Company registration number 1628828 (England and Wales)
CONTAINENTAL LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
CONTAINENTAL LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
CONTAINENTAL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,345,107
1,559,667
Investments
4
3,663,325
3,630,153
5,008,432
5,189,820
Current assets
Stocks
1,473,735
1,975,309
Debtors
5
7,475,318
6,303,141
Cash at bank and in hand
7,981,860
2,976,667
16,930,913
11,255,117
Creditors: amounts falling due within one year
6
(2,314,185)
(1,008,550)
Net current assets
14,616,728
10,246,567
Total assets less current liabilities
19,625,160
15,436,387
Creditors: amounts falling due after more than one year
7
(2,150,730)
Provisions for liabilities
8
(5,014,046)
(4,532,645)
Net assets
12,460,384
10,903,742
Capital and reserves
Called up share capital
11
260,000
260,000
Profit and loss reserves
12,200,384
10,643,742
Total equity
12,460,384
10,903,742
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
CONTAINENTAL LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 27 November 2023 and are signed on its behalf by:
P R Coy
Director
Company Registration No. 1628828
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Containental Limited is a private company limited by shares incorporated in England and Wales. The registered office is Clayton House, 55 Strand on the Green, Chiswick, London, W4 3PD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received on leasing and trading in maritime freight containers in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land
Nil
Fixtures, fittings & equipment
3 years straight line
Motor vehicles
25% reducing balance
Maritime freight containers
Between 2 and 10 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
Fixed asset investments in trading LLPs are stated at the value of the members capital account in the LLP as at the balance sheet.
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises purchase price and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock consists of containers.
1.7
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.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.
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.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
The company provides pension benefits for senior employees. Under the terms of the pension contracts entered into with the senior employees, fixed sums are provided for now in order to provide pension benefits to the individuals upon their retirement. The pension contracts allow for an annual increase in respect of indexation over and above the initial contracted amount.
Although under section 28 of FRS 102 this pension arrangement is regarded as being a defined benefit scheme, the directors consider that it does not bear any of the hallmarks of a defined benefit scheme as the company’s contributions are fixed until the point of retirement at which point any further contributions of annual increases cease. Further information can be found in note 9 to the financial statements.
The company also provides pension benefits (defined contribution) in respect of its employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
1.12
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
3
Tangible fixed assets
Freehold land
Fixtures, fittings & equipment
Motor vehicles
Maritime freight containers
Total
£
£
£
£
£
Cost
At 1 April 2022
500,860
80,367
44,651
1,505,517
2,131,395
Additions
25,850
25,850
Disposals
(303,542)
(303,542)
At 31 March 2023
500,860
80,367
44,651
1,227,825
1,853,703
Depreciation and impairment
At 1 April 2022
80,115
8,372
483,241
571,728
Depreciation charged in the year
252
9,070
109,302
118,624
Eliminated in respect of disposals
(181,756)
(181,756)
At 31 March 2023
80,367
17,442
410,787
508,596
Carrying amount
At 31 March 2023
500,860
27,209
817,038
1,345,107
At 31 March 2022
500,860
252
36,279
1,022,276
1,559,667
4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
700,636
700,636
Other investments other than loans
2,071,083
2,037,911
Loans
891,606
891,606
3,663,325
3,630,153
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Loans
Total
£
£
£
£
Cost or valuation
At 1 April 2022
700,636
2,037,911
891,606
3,630,153
Additions
-
33,172
-
33,172
At 31 March 2023
700,636
2,071,083
891,606
3,663,325
Carrying amount
At 31 March 2023
700,636
2,071,083
891,606
3,663,325
At 31 March 2022
700,636
2,037,911
891,606
3,630,153
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,115,688
2,643,808
Corporation tax recoverable
35,684
35,684
Other debtors
1,841,101
603,351
Prepayments and accrued income
93,403
317,195
5,085,876
3,600,038
2023
2022
Amounts falling due after more than one year:
£
£
Trade debtors
2,389,442
2,703,103
Total debtors
7,475,318
6,303,141
The amounts falling due after more than one year relate to finance leases. The cost of the assets under finance leases was £1,227,826 (2022: £1,505,516).
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,820,665
458,861
Corporation tax
387,423
192,031
Other taxation and social security
94,418
111,333
Other creditors
11,679
246,325
2,314,185
1,008,550
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
2,150,730
8
Provisions for liabilities
2023
2022
£
£
4,866,305
4,346,387
Deferred tax liabilities
9
147,741
186,258
5,014,046
4,532,645
Movements on provisions apart from deferred tax liabilities:
£
At 1 April 2022
4,346,387
Additional provisions in the year
519,918
At 31 March 2023
4,866,305
9
Deferred taxation
The following are the major deferred tax liabilities recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
147,741
186,258
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
9
Deferred taxation
(Continued)
- 9 -
2023
Movements in the year:
£
Liability at 1 April 2022
186,258
Credit to profit or loss
(38,517)
Liability at 31 March 2023
147,741
10
Retirement benefit schemes
2023
2022
Defined contribution and benefit schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
4,161
3,788
Charge to profit or loss in respect of defined benefit schemes
519,918
56,490
The company operates a defined contribution scheme. The assets of the scheme are held separately from those of the company. Contributions payable by company to the scheme during the year amounted to £4,161 (2022: £3,788).
The company also provided pension benefits in respect of senior employees. Amounts payable are charged to the profit and loss account in the year the contracts are entered into between the company and the employees. The number of directors to whom benefits are accruing under these pension agreements is 1 (2022:1).
The contributions and potential liabilities of the company in respect of the pension agreements are fixed at least until the date of retirement of the employees which is over 3 years from the year end date.
The directors are of the opinion that the liability as disclosed in the financial statements represents the full and final amount which could be expected, at this stage, to be paid in the future to settle the pension agreement liabilities and it is considered that the characteristics of the pension arrangement most closely reflect those of a defined contribution scheme.
11
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
240,000
240,000
240,000
240,000
Preferred Ordinary shares of £1 each
20,000
20,000
20,000
20,000
260,000
260,000
260,000
260,000
CONTAINENTAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
12
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
22,167
13
Related party transactions
During the year the company made sales to and purchases from Container Projects LLP, a LLP in which the company is a member, of £282,600 (2022: £714,885) and £5,358 (2022: £45,089) respectively. The company also received the share of profit from the LLP of £378,639 (2022: £460,269). The net amount owed to the company at the year end was £75,218 (2022: £206,935).
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