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INTERNATIONAL CONTAINER & TRAILER SERVICES UK LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2020
International Container & Trailer Services Limited is a private company, limited by shares, registered in England and Wales, under the Companies Act, company registration no 08385333. The registered office is Lynton House, 7-12 Tavistock Square, London, United Kingdom, WC1H 9LT.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Turnover represents amounts receivable from the contact hire of transport equipment. Rentals receivable are credited to income on a straight line basis over the lease term. Turnover also represents amounts in respect of wear & tear charges and damage charges for the transport equipment. Wear & tear income is credited to income on a straight line basis over the lease term. Damage charges are credited to income as and when they arise.
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Foreign currency translation
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Functional and presentation currency
The Company's functional currency is EUR and its presentational currency is GBP.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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