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 2019

Pedal Express Limited

Financial Statements

Year ended 31st December 2019

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
	Basford
	Nottingham
	NG5 1FL

Pedal Express Limited

Statement of Financial Position

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	4		259,787	93,767

Current assets

Debtors	5	310,047	199,080
Cash at bank and in hand		316	7,826
		---------	---------
		310,363	206,906

Creditors: amounts falling due within one year	6	278,451		102,608
		---------		---------
Net current assets			31,912	104,298
			---------	---------
Total assets less current liabilities			291,699	198,065

Creditors: amounts falling due after more than one year	7	254,067	168,068
		---------	---------
Net assets		37,632	29,997
		---------	---------

Capital and reserves

Called up share capital	8	15,310	15,310
Profit and loss account		22,322	14,687
		--------	--------
Shareholders funds		37,632	29,997
		--------	--------

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 Section 1A of 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 2019 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 2019

These financial statements were approved by the board of directors and authorised for issue on 7 November 2020 , 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 2019

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 23 (2018: 17 ).

4. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1st January 2019	68,039	148,753	216,792
Additions	39,908	169,138	209,046
Disposals	–	( 11,175)	( 11,175)
	---------	---------	---------
At 31st December 2019	107,947	306,716	414,663
	---------	---------	---------
Depreciation
At 1st January 2019	52,903	70,122	123,025
Charge for the year	5,957	26,825	32,782
Disposals	–	( 931)	( 931)
	---------	---------	---------
At 31st December 2019	58,860	96,016	154,876
	---------	---------	---------
Carrying amount
At 31st December 2019	49,087	210,700	259,787
	---------	---------	---------
At 31st December 2018	15,136	78,631	93,767
	---------	---------	---------

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 2019	193,970
	---------
At 31st December 2018	59,191
	---------

5. Debtors

	2019	2018
	£	£
Trade debtors	160,543	54,188
Other debtors	149,504	144,892
	---------	---------
	310,047	199,080
	---------	---------

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	67,722	37,407
Trade creditors	67,030	8,934
Corporation tax	–	395
Social security and other taxes	77,811	34,841
Other creditors	65,888	21,031
	---------	---------
	278,451	102,608
	---------	---------

Included in bank loans and overdrafts are loans totalling £53,379 (2018: £37,407) which are personally guaranteed by the director. These amounts are repayable within one year.

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

	2019	2018
	£	£
Bank loans and overdrafts	126,577	137,160
Other creditors	127,490	30,908
	---------	---------
	254,067	168,068
	---------	---------

Included in bank loans and overdrafts are loans totalling £126,577 (2018: £137,160) 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

	2019		2018
	No.	£	No.	£
Ordinary shares of £ 1 each	15,300	15,300	15,300	15,300
B Ordinary shares of £ 1 each	10	10	10	10
	--------	--------	--------	--------
	15,310	15,310	15,310	15,310
	--------	--------	--------	--------

9. Director's advances, credits and guarantees

The amount owed to the director at the statement of financial position date was £2,394 (2018: £5,952 owed by the director). The director's loan is interest free, unsecured and repayable on demand.