Direct Express Logistics Notts Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02514368 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

Direct Express Logistics Nottingham

Limited

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr K Brown

Mrs S E Newborn

REGISTERED OFFICE:

Richmond House

Sidings Court

White Rose Way

Doncaster

South Yorkshire

DN4 5JH

REGISTERED NUMBER:

02514368 (England and Wales)

ACCOUNTANTS:

Warrens GBC Limited - T/A Warrens

Chartered Certified Accountants

33/35 Thorne Road

Doncaster

South Yorkshire

DN1 2HD

FIXED ASSETS

Tangible assets

5

300,207

65,292

CURRENT ASSETS

Debtors

6

1,401,999

1,383,584

Cash at bank and in hand

22,982

43,042

1,424,981

1,426,626

CREDITORS

Amounts falling due within one year

827,356

578,096

NET CURRENT ASSETS

597,625

848,530

TOTAL ASSETS LESS CURRENT LIABILITIES

897,832

913,822

CREDITORS

Amounts falling due after more than one year

(205,466

)

(14,466

)

PROVISIONS FOR LIABILITIES

-

(4,176

)

NET ASSETS

692,366

895,180

CAPITAL AND RESERVES

Called up share capital

75

75

Capital redemption reserve

40

40

Retained earnings

692,251

895,065

SHAREHOLDERS' FUNDS

692,366

895,180

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2019 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 20 December 2019 and were signed on its behalf by:

Mr K Brown - Director

1.	STATUTORY INFORMATION

Direct Express Logistics Nottingham Limited is a private company, limited by shares, registered in England and

Wales. The company's registration number is 02514368 and its registered office is Richmond House, Sidings

Court, White Rose Way, Doncaster, South Yorkshire, DN4 5JH.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from the standard.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover from services provided is recognised by reference to the labour hours and costs incurred to date on

each contract.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Land and buildings

-

33% on cost

Plant and machinery etc

-

At rates between 15% and 50% on cost

The assets' residual values and useful lives are reviewed, and adjusted if necessary, at the end of each reporting

period. The effect of any change is accounted for prospectively.

Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment

losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working

condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the

difference between the net disposal proceeds and the carrying amount is recognised in the profit and loss

account.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual

provisions of the instrument.

Except as detailed below, basic financial assets, including trade and other receivables, cash and bank balances,

loans receivable and investments are initially recognised at the transaction price, unless the arrangement

constitutes a financing transaction, where it is recognised at the present value of future receipts discounted at a

market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost, using

the effective interest method. Financial assets that are measured at cost or amortised cost are reviewed for

objective evidence of impairment at the end of each reporting period.

Investments in non-convertible preference and non-puttable ordinary shares are measured at fair value, with

changes recognised in profit and loss account. Derivative financial instruments are initially recorded at cost and

thereafter at fair value with changes recognised in the profit and loss account.

Basic financial liabilities, including trade and other payables,bank loans, other loans and preference shares that

are classified as debt are initially recognised at the transaction price, net of transaction costs, unless the

transaction constitutes a financing transaction, where the debt instrument 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, using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position 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.

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.

Rentals and incentives paid under operating leases are charged to profit and loss on a straight line basis over the

period of the lease.

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.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets

to determine whether there is any indication that those assets have suffered an impairment loss. If any such

indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the

impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the

company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,

the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects

current market assessments of the time value of money and the risks specific to the asset from which the

estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash generating unit) is estimated to be less than its carrying amount,

the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment

loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in

which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment cease to apply.

Going concern

The director's have considered the company's trading position and cash flow requirements for the period of at

least 12 months from the anticipated date of the signing of the financial statements and are confident that

adequate funds will be generated and be available to meet the company's needs.The director's are of the opinion

that the company is a going concern and that the going concern basis is appropriate in the company's

circumstances.

Classification of financial liabilities

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 company after deducting all of its liabilities

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2018 - 38 ) .

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2018

382,826

Additions

333,020

Disposals

(70,023

)

At 31 March 2019

645,823

DEPRECIATION

At 1 April 2018

317,534

Charge for year

98,018

Eliminated on disposal

(69,936

)

At 31 March 2019

345,616

NET BOOK VALUE

At 31 March 2019

300,207

At 31 March 2018

65,292

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 April 2018

186,183

Additions

323,182

Transfer to ownership

(103,982

)

At 31 March 2019

405,383

DEPRECIATION

At 1 April 2018

142,140

Charge for year

76,874

Transfer to ownership

(103,982

)

At 31 March 2019

115,032

NET BOOK VALUE

At 31 March 2019

290,351

At 31 March 2018

44,043

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.19

31.3.18

£

£

Trade debtors

24,927

-

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.19

31.3.18

£

£

Hire purchase contracts

294,998

53,660

HSBC invoice discounting

123,525

-

418,523

53,660

The amounts due in respect of hire purchase contracts are secured on the underlying assets financed.

The invoice discounting is secured by a fixed and floating charge in favour of HSBC Invoice Finance (UK)

Limited dated 9th November 2018.

At the 31st March 2019 the debt financing ledger balance was £183,739.

8.	GUARANTEES AND OTHER FINANCIAL COMMITMENTS

The company had total non-cancellable operating lease commitments at the balance sheet date of £1,976,632

(2018 - £335,196).

In addition to the above the company has entered into a debenture and guarantee dated 3rd November 2016 with

Barclays Bank Plc, giving a fixed and floating charge over its assets.The guarantee given covers borrowings by

the company and Direct Express Logistics Doncaster Limited (cross guarantee). Direct Express Doncaster

Limited is a company under common control. At the 31st March 2019 Direct Express Logistics Doncaster

Limited owed net borrowings of £886,811 to Barclays Bank Plc.

9.	RELATED PARTY DISCLOSURES

At the 31st March 2018 the company was owed loans amounting to £361,770 (2018 - £707,007) by companies

under the common control of one of the director's.In addition £13,000 was owed to companies under common

control of one of the director's The loans are interest free and repayable on demand.