Company Registration No. 00317586 (England and Wales)
RMS TRENT PORTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
RMS TRENT PORTS LIMITED
COMPANY INFORMATION
Directors
I. D. Parsons
G. M. Hindley
M. Wilson
S. Bentley
(Appointed 1 January 2023)
Company number
00317586
Registered office
Boothferry Terminal
Bridge Street
Goole
East Yorkshire
DN14 5SS
Auditor
Dutton Moore
Aldgate House
1-4 Market Place
Hull
HU1 1RS
RMS TRENT PORTS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Independent auditor's report
4 - 6
Profit and loss account
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
RMS TRENT PORTS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report for the year ended 31 December 2023.

Principal activities

The principal activities of the company are freight forwarding, stevedoring, ships agency, haulage, warehousing, logistics and port and customs clearance.

Results and dividends

The results for the year are set out on page 7.

Interim dividends were paid amounting to £2,000,000 (2022: £1,250,000). The directors do not recommend payment of a final dividend (2022: nil). These dividends were payable to the immediate holding company, RMS Europe Group Limited.
Fair review of the business

The company generated profit before tax of £2,190,473 during the year, which included a profit of £1,468,143 on the disposal of freehold land and buildings and finished the year with net assets of £2,385,069 having made additions to tangible fixed assets during the year of £111,966.

 

Our emphasis throughout has been to provide our customers with excellent customer service and adding value wherever possible.

 

As ever we would like to thank our customers for their continued support and our staff for their continued hard work.

 

We operate as a team throughout the business and across its locations; and we place the wellbeing, health and safety of our people at the top of our priority list. By doing so we enjoy great stability, flexibility and the benefits of long term experience.

Key performance indicators

                     2023          2022         2021

             £      £     £     

Turnover                 8,803,893     10,247,010     10,196,545     

Operating profit                 763,962      794,374           576,024

Profit before tax              2,190,473      1,512,258         550,896

Shareholders' funds         2,385,069 2,366,699 2,387,758

 

KPIs are used by the directors on a weekly and monthly basis to monitor the performance of the company. Key measures include revenue and contribution by product offering, tonnages handled and EBITDA, in addition to key measures relating to cash generation and available facility headroom. The EBITDA adjusted for non-recurring items for the company in 2023 was £1,031,772 (2022: £1,000,250) and tonnages handled in the year were 316,997 tonnes (2022: 415,329 tonnes). The directors also use qualitative KPIs to monitor quality and customer satisfaction as measures of performance and progress. The emphasis has increasingly shifted towards quality of earnings.

 

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to some risks. The key risk is the performance of the UK and European economies.

RMS TRENT PORTS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Financial instruments
The company's principal financial instruments comprise invoice financing facilities, finance leases, loans, trade debtors and trade creditors. The main purpose of these instruments is to raise funds for the company's operations and to finance the working capital.
Due to the nature of the financial instruments used by the company there is limited exposure to price risk. With regard to debt instruments, these have variable and fixed interest rates but the capital repayments are fixed. The company manages liquidity risk by ensuring that there are sufficient funds to meet the payments as they fall due.
Trade debtors are managed in respect of the credit offered to customers and are regularly monitored for amounts outstanding for both time and credit limits.  The trade creditor liquidity risk is managed by ensuring sufficient funds are available to meet payments as they fall due.
In respect of finance leases, the interest rate and monthly repayments are fixed.  The company manages the liquidity risk by ensuring there are sufficient funds to meet the payments.
Future development

We will continue our strategy of exploring new markets, detailed financial planning combined with careful cost control and improving efficiency and flexibility.

On behalf of the board

S. Bentley
Director
23 September 2024
RMS TRENT PORTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

I. D. Parsons
G. M. Hindley
M. Wilson
S. Bentley
(Appointed 1 January 2023)
Directors indemnities

Qualifying third party indemnity provisions as defined by Section 234 of the Companies Act were in place throughout the year.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report 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). 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:

 

 

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 of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
S. Bentley
Director
23 September 2024
RMS TRENT PORTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RMS TRENT PORTS LIMITED
- 4 -
Opinion

We have audited the financial statements of RMS Trent Ports Limited (the 'company') for the year ended 31 December 2023 which comprise the profit and loss account, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Auditor's 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

RMS TRENT PORTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RMS TRENT PORTS LIMITED
- 5 -
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 directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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.

Auditor's 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 an auditor's report 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:

 

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit has been properly planned and performed in accordance with auditing standards (ISAs (UK)).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

RMS TRENT PORTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF RMS TRENT PORTS LIMITED
- 6 -

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 an auditor's report 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.

Douglas Baker FCCA (Senior Statutory Auditor)
For and on behalf of Dutton Moore
24 September 2024
Chartered Accountants
Statutory Auditor
Aldgate House
1-4 Market Place
Hull
HU1 1RS
RMS TRENT PORTS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
3
8,803,893
10,247,010
Cost of sales
(6,534,301)
(8,172,330)
Gross profit
2,269,592
2,074,680
Administrative expenses
(1,505,630)
(1,313,922)
Other operating income
-
0
33,616
Operating profit
4
763,962
794,374
Interest receivable and similar income
7
4,865
-
0
Interest payable and similar expenses
8
(46,497)
(58,259)
Profit on disposal of freehold land and buildings
1,468,143
776,143
Profit before taxation
2,190,473
1,512,258
Tax on profit
9
(172,103)
(283,317)
Profit for the financial year
2,018,370
1,228,941
Other comprehensive income
-
-
Total comprehensive income for the year
2,018,370
1,228,941

The profit and loss account has been prepared on the basis that all operations are continuing operations.

