Infinity Container Logistics Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10518015 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1ST FEBRUARY 2019 TO 30TH APRIL 2020

FOR

INFINITY CONTAINER LOGISTICS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

G J Pilcher

R D Barrow

REGISTERED OFFICE:

Office 5, First Floor

Howard House

Bryon Avenue

Felixstowe

Suffolk

IP11 3HZ

REGISTERED NUMBER:

10518015 (England and Wales)

ACCOUNTANTS:

Ballams

Chartered Accountants

Crane Court

302 London Road

Ipswich

Suffolk

IP2 0AJ

BANKERS:

National Westminster Bank Plc

104 Hamilton Road

Felixstowe

Suffolk

IP11 7YY

FIXED ASSETS

Tangible assets

4

663,282

424,797

CURRENT ASSETS

Debtors

5

2,013,239

1,348,441

Cash at bank and in hand

238,435

213,864

2,251,674

1,562,305

CREDITORS

Amounts falling due within one year

6

1,891,596

1,167,230

NET CURRENT ASSETS

360,078

395,075

TOTAL ASSETS LESS CURRENT LIABILITIES

1,023,360

819,872

CREDITORS

Amounts falling due after more than one year

7

(443,004

)

(351,174

)

PROVISIONS FOR LIABILITIES

10

(109,040

)

(59,040

)

NET ASSETS

471,316

409,658

CAPITAL AND RESERVES

Called up share capital

11

11

11

Retained earnings

471,305

409,647

SHAREHOLDERS' FUNDS

471,316

409,658

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30th April 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30th April 2020 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.

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 and authorised for issue on 9th December 2020 and were signed on its behalf by:

R D Barrow - Director

1.	STATUTORY INFORMATION

Infinity Container Logistics Ltd 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.

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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. The financial statements have been prepared under the historical cost convention.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Computer equipment

-

25% on cost

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and loans with related parties.

Debt instruments that are payable or receivable within one year, such as trade payables or receivables, are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. Debt instruments that are repayable or receivable after one year are initially measured at the present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each financial year for evidence of impairment. If objective evidence of impairment is found an impairment loss is recognised in the Income Statement.

Taxation

Taxation for the period 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 recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 30 (2019 - 26 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1st February 2019

569,545

3,176

572,721

Additions

446,165

-

446,165

At 30th April 2020

1,015,710

3,176

1,018,886

DEPRECIATION

At 1st February 2019

146,409

1,515

147,924

Charge for period

206,678

1,002

207,680

At 30th April 2020

353,087

2,517

355,604

NET BOOK VALUE

At 30th April 2020

662,623

659

663,282

At 31st January 2019

423,136

1,661

424,797

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1st February 2019

569,545

Additions

446,165

At 30th April 2020

1,015,710

DEPRECIATION

At 1st February 2019

146,409

Charge for period

206,678

At 30th April 2020

353,087

NET BOOK VALUE

At 30th April 2020

662,623

At 31st January 2019

423,136

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,927,447

1,321,441

Other debtors

85,792

27,000

2,013,239

1,348,441

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

264,559

331,579

Hire purchase contracts (see note 8)

284,143

152,057

Trade creditors

846,114

561,517

Taxation and social security

185,010

86,020

Other creditors

311,770

36,057

1,891,596

1,167,230

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts (see note 8)

443,004

351,174

Amounts falling due in more than five years:

Repayable by instalments

Hire purchase

-

15,351

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2020

2019

£

£

Gross obligations repayable:

Within one year

328,877

191,252

Between one and five years

481,041

376,657

In more than five years

-

15,816

809,918

583,725

Finance charges repayable:

Within one year

44,734

39,195

Between one and five years

38,037

40,834

In more than five years

-

465

82,771

80,494

Net obligations repayable:

Within one year

284,143

152,057

Between one and five years

443,004

335,823

In more than five years

-

15,351

727,147

503,231

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Bank loans

264,559

331,579

Hire purchase contracts

727,147

503,231

991,706

834,810

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

109,040

59,040

Deferred

tax

£

Balance at 1st February 2019

59,040

Accelerated capital allowances

50,000

Balance at 30th April 2020

109,040

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

50

Ordinary A

10p

5

5

25

Ordinary B

10p

3

3

25

Ordinary C

10p

3

3

11

11