In Time Express Logistics UK Ltd.
In Time Express Logistics UK Ltd.
Registered number: 10840486
Financial Statements
For The Year Ended
30 June 2022
Braant Accounting
In Time Express Logistics UK Ltd.
Financial Statements
For The Year Ended
30 June 2022
Financial Statements
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Balance Sheet | 1 |
Notes to the Financial Statements | 2—4 |
In Time Express Logistics UK Ltd.
Balance Sheet
As at
30 June 2022
Balance Sheet
Registered number:
10840486
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
2022 | 2021 | ||||
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Notes | £ | £ | £ | £ | |
CURRENT ASSETS | |||||
Debtors | 3 |
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Cash at bank and in hand |
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Creditors: Amounts Falling Due Within One Year | 4 |
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NET CURRENT ASSETS (LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES | |||||
Called up share capital | 5 |
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Profit and Loss Account |
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SHAREHOLDERS' FUNDS | 51,757 | 60,712 | |||
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Director
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The notes on pages 2 to 4 form part of these financial statements.
In Time Express Logistics UK Ltd.
Notes to the Financial Statements
For The Year Ended
30 June 2022
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies are set out below
1.2.
Turnover
Turnover represents the total amount receivable by the company for services provided on behalf of their parent company, in accordance with the transfer pricing directive (between IN tIME Express Logistik GmbH and its group-owned subsidiaries). The transfer pricing methodology used is the cost-plus method and therefore the company is remunerated at proven full costs plus a profit mark-up, to achieve a pre-determined EBITA margin.
1.3.
Financial Instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.4.
Taxation
Income tax expense represents tax currently payable.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, tax is also recognised in other comprehensive income or directly in equity respectively.
1.5.
Retirement Benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In Time Express Logistics UK Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2021: 3)
3.
Debtors
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Due within one year | |||
Prepayments and accrued income |
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Other debtors |
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4.
Creditors: Amounts Falling Due Within One Year
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£ | £ | ||
Corporation tax |
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Other taxes and social security |
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Other creditors |
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Accruals and deferred income |
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Amounts owed to group undertakings |
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6.
Related Party Transactions
The Group in which the results of the organisation are consolidated is that headed by SG International Holdings Limited.
The company supplied services to associated companies to the value of £129,217 during the year (2021 : £192,433)
There is currently an amount due to associated companies of £2,685 (2021 : £1,473)
Management fees of £4,846 were charged by the parent company during the year (2021 : £7,302)
7.
Ultimate Controlling Party
The company's ultimate controlling party is SG International Holdings Limited (incorporated in England & Wales) by virtue of its ownership of 100% of the issued share capital in the company.
8.
Audit Information
The auditors report on the account of In Time Express Logistics UK Ltd. for the year ended 30 June 2022 was unqualified
The auditor's report was signed by
Sally Meah FCCA
(Senior Statutory Auditor)
for and on behalf of
Crossley Financial Accounting Limited
, Statutory Auditor
Star House
Star Hill
Rochester
Kent
ME1 1UX
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In Time Express Logistics UK Ltd.
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2022
9.
General Information
In Time Express Logistics UK Ltd.
is a private company, limited by shares, incorporated in England & Wales, registered number
10840486
. The registered office is Unit B2x Skyway 14 Calder Way, Colnbrook, Slough, England, SL3 0BQ.