Acclaim Parcel Express (Southampton) Limited - Period Ending 2017-03-31

Registration number: 02879253

Acclaim Parcel Express (Southampton) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2017

R. A. Jones & Co
Chartered Accountants
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS

Acclaim Parcel Express (Southampton) Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Financial Statements	3 to 9

Acclaim Parcel Express (Southampton) Limited

Company Information

Directors

Mr Mark Andrew Robinson Mrs Alison Louise Robinson Mr Nicholas Timothy Knappett Mrs Rachael Goodman

Company secretary

Mr Nicholas Timothy Knappett

Registered office

38 Rumbridge Street Totton Southampton Hampshire SO40 9DS

Accountants

R. A. Jones & Co Chartered Accountants 38 Rumbridge Street Totton Southampton Hampshire SO40 9DS

Page 1

Acclaim Parcel Express (Southampton) Limited

(Registration number: 02879253)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	93,642	138,344
Current assets
Stocks		2,935	3,135
Debtors	6	376,723	389,338
Cash at bank and in hand		49,861	48,475
		429,519	440,948
Creditors: Amounts falling due within one year	7	(257,305)	(313,832)
Net current assets		172,214	127,116
Total assets less current liabilities		265,856	265,460
Creditors: Amounts falling due after more than one year	7	(71,851)	(109,777)
Provisions for liabilities		(17,167)	(26,059)
Net assets		176,838	129,624
Capital and reserves
Called up share capital		51	51
Capital redemption reserve		49	49
Profit and loss account		176,738	129,524
Total equity		176,838	129,624

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. Therefore the Directors' Report and the Profit and Loss Account have not been filed.

Approved and authorised by the Board on 31 December 2017 and signed on its behalf by:
 

Mr Mark Andrew Robinson

Director

The notes on pages 3 to 9 form an integral part of these financial statements.

Page 2

Acclaim Parcel Express (Southampton) Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
38 Rumbridge Street
Totton
Southampton
Hampshire
SO40 9DS
England

The principal place of business is:
Units A-C Griffin Industrial Park
Calmore Industrial estate
Totton
Southampton
Hampshire
SO40 3SH
England

These financial statements were authorised for issue by the Board on 31 December 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sales of goods and services to customers.

Revenue is recognised to the extent that the company obtains the right to consideration for its' performance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Page 3

Acclaim Parcel Express (Southampton) Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.


Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Land and buildings	Straight line over period of lease
Plant and machinery	15.00-20.00% straight line basis
Motor vehicles	25.00% reducing balance basis
Office equipment	15.00-33.33% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Goodwill has been fully amortised.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Fully amortised

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price but where there is a contra agreement in place the totals shown in the accounts have been adjusted for the effective offset due at the end of the financial period.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Trade creditors are recognised initially at the transaction price but where there is a contra agreement in place the totals shown in the accounts have been adjusted for the effective offset due at the end of the financial period.

Page 4

Acclaim Parcel Express (Southampton) Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Rentals payable under operating leases are charged to the profit and loss account on a straight line basis over the lease term.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are capitalised in the balance sheet as tangible fixed assets and are depreciated over their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease.

Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over their useful lives. The capital element of future finance payments is included within creditors and finance charges are allocated to accounting periods over the length of the contract.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2016 - 13).

Page 5

Acclaim Parcel Express (Southampton) Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	15,000	15,000
At 31 March 2017	15,000	15,000
Amortisation
At 1 April 2016	15,000	15,000
At 31 March 2017	15,000	15,000
Carrying amount
At 31 March 2017	-	-

5	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	82,665	219,432	25,588	327,685
Additions	513	-	-	513
Disposals	(5,629)	(14,578)	(16,231)	(36,438)
At 31 March 2017	77,549	204,854	9,357	291,760
Depreciation
At 1 April 2016	54,471	115,189	19,681	189,341
Charge for the year	9,092	24,900	615	34,607
Eliminated on disposal	(5,284)	(9,556)	(10,990)	(25,830)
At 31 March 2017	58,279	130,533	9,306	198,118
Carrying amount
At 31 March 2017	19,270	74,321	51	93,642
At 31 March 2016	28,194	104,243	5,907	138,344

Page 6

Acclaim Parcel Express (Southampton) Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

6

Debtors

	Note	2017 £	2016 £
Trade debtors		140,667	187,089
Amounts owed by group undertakings and undertakings in which the company has a participating interest	9	98,701	16,595
Prepayments		19,585	17,810
Other debtors		117,770	167,844
		376,723	389,338

Details of non-current trade and other debtors

£Nil (2016 -£418) of Taxation is classified as non current.

Other debtors include an amount of £112,591 (2016 - £119,693) due from the exchange operated by Bartercard (UK) Limited (Bartercard). Bartercard states in its' own accounts that it has no obligation to the trade exchange and the recoverability of the debt is therefore dependant on the ability of the company to receive at least an equivalent value from the exchange for goods or services purchased through the exchange.

7

Creditors

Creditors: amounts falling due within one year

	Note	2017 £	2016 £
Bank loans and overdrafts		39,914	45,855
Net obligations under finance leases and hire purchase		18,672	64,081
Trade creditors		121,464	124,857
Amounts owed to group undertakings and undertakings in which the company has a participating interest	9	14,788	14,788
Taxation and social security		44,472	52,166
Accruals and deferred income		12,941	5,814
Other creditors		5,054	6,271
		257,305	313,832

The bank loans and overdrafts are secured by a fixed and floating charge over the company's assets together with a personal guarantee from a director in favour of the company's bankers.

The finance leases and hire purchase contracts are secured on the assets concerned.

Page 7

Acclaim Parcel Express (Southampton) Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Creditors: amounts falling due after more than one year

	Note	2017 £	2016 £
Bank loans		60,708	79,963
Net obligations under finance leases and hire purchase		11,143	29,814
		71,851	109,777

The finance leases and hire purchase contracts are secured on the assets concerned.

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £64,367 (2016 - £Nil). The foregoing amounts, which include the amounts below undertaken on behalf of other group companies, relate to the contract hire of plant over the remaining period of the contracts.

The total amount of guarantees not included in the balance sheet is £1,214,902 (2016 - £1,408,161). The aforesaid amounts relate to the amounts payable by a fellow subsidiary in respect of leasehold property over the remaining life of the leases in respect of which the company is a guarantor.

The total amount of financial commitments not included in the balance sheet undertaken on behalf of any parent undertaking or any fellow subsidiary undertaking is £48,784 (2016 - £Nil).

Amounts disclosed in the balance sheet

Included in creditors are amounts payable in respect of the company's auto-enrolment pension scheme of £40 (2016 - £71).

9	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
Mr Mark Andrew Robinson
Directors' loan account movements	27,920	113,024	(145,030)	(4,086)

The above loan was unsecured, interest free and repayable upon demand.

10	Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Acclaim Holdings Limited, incorporated in England and Wales.

 

Page 8

Acclaim Parcel Express (Southampton) Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

11	Transition to FRS 102

No transition adjustments were required.

Page 9