REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 January 2020 |
|
for |
|
Team C Express Logistics Ltd |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements |
|
for the Year Ended 31 January 2020 |
|
for |
|
Team C Express Logistics Ltd |
Team C Express Logistics Ltd (Registered number: 03303981) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Year Ended 31 January 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 | to | 3 |
|
Notes to the Financial Statements | 4 | to | 10 |
|
Team C Express Logistics Ltd |
|
Company Information |
for the Year Ended 31 January 2020 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
BUSINESS ADDRESS: |
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
The Beeches |
30 Bridge Street |
Thetford |
Norfolk |
IP24 3AG |
|
|
|
BANKERS: |
|
75 High Street |
Brentwood |
Essex |
CM14 4RP |
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Balance Sheet |
31 January 2020 |
|
2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
|
|
Tangible assets | 5 |
|
|
Investments | 6 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 7 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 8 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
|
PROVISIONS FOR LIABILITIES | 11 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital | 12 |
|
|
Fair value reserve |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
The director acknowledges his 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. |
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Balance Sheet - continued |
31 January 2020 |
|
|
|
|
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 and authorised for issue on
|
|
|
|
|
|
|
|
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Notes to the Financial Statements |
for the Year Ended 31 January 2020 |
|
1. | STATUTORY INFORMATION |
|
Team C Express Logistics Ltd is a
|
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 |
|
|
Turnover |
Turnover represents net value of delivery services supplied, excluding value added tax. |
|
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 |
|
Short leasehold | - |
|
Plant and machinery | - |
|
Fixtures and fittings | - |
|
Motor vehicles | - |
|
Computer equipment | - |
|
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities such as trade and other accounts receivable and payable, and loans from banks or other |
related parties. Debt instruments such as loans and other accounts receivable and payable, are initially measured |
at present value of the future payments and subsequently at amortised cost using the effective interest method. |
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are |
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to |
be paid or received. However if the arrangements of a short-term instrument constitute a financing transaction, |
such as the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that |
is not a market rate, or in case of an outright short-term loan not at market rate, the financial asset or liability is |
measured, initially and subsequently, at the present value of the future payment discounted at a market rate of |
interest for a similar debt instrument. |
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for |
objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised |
in the Statement of Comprehensive Income. |
|
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an |
asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective |
interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is |
the current effective interest rate determined under the contract. |
|
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between |
an asset's carrying amount and best estimate, which is an approximation of the amount that the company would |
receive for the asset if it were to be sold at the balance sheet date. |
|
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an |
enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise |
the asset and settle the liability simultaneously. |
|
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2020 |
|
2. | ACCOUNTING POLICIES - continued |
|
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held |
under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases |
are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
|
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
of the future payments is treated as a liability. |
|
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. |
|
Fixed asset investment |
Fixed asset investments are stated at valuation based on the most recent available information of the company. |
Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
|
Impairment |
At each reporting date, goodwill and other fixed assets, including tangible fixed assets and investments but |
excluding investment properties, are assessed to determine whether there is an indication that the carrying |
amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an |
indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and |
its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, |
the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is |
recognised in profit and loss. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 February 2019 |
and 31 January 2020 |
|
AMORTISATION |
At 1 February 2019 |
and 31 January 2020 |
|
NET BOOK VALUE |
At 31 January 2020 |
|
At 31 January 2019 |
|
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2020 |
|
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 February 2019 |
|
|
|
Additions |
|
|
|
Disposals |
|
( |
) | ( |
) |
At 31 January 2020 |
|
|
|
DEPRECIATION |
At 1 February 2019 |
|
|
|
Charge for year |
|
|
|
Eliminated on disposal |
|
( |
) | ( |
) |
At 31 January 2020 |
|
|
|
NET BOOK VALUE |
At 31 January 2020 |
|
|
|
At 31 January 2019 |
|
|
|
|
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
|
Plant and |
machinery |
etc |
£ |
COST |
At 1 February 2019 |
|
Transfer to ownership | (8,041 | ) |
At 31 January 2020 |
|
DEPRECIATION |
At 1 February 2019 |
|
Charge for year |
|
Transfer to ownership | (6,197 | ) |
At 31 January 2020 |
|
NET BOOK VALUE |
At 31 January 2020 |
|
At 31 January 2019 |
|
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2020 |
|
6. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 February 2019 |
and 31 January 2020 |
|
NET BOOK VALUE |
At 31 January 2020 |
|
At 31 January 2019 |
|
|
Cost or valuation at 31 January 2020 is represented by: |
|
Other |
investments |
£ |
Valuation in 2015 | 90,000 |
Valuation in 2016 | 5,000 |
Cost | 60,000 |
155,000 |
|
If the Unlisted Investment had not been revalued it would have been included at the following historical cost: |
|
2020 | 2019 |
£ | £ |
Cost | 60,000 | 60,000 |
|
Fixed asset investments were valued on an open market basis on 31 January 2020 by the Director . |
|
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Hire purchase contracts (see note 9) |
|
|
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2020 |
|
9. | LEASING AGREEMENTS |
|
Minimum lease payments fall due as follows: |
|
Hire purchase contracts |
2020 | 2019 |
£ | £ |
Net obligations repayable: |
Within one year |
|
|
|
Non-cancellable |
operating leases |
2020 | 2019 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
|
|
|
10. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2020 | 2019 |
£ | £ |
Hire purchase contracts | - | 2,680 |
|
The hire purchase contracts are secured on the assets to which they relate. |
|
11. | PROVISIONS FOR LIABILITIES |
2020 | 2019 |
£ | £ |
Deferred tax |
Fair value reserve | 14,664 | 14,664 |
|
Deferred |
tax |
£ |
Balance at 1 February 2019 |
|
Balance at 31 January 2020 |
|
|
12. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | £1 | 5,000 | 5,000 |
Team C Express Logistics Ltd (Registered number: 03303981) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 January 2020 |
|
13. | RELATED PARTY DISCLOSURES |
|
The company paid rent to members of the key management personnel amounting to £12,000 (2019 - £12,000). |
|
Included within other debtors is an amount owed by members of the key management personnel of £16,425 |
(2019 - other creditors included an amount owing of £4,545). |