Rewico (UK) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 00688042 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2019

FOR

REWICO (UK) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R Nash

J R Garnier

A O Platt

REGISTERED OFFICE:

Matthew Good House

Bridgehead Business Park

Orchid Road

Hessle

Yorkshire

HU13 0DH

REGISTERED NUMBER:

00688042 (England and Wales)

AUDITORS:

Greenaway Chartered Accountants

and Statutory Auditors

150 High Street

Sevenoaks

Kent

TN13 1XE

CURRENT ASSETS

Debtors

6

5,000

1,680,896

Cash at bank

-

933,374

5,000

2,614,270

CREDITORS

Amounts falling due within one year

7

-

1,327,965

NET CURRENT ASSETS

5,000

1,286,305

TOTAL ASSETS LESS CURRENT
LIABILITIES

5,000

1,286,305

CAPITAL AND RESERVES

Called up share capital

2,500

Capital redemption reserve

2,500

Retained earnings

-

1,281,305

SHAREHOLDERS' FUNDS

5,000

1,286,305

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 26 March 2020 and were signed on its
behalf by:

J R Garnier - Director

1.	STATUTORY INFORMATION

Rewico (UK) Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

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

These financial statements are prepared on a going concern basis, under the historical cost

convention.

The preparation of financial statements in conformity with FRS 102 requires the use of certain critical

accounting estimates. It also requires management to exercise its judgement in the process of

applying the company accounting policies.

Related party exemption

The company disclosed transactions with related parties which are not wholly owned within the same

group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the

directors, separate disclosure is necessary to understand the effect of the transactions on the

company financial statements.

The company does not disclose transactions with members of the same group that are wholly owned.

Significant judgements and estimates

Estimates and judgements are continually evaluated and are based on historical experience and other

factors, including expectations of future events that are believed to be reasonable under the

circumstances.

(a) Critical judgement in applying the entity's accounting policies

The directors are of the opinion that there are no critical judgement that have been applied in preparing

the financial statements, the key accounting estimates and assumptions are shown below.

(b) Key accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting

estimates, will by definition, seldom equal the related actual results. The estimates and assumptions

that have a significant risk of causing a material adjustment to the carrying amounts of assets and

liabilities within the next financial year are addressed below.

(c) Taxes

Determining income tax provisions involves judgements on the tax treatment in certain circumstances.

Revenue

The total turnover of the company for the current and previous financial periods has been derived from

its principal activity wholly undertaken in the United Kingdom.

Turnover is measured at the fair value of consideration received or receivable and represents the

amount receivable for services rendered, net of discounts and rebates allowed and value added taxed.

The company recognises turnover when (a) the significant risks and rewards of ownership have been

transferred to the buyer; (b) the company retains no continuing involvement or control over the goods

or when bonded goods are released by Custom; (c) the amount of turnover can be measured reliably;

(d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria

relating to the company's sales channel has been met, as described below.

Freight forwarding turnover represents the invoiced value of freights forwarded, turnover is recognised

on the date of arrival of an import vessel or the date of departure of an export vessel. Where the

service is not specific to a vessel then the recognition is based on when a service is rendered.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

at variable rates on reducing balance

Financial instruments

The group has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially

recognised at transaction price, unless the arrangement constitutes a financing transaction, where

the transaction is measured at the present value of the future receipts discounted at a market rate of

interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for

objective evidence of impairment. If an asset is impaired the impairment loss is the difference

between the carrying amount and the present value of the estimated cash flows discounted at the

asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is 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.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset

expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are

transferred to another party or (c) despite having retained some significant risks and rewards of

ownership, control of the asset has been transferred to another party who has the practical ability to

unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans 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

receipts discounted at a market rate of interest.

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

method.

Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to

the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is

deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some

or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services

and amortised over the period of the facility to which it relates.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary

course of business from suppliers. Accounts payable are classified as current liabilities if payment is

due within one year or less. If not, they are presented as non-current liabilities. Trade payables are

recognised initially at transaction price and subsequently measured at amortised cost using the

effective interest method.

