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REGISTERED NUMBER: 05098040 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

1ST CONTAINERS (UK) LIMITED

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Consolidated Income Statement 10

Consolidated Other Comprehensive Income 11

Consolidated Balance Sheet 12

Company Balance Sheet 13

Consolidated Statement of Changes in Equity 14

Company Statement of Changes in Equity 15

Consolidated Cash Flow Statement 16

Notes to the Consolidated Cash Flow Statement 17

Notes to the Consolidated Financial Statements 18


1ST CONTAINERS (UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: M K Brenner
C E Brenner





SECRETARY: M K Brenner





REGISTERED OFFICE: Rainham House
Manor Way
Rainham
Kent
RM13 8RH





REGISTERED NUMBER: 05098040 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report of the company and the group for the year ended 31 December 2023.

REVIEW OF BUSINESS

The group has experienced a challenging period with group turnover decreasing from £53,979,428 to £25,544,685. However, profit after tax was £2,356,651 compared to a loss of £5,789,749. Capital and reserves have increased from £10,924,537 to £13,141,757.

PRINCIPLE RISKS AND UNCERTAINTIES

The directors continually review and evaluate the risks that the company is facing. The principal risk and uncertainties facing the company are broadly grouped as: Competitive, Legislative, and Financial risks.

Competitive risks
The freight and logistics business has faced strong competition in recent years. The company puts strong emphasis on service levels, quality of products and competitive pricing to its customer base to maintain its position within the market.

Legislative risks
The directors do not expect the departure of the United Kingdom from the European Union to have any significant effect on the company's business.

Financial risk management objectives and policies
The company's activities expose it to several financial risks including price risk, credit risk, cashflow risk and liquidity risk. The company holds bank accounts in three major currencies (GBP, USD, EUR,) for the purposes of making and receiving payments and does not use derivative financial instruments for speculative purposes.

Cash flow risk
The company's activities expose it primarily to the financial risks of changes in foreign currency exchange rates. The company does not take any specific action to minimise this risk and recognises any realised or unrealised gains or losses to the income statement in the month it is incurred.

Credit risk
The company's principal financial assets are bank and cash balances and trade and other receivables.

The company's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowance for doubtful receivables. An allowance is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the related cashflows.

The Credit risk on liquid funds is limited because the counter parties are banks with high credit ratings assigned by international credit-rating agencies.

The company has no significant concentration of credit risk with exposure spread over numerous customers, who themselves have high credit ratings.

Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the company uses a mixture of long-term and short-term intercompany debt finance.


Price risk
The company has limited exposure to commodity price risk. The company generally purchases goods and services based upon market prices that are established with the vendor as part of the purchase process. The company does not use commodity financial instruments as it deems them unnecessary.


1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

KEY PERFORMANCE INDICATORS
Year ended Year ended
31 December 2023 31 December 2022
Turnover £25,544,685 £53,979,428
Gross profit £3,621,486 £10,290,103
Operating profit/(loss) £2,797,811 £(4,090,354)
Profit/(loss) after tax £2,356,651 £(5,789,749)
Current assets as % of current liability 133.7% 107.0%
Average number of employees 22 18

There have been numerous actions that have been implemented to improve efficiencies and reduce costs. The directors consider that 1st Containers (UK) Limited has an excellent future and continued in 2024 to consolidate its position in the marketplace.

ON BEHALF OF THE BOARD:





M K Brenner - Director


31 January 2025

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of buying and selling containers, along with the hire of containers and the provision of storage facilities.

DIVIDENDS
Interim dividends per share were paid as follows:
£620.56 - 1 January 2023
£773.75 - 1 May 2023
£1,394.31

The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 December 2023 will be £ 139,431 .

RESEARCH AND DEVELOPMENT
The group has undertaken a number of research and development activities during the year and tax claims are currently being processed by H M Revenue & Customs.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

M K Brenner
C E Brenner

STREAMLINED ENERGY AND CARBON REPORTING
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures
disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Ad Valorem Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M K Brenner - Director


31 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CONTAINERS (UK) LIMITED


Opinion
We have audited the financial statements of 1st Containers (UK) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent 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 directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CONTAINERS (UK) LIMITED


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages four and five, 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 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CONTAINERS (UK) LIMITED


Auditors' 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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In our process of identifying fraud risks we assessed events or conditions that indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud ("fraud risk factors") to determine how fraud risks are relevant to our audit. Based on the auditing standards we addressed two fraud risks that were relevant to our audit, in relation to revenue recognition and management override of controls. Based upon our analysis of fraud risk factors, we have not identified any additional fraud risks.

