In Time Wholesale Express Limited - Abbreviated accounts 16.3

In Time Wholesale Express Limited - Abbreviated accounts 16.3

IN TIME WORLDWIDE EXPRESS LIMITED - Company Information

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REGISTERED NUMBER: 04619990 (England and Wales)


















ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

FOR

IN TIME WHOLESALE EXPRESS LIMITED

IN TIME WHOLESALE EXPRESS LIMITED (REGISTERED NUMBER: 04619990)






CONTENTS OF THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016




Page

Company Information 1

Report of the Accountants 2

Abbreviated Balance Sheet 3

Notes to the Abbreviated Accounts 4

IN TIME WHOLESALE EXPRESS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2016







DIRECTORS: J E Hornby
Mrs U F Jahn





SECRETARY: J E Hornby





REGISTERED OFFICE: The Courtyard
High Street
Ascot
Berkshire
SL5 7HP





REGISTERED NUMBER: 04619990 (England and Wales)





ACCOUNTANTS: Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Page 1
IN TIME WHOLESALE EXPRESS LIMITED

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
IN TIME WHOLESALE EXPRESS LIMITED

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited
financial statements, from which the unaudited abbreviated accounts (set out on pages three to six) have been prepared.

As described on the balance sheet you are responsible for the preparation of the financial statements for the year ended 30 April 2016 set out on pages four to ten and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP


22 December 2016

This page does not form part of the abbreviated accounts

Page 2
IN TIME WHOLESALE EXPRESS LIMITED (REGISTERED NUMBER: 04619990)

ABBREVIATED BALANCE SHEET
30 APRIL 2016

2016 2015
Notes £    £   
FIXED ASSETS
Intangible assets 2 6,812 17,031
Tangible assets 3 8,343 16,350
15,155 33,381

CURRENT ASSETS
Stocks 32,521 29,336
Debtors 663,931 545,312
Cash at bank 7,222 7,734
703,674 582,382
CREDITORS
Amounts falling due within one year 4 (683,578 ) (589,292 )
NET CURRENT ASSETS/(LIABILITIES) 20,096 (6,910 )
TOTAL ASSETS LESS CURRENT
LIABILITIES
35,251
26,471

CREDITORS
Amounts falling due after more than one year 4 (31,242 ) (65,056 )
NET ASSETS/(LIABILITIES) 4,009 (38,585 )

CAPITAL AND RESERVES
Called up share capital 5 1,000 1,000
Profit and loss account 3,009 (39,585 )
SHAREHOLDERS' FUNDS 4,009 (38,585 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the Board of Directors on 22 December 2016 and were signed on its behalf by:





J E Hornby - Director


The notes form part of these abbreviated accounts

Page 3
IN TIME WHOLESALE EXPRESS LIMITED (REGISTERED NUMBER: 04619990)

NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 APRIL 2016

1. ACCOUNTING POLICIES

Accounting convention
The financial statements have been prepared under the historical cost convention and in accordance with the Financial
Reporting Standard for Smaller Entities (effective January 2015).

Turnover
Turnover represents the total amount receivable by the company for services provided, excluding VAT, and is recognised in
line with the performance of these services.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of ten years.

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

Fixtures and fittings - 33.33% on cost
Computer equipment - 33.33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving
items.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.
Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the
lease.

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 the profit and loss account in the period to which they relate.

2. INTANGIBLE FIXED ASSETS
Total
£   
COST
At 1 May 2015
and 30 April 2016 141,562
AMORTISATION
At 1 May 2015 124,531
Amortisation for year 10,219
At 30 April 2016 134,750
NET BOOK VALUE

At 30 April 2016 6,812
At 30 April 2015 17,031

Page 4 continued...
IN TIME WHOLESALE EXPRESS LIMITED (REGISTERED NUMBER: 04619990)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 30 APRIL 2016

3. TANGIBLE FIXED ASSETS
Total
£   
COST
At 1 May 2015 49,300
Additions 1,634
Disposals (28,292 )
At 30 April 2016 22,642
DEPRECIATION
At 1 May 2015 32,950
Charge for year 9,641
Eliminated on disposal (28,292 )
At 30 April 2016 14,299
NET BOOK VALUE
At 30 April 2016 8,343
At 30 April 2015 16,350

4. CREDITORS

Creditors include an amount of £ 221,884 (2015 - £ 241,881 ) for which security has been given.

5. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2016 2015
value: £    £   
1,000 Ordinary £1 1,000 1,000

6. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 April 2016 and 30 April 2015:

2016 2015
£    £   
J E Hornby
Balance outstanding at start of year 5,278 -
Amounts advanced 12,275 5,278
Amounts repaid - -
Balance outstanding at end of year 17,553 5,278

The loan is interest free and repayable on demand.

Page 5 continued...
IN TIME WHOLESALE EXPRESS LIMITED (REGISTERED NUMBER: 04619990)

NOTES TO THE ABBREVIATED ACCOUNTS - continued
FOR THE YEAR ENDED 30 APRIL 2016

7. RELATED PARTY DISCLOSURES

During the year the company made sales of £92,343 (2015- £132,898), with sales credits totalling £94 (2015 - £768), and purchases totalling £3,828 (2015 - £3,191) to In Time New York, a company owned by Mr J Hornby and Mr W Pszyk (the husband of Ms U Jahn) . An amount of £10,200 was recharged to In Time New York for accountancy services performed by
the company. A debtor balance of £21,030 (2015 - £15,055) and a creditor balance of £Nil (2015 - £876) were outstanding at
the year end. The company also made a loan to this company of £12,308 (2015 - £12,308), which is disclosed within other
debtors.

The company made sales of £602 (2015 - £1,595) and purchases of £6,417 (2015 - £9,551), with purchase credits totally £Nil (2015 - £173) to In Time Kuriersysteme & Speitions GmbH, a company of which Mr W Pszyk (the husband of Ms U Jahn) is the sole shareholder. A creditor balance of £57 (2015 - £8,265) was due at the year end.

The company made sales of £2,167 (2015 - £5,253) and purchases of £23,000 (2015 - £8,778) to Knock 4 Six Limited, a company of which Mr J Hornby and Ms U Jahn are shareholders . A debtor balance of £96,413 (2015 - £64,829) was due at
the year end. The company also made a loan to Knock 46 Limited of £1,900 (2015 - £1,900) which is disclosed within other
debtors.

During the period, the company received rent of £35,632 (2015 - £21,650) from DTE Agency UK Limited, a company in which Mr J E T Hornby is a director . At the balance sheet date £20,044 (2015 - £25,996) inclusive of VAT was outstanding.

During the year the company received a loan from DTE Agency UK Limited, a company in which Mr J E T Hornby is a
director. At the balance sheet date £66,925 was outstanding. The loan carries an interest rate of 6.5% and is repayable by July
2017.

At the year end date the company owed the director Mrs U F Jahn £25,851 (2015 - £30,851). The loan is interest free and repayable on demand.

8. ULTIMATE CONTROLLING PARTY

The company is owned and controlled by Mr J Hornby by virtue of his majority holding in the company's issued share
capital.

Page 6