Expedite Engineering Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09907941 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2019

for

Expedite Engineering Services Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S D Fairclough

S Lancaster

A J Woods

REGISTERED OFFICE:

First Floor

Unit 8 Village Way

Tongwynlais

Cardiff

CF15 7NE

REGISTERED NUMBER:

09907941 (England and Wales)

ACCOUNTANTS:

Prydis Accounts Limited

Chartered Accountants

Senate Court

Southernhay Gardens

Exeter

Devon

EX1 1NT

FIXED ASSETS

Tangible assets

4

9,747

12,505

CURRENT ASSETS

Debtors

5

303,189

181,935

Cash at bank and in hand

74,861

63,315

378,050

245,250

CREDITORS

Amounts falling due within one year

6

271,752

248,070

NET CURRENT ASSETS/(LIABILITIES)

106,298

(2,820

)

TOTAL ASSETS LESS CURRENT LIABILITIES

116,045

9,685

CREDITORS

Amounts falling due after more than one year

7

(57,023

)

-

PROVISIONS FOR LIABILITIES

(1,852

)

(2,376

)

NET ASSETS

57,170

7,309

CAPITAL AND RESERVES

Called up share capital

12

12

Retained earnings

57,158

7,297

57,170

7,309

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2020 and were signed on its behalf by:

A J Woods - Director

1.	STATUTORY INFORMATION

Expedite Engineering Services Ltd is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

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

value added tax and other sales taxes.

The company recognises revenue when;

The amount of revenue can be reliably measures;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Computer equipment

-

33% on cost

TAXATION

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that

the change attributable to an item of income or expenses recognised as other comprehensive income is also

recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis tax rates and laws that have been enacted or

substantively enacted by the reporting date in the countries where the company operates and generates income.

DEFERRED TAX

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities

and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.

Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the

reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up

against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not

to be recovered based on current or future taxable profit.

SHARE CAPITAL

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other

resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred

and the time value of money is material, the initial measurement is on a present value basis.

LEASES

Leases in which substantially all th risks and rewards of ownership are retained by the lessor are classified as

operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over

the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the

company had no legal constructive obligation to pay further contributions even if the fund does not hold sufficient

assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined plans are recognised as employee benefit expense when they are due. if a contribution

payment exceed the contribution due for service, the excess is recognised as a prepayment.

TRADE DEBTORS

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course

of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost

using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is

established when there is objective evidence that the company will not be able to collect all amounts due according

to the original terms of the receivables.

TRADE CREDITORS

Trade creditors are obligations to pay for goods or services that have acquired in the ordinary course of business

from supplier. Accounts payable are classified as current liabilities if the company does not have an unconditional

right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the

reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting

date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using

the effective interest method.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid

investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of

change in value.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 9 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 November 2018

7,889

12,875

20,764

Additions

1,425

3,889

5,314

At 31 October 2019

9,314

16,764

26,078

DEPRECIATION

At 1 November 2018

4,984

3,275

8,259

Charge for year

2,489

5,583

8,072

At 31 October 2019

7,473

8,858

16,331

NET BOOK VALUE

At 31 October 2019

1,841

7,906

9,747

At 31 October 2018

2,905

9,600

12,505

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Trade debtors

292,485

165,104

Amounts owed by group undertakings

976

-

Other debtors

9,728

16,831

303,189

181,935

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.19

31.10.18

£

£

Bank loans and overdrafts (see note 8)

-

32,650

Trade creditors

47,002

17,679

Amounts owed to group undertakings

118,531

87,752

Taxation and social security

87,321

67,034

Other creditors

18,898

42,955

271,752

248,070

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.19

31.10.18

£

£

Other creditors

57,023

-

8.

LOANS

An analysis of the maturity of loans is given below:

31.10.19

31.10.18

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

32,650

Other loans

13,987

-

13,987

32,650

Amounts falling due between one and two years:

Other loans - 1-2 years

57,023

-

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.19

31.10.18

£

£

Group Undertaking

88,529

-

There is a cross guarantee by right of a debenture with a fixed and floating charge, containing a negative pledge, in

relation to borrowings in Expedite Project Services Limited. The maximum exposure is £196,158

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2019 and

31 October 2018:

31.10.19

31.10.18

£

£

S D Fairclough

Balance outstanding at start of year

-

-

Amounts advanced

712

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

712

-

S Lancaster

Balance outstanding at start of year

-

-

Amounts advanced

3,138

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

3,138

-

Interest on this loan is charged at 2.5% and is repayable on demand.