RMS TRENT PORTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
2,742,286
3,913,354
Current assets
Stocks
12
38,787
101,117
Debtors
13
7,717,911
5,831,500
Cash at bank and in hand
189,938
174,118
7,946,636
6,106,735
Creditors: amounts falling due within one year
14
(6,597,689)
(5,605,281)
Net current assets
1,348,947
501,454
Total assets less current liabilities
4,091,233
4,414,808
Creditors: amounts falling due after more than one year
15
(1,025,009)
(1,333,968)
Provisions for liabilities
Deferred tax liability
17
681,155
714,141
(681,155)
(714,141)
Net assets
2,385,069
2,366,699
Capital and reserves
Called up share capital
18
17,142
17,142
Revaluation reserve
19
-
0
827,739
Profit and loss reserves
19
2,367,927
1,521,818
Total equity
2,385,069
2,366,699
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
S. Bentley
Director
Company Registration No. 00317586
RMS TRENT PORTS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
17,142
1,257,962
1,112,654
2,387,758
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
1,228,941
1,228,941
Dividends
10
-
-
(1,250,000)
(1,250,000)
Transfers
-
(430,223)
430,223
-
Balance at 31 December 2022
17,142
827,739
1,521,818
2,366,699
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
2,018,370
2,018,370
Dividends
10
-
-
(2,000,000)
(2,000,000)
Transfers
-
(827,739)
827,739
-
Balance at 31 December 2023
17,142
-
0
2,367,927
2,385,069
RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
1
Accounting policies
Company information

RMS Trent Ports Limited is a private company limited by shares incorporated in England and Wales. The registered office is Boothferry Terminal, Bridge Street, Goole, East Yorkshire, DN14 5SS.

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.

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 modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The directors have taken advantage of the exemption afforded subsidiary companies by FRS102 section 1.12(b) from the requirement to produce a cash flow statement.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided 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, settlement discounts and volume rebates.

When the outcome of a transaction can be estimated reliably, turnover from freight forwarding, stevedoring, ships agency, haulage, logistics and port and customs clearance is recognised by reference to the state of completion at the balance sheet date. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Land is not depreciated. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
10 - 50 years on cost
Plant and machinery
2 - 25 years on cost
Fixtures and fittings
2 - 25 years on cost
Motor vehicles
2 - 10 years on cost

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.

RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 11 -
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). Recoverable amount is the higher of fair value less costs to sell and value in use.

1.6
Stocks

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 12 -
Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. Trade creditors are recognised at transaction price.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
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.

1.10
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 13 -
1.11
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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
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.

1.15

Related party tranactions

Advantage has been taken under FRS 102 section 33.1A of the exemption available to groups of companies not to disclose transactions and balances with wholly owned subsidiaries within the group.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Rendering of services
8,803,893
10,247,010
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
8,803,893
10,247,010
2023
2022
£
£
Other revenue
Interest income
4,865
-
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
16,500
15,500
Depreciation of owned tangible fixed assets
142,346
158,143
Depreciation of tangible fixed assets held under finance leases
119,940
138,675
Loss/(profit) on disposal of plant and machinery
5,524
(84,542)
Amortisation of government grants
-
(6,400)
Operating leases - plant, machinery and vehicles
357,189
347,833
5
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Operational staff
26
36
Management and administration
24
22
Total
50
58
RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 15 -

Their aggregate remuneration comprised:

2023
2022
£
£
Wages and salaries
1,832,111
2,075,945
Social security costs
181,196
226,299
Pension costs
51,668
62,458
2,064,975
2,364,702
6
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss
51,668
62,458

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
4,865
-
0
8
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts
-
10,662
Interest on finance leases and hire purchase contracts
46,497
47,519
Other interest
-
0
78
46,497
58,259
RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 16 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
205,089
62,108
Adjustments in respect of prior periods
-
0
(7,157)
Total current tax
205,089
54,951
Deferred tax
Origination and reversal of timing differences
(32,986)
228,366
Total tax charge
172,103
283,317