Our audit procedures included an evaluation of the design, implementation as well as the operating effectiveness of internal controls relevant to mitigate these risks. We also performed substantive audit procedures, including detailed testing of high risk journal entries and procedures to satisfy ourselves that revenue has been properly recognised in the financial statements in accordance with financial reporting standards and the Company's accounting policies. Through these procedures, we did not identify any material actual or suspected incidences of fraud.

We have evaluated facts and circumstances in order to assess laws and regulations relevant to the Company. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general and sector experience, through discussion with the Directors and other management (as required by auditing standards) and discussed with the Directors and other management the policies and procedures regarding compliance with laws and regulations. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
1ST CONTAINERS (UK) LIMITED


The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the Company is subject to laws and regulations that directly affect the financial statements including taxation and financial reporting (including related company legislation) and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly, the Company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:

- Employment legislation, reflecting the Company's workforce
- Health and safety regulation, reflecting the Company's production, distribution and operating processes
- Data privacy, reflecting the Company's management of personal and corporate data

Auditing standards limit the required audit procedures to identify non-compliance with these regulations to enquiry of the Directors and other management and inspection of regulatory and legal correspondence, if any. Through these procedures we did not identify any material actual or suspected non-compliance in any of the above areas.

We note that our audit is not primarily designed to detect non-compliance with laws and regulations and the Directors and other management are responsible for such internal control as the Directors and other management of the Company determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to errors or fraud, including compliance with laws and regulations. Additionally, owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.




Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

31 January 2025

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

TURNOVER 3 25,544,685 53,979,428

Cost of sales 21,923,199 43,689,325
GROSS PROFIT 3,621,486 10,290,103

Administrative expenses 823,675 14,380,505
OPERATING PROFIT/(LOSS) 5 2,797,811 (4,090,402 )

Intercompany loan written off 6 - 1,286,018
2,797,811 (5,376,420 )

Interest receivable and similar income 159,947 1,058
2,957,758 (5,375,362 )

Interest payable and similar expenses 7 69,344 999,931
PROFIT/(LOSS) BEFORE TAXATION 2,888,414 (6,375,293 )

Tax on profit/(loss) 8 531,763 (585,544 )
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

2,356,651

(5,789,749

)
Profit/(loss) attributable to:
Owners of the parent 2,356,651 (5,789,749 )

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

CONSOLIDATED OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £

PROFIT/(LOSS) FOR THE YEAR 2,356,651 (5,789,749 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,356,651

(5,789,749

)

Total comprehensive income attributable to:
Owners of the parent 2,356,651 (5,789,749 )

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 2,608,784 495,000
Tangible assets 12 7,171,850 13,296,370
Investments 13 - -
9,780,634 13,791,370

CURRENT ASSETS
Stocks 14 14,627,738 8,653,614
Debtors 15 7,571,538 6,951,573
Cash at bank and in hand 8,750,716 4,595,230
30,949,992 20,200,417
CREDITORS
Amounts falling due within one year 16 23,099,982 18,877,263
NET CURRENT ASSETS 7,850,010 1,323,154
TOTAL ASSETS LESS CURRENT
LIABILITIES

17,630,644

15,114,524

CREDITORS
Amounts falling due after more than one
year

17

(2,921,633

)

(2,492,860

)

PROVISIONS FOR LIABILITIES 20 (1,567,254 ) (1,697,127 )
NET ASSETS 13,141,757 10,924,537

CAPITAL AND RESERVES
Called up share capital 21 100 100
Revaluation reserve 22 11,482 11,482
Retained earnings 22 13,130,175 10,912,955
SHAREHOLDERS' FUNDS 13,141,757 10,924,537

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





M K Brenner - Director


1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

COMPANY BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Intangible assets 11 - -
Tangible assets 12 6,474,133 13,241,860
Investments 13 4,244,065 551,003
10,718,198 13,792,863

