Sonic Express Couriers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06393182 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2019

FOR

SONIC EXPRESS COURIERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

L Coles

REGISTERED OFFICE:

24 Spencer View

Ellistown

Coalville

Leicestershire

LE67 1FW

REGISTERED NUMBER:

06393182 (England and Wales)

ACCOUNTANTS:

PWH Accountancy Ltd

The Counting House

High Street

Lutterworth

Leicestershire

LE17 4AY

FIXED ASSETS

Tangible assets

4

5,451

7,638

CURRENT ASSETS

Debtors

5

19,999

19,228

Cash at bank and in hand

11,893

9,003

31,892

28,231

CREDITORS

Amounts falling due within one year

6

12,805

14,021

NET CURRENT ASSETS

19,087

14,210

TOTAL ASSETS LESS CURRENT LIABILITIES

24,538

21,848

CREDITORS

Amounts falling due after more than one year

7

(4,629

)

(10,184

)

PROVISIONS FOR LIABILITIES

8

(1,036

)

(1,451

)

NET ASSETS

18,873

10,213

CAPITAL AND RESERVES

Called up share capital

9

2

2

Retained earnings

10

18,871

10,211

SHAREHOLDERS' FUNDS

18,873

10,213

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 June 2020 and were signed by:

L Coles - Director

1.	STATUTORY INFORMATION

Sonic Express Couriers Limited 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.

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

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.

Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company's accounting policies, the directors are required to make judgements, estimates

and assumptions about the carrying values of assets and liabilities that are not readily apparent from other

sources. The estimates and underlying assumptions are based on historical experience and other factors that are

considered relevant, Actual results may differ from these estimates.

Turnover

Revenue comprises the fair value of the consideration received or receivable for the rendering of services in the

ordinary course of the company's activities. Revenue is shown net of VAT and trade discounts.

The company recognises revenue when the amount of revenue can be reliably measured, 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.

The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale

have been resolved. The company bases its estimates on historical results, taking into consideration the type of

customer, the type of transaction and the specifics of each arrangement.

Tangible fixed assets

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

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on reducing balance

Financial instruments

Financial assets

Receivables are stated at amortised cost using the effective interest rate method. A provision for impairment of

receivables is established where there is objective evidence that the company will not be able to collect all

amounts due according to the original terms of payment. Receivables are considered for impairment on a case by

case basis and any provision is based on the directors' assessment of the amount recoverable on each receivable.

Financial liabilities

The company's financial liabilities include trade and other payables, which are measured at amortised cost using

the effective interest rate method. Financial liabilities are recognised when the company becomes a party to the

contractual agreements of the instrument. Interest-related charges are recognised as an expense in the period in

which they are incurred.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid

investments with original maturities of three months or less, and bank overdrafts.

Leases and hire purchase contracts

Payments under operating leases are charged to the profit and loss account in the year in which they are incurred.

Tangible fixed assets acquired under finance leases and hire purchase contracts are capitalised and depreciated in

the same manner as other tangible fixed assets over their estimated useful economic lives or, if shorter the lease

term. The related obligation, net of future charges, are included in creditors falling due within and after more

than one year. The interest element of repayments of finance leases and hire purchase contracts is charged to the

profit and loss account over the duration of the lease and represents a constant proportion of the capital balance

outstanding, so as to produce a constant periodic rate of charge on the net obligations outstanding in each period.

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 balance sheet date.

Deferred tax

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

sheet 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 October 2018

and 30 September 2019

710

4,782

7,897

1,940

15,329

DEPRECIATION

At 1 October 2018

638

3,655

2,843

555

7,691

Charge for year

14

885

1,011

277

2,187

At 30 September 2019

652

4,540

3,854

832

9,878

NET BOOK VALUE

At 30 September 2019

58

242

4,043

1,108

5,451

At 30 September 2018

72

1,127

5,054

1,385

7,638

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

5,040

7,890

Directors' current accounts

12,063

7,612

Prepayments and accrued income

2,896

4,476

Accruals

-

(750

)

19,999

19,228

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

5,555

5,555

Trade creditors

73

72

Tax

3,690

2,872

VAT

1,787

2,850

Other creditors

-

1,722

Accrued expenses

1,700

950

12,805

14,021

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans - 1-2 years

4,629

10,184

8.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

1,036

1,451

Deferred

tax

£

Balance at 1 October 2018

1,451

Credit to Income Statement during year

(415

)

Balance at 30 September 2019

1,036

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Retained

earnings

£

At 1 October 2018

10,211

Profit for the year

8,660

At 30 September 2019

18,871

11.	RELATED PARTY DISCLOSURES

As at 30 September 2018 an amount of £7,612 (2017 - £2,331 owed to the director) was owed by the director by

the company. This amount is shown under creditors in the balance sheet.

12.	ULTIMATE CONTROLLING PARTY

The utimate controlling parties are Mr L Coles and Mrs R Arnett.