Caseware UK (AP4) 2022.0.179 2022.0.179 2023-02-282023-02-287The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsetrue2022-03-01falseNo description of principal activity6 07934592 2022-03-01 2023-02-28 07934592 2021-03-01 2022-02-28 07934592 2023-02-28 07934592 2022-02-28 07934592 c:Director2 2022-03-01 2023-02-28 07934592 d:MotorVehicles 2022-03-01 2023-02-28 07934592 d:MotorVehicles 2023-02-28 07934592 d:MotorVehicles 2022-02-28 07934592 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07934592 d:OfficeEquipment 2022-03-01 2023-02-28 07934592 d:OfficeEquipment 2023-02-28 07934592 d:OfficeEquipment 2022-02-28 07934592 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07934592 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 07934592 d:CurrentFinancialInstruments 2023-02-28 07934592 d:CurrentFinancialInstruments 2022-02-28 07934592 d:Non-currentFinancialInstruments 2023-02-28 07934592 d:Non-currentFinancialInstruments 2022-02-28 07934592 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 07934592 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 07934592 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 07934592 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 07934592 d:ShareCapital 2023-02-28 07934592 d:ShareCapital 2022-02-28 07934592 d:RetainedEarningsAccumulatedLosses 2023-02-28 07934592 d:RetainedEarningsAccumulatedLosses 2022-02-28 07934592 c:OrdinaryShareClass1 2022-03-01 2023-02-28 07934592 c:OrdinaryShareClass1 2023-02-28 07934592 c:FRS102 2022-03-01 2023-02-28 07934592 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 07934592 c:FullAccounts 2022-03-01 2023-02-28 07934592 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 07934592 d:WithinOneYear 2023-02-28 07934592 d:WithinOneYear 2022-02-28 07934592 d:BetweenOneFiveYears 2023-02-28 07934592 d:BetweenOneFiveYears 2022-02-28 07934592 d:MoreThanFiveYears 2023-02-28 07934592 d:MoreThanFiveYears 2022-02-28 07934592 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 07934592 d:HirePurchaseContracts d:WithinOneYear 2022-02-28 07934592 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 07934592 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-02-28 07934592 2 2022-03-01 2023-02-28 07934592 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 07934592 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07934592









SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 28 FEBRUARY 2023

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
REGISTERED NUMBER: 07934592

STATEMENT OF FINANCIAL POSITION
AS AT 28 FEBRUARY 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Tangible assets
 4 
33,456
44,099

Current assets
  

Debtors: amounts falling due within one year
 5 
179,455
171,045

Cash at bank and in hand
 6 
16,842
18,204

  
196,297
189,249

Creditors: amounts falling due within one year
 7 
(72,717)
(73,834)

Net current assets
  
 
 
123,580
 
 
115,415

Total assets less current liabilities
  
157,036
159,514

Creditors: amounts falling due after more than one year
 8 
(18,145)
(29,063)

Provisions for liabilities
  

Deferred Taxation
 10 
(8,400)
-

Net assets
  
130,491
130,451


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
130,391
130,351

  
130,491
130,451


Page 1

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
REGISTERED NUMBER: 07934592
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 28 FEBRUARY 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 November 2023.




N L A Stone-Duvenage
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1.


General information

Send & Receive Worldwide Express UK Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The company specialises in mail and freight forwarding services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and on the assumption that the company is a going concern.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have taken consideration of the impact of inflationary pressures in the economy and the withdrawal of the United Kingdom from the Europe on the business. The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the Statement of financial position date. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'.

Page 3

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

Motor vehicles
-
25% reducing balance
Office equipment
-
25% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income .

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

2.Accounting policies (continued)

 
2.14

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2022 - 7).


4.


Tangible fixed assets





Motor vehicles
Office equipment
Total

£
£
£



Cost


At 1 March 2022
67,142
15,992
83,134


Additions
-
458
458



At 28 February 2023

67,142
16,450
83,592



Depreciation


At 1 March 2022
27,583
11,452
39,035


Charge for the year
9,890
1,211
11,101



At 28 February 2023

37,473
12,663
50,136



Net book value



At 28 February 2023
29,669
3,787
33,456



At 28 February 2022
39,559
4,540
44,099

Page 6

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

5.


Debtors

2023
2022
£
£


Trade debtors
151,953
148,021

Other debtors
13,994
9,807

Prepayments and accrued income
13,508
13,217

179,455
171,045


Included within other debtors is an amount of £4,873 (2022 - £4,873) which is secured against the company's deferment account.


6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
16,842
18,204

16,842
18,204



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
49,502
56,860

Corporation tax
4,350
9

Other taxation and social security
-
1,596

Obligations under finance lease and hire purchase contracts
10,053
10,530

Other creditors
5,312
4,839

Accruals and deferred income
3,500
-

72,717
73,834


Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.

Page 7

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
18,145
29,063

18,145
29,063


Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.


9.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
10,053
10,530

Between 1-5 years
18,145
29,063

28,198
39,593


10.


Deferred taxation




2023


£






Charged to the Statement of comprehensive income
8,400



At end of year
8,400

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
8,400
-

8,400
-

Page 8

 
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1 each
100
100



12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,247 (2022 - £5,018). The total contributions payable at the year end were £964 (2022 - £950).


13.


Commitments under operating leases

At 28 February 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
39,450
36,822

Later than 1 year and not later than 5 years
210,400
-

Later than 5 years
13,150
-

263,000
36,822


14.


Related party transactions

During the year, the company made purchases of £25,575 (2022 - £29,667) from Send & Receive Couriers, a company incorporated in South Africa and under common control. At the year end, the amount owed to Send & Receive Couriers, included in trade creditors, was £755 (2022 - £454). 
During the year, the company made sales of £68,616 (2022 - £50,024) to Send & Receive Couriers. At the year end, the amount owed by Send & Receive Couriers was £19,661 (2022 - £19,359), and is included in trade debtors.


15.


Controlling party

The ultimate controlling party are the directors, D C Duvenage and N L A Stone-Duvenage, by virtue of their majority shareholding.

Page 9