World Express Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05072081 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

World Express Limited

Trading as

InXpress

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTOR:

Mrs S Gokal

SECRETARY:

A R Gokal

REGISTERED OFFICE:

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

REGISTERED NUMBER:

05072081 (England and Wales)

ACCOUNTANTS:

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

FIXED ASSETS

Intangible assets

4

1,695

2,261

Tangible assets

5

1,233

967

2,928

3,228

CURRENT ASSETS

Debtors

6

284,898

179,015

Cash at bank

67,846

4,431

352,744

183,446

CREDITORS

Amounts falling due within one year

7

323,432

179,717

NET CURRENT ASSETS

29,312

3,729

TOTAL ASSETS LESS CURRENT LIABILITIES

32,240

6,957

PROVISIONS FOR LIABILITIES

237

184

NET ASSETS

32,003

6,773

CAPITAL AND RESERVES

Called up share capital

8

2

2

Retained earnings

32,001

6,771

SHAREHOLDERS' FUNDS

32,003

6,773

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 15 December 2021 and were signed by:

Mrs S Gokal - Director

1.	STATUTORY INFORMATION

World Express 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.

Turnover

Turnover represents the value of sales to customers, net of discounts, allowances, volume and promotional rebates and other payments to customers and excludes VAT. Sale of goods are recognised when the company has delivered product to the customer, the customer has accepted the products and collectability of the related receivable is reasonably assured.

Intangible fixed assets

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

Patents and licences - straight line over 20 years.

Tangible fixed assets

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

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

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.

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 10 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2020

and 31 March 2021

11,317

AMORTISATION

At 1 April 2020

9,056

Charge for year

566

At 31 March 2021

9,622

NET BOOK VALUE

At 31 March 2021

1,695

At 31 March 2020

2,261

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2020

1,439

5,513

6,952

Additions

-

1,302

1,302

Disposals

(1,439

)

(3,754

)

(5,193

)

At 31 March 2021

-

3,061

3,061

DEPRECIATION

At 1 April 2020

1,423

4,562

5,985

Charge for year

-

1,020

1,020

Eliminated on disposal

(1,423

)

(3,754

)

(5,177

)

At 31 March 2021

-

1,828

1,828

NET BOOK VALUE

At 31 March 2021

-

1,233

1,233

At 31 March 2020

16

951

967

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

Computer

equipment

£

COST

At 1 April 2020

and 31 March 2021

986

DEPRECIATION

At 1 April 2020

329

Charge for year

328

At 31 March 2021

657

NET BOOK VALUE

At 31 March 2021

329

At 31 March 2020

657

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

241,174

119,658

Other debtors

43,724

59,357

284,898

179,015

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

159,414

98,504

Taxation and social security

58,884

53,793

Other creditors

105,134

27,420

323,432

179,717

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.21

31.3.20

value:

£

£

2

Ordinary

£1

2

2

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2021 and 31 March 2020:

31.3.21

31.3.20

£

£

Mrs S Gokal

Balance outstanding at start of year

44,617

62,466

Amounts advanced

77,488

67,178

Amounts repaid

(93,896

)

(85,027

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

28,209

44,617

Loan interest is charged to overdrawn director's loan account balance using HMRC approved rates.

Interest of £841 (2020: £849) has been charged in the year.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of World Express Limited for the year ended 31 March 2021 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of World Express Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of World Express Limited and state those matters that we have agreed to state to the director of World Express Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than World Express Limited and its director for our work or for this report.

It is your duty to ensure that World Express Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of World Express Limited. You consider that World Express Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of World Express Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Mudd Partners LLP

Chartered Accountants

Lakeview House

4 Woodbrook Crescent

Billericay

Essex

CM12 0EQ

15 December 2021