IRIS Accounts Productionv22.2.0.40201680003Board of Directors1.4.2131.3.2231.3.22falsetruefalsefalsefalsetruefalse iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure016800032021-03-31016800032022-03-31016800032021-04-012022-03-31016800032020-03-31016800032020-04-012021-03-31016800032021-03-3101680003ns16:EnglandWales2021-04-012022-03-3101680003ns15:PoundSterling2021-04-012022-03-3101680003ns11:Director12021-04-012022-03-3101680003ns11:PrivateLimitedCompanyLtd2021-04-012022-03-3101680003ns11:SmallEntities2021-04-012022-03-3101680003ns11:AuditExempt-NoAccountantsReport2021-04-012022-03-3101680003ns11:SmallCompaniesRegimeForDirectorsReport2021-04-012022-03-3101680003ns11:SmallCompaniesRegimeForAccounts2021-04-012022-03-3101680003ns11:FullAccounts2021-04-012022-03-310168000312021-04-012022-03-3101680003ns11:Director22021-04-012022-03-3101680003ns11:Director32021-04-012022-03-3101680003ns11:RegisteredOffice2021-04-012022-03-3101680003ns6:CurrentFinancialInstruments2022-03-3101680003ns6:CurrentFinancialInstruments2021-03-3101680003ns6:Non-currentFinancialInstruments2022-03-3101680003ns6:Non-currentFinancialInstruments2021-03-3101680003ns6:ShareCapital2022-03-3101680003ns6:ShareCapital2021-03-3101680003ns6:SharePremium2022-03-3101680003ns6:SharePremium2021-03-3101680003ns6:RetainedEarningsAccumulatedLosses2022-03-3101680003ns6:RetainedEarningsAccumulatedLosses2021-03-3101680003ns6:NetGoodwill2021-04-012022-03-3101680003ns6:IntangibleAssetsOtherThanGoodwill2021-04-012022-03-3101680003ns6:ShortLeaseholdAssetsns6:LandBuildings2021-04-012022-03-3101680003ns6:FurnitureFittings2021-04-012022-03-3101680003ns6:MotorVehicles2021-04-012022-03-3101680003ns6:ComputerEquipment2021-04-012022-03-3101680003ns6:NetGoodwill2021-03-3101680003ns6:NetGoodwill2022-03-3101680003ns6:NetGoodwill2021-03-3101680003ns6:ShortLeaseholdAssetsns6:LandBuildings2021-03-3101680003ns6:FurnitureFittings2021-03-3101680003ns6:MotorVehicles2021-03-3101680003ns6:ComputerEquipment2021-03-3101680003ns6:ShortLeaseholdAssetsns6:LandBuildings2022-03-3101680003ns6:FurnitureFittings2022-03-3101680003ns6:MotorVehicles2022-03-3101680003ns6:ComputerEquipment2022-03-3101680003ns6:ShortLeaseholdAssetsns6:LandBuildings2021-03-3101680003ns6:FurnitureFittings2021-03-3101680003ns6:MotorVehicles2021-03-3101680003ns6:ComputerEquipment2021-03-3101680003ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-03-3101680003ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-04-012022-03-3101680003ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2022-03-3101680003ns6:MotorVehiclesns6:LeasedAssetsHeldAsLessee2021-03-3101680003ns6:WithinOneYearns6:CurrentFinancialInstruments2022-03-3101680003ns6:WithinOneYearns6:CurrentFinancialInstruments2021-03-3101680003ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2022-03-3101680003ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2021-03-3101680003ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2022-03-3101680003ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-03-31

REGISTERED NUMBER: 01680003 (England and Wales)
















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FOR


PRESTIGE COURIER SERVICES LIMITED


PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022











Page




Company Information  

1




Balance Sheet  

2




Notes to the Financial Statements  

4





PRESTIGE COURIER SERVICES LIMITED



COMPANY INFORMATION

FOR THE YEAR ENDED 31 MARCH 2022









DIRECTORS:

R J Bender


D Isles


D Brown







REGISTERED OFFICE:

1st Floor


80 Coombe Road


New Malden


Surrey


KT3 4QS







REGISTERED NUMBER:

01680003 (England and Wales)







ACCOUNTANTS:

Liles Morris Limited


1st Floor


80 Coombe Road


New Malden


Surrey


KT3 4QS


PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



BALANCE SHEET

31 MARCH 2022



2022

2021



Notes

£   

£   

£   

£   


FIXED ASSETS

Intangible assets

5

280,890


113,152



Tangible assets

6

287,696


206,881



568,586


320,033




CURRENT ASSETS

Debtors

7

572,420


306,955



Cash in hand

236,560


329,545



808,980


636,500



CREDITORS

Amounts falling due within one year

8

599,194


508,820



NET CURRENT ASSETS

209,786


127,680



TOTAL ASSETS LESS CURRENT

LIABILITIES

778,372


447,713




CREDITORS

Amounts falling due after more than one

year

9

(256,214

)

(131,409

)



PROVISIONS FOR LIABILITIES

(11,974

)

-



NET ASSETS

510,184


316,304




CAPITAL AND RESERVES

Called up share capital

118


115



Share premium

259,990


259,990



Retained earnings

250,076


56,199



SHAREHOLDERS' FUNDS

510,184


316,304




The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.  


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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.


PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



BALANCE SHEET - continued

31 MARCH 2022



The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.  