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
2,190,473
1,512,258
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
547,618
287,329
Tax effect of expenses that are not deductible in determining taxable profit
(3,577)
1,531
Effect of change in corporation tax rate
(12,900)
-
0
Group relief
-
0
(7,157)
Depreciation in excess of capital allowances
40,984
(79,285)
Deferred tax adjustments in respect of prior years
(32,986)
228,366
Profit on disposal of freehold land and buildings
(367,036)
(147,467)
Taxation charge for the year
172,103
283,317
10
Dividends
2023
2022
£
£
Interim paid
2,000,000
1,250,000
RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 17 -
11
Tangible fixed assets
Freehold land and buildings
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 January 2023
1,359,631
4,279,894
118,832
207,734
5,966,091
Additions
-
0
103,683
583
7,700
111,966
Disposals
(1,359,631)
(57,565)
-
0
(4,970)
(1,422,166)
Transfers
-
0
-
0
-
0
(31,390)
(31,390)
At 31 December 2023
-
0
4,326,012
119,415
179,074
4,624,501
Depreciation and impairment
At 1 January 2023
343,840
1,421,508
87,475
199,914
2,052,737
Depreciation charged in the year
10,434
238,688
8,545
4,619
262,286
Eliminated in respect of disposals
(354,274)
(45,641)
-
0
(4,970)
(404,885)
Transfers
-
0
-
0
-
0
(27,923)
(27,923)
At 31 December 2023
-
0
1,614,555
96,020
171,640
1,882,215
Carrying amount
At 31 December 2023
-
0
2,711,457
23,395
7,434
2,742,286
At 31 December 2022
1,015,791
2,858,386
31,357
7,820
3,913,354

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2023
2022
£
£
Plant and machinery
1,968,708
2,186,369

Included in freehold land and buildings is freehold land of nil (2022: £378,350) which is not depreciated.

 

In 2012 freehold land and buildings were valued at £1,860,000 on an open market value with vacant possession basis by Clark Weightman Limited. This valuation on transition to FRS 102 has been taken to be deemed cost of the freehold land and buildings. These assets are being depreciated from their valuation date in 2012.

 

During the year, part of the freehold land and buildings was sold. The revaluation reserve has been adjusted to reflect the sale of the freehold land and buildings

 

The revaluation surplus is disclosed in note 19.

RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
11
Tangible fixed assets
(Continued)
- 18 -

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold land and buildings
2023
2022
£
£
Cost
-
1,806,911
Accumulated depreciation
-
(1,726,150)
Carrying value
-
80,761
12
Stocks
2023
2022
£
£
Consumables
38,787
101,117
13
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
1,299,912
1,410,614
Amounts owed by group undertakings
6,048,398
3,905,088
Other debtors
159,162
260,994
Prepayments and accrued income
210,439
254,804
7,717,911
5,831,500
14
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
16
308,957
345,331
Payments received on account
-
0
548,252
Trade creditors
391,103
612,143
Amounts owed to group undertakings
5,250,000
3,250,000
Corporation tax
135,063
62,108
Other taxation and social security
79,371
72,421
Other creditors
22,225
154,041
Accruals and deferred income
410,970
560,985
6,597,689
5,605,281
RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Creditors: amounts falling due within one year
(Continued)
- 19 -

Included in creditors amounts falling due within one year are secured creditors of £308,957 (2022: £893,583).

 

Finance lease obligations are secured on the assets to which they relate.

15
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
16
1,025,009
1,333,968

Included in creditors amounts falling due after one year are secured creditors of £1,025,009 (2022: £1,333,968).

 

Finance lease obligations are secured on the assets to which they relate.

16
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
344,940
391,832
In two to five years
1,086,515
1,383,323
In over five years
20,629
48,133
1,452,084
1,823,288
Less: future finance charges
(118,118)
(143,989)
1,333,966
1,679,299
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
681,155
714,141
RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
17
Deferred taxation
(Continued)
- 20 -
2023
Movements in the year:
£
Liability at 1 January 2023
714,141
Credit to profit or loss
(32,986)
Liability at 31 December 2023
681,155
18
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
17,142
17,142
17,142
17,142
19
Reserves
Profit and loss reserves
This reserve represents cumulative retained profits and losses.
Revaluation reserve

Revaluation reserve represents the cumulative revaluation gains and losses in respect of land and buildings, except revaluation gains and losses recognised in profit or loss.

20
Financial commitments, guarantees and contingent liabilities

The bank hold fixed and floating charges over company assets. The company is party to a joint and several guarantee in respect of the borrowings of RMS Ports Limited and its subsidiaries. The net liability at 31 December 2023 was £2,027,966 (2022: £3,707,170).

21
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
305,699
285,159
Between two and five years
87,083
158,781
392,782
443,940
RMS TRENT PORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
22
Ultimate controlling party

The parent company is RMS Europe Group Limited, a company registered in England and Wales. The ultimate parent company of the group undertakings for which group financial statements are drawn up and of which the company is a member is RMS Ports Limited, a company registered in England and Wales. The Directors do not consider any one party to exercise control over RMS Ports Limited. RMS Ports Limited is the smallest and largest consolidated financial statements prepared for the group. Copies of RMS Ports Limited’s accounts can be obtained from its registered office of Boothferry Terminal, Bridge Street, Goole, DN14 5SS, United Kingdom.

23
Related party transactions

Precision Stevedores Limited (‘PSL’), a supplier of specialist, port operations focussed labour, is owned 50% by the ultimate parent company of RMS Trent Ports Limited. During the year, RMS Trent Ports Limited made purchases from PSL amounting to £438,570 (2022: £736,797) and sales to PSL of £71 (2022: £1,215). A creditor balance of £26,004 (2022: £75,901) was due to Precision Stevedores Limited at 31 December 2023.

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