REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
Cargo Pak Limited |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Statements for the Year Ended 31 December 2020 |
|
for |
|
Cargo Pak Limited |
Cargo Pak Limited (Registered number: 06528791) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the year ended 31 December 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 3 |
|
Cargo Pak Limited |
|
Company Information |
for the year ended 31 December 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
81 Melton Road |
West Bridgford |
Nottingham |
Nottinghamshire |
NG2 6EN |
Cargo Pak Limited (Registered number: 06528791) |
|
Balance Sheet |
31 December 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Stocks |
|
|
Debtors | 5 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET (LIABILITIES)/ASSETS | ( |
) |
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Share premium | 9 |
|
|
Revaluation reserve | 9 |
|
|
Retained earnings | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
|
|
|
|
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
|
|
|
|
|
|
|
|
Cargo Pak Limited (Registered number: 06528791) |
|
Notes to the Financial Statements |
for the year ended 31 December 2020 |
|
1. | STATUTORY INFORMATION |
|
Cargo Pak Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06528791, and the registered office is |
|
Unit 1 Dosco Industrial Estate |
Ollerton Road |
Tuxford |
Nottingham |
NG22 0PQ |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Going concern |
The financial statements are prepared on a going concern basis which assumes that the company will continue to trade for the foreseeable future. The directors consider this to be appropriate and in the interest of the shareholders. |
|
The company incurred a loss during the period. The appropriateness of the going concern basis is dependent upon continued support from the parent company. Rotom Europe BV, the parent company, has agreed to maintain financial support to the company for a period of at least 12 months from the signing of these accounts. |
|
The directors have made their own enquiries of the going concern status of the parent company and are satisfied that it is able to maintain financial support for the relevant period. |
|
Functional currency |
The financial statements are prepared in Sterling (£) which is the functional currency of the company. |
|
Turnover |
Turnover represents net invoiced sales of goods, services supplied and rental of material handling equipment, and the value of work done, excluding value added tax. |
|
Tangible fixed assets |
|
Land and buildings | - |
|
Plant and machinery etc | - |
|
|
Land is not depreciated. |
|
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
|
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
|
Cargo Pak Limited (Registered number: 06528791) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
2. | ACCOUNTING POLICIES - continued |
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 balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
|
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
|
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. |
|
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. |
|
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
Cargo Pak Limited (Registered number: 06528791) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 January 2020 |
|
|
|
|
|
Additions |
|
|
|
|
|
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
|
DEPRECIATION |
At 1 January 2020 |
|
|
|
|
|
Charge for year |
|
|
|
|
|
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 31 December 2020 |
|
|
|
|
|
NET BOOK VALUE |
At 31 December 2020 |
|
|
|
|
|
At 31 December 2019 |
|
|
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 January 2020 |
|
Additions |
|
Disposals | ( |
) |
At 31 December 2020 |
|
DEPRECIATION |
At 1 January 2020 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 December 2020 |
|
NET BOOK VALUE |
At 31 December 2020 |
|
At 31 December 2019 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
Cargo Pak Limited (Registered number: 06528791) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued |
|
Included within trade debtors above is an amount of £1,473,861 (December 2019:£558,430) against which a factoring company had advanced funds of £1,309,768 (December 2019: £432,145) at the year end. |
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
|
|
Hire purchase contracts |
|
|
Trade creditors |
|
|
Amounts owed to group undertakings |
|
|
Social security and other taxes |
|
|
Other creditors |
|
|
Directors' current accounts | - | 3,849 |
Accrued expenses and deferred income |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Bank loans - 1-2 years |
|
|
Bank loans - 2-5 years |
|
|
Bank loans more 5 yr by instal |
|
|
Hire purchase contracts |
|
|
Amounts owed to group undertakings |
|
|
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Bank loans more 5 yr by instal | - | 20,853 |
|
8. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Bank loans |
|
|
|
At the year end an amount of £1,297,327 (31 December 2019: £1,309,768) was owed to a factoring company which was secured on the trade debtors of the company.£117,000 was owed to other group companies and was secured on some of the company's stock. In addition £37,686 (31 December 2019: £62,977) was owed to a finance company which was secured on the company motor vehicles. |
Cargo Pak Limited (Registered number: 06528791) |
|
Notes to the Financial Statements - continued |
for the year ended 31 December 2020 |
|
9. | RESERVES |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
|
At 1 January 2020 | ( |
) |
|
|
12,315 |
Deficit for the year | ( |
) | ( |
) |
Transferred to the profit and
loss
account on sale of assets |
- |
- |
(33,234 |
) |
(33,234 |
) |
|
At 31 December 2020 | ( |
) |
|
|
(174,726 | ) |
|
10. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
11. | ULTIMATE CONTROLLING PARTY |
|
Rotom Europe BV owns 62.78% of the share capital of this company. Rotom Europe BV is ultimately owned by three individuals with no one person having overall control. |
|
The smallest group into which Cargo Pak Limited's results will be consolidated is headed by Rotom Europe BV. Their registered address is Ekkersrijt 1428, Son en Breugel, 5692AK, Netherlands. |