Parcel ABC Limited 31/03/2021 iXBRL

Parcel ABC Limited 31/03/2021 iXBRL

PARCEL ABC LIMITED - Company Information

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Company registration number: 08940567
Parcel ABC Limited
Unaudited filleted financial statements
31 March 2021
Parcel ABC Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Parcel ABC Limited
Directors and other information
Directors Mr Andrius Balkunas
Mr Andrew George Benson (Resigned 11 May 2021)
Company number 08940567
Registered office 5 Underwood Street
London
N1 7LY
Parcel ABC Limited
Statement of financial position
31 March 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 419,919 364,068
Tangible assets 6 - 690
_______ _______
419,919 364,758
Current assets
Debtors 7 23,212 24,498
Cash at bank and in hand 3,500 1,329
_______ _______
26,712 25,827
Creditors: amounts falling due
within one year 8 ( 307,614) ( 302,387)
_______ _______
Net current liabilities ( 280,902) ( 276,560)
_______ _______
Total assets less current liabilities 139,017 88,198
Creditors: amounts falling due
after more than one year 9 ( 1,026,308) ( 954,734)
_______ _______
Net liabilities ( 887,291) ( 866,536)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 887,391) ( 866,636)
_______ _______
Shareholders deficit ( 887,291) ( 866,536)
_______ _______
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 August 2021 , and are signed on behalf of the board by:
Mr Andrius Balkunas
Director
Company registration number: 08940567
Parcel ABC Limited
Notes to the financial statements
Year ended 31 March 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the balance sheet date, the reporting entity had net liabilities in the sum of £887,291. The company is reliant on the support of the creditors. On the basis that the creditors will continue to support the reporting entity for the foreseeable future, the directors consider it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the creditors.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - straight line over 10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Fittings fixtures and equipment - 25 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
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.
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. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2020 469,898 469,898
Additions 114,267 114,267
_______ _______
At 31 March 2021 584,165 584,165
_______ _______
Amortisation
At 1 April 2020 105,830 105,830
Charge for the year 58,416 58,416
_______ _______
At 31 March 2021 164,246 164,246
_______ _______
Carrying amount
At 31 March 2021 419,919 419,919
_______ _______
At 31 March 2020 364,068 364,068
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2020 and 31 March 2021 2,762 2,762
_______ _______
Depreciation
At 1 April 2020 2,072 2,072
Charge for the year 690 690
_______ _______
At 31 March 2021 2,762 2,762
_______ _______
Carrying amount
At 31 March 2021 - -
_______ _______
At 31 March 2020 690 690
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 12,194 -
Amounts owed by group undertakings and undertakings in which the company has a participating interest 1,481 22,908
Other debtors 9,537 1,590
_______ _______
23,212 24,498
_______ _______
Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
8. Creditors: amounts falling due within one year
2021 2020
£ £
Loans 27,420 14,616
Trade creditors 244,706 253,320
Social security and other taxes 400 4,623
Other creditors 35,088 29,828
_______ _______
307,614 302,387
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Loans 1,026,308 954,734
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew George Benson ( 8,851) 340 ( 8,511)
_______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew George Benson ( 8,603) ( 248) ( 8,851)
_______ _______ _______
11. Controlling party
The reporting entity is wholly owned by Parcel ABC Worldwide SIA, a company registered in the Republic of Latvia.