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 and authorised for issue on 18 May 2022 and were signed on its behalf by:






D Isles - Director



PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022



1.

STATUTORY INFORMATION



Prestige Courier Services 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.

STATEMENT OF COMPLIANCE



These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.  


3.

ACCOUNTING POLICIES



Basis of preparing the financial statements


The financial statements have been prepared under the historical cost convention.



Turnover


Turnover represents amounts due for services, excluding value added tax.



Goodwill


Goodwill, being the amount paid in connection with the acquisition of a business in 2016, 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 or, if held under a finance lease, over the lease term, whichever is the shorter.  


Short leasehold

-

Straight line over 5 years


Fixtures and fittings

-

Straight line over 7 years


Motor vehicles

-

25% on cost


Computer equipment

-

33% on cost



Government grants

Due to the Covid 19 pandemic, the company has been able to utilize the government's support grant for wages, the Coronovirus Job Retention Scheme (CJRS).

This income is recognised in the period in which the associated wages costs for which the grant is intended to compensate are incurred and is reported as other operating income in the financial statements.

Local authority support grants are also reported as other operating income in the financial statements and are recognised in the period that the grant relates to.

Government plug in grants for electric vehicles are recognised in the period in which the associated benefit from use of the respective vehicle is received and are reported as other operating income in the financial statements.


PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2022



3.

ACCOUNTING POLICIES - continued


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.


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.


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.

4.

EMPLOYEES AND DIRECTORS



The average number of employees during the year was 13 (2021 - 14 ) .


PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2022



5.

INTANGIBLE FIXED ASSETS


Goodwill

£   



COST


At 1 April 2021

222,596




Additions

200,000




At 31 March 2022

422,596




AMORTISATION


At 1 April 2021

109,444




Charge for year

32,262




At 31 March 2022

141,706




NET BOOK VALUE


At 31 March 2022

280,890




At 31 March 2021

113,152




6.

TANGIBLE FIXED ASSETS


Fixtures



Short


and


Motor


Computer



leasehold


fittings


vehicles


equipment


Totals

£   

£   

£   

£   

£   



COST


At 1 April 2021

11,828


21,123


397,414


44,788


475,153




Additions

-


-


202,780


2,481


205,261




Disposals

-


-


(58,956

)

(569

)

(59,525

)



At 31 March 2022

11,828


21,123


541,238


46,700


620,889




DEPRECIATION


At 1 April 2021

9,463


14,244


221,121


23,444


268,272




Charge for year

2,365


2,447


105,715


5,836


116,363




Eliminated on disposal

-


-


(50,873

)

(569

)

(51,442

)



At 31 March 2022

11,828


16,691


275,963


28,711


333,193




NET BOOK VALUE


At 31 March 2022

-


4,432


265,275


17,989


287,696




At 31 March 2021

2,365


6,879


176,293


21,344


206,881




PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2022



6.

TANGIBLE FIXED ASSETS - continued



Fixed assets, included in the above, which are held under hire purchase contracts are as follows:


Motor


vehicles

£   



COST


At 1 April 2021

251,600




Additions

120,795




At 31 March 2022

372,395




DEPRECIATION


At 1 April 2021

106,894




Charge for year

77,007




At 31 March 2022

183,901




NET BOOK VALUE


At 31 March 2022

188,494




At 31 March 2021

144,706




7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2022

2021


£   

£   



Trade debtors

490,564


205,815




Other debtors

81,856


101,140



572,420


306,955




8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR


2022

2021


£   

£   



Bank loans and overdrafts (see note 10)

6,209


4,657




Hire purchase contracts

75,719


69,421




Trade creditors

110,168


101,109




Taxation and social security

241,501


220,868




Other creditors

165,597


112,765



599,194


508,820




9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR


2022

2021


£   

£   



Bank loans (see note 10)

39,624


45,343




Hire purchase contracts

97,156


65,610




Other creditors

119,434


20,456



256,214


131,409




PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)



NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 MARCH 2022



9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued

2022

2021


£   

£   



Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

14,785


20,504




10.

LOANS



An analysis of the maturity of loans is given below:


2022

2021


£   

£   



Amounts falling due within one year or on demand:


Bank loans

6,209


4,657




Pension Fund Loan 10, 11 & 12

45,715


43,786




Pension Fund Loan 4 & 9

-


3,738



51,924


52,181





Amounts falling due between one and two years:


Bank loans - 1-2 years

6,210


6,210




Pension Fund Loan 12

69,434


20,456



75,644


26,666





Amounts falling due between two and five years:


Bank loans - 2-5 years

18,629


18,629





Amounts falling due in more than five years:



Repayable by instalments


Bank loans more 5 yr by instal

14,785


20,504




11.

OTHER FINANCIAL COMMITMENTS


The company has total future minimum lease payments under non-cancellable leasing arrangements with reference to the lease of their premises of £225,000 (2021: £45,000) These payments are due as follows:-
Due within 1 year - £45,000 (2021 : £45,000)
Due within 1 to 5 years - £180,000 (2021: £NIL)

The company has total future minimum lease payments under non-cancellable leasing arrangements with reference to the lease of motor vehicles of £76,613 (2021: £94,847) These payments are due as follows:-
Due within 1 year - £31,839 (2021: £38,200)
Due within 1 to 5 years - £44,774 (2021: £56,647)

12.

RELATED PARTY DISCLOSURES



During the year, total dividends of £10,044  were paid to the directors .