Registered number
05055419
TWC Parcel Collection Services Ltd
Unaudited Filleted Accounts
31 March 2023
TWC Parcel Collection Services Ltd
Registered number: 05055419
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 297,837 303,703
297,837 303,703
Current assets
Stocks - -
Debtors 4 1,283,227 1,449,921
Cash at bank and in hand 593,991 257,078
1,877,218 1,706,999
Creditors: amounts falling due within one year 5 (1,102,146) (1,116,909)
Net current assets 775,072 590,090
Total assets less current liabilities 1,072,909 893,793
Creditors: amounts falling due after more than one year 6 (189,103) (222,344)
Provisions for liabilities (56,589) (57,703)
Net assets 827,217 613,746
Capital and reserves
Called up share capital 40,001 40,001
Profit and loss account 787,216 573,745
Shareholder's funds 827,217 613,746
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Crockett
Director
Approved by the board on 9 October 2023
TWC Parcel Collection Services Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a reducing balance method over its expected useful life, as follows:
Computer Equipment 25%
Motor Vehicles 25%
Plant and machinery 15%
Fixtures, fittings, tools and equipment 15%
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 44 42
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 - 322,024 174,247 496,271
Additions - 23,030 27,995 51,025
Disposals - - - -
At 31 March 2023 - 345,054 202,242 547,296
Depreciation
At 1 April 2022 - 117,466 75,102 192,568
Charge for the year - 34,262 22,629 56,891
On disposals - - - -
At 31 March 2023 - 151,728 97,731 249,459
Net book value
At 31 March 2023 - 193,326 104,511 297,837
At 31 March 2022 - 204,558 99,145 303,703
4 Debtors 2023 2022
£ £
Trade debtors 1,039,437 1,217,425
Deferred tax asset - -
Other debtors 243,790 232,496
1,283,227 1,449,921
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 37,498 37,498
Obligations under finance lease and hire purchase contracts 5,623 5,623
Trade creditors 894,040 883,231
Taxation and social security costs 151,588 183,681
Other creditors 13,397 6,876
1,102,146 1,116,909
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 186,540 212,502
Obligations under finance lease and hire purchase contracts 2,563 9,842
Trade creditors - -
Other creditors - -
189,103 222,344
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years - -
Instalments falling due for payment after more than five years 12,499 12,499
12,499 12,499
Secured bank loans 224,038 250,000
A Covid Business Interuption loan repayable over 5 years from July 2022, secured on fixed and floating assets by debenture.
8 Events after the reporting date
There are no events after the reporting date that have a material effect on the financial statements nor the going concern status of the company.
9 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases - -
10 Contingent liabilities
There are no contingent liabilities existing at the balance sheet date.
11 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Andrew Crockett
2022 45,483 - (45,483) -
2023 - 180,100 (122,017) 58,083
Reginald Crockett
2022 - 29,067 (29,067) -
2023 - 13,131 - 13,131
133,093 222,298 (284,177) 71,214
12 Related party transactions 2023 2022
£ £
TWC Holdings Ltd
R Crockett is Director and shareholder
Amount owed to Company 529
Amount owed from Company (3,471)
TWC Logistics Ltd
A Crockett is Director and shareholder
Amount owed to company 56000 56,000
Dividends of £167500 were declared during the year
13 Controlling party
The ultimate controlling party is Andrew Crockett
14 Other information
TWC Parcel Collection Services Ltd is a private company limited by shares and incorporated in England. Its registered office is:
53 Atcham Business Park
Atcham
Shrewsbury
Shropshire
SY4 4UG
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