Pedal Express Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 03286370

Pedal Express Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2018

Pedal Express Limited

Financial Statements

Year ended 31st December 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Pedal Express Limited

Officers and Professional Advisers

Director	Mr C J Beattie

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	Swandec
	Chartered accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	National Westminster Bank PLC
	536 Valley Road
	Nottingham
	NG5 1FL

Pedal Express Limited

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	4		93,767	80,922

Current assets

Debtors	5	199,080	150,089
Cash at bank and in hand		7,826	14,668
		---------	---------
		206,906	164,757

Creditors: amounts falling due within one year	6	102,608		117,622
		---------		---------
Net current assets			104,298	47,135
			---------	---------
Total assets less current liabilities			198,065	128,057

Creditors: amounts falling due after more than one year	7	168,068	98,673
		---------	---------
Net assets		29,997	29,384
		---------	---------

Capital and reserves

Called up share capital	8	15,310	15,310
Profit and loss account		14,687	14,074
		--------	--------
Shareholders funds		29,997	29,384
		--------	--------

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.

For the year ending 31st December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Pedal Express Limited

Statement of Financial Position (continued)

31 December 2018

These financial statements were approved by the board of directors and authorised for issue on 24 July 2019 , and are signed on behalf of the board by:

Mr C J Beattie
Director

Company registration number: 03286370

Pedal Express Limited

Notes to the Financial Statements

Year ended 31st December 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 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. 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

The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.

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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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% reducing balance
Motor Vehicles	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

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.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 17 (2017: 8 ).

4. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1st January 2018	61,451	134,571	196,022
Additions	6,588	28,674	35,262
Disposals	–	( 14,492)	( 14,492)
	--------	---------	---------
At 31st December 2018	68,039	148,753	216,792
	--------	---------	---------
Depreciation
At 1st January 2018	49,466	65,634	115,100
Charge for the year	3,437	17,894	21,331
Disposals	–	( 13,406)	( 13,406)
	--------	---------	---------
At 31st December 2018	52,903	70,122	123,025
	--------	---------	---------
Carrying amount
At 31st December 2018	15,136	78,631	93,767
	--------	---------	---------
At 31st December 2017	11,985	68,937	80,922
	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31st December 2018	59,191
	--------
At 31st December 2017	67,506
	--------

5. Debtors

	2018	2017
	£	£
Trade debtors	54,188	56,923
Other debtors	144,892	93,166
	---------	---------
	199,080	150,089
	---------	---------

6. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	37,407	30,620
Trade creditors	8,934	7,758
Corporation tax	395	–
Social security and other taxes	34,841	41,686
Other creditors	21,031	37,558
	---------	---------
	102,608	117,622
	---------	---------

Included in bank loans and overdrafts are loans totalling £37,407 (2017: £30,620) which are personally guaranteed by the director. These amounts are repayable within one year.

7. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	137,160	69,034
Other creditors	30,908	29,639
	---------	--------
	168,068	98,673
	---------	--------

Included in bank loans and overdrafts are loans totalling £137,160 (2017: £69,034) which are personally guaranteed by the director. These amounts are repayable within 2 to 5 years.

8. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	15,300	15,300.00	15,300	15,300.00
B Ordinary shares of £ 1 each	10	10.00	10	10.00
	--------	------------	--------	------------
	15,310	15,310.00	15,310	15,310.00
	--------	------------	--------	------------

9. Director's advances, credits and guarantees

The amount owed by the director at the statement of financial position date was £5,952 (2017: £11,237). The director will fully repay the balance within 9 months of the statement of financial position date. The director's loan is interest free and unsecured.