CURRENT ASSETS
Stocks 14 14,241,339 8,339,124
Debtors 15 5,599,655 6,718,560
Cash at bank 7,385,961 4,344,174
27,226,955 19,401,858
CREDITORS
Amounts falling due within one year 16 21,115,473 18,737,654
NET CURRENT ASSETS 6,111,482 664,204
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,829,680

14,457,067

CREDITORS
Amounts falling due after more than one
year

17

(2,876,904

)

(2,442,479

)

PROVISIONS FOR LIABILITIES 20 (1,429,509 ) (1,687,680 )
NET ASSETS 12,523,267 10,326,908

CAPITAL AND RESERVES
Called up share capital 21 100 100
Revaluation reserve 22 11,482 11,482
Retained earnings 22 12,511,685 10,315,326
SHAREHOLDERS' FUNDS 12,523,267 10,326,908

Company's profit/(loss) for the financial
year

2,335,790

(5,515,394

)

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2025 and were signed on its behalf by:





M K Brenner - Director


1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 January 2022 100 16,871,504 11,482 16,883,086

Changes in equity
Dividends - (168,800 ) - (168,800 )
Total comprehensive income - (5,789,749 ) - (5,789,749 )
Balance at 31 December 2022 100 10,912,955 11,482 10,924,537

Changes in equity
Dividends - (139,431 ) - (139,431 )
Total comprehensive income - 2,356,651 - 2,356,651
Balance at 31 December 2023 100 13,130,175 11,482 13,141,757

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Revaluation Total
capital earnings reserve equity
£ £ £ £
Balance at 1 January 2022 100 15,999,520 11,482 16,011,102

Changes in equity
Dividends - (168,800 ) - (168,800 )
Total comprehensive income - (5,515,394 ) - (5,515,394 )
Balance at 31 December 2022 100 10,315,326 11,482 10,326,908

Changes in equity
Dividends - (139,431 ) - (139,431 )
Total comprehensive income - 2,335,790 - 2,335,790
Balance at 31 December 2023 100 12,511,685 11,482 12,523,267

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,496,740 7,865,143
Interest paid (69,344 ) (999,931 )
Tax paid 31,656 (141,661 )
Net cash from operating activities 2,459,052 6,723,551

Cash flows from investing activities
Purchase of intangible fixed assets (2,190,235 ) -
Purchase of tangible fixed assets (4,929,023 ) (8,164,201 )
Sale of tangible fixed assets 10,800,615 441
Interest received 159,947 1,058
Net cash from investing activities 3,841,304 (8,162,702 )

Cash flows from financing activities
New loans in year - 18,301,438
Loan repayments in year (1,531,039 ) (14,457,011 )
Amount withdrawn by directors (474,400 ) (73,166 )
Equity dividends paid (139,431 ) (168,800 )
Net cash from financing activities (2,144,870 ) 3,602,461

Increase in cash and cash equivalents 4,155,486 2,163,310
Cash and cash equivalents at
beginning of year

2

4,595,230

2,431,920

Cash and cash equivalents at end of
year

2

8,750,716

4,595,230

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023


1. RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2023 2022
£ £
Profit/(loss) before taxation 2,888,414 (6,375,293 )
Depreciation charges 1,814,114 782,170
Profit on disposal of fixed assets (1,484,735 ) -
Impairment of investment - 2,597,813
Finance costs 69,344 999,931
Finance income (159,947 ) (1,058 )
3,127,190 (1,996,437 )
(Increase)/decrease in stocks (5,974,124 ) 13,352,824
(Increase)/decrease in trade and other debtors (145,565 ) 1,032,090
Increase/(decrease) in trade and other creditors 5,489,239 (4,523,334 )
Cash generated from operations 2,496,740 7,865,143

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31/12/23 1/1/23
£ £
Cash and cash equivalents 8,750,716 4,595,230
Year ended 31 December 2022
31/12/22 1/1/22
£ £
Cash and cash equivalents 4,595,230 2,431,920


3. ANALYSIS OF CHANGES IN NET (DEBT)/FUNDS

At 1/1/23 Cash flow At 31/12/23
£ £ £
Net cash
Cash at bank and in hand 4,595,230 4,155,486 8,750,716
4,595,230 4,155,486 8,750,716
Debt
Debts falling due within 1 year (2,803,762 ) 1,959,812 (843,950 )
Debts falling due after 1 year (2,492,860 ) (428,773 ) (2,921,633 )
(5,296,622 ) 1,531,039 (3,765,583 )
Total (701,392 ) 5,686,525 4,985,133

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

1st Containers (UK) Limited ("the company") is a private limited company, limited by shares, domiciled and incorporated in England and Wales. The registered office is Rainham House, Manor Way, Rainham, Kent, RM13 8RH.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
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. The principal accounting policies adopted are set out below.

