Company registration number 06271653 (England and Wales)
ASAP EXPRESS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
ASAP EXPRESS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
ASAP EXPRESS LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF ASAP EXPRESS LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of ASAP Express Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of ASAP Express Limited, as a body, in accordance with the terms of our engagement letter dated 26 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of ASAP Express Limited and state those matters that we have agreed to state to the board of directors of ASAP Express Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than ASAP Express Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that ASAP Express Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of ASAP Express Limited. You consider that ASAP Express 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 financial statements of ASAP Express 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 financial statements.

Malcolm Piper & Company Limited
19 October 2023
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
ASAP EXPRESS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
363,329
273,354
Investments
4
80
83,102
363,409
356,456
Current assets
Stock
1,077
973
Debtors
6
735,218
556,415
Cash at bank and in hand
15,094
134,067
751,389
691,455
Creditors: amounts falling due within one year
7
(675,312)
(673,794)
Net current assets
76,077
17,661
Total assets less current liabilities
439,486
374,117
Creditors: amounts falling due after more than one year
8
(277,300)
(255,875)
Provisions for liabilities
(90,833)
(51,806)
Net assets
71,353
66,436
Capital and reserves
Called up share capital
10
100
100
Profit and loss reserves
71,253
66,336
Total equity
71,353
66,436

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

ASAP EXPRESS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 19 October 2023
Mr M R Willetts
Director
Company Registration No. 06271653
ASAP EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information

ASAP Express Limited is a private company limited by shares incorporated in England and Wales. The registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS.

1.1
Accounting convention

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.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

ASAP Express Limited is a wholly-owned subsidiary of As Soon As Posible Group Limited, which qualifies as a small group, and has itself taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on reducing balance
Fixtures and fittings
15% on reducing balance
Software development
33% on reducing balance
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

ASAP EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments

Interests in subsidiaries, and in other assets, are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. Assets assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

1.6
Stock

Stock is stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow-moving items.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

1.10
Leases

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

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

ASAP EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 6 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
8
8
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Software development
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
22,765
29,714
294,075
224,454
571,008
Additions
-
0
1,473
158,414
204,258
364,145
Disposals
-
0
-
0
-
0
(181,145)
(181,145)
At 31 March 2023
22,765
31,187
452,489
247,567
754,008
Depreciation and impairment
At 1 April 2022
15,590
12,004
144,568
125,492
297,654
Depreciation charged in the year
1,435
2,860
95,985
34,123
134,403
Eliminated in respect of disposals
-
0
-
0
-
0
(41,378)
(41,378)
At 31 March 2023
17,025
14,864
240,553
118,237
390,679
Carrying amount
At 31 March 2023
5,740
16,323
211,936
129,330
363,329
At 31 March 2022
7,175
17,710
149,507
98,962
273,354

Included within tangible fixed assets above are assets with total net book values of £95,815 (2022 - £65,735) that are subject to hire purchase agreements.

4
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
80
80
Other investments other than loans
-
0
83,022
80
83,102
ASAP EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 April 2022
80
83,022
83,102
Disposals
-
(83,022)
(83,022)
At 31 March 2023
80
-
80
Carrying amount
At 31 March 2023
80
-
80
At 31 March 2022
80
83,022
83,102

Included within fixed asset investments above are assets with total net book values of £194,995 (2022 - £Nil) that are subject to hire purchase agreements.

5
Subsidiaries
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ASAP Express (Bristol) Limited
Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS
Ordinary
80.00
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
397,450
317,370
Amounts owed by group undertakings
323,484
209,746
Other debtors
14,284
29,299
735,218
556,415

Included in trade debtors above are debts totalling £281,605 (2022 - £216,940) which are subject to a factoring agreement.

ASAP EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9
45,025
43,645
Obligations under finance leases
13,498
30,137
Trade creditors
241,210
287,785
Amounts owed to group undertakings
342,544
258,632
Corporation tax
-
0
5,846
Other taxation and social security
16,086
20,209
Other creditors
852
12,986
Accruals and deferred income
16,097
14,554
675,312
673,794
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
9
202,696
248,453
Obligations under finance leases
74,604
7,422
277,300
255,875
9
Loans and overdrafts
2023
2022
£
£
Bank loans
247,721
292,098
Payable within one year
45,025
43,645
Payable after one year
202,696
248,453

A bank loan of £100,757 (2022 - £132,575) is 80% underwritten by HM Government under the Coronavirus Business Interruption Loan Scheme.

 

A mortgage loan of £146,964 (2022 - £159,523) is secured upon the freehold property of the company's parent company.

 

Included within 'Other creditors' are hire purchase loans of £152,268 (2022 - £37,559) that are secured upon the fixed assets they are financing.

ASAP EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
90
90
90
90
Ordinary B shares of £1 each
10
10
10
10
100
100
100
100
11
Related party transactions
Transactions with related parties

During the year the company undertook the following transactions with related parties:-

Name of related party
Nature of relationship
As Soon As Possible  Group Limited
Parent company
ASAP Express (Bristol ) Limited
Fellow Subsidiary
ASAP Express (Bristol) Limited
Fellow subsidiary
ASAP Express (Bristol) Limited
Fellow subsidiary
ASAP Global Limited
Fellow subsidiary
ASAP Sales Limited
Fellow Subsidiary
Description of
Income
Payments
transaction
2023
2022
2023
2022
£
£
£
£
As Soon As Possible  Group Limited
Rent
-
0
-
0
9,600
9,600
ASAP Express (Bristol ) Limited
Warehouse rent
18,400
-
0
-
0
-
0
ASAP Express (Bristol) Limited
Management chares
60,000
60,000
-
0
-
0
ASAP Express (Bristol) Limited
Software rental
12,000
-
0
-
0
12,000
ASAP Global Limited
Management charges
12,000
9,000
-
0
-
0
ASAP Sales Limited
Management charges
-
0
-
0
115,000
57,000
Balances with related parties

The following amounts were owed by and to fellow group companies at the year end. All amounts are unsecured, interest-free, and carry no stipulation as to terms of repayment.

Amounts owed by
Amounts owed to
related parties
related parties
2023
2022
2023
2022
£
£
£
£
As Soon As Possible Group Limted
-
0
-
0
22,878
-
0
ASAP Aviation Limited
-
0
-
0
11,896
-
0
ASAP Express (Bristol) Limited
323,484
209,746
-
0
-
0
ASAP Global Limited
-
0
-
0
41,000
111,434
ASAP Sales Limited
-
0
-
0
266,770
1,500
ASAP EXPRESS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
12
Parent company

The company's parent company is As Soon As Possible Group Limited, a company incorporated in England and Wales, whose registered office is Kingsnorth House, Blenheim Way, Birmingham, West Midlands, B44 8LS..

 

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