Deliver Plus Limited Company accounts

DELIVER PLUS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05386707

Deliver Plus Limited

Financial Statements

31 December 2018

Deliver Plus Limited

Financial Statements

Year ended 31 December 2018

Contents	Page

Strategic report	1

Director's report	2

Independent auditor's report to the members	4

Statement of profit and loss	8

Statement of financial position	9

Statement of cash flows	10

Notes to the financial statements	11

Deliver Plus Limited

Strategic Report

Year ended 31 December 2018

Logistics

The logistics division has a portfolio of 3 brands providing domestic and international parcel delivery services through partnerships with global couriers including DHL, UPS, TNT, FedEx and DPD. Offering both contractual post-pay delivery to corporates and on-demand ecommerce pre-pay delivery for SME's and consumers.

Technology

Parcelvision was established to commercialise the technology that supports the group logistics businesses. The technology is currently being re-written into a powerful, scalable and state of the art cloud product that enables retailers to manage and optimise their logistics. We expect to launch the first Parcelvision module in Q1 2020, at which point the group will have a new pillar of growth.

Corporate strategy

There are four key elements to our strategy for growth 1. Maintain our technological lead, enabling us to keep costs and prices lower than our competitors whilst driving customer loyalty through industry leading customer care. 2. Increase awareness of our brand. 3. Create, launch and scale and develop Parcelvision into the world's most innovative logistics software. 4. Offer integrated technology and logistics solutions to our retail software customers. Our strategy is focused around leveraging our technology and marketing expertise and culture of innovation to out-manoeuvre our competitors, take market share, expand internationally and further our reputation.

This report was approved by the board of directors on 23 August 2019 and signed on behalf of the board by:

Mr R Sumner Rivers
Director

Registered office:

3 - 6 Canute House

Durham Wharf Drive

Brentford

TW8 8HP

Deliver Plus Limited

Director's Report

Year ended 31 December 2018

The director presents his report and the financial statements of the company for the year ended 31 December 2018 .

Principal activities

The principal activity of the company during the year was that of international courier parcel management.

Director

The director who served the company during the year was as follows:

Mr R Sumner Rivers

Dividends

The director does not recommend the payment of a dividend.

Director's responsibilities statement

The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations. Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the director is required to: - select suitable accounting policies and then apply them consistently; - make judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 23 August 2019 and signed on behalf of the board by:

Mr R Sumner Rivers
Director

Registered office:

3 - 6 Canute House

Durham Wharf Drive

Brentford

TW8 8HP

Deliver Plus Limited

Independent Auditor's Report to the Members of Deliver Plus Limited

Year ended 31 December 2018

Opinion

I have audited the financial statements of Deliver Plus Limited (the 'company') for the year ended 31 December 2018 which comprise the statement of profit and loss, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In my opinion the financial statements: - give a true and fair view of the state of the company's affairs as at 31 December 2018 and of its profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

I conducted my audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. My responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of my report. I am independent of the company in accordance with the ethical requirements that are relevant to my audit of the financial statements in the UK, including the FRC’s Ethical Standard, and I have fulfilled my other ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Conclusions relating to going concern

I have nothing to report in respect of the following matters in relation to which the ISAs (UK) require me to report to you where:

- the director's use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or

- the director has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.

Other information

The other information comprises the information included in the annual report, other than the financial statements and my auditor’s report thereon. The director is responsible for the other information. My opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in my report, I do not express any form of assurance conclusion thereon.

In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. If I identify such material inconsistencies or apparent material misstatements, I am required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work I have performed, I conclude that there is a material misstatement of this other information, I am required to report that fact.

I have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In my opinion, based on the work undertaken in the course of the audit:

- the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

Matters on which i am required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, I have not identified material misstatements in the strategic report or the director's report. I have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires me to report to you if, in my opinion: - adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by me; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of director's remuneration specified by law are not made; or - I have not received all the information and explanations I require for my audit.

Responsibilities of the director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAs (UK), I exercise professional judgment and maintain professional scepticism throughout the audit. I also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director. - Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit.

Opening balances

This being the first year of audit the Opening balances are unaudited. However, we have done our review to satisfy ourselves with the accuracy and reasonableness of comparative figures.

Use of my report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. My audit work has been undertaken so that I might state to the company's members those matters I am required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's members as a body, for my audit work, for this report, or for the opinions I have formed.

Ranbir Singh Attwal

RSA Associates

Accountants & statutory auditor

First Floor

30 Merrick Road

Southall

Middlesex

England

UB2 4AU

23 August 2019

Deliver Plus Limited

Statement of Profit and Loss

Year ended 31 December 2018

		2018	2017
Note		£	£
Turnover	4	3,601,276	3,665,070

Cost of sales	2,584,230	2,506,323
	------------	------------
Gross profit	1,017,046	1,158,747

Administrative expenses	563,804	715,604
	------------	------------
Operating profit	453,242	443,143

Interest payable and similar expenses	5	84,042	75,029
		------------	------------
Profit before taxation		369,200	368,114

Tax on profit	–	–
	---------	---------
Profit for the financial year and total comprehensive income	369,200	368,114
	---------	---------

Retained earnings at the start of the year	1,033,602	665,488
	------------	------------
Retained earnings at the end of the year	1,402,802	1,033,602
	------------	------------

All the activities of the company are from continuing operations.