BASIS OF CONSOLIDATION
The consolidated group financial statements consist of the financial statements of the parent company 1st Containers (UK) Limited together with all entities controlled by the parent company (its subsidiaries) and the group's share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group's share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

If the group's share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group's interest in the entity.

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

SIGNIFICANT JUDGEMENTS AND ESTIMATES
In the application of the group'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.

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.

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

GOODWILL
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested br impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.

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 propertynot provided
Short leaseholdover the term of the lease
Plant and equipment10% - 25% reducing balance
Fixtures and fittings10% - 25% reducing balance
Computers25% reducing balance
Motor vehicles25% reducing balance

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

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.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

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 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.

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.


1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, 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.

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.

FOREIGN CURRENCIES
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

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.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued

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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

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.

BUSINESS COMBINATIONS
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. TURNOVER

The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the group.

An analysis of turnover by class of business is given below:

2023 2022
£ £
Sale and hire of goods 25,544,685 53,979,428
25,544,685 53,979,428

An analysis of turnover by geographical market is given below:

2023 2022
£ £
United Kingdom 25,544,685 53,979,428
25,544,685 53,979,428

4. EMPLOYEES AND DIRECTORS
2023 2022
£ £
Wages and salaries 873,677 675,520
Social security costs 86,530 42,432
Other pension costs 20,826 10,125
981,033 728,077

The average number of employees during the year was as follows:
2023 2022

22 18

2023 2022
£ £
Directors' remuneration 31,300 29,829
Directors' pension contributions to money purchase schemes 413 413

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging/(crediting):

2023 2022
£ £
Hire of plant and machinery 48,396 973,017
Other operating leases 121,589 210,903
Depreciation - owned assets 1,737,663 727,171
Profit on disposal of fixed assets (1,484,735 ) -
Goodwill amortisation 76,451 55,000
Auditors' remuneration 27,000 20,000
Foreign exchange differences (298,854 ) (526,869 )

6. EXCEPTIONAL ITEMS
2023 2022
£ £
Intercompany loan written off - (1,286,018 )

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£ £
Bank interest 3,077 -
Bank loan interest 10,327 125,163
Other loan interest 55,940 874,768
69,344 999,931

8. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2023 2022
£ £
Current tax:
UK corporation tax 789,934 (1,836,514 )
Under provision in prior years - 262,794
Total current tax 789,934 (1,573,720 )

Deferred tax (258,171 ) 988,176
Tax on profit/(loss) 531,763 (585,544 )

9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. DIVIDENDS
2023 2022
£ £
Ordinary shares of £1 each
Interim 139,431 168,800

11. INTANGIBLE FIXED ASSETS

Group
Goodwill
£
COST
At 1 January 2023 550,000
Additions 2,190,235
At 31 December 2023 2,740,235
AMORTISATION
At 1 January 2023 55,000
Amortisation for year 76,451
At 31 December 2023 131,451
NET BOOK VALUE
At 31 December 2023 2,608,784
At 31 December 2022 495,000

12. TANGIBLE FIXED ASSETS

Group
Freehold Short Plant and
property leasehold equipment
£ £ £
COST
At 1 January 2023 - - 16,038,408
Additions 644,706 101,088 4,042,263
Disposals - - (5,025,107 )
Reclassification/transfer - - (5,371,677 )
At 31 December 2023 644,706 101,088 9,683,887
DEPRECIATION
At 1 January 2023 - - 2,770,225
Charge for year - 1,897 1,720,117
Eliminated on disposal - - (458,496 )
Reclassification/transfer - - (626,945 )
At 31 December 2023 - 1,897 3,404,901
NET BOOK VALUE
At 31 December 2023 644,706 99,191 6,278,986
At 31 December 2022 - - 13,268,183

