Registered number
07536575
Peterborough Couriers Ltd
Filleted Accounts
28 February 2023
Peterborough Couriers Ltd
Registered number: 07536575
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,230 754
1,230 754
Current assets
Debtors 4 110,106 76,920
Cash at bank and in hand 81,591 258,603
191,697 335,523
Creditors: amounts falling due within one year 5 (93,389) (132,756)
Net current assets 98,308 202,767
Total assets less current liabilities 99,538 203,521
Creditors: amounts falling due after more than one year 6 - (113,941)
Provisions for liabilities (270) (143)
Net assets 99,268 89,437
Capital and reserves
Called up share capital 2 2
Profit and loss account 99,266 89,435
Shareholders' funds 99,268 89,437
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 members have 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.
Mr M Lucking
Director
Approved by the board on 22 November 2023
Peterborough Couriers Ltd
Notes to the Accounts
for the year ended 28 February 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.
Other operating income
Government grants included within other operating income are reported under the accrual model as a 'revenue based' grant. They are recognised in the period in which it becomes receivable.
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 evenly over its expected useful life, as follows:
Motor vehicles 25% written down value
Computer equipment 25% straight line
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.
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.
Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
Interest income
Interest income is recognised in the profit and loss using the effective interest method.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 3
3 Tangible fixed assets
Computer equipment Motor vehicles Total
£ £ £
Cost
At 1 March 2022 1,006 16,442 17,448
Additions 865 - 865
At 28 February 2023 1,871 16,442 18,313
Depreciation
At 1 March 2022 252 16,442 16,694
Charge for the year 389 - 389
At 28 February 2023 641 16,442 17,083
Net book value
At 28 February 2023 1,230 - 1,230
At 28 February 2022 754 - 754
4 Debtors 2023 2022
£ £
Trade debtors 108,479 76,920
Other debtors 1,627 -
110,106 76,920
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 30,955
Trade creditors 41,077 53,052
Taxation and social security costs 50,212 46,192
Other creditors 2,100 2,557
93,389 132,756
Bank loans and overdrafts of £nil (2022: £30,955), falling due within one year, are secured by the company.
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 113,941
- 113,941
Bank loans and overdrafts of £nil (2022: £113,941), falling due after one year, are secured by the company.
7 Loans to directors
During the year loans made to the director totalled £92,745 (2022: £29,339) and repayments totalled £89,524 (2022: £31,035). The amount owed by the director to the company at the year end totalled £1,525 (2022: £1,696 owed to the director). No interest has been charged on this loan. This amount is included within other debtors (2022: other creditors).
8 Other information
Peterborough Couriers Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Office 11 Pinnacle House
Newark Road
Peterborough
Cambridgeshire
PE1 5YD
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