Deliver Plus Limited

Statement of Financial Position

31 December 2018

	2018	2017
Note	£	£

Fixed assets

Tangible assets	7	296,700	337,688
Investments	9	8,301	8,301
		---------	---------
		305,001	345,989

Current assets

Debtors	10	2,161,487	2,122,932
Cash at bank and in hand		205,040	9,236
		------------	------------
		2,366,527	2,132,168

Creditors: amounts falling due within one year	11	692,099	788,690
		------------	------------
Net current assets		1,674,428	1,343,478
		------------	------------
Total assets less current liabilities		1,979,429	1,689,467

Creditors: amounts falling due after more than one year	12	576,527	655,765
		------------	------------
Net assets		1,402,902	1,033,702
		------------	------------

Capital and reserves

Called up share capital	13	75	75
Capital redemption reserve	14	25	25
Profit and loss account	14	1,402,802	1,033,602
		------------	------------
Shareholders funds		1,402,902	1,033,702
		------------	------------

These financial statements were approved by the board of directors and authorised for issue on 23 August 2019 , and are signed on behalf of the board by:

Mr R Sumner Rivers
Director

Company registration number: 05386707

Deliver Plus Limited

Statement of Cash Flows

Year ended 31 December 2018

	2018	2017
	£	£

Cash flows from operating activities

Profit for the financial year	369,200	368,114

Adjustments for:
Depreciation of tangible assets	71,022	52,655
Interest payable and similar expenses	84,042	75,029

Changes in:
Trade and other debtors	( 38,555)	( 835,883)
Trade and other creditors	( 175,829)	318,396
	---------	---------
Cash generated from operations	309,880	( 21,689)

Interest paid	( 84,042)	( 75,029)
	---------	--------
Net cash from/(used in) operating activities	225,838	( 96,718)
	---------	--------

Cash flows from investing activities

Purchase of tangible assets	( 30,034)	( 185,634)
	---------	---------
Net cash used in investing activities	( 30,034)	( 185,634)
	---------	---------

Net increase/(decrease) in cash and cash equivalents	195,804	( 282,352)
Cash and cash equivalents at beginning of year	9,236	291,588
	---------	---------
Cash and cash equivalents at end of year	205,040	9,236
	---------	---------

Deliver Plus Limited

Notes to the Financial Statements

Year ended 31 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 3 - 6 Canute House, Durham Wharf Drive, Brentford, TW8 8HP.

2. Statement of compliance

These financial statements have been prepared in compliance with 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

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:

Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% straight line
Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

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

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Turnover

Turnover arises from:

	2018	2017
	£	£
Rendering of services	3,601,276	3,665,070
	------------	------------

The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.

5. Interest payable and similar expenses

	2018	2017
	£	£
Interest payable - desc in a/cs	84,042	75,029
	--------	--------

6. Auditors remuneration

	2018	2017
	£	£
Audit Fees	2,400	–

7. Tangible assets

	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£
Cost
At 1 January 2018	5,214	97,127	457,014	559,355
Additions	884	–	29,150	30,034
	-------	--------	---------	---------
At 31 December 2018	6,098	97,127	486,164	589,389
	-------	--------	---------	---------
Depreciation
At 1 January 2018	1,769	42,081	177,817	221,667
Charge for the year	–	12,031	58,991	71,022
	-------	--------	---------	---------
At 31 December 2018	1,769	54,112	236,808	292,689
	-------	--------	---------	---------
Carrying amount
At 31 December 2018	4,329	43,015	249,356	296,700
	-------	--------	---------	---------
At 31 December 2017	3,445	55,046	279,197	337,688
	-------	--------	---------	---------

8. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to :

	2018	2017
Average Number of Employees	8	8

The aggregate payroll costs incurred during the year, relating to the above, were:

	2018	2017
	£	£
Wages and Salaries	273,110	331,515

9. Investments

	Other investments other than loans
	£
Cost
At 1 January 2018 and 31 December 2018	8,301
	-------
Impairment
At 1 January 2018 and 31 December 2018	–
	-------

Carrying amount
At 31 December 2018	8,301
	-------
At 31 December 2017	8,301
	-------

10. Debtors

	2018	2017
	£	£
Trade debtors	2,161,487	2,122,932
	------------	------------

11. Creditors: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	692,099	788,690
	---------	---------

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

	2018	2017
	£	£
Other creditors	576,527	655,765
	---------	---------

13. Called up share capital

Issued, called up and fully paid

	2018		2017
	No.	£	No.	£
Ordinary shares of £ 1 each	75	75.00	75	75.00
	----	-------	----	-------

14. Reserves

		Profit & Loss Account
		£
	At 01st January 2018	1,033,602
	Profit retained for the year	369,200
	At 31st December 2018	1,402,802

15. Related party transactions

The company was under the control of Mr Roger Sumner Rivers throughout the current and previous year.

Other balances with associated companies are as follows:

	2018	2017
	£	£
Parcelhero Group Limited (Intercompany Balances)	1,642,960	1,615,569

FDS Worldwide Express (UK) Limited charged management fees of £6,123,187 (2017- £2,633,304) and Parcelvision Limited charged software development charges of £71,696 (2017- £163,423) to the company. Deliver Plus Limited charged management fees of £195,154 (2017- £175,805) to Fast Lane Couriers Limited.

16. Controlling party

The company regards R Sumner Rivers as the controlling party.

17. Group company

The company is part of Parcelhero Group Limited which owns 100% share capital of the company.