Registration number:
for the Year Ended
European Postal Systems Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
European Postal Systems Limited
(Registration number: 02893825)
Balance Sheet as at 30 April 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 April 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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 and the option not to file the Profit and Loss Account has been taken.
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European Postal Systems Limited
(Registration number: 02893825)
Balance Sheet as at 30 April 2018
Approved and authorised by the
.........................................
Director
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European Postal Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
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 except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable and deferred tax.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 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.
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European Postal Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
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 |
Plant and machinery |
15% reducing balance basis |
Fixtures and fittings |
10% reducing balance basis |
Computer equipment |
20% reducing balance basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
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European Postal Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Taxation |
2018 |
2017 |
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£ |
£ |
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Corporation tax |
18,676 |
5,351 |
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Deferred tax |
(89) |
(315) |
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18,587 |
5,036 |
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
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European Postal Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Tangible assets |
Fixtures and fittings |
Plant and machinery |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2017 |
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At 30 April 2018 |
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Depreciation |
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At 1 May 2017 |
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Charge for the year |
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At 30 April 2018 |
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Carrying amount |
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At 30 April 2018 |
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At 30 April 2017 |
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Stocks |
2018 |
2017 |
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Other inventories |
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Debtors |
Note |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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Total current trade and other debtors |
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European Postal Systems Limited
Notes to the Financial Statements for the Year Ended 30 April 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Transactions with directors |
2018 |
At 1 May 2017 |
Written off |
At 30 April 2018 |
Mr J C Lafferty |
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Loan |
4,847 |
(4,847) |
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Transactions with directors |
K Glover (former director) has a non interest bearing loan with the company durign the year. This amount was written off in the period and as such the amount due from K Glover at the balance sheet date was £nil (2017: £4,847.
Summary of transactions with parent
In the prior year the company granted a non interest bearing loan of £155,000 to it's parent company and was also charged £234,549 (2017: £82,944) for purchases made and the provision of service engineers and admin support by it's parent company. At the balance sheet date the amount due from the parent company was £53,394 (2017: £72,056).
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