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Registration number: 03617405

UK Container Maintenance Limited

Filleted Financial Statements

for the Period from 1 October 2022 to 31 December 2023

 

UK Container Maintenance Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 11

 

UK Container Maintenance Limited

Company Information

Directors

L R Bull

M A Moore

D J Williams

Registered office

Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ

Auditors

Clement Rabjohns Limited
Chartered Accountants
111/113 High Street
Evesham
Worcestershire
WR11 4XP

 

UK Container Maintenance Limited

(Registration number: 03617405)
Balance Sheet as at 31 December 2023

Note

Period ended 31 December 2023

(As restated)
Year ended 30 September 2022

Fixed assets

 

Tangible assets

4

523,068

570,288

Current assets

 

Stocks

5

443,366

437,803

Debtors

6

2,038,209

1,844,678

Cash at bank and in hand

 

496,856

1,764,046

 

2,978,431

4,046,527

Creditors: Amounts falling due within one year

7

(2,651,052)

(4,049,245)

Net current assets/(liabilities)

 

327,379

(2,718)

Total assets less current liabilities

 

850,447

567,570

Creditors: Amounts falling due after more than one year

7

(92,363)

(150,486)

Provisions for liabilities

(100,971)

(56,361)

Net assets

 

657,113

360,723

Capital and reserves

 

Called up share capital

110

110

Retained earnings

657,003

360,613

Shareholders' funds

 

657,113

360,723

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 May 2024 and signed on its behalf by:
 

.........................................
L R Bull
Director

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
Oak Park
Ryelands Lane
Elmley Lovett
Droitwich
Worcestershire
WR9 0QZ
United Kingdom

These financial statements were authorised for issue by the Board on 9 May 2024.

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.

Name of parent of group

These financial statements are consolidated in the financial statements of Egbert Taylor Holdings Limited.

The financial statements of Egbert Taylor Holdings Limited may be obtained from Oak Park, Ryland Lane, Elmley Lovett, Droitwich, WR9 0QZ.

Disclosure of long or short period

The accounting period has been extended to match the rest of the Egbert Taylor Holdings Limited group.

Going concern

The financial statements have been prepared on a going concern basis.

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Audit report

The Independent Auditor's Report was unqualified. We draw attention to Note 2 of the financial statements on page 11. Within the accounting policies is detail of a prior period adjustment relating to the write down of inventory due to a correction of the accounting policy after acquisition by UK parent company Egbert Taylor Holdings Limited. Our opinion is not modified in respect of this matter.. The name of the Senior Statutory Auditor who signed the audit report on 9 May 2024 was Philip Parsons FCA, who signed for and on behalf of Clement Rabjohns Limited.

.........................................

Prior period errors

Upon acquisition by Egbert Taylor Holdings Limited it was identified that stock and work in progress has been historically over valued in accordance with the accounting policy adopted. Stock was reduced accordingly which resulted in a reduction in reserves as at 2022 of £772,592 and a reduction as at the year end of £836,099.

 

Relating to the current period disclosed in these financial statements
£

Relating to the prior period disclosed in these financial statements
£

Relating to periods before the prior period disclosed in these financial statements
£

Stock

(508,300)

(262,355)

(262,355)

Work in Progress

(327,799)

(510,237)

(510,237)

    

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 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.

Contract revenue recognition

Revenue from a contract to provide services 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 relibly; and
- the costs incurred and the costs to complete the contract can be measured reliably.

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Leasehold improvements

10 years straight line

Vehicles

5 years straight line

Other property, plant and equipment

5 years straight line

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.

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 period, was 82 (2022 - 72).

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

4

Tangible assets

Long leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

271,598

35,816

830,685

137,930

119,161

1,395,190

Additions

6,090

1,890

190,917

9,100

-

207,997

Disposals

-

-

(39,730)

-

-

(39,730)

At 31 December 2023

277,688

37,706

981,872

147,030

119,161

1,563,457

Depreciation

At 1 October 2022

126,808

34,632

556,702

76,005

30,753

824,900

Charge for the period

34,254

854

154,519

26,739

28,258

244,624

Eliminated on disposal

-

-

(29,135)

-

-

(29,135)

At 31 December 2023

161,062

35,486

682,086

102,744

59,011

1,040,389

Carrying amount

At 31 December 2023

116,626

2,220

299,786

44,286

60,150

523,068

At 30 September 2022

144,790

1,183

273,982

61,925

88,408

570,288

Included within the net book value of land and buildings above is £116,626 (2022 - £144,790) in respect of long leasehold land and buildings.
 

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

5

Stocks

Period ended 31 December 2023

(As restated)
Year ended 30 September 2022

Work in progress

128,310

147,789

Stock

315,056

290,014

443,366

437,803

6

Debtors

Current

Note

Period ended 31 December 2023

Year ended 30 September 2022

Trade debtors

 

1,332,353

1,768,127

Amounts owed by related parties

552,469

-

Prepayments

 

148,113

59,706

Other debtors

 

5,274

16,845

   

2,038,209

1,844,678

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

Period ended 31 December 2023

Year ended 30 September 2022

Due within one year

 

Loans and borrowings

8

913,888

1,460,506

Trade creditors

 

615,421

878,075

Amounts owed to group undertakings and undertakings in which the company has a participating interest

268,566

-

Taxation and social security

 

462,203

345,433

Accruals and deferred income

 

198,221

1,134,297

Other creditors

 

192,753

230,934

 

2,651,052

4,049,245

Creditors: amounts falling due after more than one year

Note

Period ended 31 December 2023

Year ended 30 September 2022

Due after one year

 

Loans and borrowings

8

92,363

150,486

8

Loans and borrowings

Period ended 31 December 2023

Year ended 30 September 2022

Non-current loans and borrowings

Hire purchase contracts

92,363

87,986

Other borrowings

-

62,500

92,363

150,486

Period ended 31 December 2023

Year ended 30 September 2022

Current loans and borrowings

Bank borrowings

848,635

1,358,807

Hire purchase contracts

65,253

101,699

913,888

1,460,506

 

UK Container Maintenance Limited

Notes to the Financial Statements for the Period from 1 October 2022 to 31 December 2023

Bank borrowings

Invoice discounting facility is denominated in GBP with a nominal interest rate of 7.75% . The carrying amount at period end is £848,635 (2022 - £1,236,510).

The facility is secured against the trade debtor book

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

Period ended 31 December 2023

Year ended 30 September 2022

Not later than one year

286,890

140,876

Later than one year and not later than five years

488,999

449,106

775,889

589,982

The amount of non-cancellable operating lease payments recognised as an expense during the period was £454,597 (2022 - £383,552).

10

Parent and ultimate parent undertaking

The company's immediate parent is Egbert Taylor Holdings Limited, incorporated in the United Kingdom.

 The ultimate parent is IEG Parent L.I, incorporated in the United States of America.

 The most senior parent entity producing publicly available financial statements is Egbert Taylor Holdings Limited.The ultimate controlling party is Aurora Capital Partners.