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Registration number: 06166008

ASE Courier Services Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

ASE Courier Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

ASE Courier Services Ltd

Company Information

Director

T P Smart

Registered office

The Old Horticulturual Works
Green Ore
Wells
Somerset
BA5 3EU

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

ASE Courier Services Ltd

(Registration number: 06166008)
Balance Sheet
31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

368,598

421,670

Current assets

 

Debtors

5

275,603

309,206

Cash at bank and in hand

 

-

2,441

 

275,603

311,647

Creditors: Amounts falling due within one year

6

(459,871)

(455,589)

Net current liabilities

 

(184,268)

(143,942)

Total assets less current liabilities

 

184,330

277,728

Creditors: Amounts falling due after more than one year

6

(106,652)

(152,990)

Provisions for liabilities

(56,390)

(56,390)

Net assets

 

21,288

68,348

Capital and reserves

 

Called up share capital

3

3

Retained earnings

21,285

68,345

Shareholders' funds

 

21,288

68,348

 

ASE Courier Services Ltd

(Registration number: 06166008)
Balance Sheet
31 May 2023

For the financial year ending 31 May 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 Profit and Loss Account has been taken.

Approved and authorised by the director on 19 February 2024
 



T P Smart
Director

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 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:
The Old Horticulturual Works
Green Ore
Wells
Somerset
BA5 3EU

These financial statements were authorised for issue by the director on 19 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

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

Plant & machinery

25% on the reducing balance

Commercial motor vehicles

25% on the reducing balance

Furniture & fittings

3 years straight line

Amortisation

Asset class

Amortisation method and rate

Goodwill

Over 10 years

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.

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

Borrowings

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2022 - 19).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

12,151

1,548

1,010,848

1,024,547

Additions

-

-

69,950

69,950

At 31 May 2023

12,151

1,548

1,080,798

1,094,497

Depreciation

At 1 June 2022

10,130

1,398

591,349

602,877

Charge for the year

507

149

122,366

123,022

At 31 May 2023

10,637

1,547

713,715

725,899

Carrying amount

At 31 May 2023

1,514

1

367,083

368,598

At 31 May 2022

2,021

150

419,499

421,670

5

Debtors

2023
£

2022
£

Trade debtors

244,590

302,654

Other debtors

31,013

6,552

275,603

309,206

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

168,606

186,806

Trade creditors

 

185,905

168,745

Taxation and social security

 

46,958

65,803

Other creditors

 

58,402

34,235

 

459,871

455,589

Due after one year

 

Loans and borrowings

7

106,652

152,990

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

10,833

15,833

Hire purchase contracts

95,819

137,157

106,652

152,990

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

5,000

Bank overdrafts

13,095

-

Hire purchase contracts

109,677

156,806

Other borrowings

40,834

25,000

168,606

186,806