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Company Registration No. 05169557 (England and Wales)
FDS Worldwide Express (UK) Limited Unaudited accounts for the year ended 31 December 2022
FDS Worldwide Express (UK) Limited Unaudited accounts Contents
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FDS Worldwide Express (UK) Limited Company Information for the year ended 31 December 2022
Directors
Roger Sumner Rivers Charles Astwood
Company Number
05169557 (England and Wales)
Registered Office
128 City Road London EC1V 2NX United Kingdom
Accountants
Your Accounts Team Ltd 10 Sudeley Place Your Accounts Team Brighton East Sussex BN2 1HF
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Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of FDS Worldwide Express (UK) Limited for the year ended 31 December 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of FDS Worldwide Express (UK) Limited for the year ended 31 December 2022 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of FDS Worldwide Express (UK) Limited, as a body, in accordance with the terms of our engagement letter dated 7 March 2022. Our work has been undertaken solely to prepare for your approval the accounts of FDS Worldwide Express (UK) Limited and state those matters that we have agreed to state to the Board of Directors of FDS Worldwide Express (UK) Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than FDS Worldwide Express (UK) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that FDS Worldwide Express (UK) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of FDS Worldwide Express (UK) Limited. You consider that FDS Worldwide Express (UK) 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 accounts of FDS Worldwide Express (UK) 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 accounts.
Your Accounts Team Ltd Member in Practice 10 Sudeley Place Your Accounts Team Brighton East Sussex BN2 1HF 30 August 2023
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FDS Worldwide Express (UK) Limited Statement of financial position as at 31 December 2022
2022 
2021 
Notes
£ 
£ 
Current assets
Debtors
10,000 
14,483 
Cash at bank and in hand
724 
2,025 
10,724 
16,508 
Creditors: amounts falling due within one year
(532,424)
(535,918)
Net current liabilities
(521,700)
(519,410)
Net liabilities
(521,700)
(519,410)
Capital and reserves
Called up share capital
75 
75 
Capital redemption reserve
25 
25 
Profit and loss account
(521,800)
(519,510)
Shareholders' funds
(521,700)
(519,410)
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 August 2023 and were signed on its behalf by
Roger Sumner Rivers Director Company Registration No. 05169557
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FDS Worldwide Express (UK) Limited Notes to the Accounts for the year ended 31 December 2022
1
Statutory information
FDS Worldwide Express (UK) Limited is a private company, limited by shares, registered in England and Wales, registration number 05169557. The registered office is 128 City Road, London, EC1V 2NX, United Kingdom.
2
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention; the principal accounting policies adopted are set out below.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax. Revenue from the sale of services is recognised when services are rendered; 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.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current-carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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FDS Worldwide Express (UK) Limited Notes to the Accounts for the year ended 31 December 2022
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans, and loans from fellow group companies are recognised at transaction price. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax net of Parcelhero Group tax relief.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Charges
MCP Opportunities UK Ltd holds a fixed and floating charge over the assets of the Company.
3
Debtors
2022 
2021 
£ 
£ 
Amounts falling due within one year
Accrued income and prepayments
- 
4,233 
Other debtors
10,000 
10,250 
10,000 
14,483 
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FDS Worldwide Express (UK) Limited Notes to the Accounts for the year ended 31 December 2022
4
Creditors: amounts falling due within one year
2022 
2021 
£ 
£ 
Trade creditors
- 
(29)
Amounts owed to group undertakings and other participating interests
528,547 
534,120 
Taxes and social security
- 
477 
Other creditors
3,877 
1,350 
532,424 
535,918 
2020 Taxes and social security restated to include £477 Corporation Tax.
5
Share capital
2022 
2021 
£ 
£ 
Allotted, called up and fully paid:
75 Ordinary shares of £1 each
75 
75 
6
Transactions with related parties
FDS Worldwide Express (UK) Limited is a wholly owned subsidiary of Hero Logistics Group Limited, the 100% parent company of Parcelhero.com Limited, Parcelcompare Limited, Deliver Plus Limited and FDS Worldwide Express (UK) Limited. Hero Logistics Group Limited is a wholly owned subsidiary of Parcelhero Group Limited. Parcelhero Group Limited is the parent company of Hero Logistics Group Limited and Parcelvision Limited. Per FRS102, 33.1A & 33.9, FDS Worldwide Express (UK) Limited’s InterCompany (non-interest bearing & unsecured) balances are: * Wholly owned Group Companies (£528,778) * Parcelvision Limited £230
7
Average number of employees
During the year the average number of employees was 1 (2021: 1).
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