In Time Worldwide Express Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04619990 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2018

FOR

IN TIME WORLDWIDE EXPRESS LIMITED

PREVIOUSLY KNOWN AS

IN TIME WHOLESALE EXPRESS LIMITED

Page

Company Information

1

Report of the Accountants

2

Balance Sheet

3

Notes to the Financial Statements

4

DIRECTORS:

J E Hornby

Mrs U F Jahn

Mrs L Kimbell

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

The following reproduces the text of the report prepared for the directors 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 Directors are

not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30th April 2018 set out on pages four to nine 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

22nd January 2019

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,461

3,888

4,461

3,888

CURRENT ASSETS

Stocks

36,852

37,435

Debtors

6

751,346

656,324

Cash at bank and in hand

41,378

27,718

829,576

721,477

CREDITORS

Amounts falling due within one year

7

(775,462

)

(724,902

)

NET CURRENT ASSETS/(LIABILITIES)

54,114

(3,425

)

TOTAL ASSETS LESS CURRENT LIABILITIES

58,575

463

CREDITORS

Amounts falling due after more than one year

8

-

(23

)

NET ASSETS

58,575

440

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

57,575

(560

)

SHAREHOLDERS' FUNDS

58,575

440

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2018 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 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 Board of Directors on 22nd January 2019 and were signed on its behalf by:

J E Hornby - Director

1.	STATUTORY INFORMATION

In Time Worldwide 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 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.

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.

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 profit or loss 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 profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2017 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st May 2017

and 30th April 2018

141,562

AMORTISATION

At 1st May 2017

and 30th April 2018

141,562

NET BOOK VALUE

At 30th April 2018

-

At 30th April 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st May 2017

10,781

14,880

25,661

Additions

1,524

2,096

3,620

At 30th April 2018

12,305

16,976

29,281

DEPRECIATION

At 1st May 2017

9,683

12,090

21,773

Charge for year

1,034

2,013

3,047

At 30th April 2018

10,717

14,103

24,820

NET BOOK VALUE

At 30th April 2018

1,588

2,873

4,461

At 30th April 2017

1,098

2,790

3,888

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Trade debtors

571,798

517,814

Other debtors

27,718

14,726

Directors' current accounts

93,317

57,585

Prepayments

58,513

66,199

751,346

656,324

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.18

30.4.17

£

£

Bank loans and overdrafts

292,516

255,997

Other loans

-

31,220

Trade creditors

377,658

327,095

Tax

24,412

21,045

Social security and other taxes

9,440

31,744

VAT

1,743

2,405

Other creditors

36,512

8,653

Directors' current accounts

19,851

20,851

Accruals

13,330

25,892

775,462

724,902

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.18

30.4.17

£

£

Other loans - 1-2 years

-

23

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

30.4.18

30.4.17

£

£

Within one year

8,197

8,197

Between one and five years

3,415

11,612

11,612

19,809

10.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.18

30.4.17

£

£

Bank overdraft

290,627

255,997

The bank overdraft is secured on the trade debtors of the company.

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th April 2018 and 30th April 2017:

30.4.18

30.4.17

£

£

J E Hornby

Balance outstanding at start of year

57,585

17,553

Amounts advanced

43,438

73,166

Amounts repaid

(7,706

)

(33,134

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

93,317

57,585

The loan is interest free and repayable on demand.

12.	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.