Registered number: 01733643
GRACECHURCH CONTAINER LINE LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
|
GRACECHURCH CONTAINER LINE LIMITED
REGISTERED NUMBER: 01733643
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debtors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRACECHURCH CONTAINER LINE LIMITED
REGISTERED NUMBER: 01733643
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
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:
The notes on pages 4 to 11 form part of these financial statements.
|
GRACECHURCH CONTAINER LINE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the year
|
|
|
|
|
|
|
|
|
|
|
|
At 3 April 2022 (as previously stated)
|
|
|
|
|
|
|
|
At 3 April 2022 (as restated)
|
|
|
|
Comprehensive income for the 9 months
|
|
|
|
|
|
|
|
Contributions by and distributions to owners
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The notes on pages 4 to 11 form part of these financial statements.
|
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
The Company is a private company limited by shares and is incorporated in England and Wales.
The address for the principle place of business is 5th Floor Bevis Marks House, 24 Bevis Marks, London, United Kingdom, EC3A 7JB.
The principal activity of the company continued to be that of door to door logistics.
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 a going concern basis which assumes that the company will continue in operational existence for the foreseieable future. The validity of the assumption depends upon the continued financial support of the company's creditors.
If the company were unable to continue in existence for the forseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts and to provide for any further liabilities that might arise.
|
|
Foreign currency translation
|
Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
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.
Revenue for completed voyages is recognised when the risks and rewards of ownership are transferred. This occurs when the goods have been delivered.
Revenue for voyages that straddle the financial year-end is recognised on a time apportionment basis over the length of the voyage.
Revenue is recognised on a time apportionment basis over the length of the voyage.
|
|
Operating leases: the Company as lessee
|
Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight-line basis over the lease term.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.
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.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
|
|
Tangible fixed assets (continued)
|
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
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.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The Company only enters into basic financial instruments and 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 and from related parties and investments in non-puttable ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including the trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and 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.
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
|
Judgments in applying accounting policies and key sources of estimation uncertainty
|
The key assumptions about the future, and other key sources of estimation uncertainty at the reporting period end that may have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year are discussed below:
Valuation of trade debtors
The Directors recognise trade debtors net of provisions for any irrecoverable amounts. The recoverable amounts are considered to be those debts recovered post year-end and provisions are recognised for all debts outstanding at the date of the financial statements, that are past their due date.
Accrued income and expenses
The Directors recognise accrued income and expenses on incomplete voyages are estimated based on a time apportionment basis using the length of voyages. The Directors believe this is a reliable method of calculating income and expenses on voyages that straddle the financial year-end date.
Vessel bunker usage
The Directors allocate vessel bunker costs based on estimated fuel consumption for each voyage. Any fuel that has been delivered during the financial year and unallocated to a voyage, is included within prepayments.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge for the 9 months on owned assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings
|
|
|
|
|
|
|
|
Prepayments and accrued income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.
|
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
Accruals and deferred income
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.
|
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
|
|
Allotted, called up and fully paid
|
|
|
|
|
|
|
|
|
|
1,466,272 (2022 - 1,466,272) Ordinary Shares shares of £1.00 each
|
|
|
|
|
180,000 (2022 - 180,000) 'A' Ordinary Shares shares of £0.50 each
|
|
|
|
|
1,000,000 (2022 - 1,000,000) Redeemable Preference Shares (nil coupon rate) shares of £1.00 each
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The ordinary shares rank pari passu in all respects on a one for one basis not withstanding the different amounts paid up on the two classes of ordinary shares.
The redeemable preference shares rank in priority to the other classes of shares in a winding up or repayment of capital, but have no voting rights, and have no right to further participation in the profits or assets of the company. The preference shares are redeemable at the option of the company from 30 April 2001 onwards.
|
The comparative information in these financial statements has been restated from the figures previously reported in the prior year financial statements as follows:
A prior year restatement was necessary to reclassify rent receivable of £603,146 from creditors to turnover. This adjustment resulted in a decrease in creditors previously reported of £603,146 and an increase in turnover of the same amount. Net assets previously reported at 31 March 2022 increased by £603,146 and profit for the year ended 31 March 2022 increased by the same amount.
A second prior year restatement was necessary to reclassify prepaid vessel costs of £1,810,382 from trade debtors to prepayments. This adjustment resulted in a decrease in trade debtors previously reported of £1,810,382 and an increase in prepayments of the same amount. This adjustment had no impact on net assets or profit for the year.
A third prior year restatement was necessary to reclassify accrued income of £2,194,771 from trade debtors to prepayments. This adjustment resulted in a decrease in trade debtors previously reported of £2,194,771 and an increase in prepayments of the same amount. This adjustment had no impact on net assets or profit for the year.
A fourth prior year restatement was necessary to reclassify accrued expenses of £1,012,594 from trade debtors to accruals. This adjustment resulted in a increase in trade debtors previously reported of £1,012,594 and an increase in accruals of the same amount. This adjustment had no impact on net assets or profit for the year.
A fifth prior year restatement was necessary to reclassify intercompany balances between debtors and creditors. This adjustment resulted in decrease in amounts owed to group undertakings previously reported of £5,651,722 and a decrease in amounts owed by group undertakings of the same amount. This adjustment had no impact on net assets or profit for the year.
|
GRACECHURCH CONTAINER LINE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE 9 MONTHS ENDED 31 DECEMBER 2022
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company is an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund. Contributions totalling £2,197 (April 2022: £nil) were payable to the fund at the reporting date and are included in creditors.
The Company is a wholly-owned subsidiary of Borchard Lines Limited, a company registered in England and Wales. Its registered office is 5th Floor, Bevis Marks House, 24 Belis Marks, London, EC3A 7JB.
The auditors' report on the financial statements for the 9 months ended 31 December 2022 was unqualified.
The audit report was signed on 29 March 2024 by Geeta Morgan FCA (Senior Statutory Auditor) on behalf of BKL Audit LLP.
|