Low Cost Parcels (Birmingham) Limited Filleted accounts for Companies House (small and micro)

LOW COST PARCELS (BIRMINGHAM) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08651521

Low Cost Parcels (Birmingham) Limited

Filleted Unaudited Financial Statements

31 August 2018

Low Cost Parcels (Birmingham) Limited

Statement of Financial Position

31 August 2018

	2018		2017
Note	£	£	£

Fixed assets

Intangible assets	5		27,000	–

Current assets

Debtors	6	12,385	–
Cash at bank and in hand		10,810	14,490
		--------	--------
		23,195	14,490

Creditors: amounts falling due within one year	7	51,988		12,252
		--------		--------
Net current (liabilities)/assets			( 28,793)	2,238
			--------	-------
Total assets less current liabilities			( 1,793)	2,238
			-------	-------
Net (liabilities)/assets			( 1,793)	2,238
			-------	-------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 1,893)	2,138
	-------	-------
Shareholders (deficit)/funds	( 1,793)	2,238
	-------	-------

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 statement of comprehensive income has not been delivered.

For the year ending 31st August 2018 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 .

Low Cost Parcels (Birmingham) Limited

Statement of Financial Position (continued)

31 August 2018

These financial statements were approved by the board of directors and authorised for issue on 27 September 2018 , and are signed on behalf of the board by:

Mr S Dallaway

Director

Company registration number: 08651521

Low Cost Parcels (Birmingham) Limited

Notes to the Financial Statements

Year ended 31st August 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 483 Birmingham Road, Marlbrook, Bromsgrove, Worcestershire, B61 0HZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

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 as a finance cost 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 3 (2017: 2 ).

5. Intangible assets

	Patents, trademarks and licences
	£
Cost
Additions	27,000
	--------
At 31st August 2018	27,000
	--------
Amortisation
At 1st September 2017 and 31st August 2018	–
	--------
Carrying amount
At 31st August 2018	27,000
	--------
At 31st August 2017	–
	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	8,962	–
Other debtors	3,423	–
	--------	----
	12,385	–
	--------	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	6,035	–
Corporation tax	4,151	4,219
Social security and other taxes	2,608	4,883
Other creditors	39,194	3,150
	--------	--------
	51,988	12,252
	--------	--------

8. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Hill	–	( 14,782)	( 14,782)
	----	--------	--------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Hill	–	–	–
	----	----	----

9. Related party transactions

The company was under the control of The Shareholders throughout the current and previous year. Mr S Dallaway is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under FRSSE.