Infinity Container Logistics Ltd - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 10518015 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH APRIL 2022

FOR

INFINITY CONTAINER LOGISTICS LTD

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

A P Pilcher

G J Pilcher

REGISTERED OFFICE:

Plot 3

Dooley Road

Felixstowe

Suffolk

IP11 3HG

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

2,697,234

1,334,905

CURRENT ASSETS

Debtors

5

6,658,212

3,168,077

Cash at bank and in hand

259,917

110,206

6,918,129

3,278,283

CREDITORS

Amounts falling due within one year

6

3,377,752

2,341,137

NET CURRENT ASSETS

3,540,377

937,146

TOTAL ASSETS LESS CURRENT LIABILITIES

6,237,611

2,272,051

CREDITORS

Amounts falling due after more than one year

7

(1,965,329

)

(893,546

)

PROVISIONS FOR LIABILITIES

10

(503,547

)

(242,744

)

NET ASSETS

3,768,735

1,135,761

CAPITAL AND RESERVES

Called up share capital

11

10

11

Retained earnings

3,768,725

1,135,750

SHAREHOLDERS' FUNDS

3,768,735

1,135,761

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2022 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 18th April 2023 and were signed on its behalf by:

A P Pilcher - 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.

Freehold property

-

20% on cost

Plant and machinery

-

25% on cost and 20% on cost

Fixtures and fittings

-

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 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 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 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

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.

Government grants

Grants are accounted for using the accrual model.

Grants relating to revenue are recognised in the Statement of Income and Retained Earnings in the same period as the related costs for which the grant is intended to compensate. Where there are no related costs the grant is recognised in the period in which it becomes receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 62 (2021 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1st May 2021

66,300

2,091,997

-

3,176

2,161,473

Additions

51,000

2,367,860

26,556

1,149

2,446,565

At 30th April 2022

117,300

4,459,857

26,556

4,325

4,608,038

DEPRECIATION

At 1st May 2021

13,260

810,183

-

3,125

826,568

Charge for year

23,460

1,057,943

2,734

99

1,084,236

At 30th April 2022

36,720

1,868,126

2,734

3,224

1,910,804

NET BOOK VALUE

At 30th April 2022

80,580

2,591,731

23,822

1,101

2,697,234

At 30th April 2021

53,040

1,281,814

-

51

1,334,905

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

Plant and

machinery

£

COST

At 1st May 2021

2,057,298

Additions

2,354,610

Transfer to ownership

(309,200

)

At 30th April 2022

4,102,708

DEPRECIATION

At 1st May 2021

792,508

Charge for year

985,616

Transfer to ownership

(197,840

)

At 30th April 2022

1,580,284

NET BOOK VALUE

At 30th April 2022

2,522,424

At 30th April 2021

1,264,790

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

4,574,287

3,068,218

Other debtors

2,083,925

99,859

6,658,212

3,168,077

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 8)

1,025,732

597,825

Trade creditors

1,949,280

1,284,307

Taxation and social security

353,491

186,534

Other creditors

49,249

272,471

3,377,752

2,341,137

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Hire purchase contracts (see note 8)

1,965,329

893,546

8.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2022

2021

£

£

Gross obligations repayable:

Within one year

1,153,102

674,362

Between one and five years

2,097,000

967,814

3,250,102

1,642,176

Finance charges repayable:

Within one year

127,370

76,537

Between one and five years

131,671

74,268

259,041

150,805

Net obligations repayable:

Within one year

1,025,732

597,825

Between one and five years

1,965,329

893,546

2,991,061

1,491,371

9.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

2,991,061

1,491,371

The finance facility is secured by debenture over the undertaking and all its property and assets.

Hire purchase and lease liabilities are secured against the assets to which they relate.

10.	PROVISIONS FOR LIABILITIES

2022

2021

£

£

Deferred tax

503,547

242,744

Deferred

tax

£

Balance at 1st May 2021

242,744

Provided during year

260,803

Accelerated capital allowances

Balance at 30th April 2022

503,547

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

50

Ordinary A

10p

5

5

25

Ordinary B

10p

3

3

23

Ordinary C

10p

2

3

10

11