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 they are

included in a hedging arrangement.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual

obligation is discharged, cancelled or expires.

(iii) Offsetting

Financial assets and liabilities are offset and the net amounts presented in the financial statements

when there is a legally enforceable right to set off the recognised amounts and there is an intention

to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the 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 the amount of income tax payable in respect of the taxable profit for the year or prior

years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively

enacted by the period end.

Management periodically evaluates positions taken in tax returns with respect to situations in which

applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the

basis of amounts expected to be paid to tax authorities.

Deferred tax

Deferred tax arises from timing differences that are differences between taxable profits and total

comprehensive income as stated in the financial statements. These timing differences arise from the

inclusion of income and expenses in tax assessment periods different from those in which they are

recognised in the financial statements.

Deferred tax is recognised on all timing differences at the reporting date except for certain exceptions.

Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by

the year end and that they are expected to apply to the reversal of the timing difference.

Foreign currencies

(i) Functional and presentation currency

The company's functional and presentation currency is the pound sterling.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates

at the dates of transactions.

At each period end foreign currency monetary items are translated using the closing rate.

Non-monetary items measured at historical cost are translated using the the exchange rate at the date

of the transaction and non-monetary items measured at fair value are measured using the exchange

rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the

translation at period-end exchange rates of monetary assets and liabilities denominated in foreign

currencies are recognised in the profit and loss account except when deferred in other comprehensive

income as qualifying cash flow hedges.

Employee benefits

The company provides a range of benefits to employees, including annual bonus arrangements,

paid holiday arrangements and defined contribution pension plans.

a. Short-term benefits

Short-term benefits, including holiday pay and other similar non-monetary benefits, are recognised

as an expense in the period in which the service is received. The company operates an annual

bonus plan for certain employees. An expense is recognised in the profit and loss account when the

company has a legal or constructive obligation to make payments under the plan as a result of past

events and a reliable estimate of the obligation can be made.

b. Defined contribution pension plans

The company operates defined contribution plans for its employees. A defined contribution plan is a

pension plan under which the company pays fixed contributions into a separate entity. Once the

contributions have been paid the company has no further payment obligations. The contributions are

recognised as an expense when they are due. Amounts not paid are shown in accruals in the

balance sheet. The assets of the plan are held separately from the company in independently

administered funds.

Auditors' remuneration

Fees payable to the company's auditor in respect to the audit of the company's financial statements

are paid by John Good Shipping Limited, the immediate parent undertaking.

In accordance with SI2008/489 the company has not disclosed the fees payable to the company's

auditor for "other services" as this information is included in the consolidated financial statements of

John Good & Sons Limited, the ultimate parent undertaking.

Exemptions for qualifying entities under frs 102

The company has taken advantage of the following disclosure exemptions in preparing these

financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in

the UK and Republic of Ireland":

- preparing a statement of cash flows;

- preparing certain financial instrument disclosures

The company has taken advantage of these exemptions on the basis that it meets the definition of a

qualifying entity and its ultimate parent undertaking, John Good & Sons Limited, includes the related

disclosures in its own consolidation financial statements. Details of where those financial statements

may be obtained can be found in note.

Interest income

Interest income is recognised in the statement of comprehensive income using the effective interest

method.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2018 - 4 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 July 2018

10,214

Reclassification/transfer

(10,214

)

At 30 June 2019

-

DEPRECIATION

At 1 July 2018

10,214

Reclassification/transfer

(10,214

)

At 30 June 2019

-

NET BOOK VALUE

At 30 June 2019

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/19

30/6/18

£

Trade debtors

-

1,519,282

Other debtors

5,000

161,614

5,000

1,680,896

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30/6/19

30/6/18

£

Trade creditors

-

1,120,664

Taxation and social security

-

202,081

Other creditors

-

5,220

-

1,327,965

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

RJ Lovitt (Senior Statutory Auditor)

for and on behalf of Greenaway Chartered Accountants

Rewico (UK) Limited - Accounts to registrar (filleted) - small 18.2

Rewico (UK) Limited - Accounts to registrar (filleted) - small 18.2