Topspeed Couriers Limited 31/03/2019 iXBRL

Topspeed Couriers Limited 31/03/2019 iXBRL

TOPSPEED COURIERS LIMITED - Company Information

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Company registration number: 02355055
Topspeed Couriers Limited
Unaudited filleted financial statements
31 March 2019
Topspeed Couriers Limited
Contents
Statement of financial position
Notes to the financial statements
Topspeed Couriers Limited
Statement of financial position
31 March 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 5 479,111 532,781
_______ _______
479,111 532,781
Current assets
Debtors 6 851,629 733,862
Cash at bank and in hand 194,769 188,855
_______ _______
1,046,398 922,717
Creditors: amounts falling due
within one year 7 ( 605,961) ( 606,567)
_______ _______
Net current assets 440,437 316,150
_______ _______
Total assets less current liabilities 919,548 848,931
Creditors: amounts falling due
after more than one year 8 ( 112,505) ( 114,574)
Provisions for liabilities ( 63,173) ( 67,419)
_______ _______
Net assets 743,870 666,938
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 742,870 665,938
_______ _______
Shareholders funds 743,870 666,938
_______ _______
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 02 July 2019 , and are signed on behalf of the board by:
Mr Stephen Leigh Clegg
Director
Company registration number: 02355055
Topspeed Couriers Limited
Notes to the financial statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Unit 12 Ion Path, Winsford Industrial Estate, Winsford, Cheshire, CW7 3BX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.Turnover relating to services is recognised at the point the service is completed or provided to thecustomer.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25 % straight line
Fittings fixtures and equipment - 25 % straight line
Motor vehicles - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 111 (2018: 106 ).
5. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2018 1,753,617 119,968 59,516 1,933,101
Additions 147,736 24,025 - 171,761
Disposals ( 37,201) ( 10,256) - ( 47,457)
_______ _______ _______ _______
At 31 March 2019 1,864,152 133,737 59,516 2,057,405
_______ _______ _______ _______
Depreciation
At 1 April 2018 1,262,235 83,979 54,106 1,400,320
Charge for the year 207,817 11,715 2,722 222,254
Disposals ( 34,024) ( 10,256) - ( 44,280)
_______ _______ _______ _______
At 31 March 2019 1,436,028 85,438 56,828 1,578,294
_______ _______ _______ _______
Carrying amount
At 31 March 2019 428,124 48,299 2,688 479,111
_______ _______ _______ _______
At 31 March 2018 491,382 35,989 5,410 532,781
_______ _______ _______ _______
6. Debtors
2019 2018
£ £
Trade debtors 773,439 672,485
Other debtors 78,190 61,377
_______ _______
851,629 733,862
_______ _______
7. Creditors: amounts falling due within one year
2019 2018
£ £
Trade creditors 144,602 155,138
Corporation tax 39,901 35,870
Social security and other taxes 205,107 207,060
Other creditors 216,351 208,499
_______ _______
605,961 606,567
_______ _______
The hire purchase liabilities are secured over the assets to which they relate.
8. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 112,505 114,574
_______ _______