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


12. TANGIBLE FIXED ASSETS - continued

Group

Fixtures
and Motor
fittings vehicles Computers Totals
£ £ £ £
COST
At 1 January 2023 4,926 30,291 54,469 16,128,094
Additions 2,760 124,273 13,933 4,929,023
Disposals - (17,791 ) - (5,042,898 )
Reclassification/transfer - - - (5,371,677 )
At 31 December 2023 7,686 136,773 68,402 10,642,542
DEPRECIATION
At 1 January 2023 3,497 25,437 32,565 2,831,724
Charge for year 476 5,989 9,184 1,737,663
Eliminated on disposal - (13,254 ) - (471,750 )
Reclassification/transfer - - - (626,945 )
At 31 December 2023 3,973 18,172 41,749 3,470,692
NET BOOK VALUE
At 31 December 2023 3,713 118,601 26,653 7,171,850
At 31 December 2022 1,429 4,854 21,904 13,296,370

Company
Short Plant and Motor
leasehold equipment vehicles Computers Totals
£ £ £ £ £
COST
At 1 January 2023 - 15,962,001 30,291 41,293 16,033,585
Additions 101,088 4,042,261 124,273 9,884 4,277,506
Disposals - (5,025,107 ) (17,791 ) - (5,042,898 )
Reclassification/transfer - (5,371,677 ) - - (5,371,677 )
At 31 December 2023 101,088 9,607,478 136,773 51,177 9,896,516
DEPRECIATION
At 1 January 2023 - 2,745,504 25,436 20,785 2,791,725
Charge for year 1,897 1,713,285 5,989 8,182 1,729,353
Eliminated on disposal - (458,496 ) (13,254 ) - (471,750 )
Reclassification/transfer - (626,945 ) - - (626,945 )
At 31 December 2023 1,897 3,373,348 18,171 28,967 3,422,383
NET BOOK VALUE
At 31 December 2023 99,191 6,234,130 118,602 22,210 6,474,133
At 31 December 2022 - 13,216,497 4,855 20,508 13,241,860

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£
COST
At 1 January 2023 551,003
Additions 3,693,062
At 31 December 2023 4,244,065
NET BOOK VALUE
At 31 December 2023 4,244,065
At 31 December 2022 551,003

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

SUBSIDIARIES

Global Container Solutions Ltd
Registered office: 2nd Floor, Rainham House, Manor Way, Rainham, Essex, RM13 8RH
Nature of business: Freight transport
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 613,390 575,272
Profit/(loss) for the year 38,118 (215,818 )

Flintham Cabins Limited
Registered office: 2nd Floor, Rainham House, Manor Way, Rainham, Essex, RM13 8RH
Nature of business: Plant hire contractors
%
Class of shares: holding
Ordinary 100.00
2023
£
Aggregate capital and reserves 1,502,827
Profit for the year 165,175

Flintham Cabins Limited was acquired by the company on 23 December 2023.

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


13. FIXED ASSET INVESTMENTS - continued

LCS (Skip Repair, Self Store & Sales) Ltd
Registered office: 2nd Floor, Rainham House, Manor Way, Rainham, Essex, RM13 8RH
Nature of business: Manufacturing
%
Class of shares: holding
Ordinary 100.00
2023 2022
£ £
Aggregate capital and reserves 138,070 105,849
Profit for the year 32,221 25,422

UK Container Sales Ltd
Registered office: 2nd Floor, Rainham House, Manor Way, Rainham, Essex, RM13 8RH
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
31/3/23 31/3/22
£ £
Aggregate capital and reserves 1 1


14. STOCKS

Group Company
2023 2022 2023 2022
£ £ £ £
Stocks 1,000 - - -
Finished goods 14,626,738 8,653,614 14,241,339 8,339,124
14,627,738 8,653,614 14,241,339 8,339,124

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Trade debtors 4,520,373 5,440,911 3,705,720 5,240,773
Other debtors 1,883,405 1,060,812 727,265 1,040,346
Directors' current accounts 537,321 62,921 537,321 62,921
Called up share capital not paid 1 1 - -
Prepayments and accrued income 630,438 386,928 629,349 374,520
7,571,538 6,951,573 5,599,655 6,718,560

