Express 11 Limited 02510200 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is provision of computer software consultancy services together with retailing sundry related items. Digita Accounts Production Advanced 6.30.9574.0 Software true 02510200 2022-04-01 2023-03-31 02510200 2023-03-31 02510200 core:CurrentFinancialInstruments 2023-03-31 02510200 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 02510200 core:Non-currentFinancialInstruments 2023-03-31 02510200 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 02510200 core:FurnitureFittingsToolsEquipment 2023-03-31 02510200 core:MotorVehicles 2023-03-31 02510200 bus:SmallEntities 2022-04-01 2023-03-31 02510200 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 02510200 bus:FullAccounts 2022-04-01 2023-03-31 02510200 bus:RegisteredOffice 2022-04-01 2023-03-31 02510200 bus:CompanySecretary1 2022-04-01 2023-03-31 02510200 bus:Director1 2022-04-01 2023-03-31 02510200 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 02510200 bus:Agent1 2022-04-01 2023-03-31 02510200 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 02510200 core:MotorVehicles 2022-04-01 2023-03-31 02510200 countries:AllCountries 2022-04-01 2023-03-31 02510200 2022-03-31 02510200 core:FurnitureFittingsToolsEquipment 2022-03-31 02510200 core:MotorVehicles 2022-03-31 02510200 2021-04-01 2022-03-31 02510200 2022-03-31 02510200 core:CurrentFinancialInstruments 2022-03-31 02510200 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 02510200 core:Non-currentFinancialInstruments 2022-03-31 02510200 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 02510200 core:FurnitureFittingsToolsEquipment 2022-03-31 02510200 core:MotorVehicles 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 02510200

Express 11 Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Express 11 Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Express 11 Limited

Company Information

Director

T Burton

Company secretary

S E Burton

Registered office

1 Nursery Close
Dunholme
Lincoln
LN2 3UP

Bankers

Lloyds Bank Plc
202 High Street
Lincoln
LN5 7AP

Accountants

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

 

Express 11 Limited

(Registration number: 02510200)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

15,662

19,471

Current assets

 

Debtors

5

7,469

918

Cash at bank and in hand

 

25,526

25,363

 

32,995

26,281

Creditors: Amounts falling due within one year

6

(10,644)

(7,106)

Net current assets

 

22,351

19,175

Total assets less current liabilities

 

38,013

38,646

Creditors: Amounts falling due after more than one year

6

(11,404)

(16,035)

Provisions for liabilities

-

(3,700)

Net assets

 

26,609

18,911

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

26,509

18,811

Shareholders' funds

 

26,609

18,911

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Director's Report and Profit and Loss Account has been taken.

Approved and authorised by the director on 11 October 2023
 

 

Express 11 Limited

(Registration number: 02510200)
Balance Sheet as at 31 March 2023

.........................................

T Burton
Director

 

Express 11 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Nursery Close
Dunholme
Lincoln
LN2 3UP

These financial statements were authorised for issue by the director on 11 October 2023.

2

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

 

Express 11 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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 balance sheet 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.

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

Motor vehicles

25% reducing balance

Fixtures, fittings and equipment

15% reducing balance

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.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Express 11 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability are charged as interest expense in the profit and loss account.
 

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 0 (2022 - 0).

 

Express 11 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

19,153

28,750

47,903

Additions

858

-

858

At 31 March 2023

20,011

28,750

48,761

Depreciation

At 1 April 2022

15,854

12,578

28,432

Charge for the year

624

4,043

4,667

At 31 March 2023

16,478

16,621

33,099

Carrying amount

At 31 March 2023

3,533

12,129

15,662

At 31 March 2022

3,299

16,172

19,471

5

Debtors

2023
£

2022
£

Trade debtors

6,942

-

Prepayments

508

581

Other debtors

19

337

7,469

918

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

4,631

4,631

Taxation and social security

 

3,977

1,086

Other creditors

 

2,036

1,389

 

10,644

7,106

Creditors includes net obligations under a hire purchase contract which is secured of £4,631 (2022 - £4,631).

 

Express 11 Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

2023
£

2022
£

Current loans and borrowings

HP and finance lease liabilities

4,631

4,631

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

11,404

16,035

Creditors include net obligations under a hire purchase contract which is secured of £11,404 (2022- £16,035).

2023
£

2022
£

Non-current loans and borrowings

HP and finance lease liabilities

11,404

16,035