650
57,253 52,233

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

8. PROFIT/(LOSS) BEFORE TAXATION

The profit (2021 - loss) is stated after charging/(crediting):

31.3.22 31.3.21
£    £   
Depreciation - owned assets 497,602 642,587
Loss/(profit) on disposal of fixed assets 12,490 (18,671 )
Goodwill amortisation - 1,333

Auditors remuneration is borne by the parent company.

9. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.3.22 31.3.21
£    £   
Current tax:
Tax understated in prior years 10,644 -

Deferred tax 175,096 (208,383 )
Tax on profit/(loss) 185,740 (208,383 )

UK corporation tax has been charged at 19% (2021 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

31.3.22 31.3.21
£    £   
Profit/(loss) before tax 568,201 (1,133,247 )
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of
19% (2021 - 19%)

107,958

(215,317

)

Effects of:
Expenses not deductible for tax purposes 9,170 6,934
Additional tax relief arising from superdeduction capital allowance claims (3,998 ) -
Amounts understated in prior years 10,644 -
Reduction in brought forward losses due to R&D claims 33,842 -
Deferred tax movement due to tax rate changes 28,124 -
Total tax charge/(credit) 185,740 (208,383 )

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

10. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 10,000
AMORTISATION
At 1 April 2021
and 31 March 2022 10,000
NET BOOK VALUE
At 31 March 2022 -
At 31 March 2021 -

11. TANGIBLE FIXED ASSETS
Plant and
machinery
£   
COST
At 1 April 2021 5,256,706
Additions 195,753
Disposals (975,987 )
At 31 March 2022 4,476,472
DEPRECIATION
At 1 April 2021 3,720,961
Charge for year 497,602
Eliminated on disposal (947,488 )
At 31 March 2022 3,271,075
NET BOOK VALUE
At 31 March 2022 1,205,397
At 31 March 2021 1,535,745

Plant and machinery include assets held under finance leases or hire purchase contracts. The net book value of these at the year-end was £530,167 (2021 : £638,242) and the depreciation charge on the assets for the year was £226,559 (2021 : £171,804).

12. STOCKS
31.3.22 31.3.21
£    £   
Stocks 373,338 265,503

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 2,098,208 1,482,801
Amounts owed by group undertakings 142,545 142,667
Other debtors 1,827,190 1,273,767
Tax 59,428 86,878
Deferred tax asset - 57,910
4,127,371 3,044,023

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts (see note 16) 82,208 64,816
Hire purchase contracts (see note 17) 365,981 247,040
Trade creditors 1,001,443 844,105
Amounts owed to group undertakings 1,208,915 975,368
Social security and other taxes 98,316 104,095
Other creditors 923,731 660,015
3,680,594 2,895,439

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Bank loans (see note 16) 41,104 123,313
Hire purchase contracts (see note 17) 248,936 520,432
290,040 643,745

16. LOANS

An analysis of the maturity of loans is given below:

31.3.22 31.3.21
£    £   
Amounts falling due within one year or on demand:
Bank loans 82,208 64,816

Amounts falling due between one and two years:
Bank loans - 1-2 years 41,104 82,208

Amounts falling due between two and five years:
Bank loans - 2-5 years - 41,105

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.3.22 31.3.21
£    £   
Net obligations repayable:
Within one year 365,981 247,040
Between one and five years 248,936 520,432
614,917 767,472

Non-cancellable operating leases
31.3.22 31.3.21
£    £   
Within one year 151,520 104,176
Between one and five years 461,080 366,080
In more than five years 45,760 137,280
658,360 607,536

18. SECURED DEBTS

The following secured debts are included within creditors:

31.3.22 31.3.21
£    £   
Hire purchase contracts 614,917 767,472
Invoice discounting creditor 693,153 468,592
1,308,070 1,236,064

The hire purchase creditor is secured against the assets to which it relates.

The invoice discounting creditor is secured against the assets of the company..

19. PROVISIONS FOR LIABILITIES
31.3.22
£   
Deferred tax 117,186

Deferred
tax
£   
Balance at 1 April 2021 (57,910 )
Accelerated capital allowances (47,439 )
Unused tax losses 194,411
Changes in tax rates 28,124
Balance at 31 March 2022 117,186

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

19. PROVISIONS FOR LIABILITIES - continued

The deferred tax provision of £117,186 includes a credit balance of £141,894 in respect of accelerated capital allowances and a debit balance of £24,708 in respect of unused trading losses.

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.22 31.3.21
value: £    £   
2 Ordinary £1 2 2

All shares rank equally.

21. RESERVES
Retained
earnings
£   

At 1 April 2021 1,392,809
Profit for the year 382,461
At 31 March 2022 1,775,270

22. BANK SECURITY AND GUARANTEES

The company has provided security to The Royal Bank of Scotland by way of a charge over its assets. Cross guarantees are in place in respect of the parent company's bank loans, which totalled £907,062 as at 31 March 2022. (2021 - £1,010,916).

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.

The company has taken advantage of exemption, under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions with associated entities in the year were as follows :

2022 2021
£ £

Sales and recharges to associated entities 422,991 285,815
Purchases, expenses and fixed assets from
associated entities

188,388

64,250

Amounts owed by associated entities 134,189 142,611
Amounts owed to associated entities 27,456 -

24. ULTIMATE CONTROLLING PARTY

The immediate and ultimate parent company is Fairport Holdings Limited by virtue of its 100% shareholding in the company. Consolidated financial statements are prepared by Fairport Holdings Limited.These financial statements are available from Companies House, Crown Way, Cardiff, CF14 3UZ.

FAIRPORT CONTAINERS LIMITED (REGISTERED NUMBER: 02830990)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2022

25. CONTROL

Throughout the current and previous year the Porter family were the ultimate controlling party of Fairport Holdings Limited.