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans and overdrafts (see note 18) 215,824 214,277 200,000 200,000
Other loans (see note 18) 628,126 2,589,485 628,126 2,589,485
Trade creditors 5,732,248 4,584,756 5,257,551 3,902,972
Amounts owed to group undertakings - - 990,796 1,133,245
Amounts owed to participating interests 4,631,502 4,032,163 4,631,502 4,032,163
Tax 770,814 77,522 778,293 (35,395 )
Social security and other taxes 106,510 14,956 - -
VAT 981,564 1,407,706 932,146 1,399,942
Other creditors 3,450,213 211,053 1,787,789 211,053
Accruals and deferred income 6,583,181 5,745,345 5,909,270 5,304,189
23,099,982 18,877,263 21,115,473 18,737,654

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
2023 2022 2023 2022
£ £ £ £
Bank loans (see note 18) 344,729 572,493 300,000 522,112
Other loans (see note 18) 2,576,904 1,920,367 2,576,904 1,920,367
2,921,633 2,492,860 2,876,904 2,442,479

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


18. LOANS

An analysis of the maturity of loans is given below:

Group Company
2023 2022 2023 2022
£ £ £ £
Amounts falling due within one year or on demand:
Bank loans 215,824 214,277 200,000 200,000
Other loans 628,126 2,589,485 628,126 2,589,485
843,950 2,803,762 828,126 2,789,485
Amounts falling due between one and two years:
Bank loans - 1-2 years 219,884 224,501 200,000 200,000
Other loans - 1-2 years 628,126 1,343,109 628,126 1,343,109
848,010 1,567,610 828,126 1,543,109
Amounts falling due between two and five years:
Bank loans - 2-5 years 113,701 342,978 100,000 322,112
Other loans - 2-5 years 1,515,700 577,258 1,515,700 577,258
1,629,401 920,236 1,615,700 899,370
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 11,144 5,014 - -
Other loans more 5yrs instal 433,078 - 433,078 -
444,222 5,014 433,078 -

19. SECURED DEBTS

The following secured debts are included within creditors:

Group
2023 2022
£ £
Bank loans 560,553 786,770
Other loans 3,205,030 4,509,852
3,765,583 5,296,622

Loans are secured against the assets to which they relate.

The company's bankers hold a fixed and floating charge against assets of the company.

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


20. PROVISIONS FOR LIABILITIES

Group Company
2023 2022 2023 2022
£ £ £ £
Deferred tax 1,567,254 1,697,127 1,429,509 1,687,680

Group
Deferred tax
£
Balance at 1 January 2023 1,697,127
Credit to Income Statement during year (129,873 )
Balance at 31 December 2023 1,567,254

Company
Deferred tax
£
Balance at 1 January 2023 1,687,680
Credit to Income Statement during year (258,171 )
Balance at 31 December 2023 1,429,509

21. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £ £
100 Ordinary £1 100 100

22. RESERVES

Group
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 January 2023 10,912,955 11,482 10,924,437
Profit for the year 2,356,651 2,356,651
Dividends (139,431 ) (139,431 )
At 31 December 2023 13,130,175 11,482 13,141,657

1ST CONTAINERS (UK) LIMITED (REGISTERED NUMBER: 05098040)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


22. RESERVES - continued

Company
Retained Revaluation
earnings reserve Totals
£ £ £

At 1 January 2023 10,315,326 11,482 10,326,808
Profit for the year 2,335,790 2,335,790
Dividends (139,431 ) (139,431 )
At 31 December 2023 12,511,685 11,482 12,523,167


23. PENSION COMMITMENTS

A defined contribution pension scheme is operated for all qualifying employees. Charge for the year is £30,497 (2022: £10,125) The assets of the scheme are held separately from those of the group in an independently administered fund.

24. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£ £
M K Brenner
Balance outstanding at start of year 62,921 -
Amounts advanced 474,400 62,921
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 537,321 62,921

The loan is interest free and repayable on demand.

25. POST BALANCE SHEET EVENTS

On 27 February 2024 the shareholders transferred the shareholding of the company to 1st Containers (UK) EOT Trustees Limited.

26. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is M K Brenner.