World Express Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 05072081 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 March 2017

for

World Express Limited

Trading as

InXpress

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

7

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

3,959

4,525

Tangible assets

5

456

169

4,415

4,694

CURRENT ASSETS

Debtors

6

197,119

148,716

Cash at bank

5,957

1,124

203,076

149,840

CREDITORS

Amounts falling due within one year

7

160,047

153,935

NET CURRENT ASSETS/(LIABILITIES)

43,029

(4,095

)

TOTAL ASSETS LESS CURRENT LIABILITIES

47,444

599

PROVISIONS FOR LIABILITIES

839

-

NET ASSETS

46,605

599

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

46,603

597

SHAREHOLDERS' FUNDS

46,605

599

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 28 November 2017 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

33% on cost

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 6 (2016 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2016

and 31 March 2017

11,317

AMORTISATION

At 1 April 2016

6,792

Charge for year

566

At 31 March 2017

7,358

NET BOOK VALUE

At 31 March 2017

3,959

At 31 March 2016

4,525

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2016

1,439

666

2,105

Additions

-

625

625

At 31 March 2017

1,439

1,291

2,730

DEPRECIATION

At 1 April 2016

1,387

549

1,936

Charge for year

13

325

338

At 31 March 2017

1,400

874

2,274

NET BOOK VALUE

At 31 March 2017

39

417

456

At 31 March 2016

52

117

169

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Trade debtors

78,862

30,662

Other debtors

118,257

118,054

197,119

148,716

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.17

31.3.16

£

£

Bank loans and overdrafts

-

1,209

Trade creditors

34,687

53,931

Taxation and social security

71,646

57,307

Other creditors

53,714

41,488

160,047

153,935

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2017 and

31 March 2016:

31.3.17

31.3.16

£

£

Mrs S Gokal

Balance outstanding at start of year

93,995

53,102

Amounts advanced

-

40,893

Amounts repaid

(477

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

93,518

93,995

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

Interest of £3,284 (2016: £2,306) is recognized within the profit and loss account.

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 Income Statement 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 2017 which comprise the Income Statement,

Balance Sheet, 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 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

28 November 2017