Gem Containers Ltd - Filleted accounts

Gem Containers Ltd - Filleted accounts

RCOG EQUIPMENT RENTAL LIMITED - Company Information

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Registered number
07978023
Gem Containers Ltd
Filleted Accounts
31 December 2016
Gem Containers Ltd
Registered number: 07978023
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Tangible assets 3 517 1,093
Current assets
Debtors 4 1,436,188 192,539
Cash at bank and in hand 148,870 299,922
1,585,058 492,461
Creditors: amounts falling due within one year 5 (1,576,767) (761,866)
Net current assets/(liabilities) 8,291 (269,405)
Net assets/(liabilities) 8,808 (268,312)
Capital and reserves
Called up share capital 343,500 250,000
Profit and loss account (334,692) (518,312)
Shareholders' funds 8,808 (268,312)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
P H Rocholl
Director
Approved by the board on 28 September 2017
Gem Containers Ltd
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover represents income from the sale of tank containers, management fees receivable as lease managers and income for leased tanks. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 33% SL on cost
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at end of the month when transaction took place. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Analysis of turnover 2016 2015
By geographical market: £ £
Europe 36.50% 26.83%
Middle East 25.80% -
United Kingdom 12.40% 24.50%
Australia 9.20% -
Bermuda 9.10% 21.48%
Far East 3.30% -
United States of America - 12.28%
Canada 1.40% -
British Isles - 6.50%
South Africa 1.70% 8.41%
Other 0.60% -
100.00% 100.00%
3 Directors' emoluments 2016 2015
£ £
Emoluments 42,031 57,180
42,031 57,180
4 Staff costs 2016 2015
£ £
Wages and salaries 91,233 94,988
Social security costs 10,581 11,276
101,814 106,264
2 Employees 2016 2015
Number Number
Average number of persons employed by the company 4 4
6 Operating profit/(Loss) 2016 2015
£ £
This is stated after charging/(crediting):
Depreciation of owned fixed assets 577 590
Foreign exchange differences 22,565 3,419
7 Taxation
Analysis of charge in period
No liability to UK corporation tax arose on ordinary activities for the year ended
31 December 2016 nor for the year ended 31 December 2015.
Factors affecting tax charge for period
The differences between the tax assessed for the period and the standard rate of corporation tax are explained as follows:
2016 2015
£ £
Profit/(Loss) on ordinary activities before tax 183,620 (149,406)
Standard rate of corporation tax in the UK 20% 20%
£ £
Profit on ordinary activities multiplied by the standard rate of corporation tax 36,724 (29,881)
Effects of:
Expenses not deductible for tax purposes 1,075 4,191
Capital allowances for period in excess of depreciation - 82
Utilisation of tax losses £ £
Adjustments to tax charge in respect of previous periods (37,799) 25,608
Current tax charge for period - -
Factors that may affect future tax charges
The company has unrelieved tax losses to carry forward against future profits of £284,313 (2015: 469,008)
3 Tangible fixed assets
Computer Equipments Office Furniture Total
£ £ £
Cost
At 1 January 2016 2,294 352 2,646
At 31 December 2016 2,294 352 2,646
Depreciation
At 1 January 2016 1,461 92 1,553
Charge for the year 459 117 576
At 31 December 2016 1,920 209 2,129
Net book value
At 31 December 2016 374 143 517
At 31 December 2015 833 260 1,093
4 Debtors 2016 2015
£ £
Trade debtors 218,096 147,417
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,130,209 -
Pool Assets and Receivables 45,318 32,984
VAT Debtor 17,858 2,213
Prepayments 24,643 8,028
Other debtors 64 1,897
1,436,188 192,539
5 Creditors: amounts falling due within one year 2016 2015
£ £
Financial Commitments 1,116,955 -
Trade creditors 20,721 409,007
Amounts owed to group undertakings and undertakings in which the company has a participating interest 156,571 -
Pool Liabilities and Payables 126,892 66,748
Other taxes and social security costs 10,167 10,404
Other creditors 145,461 275,707
1,576,767 761,866
11 Share capital Nominal 2016 2016 2015
value Number £ £
Allotted, called up and fully paid:
Ordinary shares £1 each 343,500 343,500 245,000
B Ordinary shares £1 each 5,000
343,500 250,000
Nominal Number Amount
value £
Shares issued during the period:
Ordinary shares £1 each 93,500 93,500
B Ordinary shares £1 each - -
93,500
At the end of the year, the 5,000 B shares were converted to Ordinary shares.
12 Profit and loss account 2016 2015
£ £
At 1 January (518,311) (368,906)
Profit/(Loss) for the year 183,619 (149,406)
Dividends - -
At 31 December (334,692) (518,312)
6 Related party transactions
Colin Barber Ltd
During the year the company incurred £8,992 (2015: £6,000) of professional services, on a normal commercial terms, from Colin Barber Ltd, a company controlled by the director Colin Barber. There was no outstanding balance at year end.

Marfell Consultancy Ltd
During the year the company incurred £14,930 (2015: £8,819) of professional services, on a normal commercial terms, from Marfell Consultancy Ltd, a company controlled by the director R M Smith. There was no outstanding balance at year end.

Loan to the Company
Included in other creditors brought forward were loans from Directors/shareholders which were retired/repaid on 12 December 2016. These include:
£
RM Smith 20,000
H C & G Sommerville 20,000
C & I International GMBH 20,000
Aircraft Charter Solutions Inc. 156,233
216,233
7 Controlling party
The company is 100% owned and controlled by RCOG Tank Leasing Ltd, a company registered in Jersey Channel Islands.
8 Other information
Gem Containers Ltd is a private company limited by shares and incorporated in England. Its registered office is:
112 Jermyn Street
London
SW1Y 6LS
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