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Registration number: 07192500

Collins Containers Limited
Annual Report and Unaudited Financial Statements
for the Year Ended 31 March 2023

Collins Containers Limited

Contents

Company Information | 1
Balance Sheet | 2 to 3
Notes to the Unaudited Financial Statements | 4 to 11

Collins Containers Limited

Company Information

Directors | Mr Michael Collins Mrs Karen Collins

Company secretary | Mrs Karen Collins

Registered office | Unit 19 Bradley Hall Bradley Lane, Standish Wigan Lancashire WN6 0XQ

Accountants | McGinty Demack Chartered Certified Accountants Vermont House Bradley Lane Standish Lancashire WN6 0XF

Collins Containers Limited

(Registration number: 07192500)
Balance Sheet as at 31 March 2023

| Note | 2023 £ | 2022 £
Fixed assets |  |  |
Intangible assets | 4 | 100,000 | 140,000
Tangible assets | 5 | 3,631 | 22,997
|  | 103,631 | 162,997
Current assets |  |  |
Stocks | 6 | 3,745 | 7,715
Debtors | 7 | 78,615 | 91,938
Investments |  | - | 198,929
Cash at bank and in hand |  | 362,163 | 144,205
|  | 444,523 | 442,787
Creditors: Amounts falling due within one year | 8 | (99,930) | (87,693)
Net current assets |  | 344,593 | 355,094
Total assets less current liabilities |  | 448,224 | 518,091
Provisions for liabilities |  | (253) | (8,394)
Net assets |  | 447,971 | 509,697
Capital and reserves |  |  |
Called up share capital | 9 | 100 | 100
Retained earnings |  | 447,871 | 509,597
Shareholders' funds |  | 447,971 | 509,697

For the financial 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.

Directors' responsibilities:

• | The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
• | The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Collins Containers Limited

(Registration number: 07192500)
Balance Sheet as at 31 March 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 September 2023 and signed on its behalf by:

......................................... Mr Michael Collins Director
......................................... Mrs Karen Collins Company secretary and director

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1 | General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 19 Bradley Hall
Bradley Lane, Standish
Wigan
Lancashire
WN6 0XQ
England

These financial statements were authorised for issue by the Board on 15 September 2023.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Plant and machinery | 25% Reducing balance
Motor vehicles | 25% Reducing balance
Office equipment | 20% Reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class | Amortisation method and rate
Goodwill | 10% Straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4 | Intangible assets

| Goodwill £ | Total £
Cost or valuation
At 1 April 2022 | 400,000 | 400,000
At 31 March 2023 | 400,000 | 400,000
Amortisation
At 1 April 2022 | 260,000 | 260,000
Amortisation charge | 40,000 | 40,000
At 31 March 2023 | 300,000 | 300,000
Carrying amount
At 31 March 2023 | 100,000 | 100,000
At 31 March 2022 | 140,000 | 140,000

5 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Other tangible assets £ | Total £
Cost or valuation
At 1 April 2022 | 2,300 | 18,510 | 70,401 | 91,211
Disposals | - | (14,405) | (56,982) | (71,387)
At 31 March 2023 | 2,300 | 4,105 | 13,419 | 19,824
Depreciation
At 1 April 2022 | - | 10,299 | 57,915 | 68,214
Charge for the year | - | 20 | 417 | 437
Eliminated on disposal | - | (6,295) | (46,163) | (52,458)
At 31 March 2023 | - | 4,024 | 12,169 | 16,193
Carrying amount
At 31 March 2023 | 2,300 | 81 | 1,250 | 3,631
At 31 March 2022 | 2,300 | 8,211 | 12,486 | 22,997

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Included within the net book value of land and buildings above is £2,300 (2022 - £2,300) in respect of freehold land and buildings.

6 | Stocks

| 2023 £ | 2022 £
Other inventories | 3,745 | 7,715

7 | Debtors

Current | 2023 £ | 2022 £
Trade debtors | 77,965 | 91,288
Prepayments | 650 | 650
| 78,615 | 91,938

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8 | Creditors

Creditors: amounts falling due within one year

| 2023 £ | 2022 £
Due within one year |  |
Trade creditors | 27,162 | 10,958
Taxation and social security | 18,913 | 37,243
Accruals and deferred income | 4,682 | 950
Other creditors | 49,173 | 38,542
| 99,930 | 87,693

9 | Share capital

Allotted, called up and fully paid shares

| 2023 | 2022
| No. | £ | No. | £
Ordinary of £1 each | 100 | 100 | 100 | 100

10 | Related party transactions

Collins Containers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

| 2023 £ | 2022 £
Remuneration | 24,000 | 24,000
Contributions paid to money purchase schemes | 80,000 | 93,000
| 104,000 | 117,000