General Information
Ecspress 60 Limited is a private company, limited by shares, registered in England and Wales, registration number 03679466, registration address Unit 1b Charnwood Park, Bridgend, Mid Glamorgan, CF31 3PL.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the companys activities. Turnover is shown net of sales/value added tax, returns, rebates and 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.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Operating lease rentals
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using 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.
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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Land and Buildings |
2% |
| Plant and Machinery |
20% |
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Average number of employees
Average number of employees during the year was 4 (2022 : 6).
|
| 3. |
Financial Commitments, Guarantees and Contingencies
The total amount of financial commitments not included in the balance sheet is £1,334 (2022 : £2,668).
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Land and buildings |
|
Plant and machinery etc |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 April 2022 |
247,083 |
|
95,132 |
|
342,215 |
| Additions |
- |
|
- |
|
- |
| Disposals |
- |
|
- |
|
- |
| At 31 March 2023 |
247,083 |
|
95,132 |
|
342,215 |
| Depreciation |
| At 01 April 2022 |
27,594 |
|
80,944 |
|
108,538 |
| Charge for year |
3,942 |
|
3,632 |
|
7,574 |
| On disposals |
- |
|
- |
|
- |
| At 31 March 2023 |
31,536 |
|
84,576 |
|
116,112 |
| Net book values |
| Closing balance as at 31 March 2023 |
215,547 |
|
10,556 |
|
226,103 |
| Opening balance as at 01 April 2022 |
219,489 |
|
14,188 |
|
233,677 |
|
| 5. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 01 April 2022 |
211,290 |
|
211,290 |
| Additions |
16,190 |
|
16,190 |
| Transfer to/from tangible fixed assets |
0 |
|
0 |
| Disposals |
(12,364) |
|
(12,364) |
| Revaluations |
(16,144) |
|
(16,144) |
| At 31 March 2023 |
198,972 |
|
198,972 |
|
| 6. |
Debtors: amounts falling due within one year
|
2023
£ |
|
2022
£ |
| Trade Debtors |
230,343 |
|
345,158 |
| Other Debtors |
34,191 |
|
17,696 |
|
264,534 |
|
362,854 |
|
| 7. |
Provisions for liabilities
|
2023
£ |
|
2022
£ |
| Deferred Tax |
(1,289) |
|
1,942 |
| Charged to Profit & Loss |
(7,200) |
|
(3,232) |
|
(8,489) |
|
(1,290) |
|
| 8. |
Share Capital
Allotted, called up and fully paid
|
2023
£ |
|
2022
£ |
|
80
Ordinary shares of £1.00 each |
80 |
|
80 |
|
80 |
|
80 |
|
| 9. |
Advances and Credits
David Stewart Price Interest free director's loan. | Brought Forward
£ | Amount
£ | Interest
£ | Repaid
£ | WrittenOff
£ | Waived
£ | Carry Forward
£ |
|---|
| David Stewart Price | 6,108 | | 2,262 | | 0 | | 0 | | 0 | | 0 | | 8,370 | | 6108 | | 2262 | | 0 | | 0 | | 0 | | 0 | | 8370 |
| Brought Forward
£ | Amount
£ | Interest
£ | Repaid
£ | WrittenOff
£ | Waived
£ | Carry Forward
£ |
|---|
| David Stewart Price | 2,663 | | 6,108 | | 0 | | 2,663 | | 0 | | 0 | | 6,108 | | 2663 | | 6108 | | 0 | | 2663 | | 0 | | 0 | | 6108 |
|
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