Pedal Express Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 03286370

Pedal Express Limited

Filleted Unaudited Financial Statements

For the year ended

31 December 2017

Pedal Express Limited

Financial Statements

Year ended 31st December 2017

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

The following pages do not form part of the financial statements

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements	9

Pedal Express Limited

Officers and Professional Advisers

The board of directors	Mr C J Beattie
	Mrs H J Brewin

Registered office	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Accountants	Swandec
	Chartered accountant
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	National Westminster Bank PLC
	536 Valley Road
	Nottingham
	NG5 1JD

Pedal Express Limited

Statement of Financial Position

31 December 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	4		80,922	51,723

Current assets

Debtors	5	150,089	123,950
Cash at bank and in hand		14,668	9,786
		---------	---------
		164,757	133,736

Creditors: amounts falling due within one year	6	117,622		99,632
		---------		---------
Net current assets			47,135	34,104
			---------	--------
Total assets less current liabilities			128,057	85,827

Creditors: amounts falling due after more than one year	7	98,673	62,715
		---------	--------
Net assets		29,384	23,112
		---------	--------

Capital and reserves

Called up share capital	8	15,310	15,300
Profit and loss account		14,074	7,812
		--------	--------
Members funds		29,384	23,112
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31st December 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 financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Pedal Express Limited

Statement of Financial Position (continued)

31 December 2017

These financial statements were approved by the board of directors and authorised for issue on 23 April 2018 , and are signed on behalf of the board by:

Mr C J Beattie

Director

Company registration number: 03286370

Pedal Express Limited

Notes to the Financial Statements

Year ended 31st December 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.

2. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and Machinery	-	25% reducing balance
Motor Vehicles	-	25% reducing balance

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2016: 10 ).

4. Tangible assets

	Plant and machinery	Motor vehicles	Total
	£	£	£
Cost
At 1st January 2017	56,086	93,923	150,009
Additions	5,365	40,648	46,013
	--------	---------	---------
At 31st December 2017	61,451	134,571	196,022
	--------	---------	---------
Depreciation
At 1st January 2017	45,470	52,816	98,286
Charge for the year	3,996	12,818	16,814
	--------	---------	---------
At 31st December 2017	49,466	65,634	115,100
	--------	---------	---------
Carrying amount
At 31st December 2017	11,985	68,937	80,922
	--------	---------	---------
At 31st December 2016	10,616	41,107	51,723
	--------	---------	---------

Finance leases and hire purchase contracts

Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

	Motor vehicles
	£
At 31st December 2017	67,506
	--------
At 31st December 2016	39,198
	--------

5. Debtors

	2017	2016
	£	£
Trade debtors	56,923	40,014
Other debtors	93,166	83,936
	---------	---------
	150,089	123,950
	---------	---------

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	30,620	45,084
Trade creditors	7,758	7,928
Social security and other taxes	41,686	24,515
Other creditors	37,558	22,105
	---------	--------
	117,622	99,632
	---------	--------

Included in bank loans and overdrafts are loans totalling £30,620 (2016: £38,736) which are personally guaranteed by the director. These amounts are repayable within one year.

7. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	69,034	43,334
Other creditors	29,639	19,381
	--------	--------
	98,673	62,715
	--------	--------

Included in bank loans and overdrafts are loans totalling £69,034 (2016: £43,334) which are personally guaranteed by the director. These amounts are repayable within 2 to 5 years.

8. Called up share capital

Issued, called up and fully paid

	2017		2016
	No.	£	No.	£
Ordinary shares of £ 1 each	15,300	15,300	15,300	15,300
B Ordinary shares of £ 1 each	10	10	–	–
	--------	--------	--------	--------
	15,310	15,310	15,300	15,300
	--------	--------	--------	--------

Share movements

	No.	£

B Ordinary

At 1st January 2017	–	–
Issue of shares	10	10
	----	----
At 31st December 2017	10	10
	----	----

The number of shares outstanding at the year end date for all other classes of shares is consistent with the prior year.

9. Directors' advances, credits and guarantees

The amount owed by the director at the statement of financial position date was £11,237 (2016: £19,098). The director will fully repay the balance within 9 months of the statement of financial position date. The director's loan is interest free, unsecured and repayable on demand.

Pedal Express Limited

Management Information

Year ended 31st December 2017

The following pages do not form part of the financial statements.

Pedal Express Limited

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Pedal Express Limited

Year ended 31st December 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Pedal Express Limited for the year ended 31st December 2017, which comprise the statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Pedal Express Limited, as a body, in accordance with the terms of our engagement letter dated 9th March 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Pedal Express Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pedal Express Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Pedal 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 Pedal Express Limited. You consider that Pedal 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 Pedal 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.

Swandec Chartered accountant

550 Valley Road Basford Nottingham NG5 1JJ

23 April 2018