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REGISTERED NUMBER: 01861648 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Transmit Containers Limited

Transmit Containers Limited (Registered number: 01861648)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Balance Sheet 1

Notes to the Financial Statements 3


Transmit Containers Limited (Registered number: 01861648)

Balance Sheet
31 December 2023

2023 2022
Notes £ £
Fixed assets
Tangible assets 5 16,260,496 16,025,518
Investment property 6 150,000 150,000
16,410,496 16,175,518

Current assets
Stocks 27,450 27,450
Debtors 7 2,455,788 2,789,865
Prepayments and accrued income 84,215 87,724
Cash at bank and in hand 452,556 976,809
3,020,009 3,881,848
Creditors
Amounts falling due within one year 8 (1,246,004 ) (774,502 )
Net current assets 1,774,005 3,107,346
Total assets less current liabilities 18,184,501 19,282,864

Provisions for liabilities (4,003,420 ) (3,943,873 )
Net assets 14,181,081 15,338,991

Capital and reserves
Called up share capital 617 617
Share premium 44,052 44,052
Revaluation reserve 9 12,517,770 12,517,770
Retained earnings 1,618,642 2,776,552
14,181,081 15,338,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Transmit Containers Limited (Registered number: 01861648)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





Mr S N Smith - Director


Transmit Containers Limited (Registered number: 01861648)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. Statutory information

Transmit Containers Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 01861648

Registered office: Howe Moss Place
Kirkhill Industrial Estate
Dyce
Aberdeen
AB21 0GS

The presentation currency of the financial statements is the Pound Sterling (£).


2. Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis except where amended by the adoption of accounting policies holding tangible fixed assets at fair value.

The presentation currency is pounds sterling.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Transmit Containers Limited (Registered number: 01861648)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Tangible fixed assets
Tangible fixed assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line, land is not depreciated
Improvements to short leasehold property - Straight line over the term of the lease
Motor vehicles - 25% straight line
Containers, hire equipment and other plant - 10-33.3% straight line

A true and fair override has been applied to remove the depreciation of containers to faithfully represent transactions and achieve a fair presentation within the financial statements.Without such an adjustment depreciation charged would be higher and containers would be revalued at the year end by a corresponding entry of the same value. Profit and asset values would not change.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Transmit Containers Limited (Registered number: 01861648)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. 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 entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Transmit Containers Limited (Registered number: 01861648)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


3. Accounting policies - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants are recongised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and performance model.

Under the accural model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognised the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recongised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant doe impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Transmit Containers Limited (Registered number: 01861648)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. Employees and directors

The average number of employees during the year was 26 (2022 - 23 ) .

5. Tangible fixed assets
Freehold Improvements Plant and Motor
property to property machinery vehicles Totals
£ £ £ £ £
Cost
At 1 January 2023 366,515 169,448 91,816,673 10,000 92,362,636
Additions - - 388,465 - 388,465
Disposals - - (317,249 ) - (317,249 )
At 31 December 2023 366,515 169,448 91,887,889 10,000 92,433,852
Depreciation
At 1 January 2023 9,637 154,069 76,167,579 5,833 76,337,118
Charge for year - 1,709 1,245 2,500 5,454
Eliminated on disposal - - (169,216 ) - (169,216 )
At 31 December 2023 9,637 155,778 75,999,608 8,333 76,173,356
Net book value
At 31 December 2023 356,878 13,670 15,888,281 1,667 16,260,496
At 31 December 2022 356,878 15,379 15,649,094 4,167 16,025,518

There is land included within freehold property with a cost of £366,515 (2022: £366,515) which is not depreciated.

The historical cost of containers, included in plant and machinery, before revaluations in 2020, 2021 & 2022 was £12,155,069. The company's containers were assessed to have a market value of £15,909,597 by the directors on 31 December 2023.

6. Investment property
Total
£
Fair value
At 1 January 2023
and 31 December 2023 150,000
Net book value
At 31 December 2023 150,000
At 31 December 2022 150,000

Transmit Containers Limited (Registered number: 01861648)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


7. Debtors: amounts falling due within one year
2023 2022
£ £
Trade debtors 2,455,788 1,765,492
Other debtors - 1,024,373
2,455,788 2,789,865

8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 180,476 224,989
Taxation and social security 1,053,067 536,757
Other creditors 12,461 12,756
1,246,004 774,502

9. Reserves
Revaluation
reserve
£
At 1 January 2023
and 31 December 2023 12,517,770

This reserve holds the revaluation of plant and machinery, specifically the company's stock of containers which were assessed to have a market value of £15,909,597 by the directors on 31 December 2023.

10. Other financial commitments

Operating lease commitments not included in the balance sheet amount to £220,000 (2022: £247,500).