Expresspartner Limited 04214049 false 2022-10-01 2023-09-30 2023-09-30 The principal activity of the company is that of the retail and repair of hydraulic hose equipment Digita Accounts Production Advanced 6.30.9574.0 true true false true 04214049 2022-10-01 2023-09-30 04214049 2023-09-30 04214049 core:CapitalRedemptionReserve 2023-09-30 04214049 core:RetainedEarningsAccumulatedLosses 2023-09-30 04214049 core:ShareCapital 2023-09-30 04214049 core:CurrentFinancialInstruments 2023-09-30 04214049 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 04214049 core:Non-currentFinancialInstruments 2023-09-30 04214049 core:Non-currentFinancialInstruments core:AfterOneYear 2023-09-30 04214049 core:Goodwill 2023-09-30 04214049 core:FurnitureFittings 2023-09-30 04214049 core:MotorVehicles 2023-09-30 04214049 core:OfficeEquipment 2023-09-30 04214049 core:PlantMachinery 2023-09-30 04214049 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2023-09-30 04214049 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-09-30 04214049 bus:SmallEntities 2022-10-01 2023-09-30 04214049 bus:AuditExemptWithAccountantsReport 2022-10-01 2023-09-30 04214049 bus:FilletedAccounts 2022-10-01 2023-09-30 04214049 bus:SmallCompaniesRegimeForAccounts 2022-10-01 2023-09-30 04214049 bus:RegisteredOffice 2022-10-01 2023-09-30 04214049 bus:Director2 2022-10-01 2023-09-30 04214049 bus:Director4 2022-10-01 2023-09-30 04214049 bus:OrdinaryShareClass1 2022-10-01 2023-09-30 04214049 bus:PrivateLimitedCompanyLtd 2022-10-01 2023-09-30 04214049 core:Goodwill 2022-10-01 2023-09-30 04214049 core:CommercialMotorVehicles 2022-10-01 2023-09-30 04214049 core:FurnitureFittings 2022-10-01 2023-09-30 04214049 core:MotorCars 2022-10-01 2023-09-30 04214049 core:MotorVehicles 2022-10-01 2023-09-30 04214049 core:OfficeEquipment 2022-10-01 2023-09-30 04214049 core:PlantMachinery 2022-10-01 2023-09-30 04214049 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-10-01 2023-09-30 04214049 core:KeyManagementPersonnel 2022-10-01 2023-09-30 04214049 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-10-01 2023-09-30 04214049 core:OtherRelatedParties 2022-10-01 2023-09-30 04214049 core:Subsidiary1 2022-10-01 2023-09-30 04214049 core:Subsidiary1 1 2022-10-01 2023-09-30 04214049 core:Subsidiary1 countries:England 2022-10-01 2023-09-30 04214049 countries:EnglandWales 2022-10-01 2023-09-30 04214049 2022-09-30 04214049 core:Goodwill 2022-09-30 04214049 core:CostValuation 2022-09-30 04214049 core:FurnitureFittings 2022-09-30 04214049 core:MotorVehicles 2022-09-30 04214049 core:OfficeEquipment 2022-09-30 04214049 core:PlantMachinery 2022-09-30 04214049 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-30 04214049 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-30 04214049 2021-10-01 2022-09-30 04214049 2022-09-30 04214049 core:CapitalRedemptionReserve 2022-09-30 04214049 core:RetainedEarningsAccumulatedLosses 2022-09-30 04214049 core:ShareCapital 2022-09-30 04214049 core:CurrentFinancialInstruments 2022-09-30 04214049 core:CurrentFinancialInstruments core:WithinOneYear 2022-09-30 04214049 core:Non-currentFinancialInstruments 2022-09-30 04214049 core:Non-currentFinancialInstruments core:AfterOneYear 2022-09-30 04214049 core:FurnitureFittings 2022-09-30 04214049 core:MotorVehicles 2022-09-30 04214049 core:OfficeEquipment 2022-09-30 04214049 core:PlantMachinery 2022-09-30 04214049 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-09-30 04214049 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-09-30 04214049 bus:OrdinaryShareClass1 2021-10-01 2022-09-30 04214049 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-10-01 2022-09-30 04214049 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-10-01 2022-09-30 04214049 core:Subsidiary1 1 2021-10-01 2022-09-30 04214049 2021-09-30 04214049 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2021-09-30 04214049 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-09-30 iso4217:GBP xbrli:pure

Registration number: 04214049

Expresspartner Limited

trading as Pirtek Birmingham

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Expresspartner Limited

trading as Pirtek Birmingham

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 16

 

Expresspartner Limited

trading as Pirtek Birmingham

Company Information

Directors

Mrs LE Connell

Mr AK Connell

Registered office

Unit 5
Boultbee Business Units Nechells Place
Birmingham
West Midlands
B7 5AB

 

Expresspartner Limited

trading as Pirtek Birmingham

(Registration number: 04214049)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

254,312

220,860

Investments

6

60,000

60,000

 

314,312

280,860

Current assets

 

Stocks

7

118,947

118,234

Debtors

8

697,657

709,159

Cash at bank and in hand

 

324,560

222,152

 

1,141,164

1,049,545

Creditors: Amounts falling due within one year

9

(608,140)

(613,749)

Net current assets

 

533,024

435,796

Total assets less current liabilities

 

847,336

716,656

Creditors: Amounts falling due after more than one year

9

(212,045)

(256,755)

Provisions for liabilities

(47,401)

(41,003)

Net assets

 

587,890

418,898

Capital and reserves

 

Called up share capital

30,000

30,000

Capital redemption reserve

(120,000)

(120,000)

Retained earnings

677,890

508,898

Shareholders' funds

 

587,890

418,898

 

Expresspartner Limited

trading as Pirtek Birmingham

(Registration number: 04214049)
Balance Sheet as at 30 September 2023 (continued)

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 March 2024 and signed on its behalf by:
 

.........................................
Mrs LE Connell
Director

   
     
 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Unit 5
Boultbee Business Units Nechells Place
Birmingham
West Midlands
B7 5AB

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.

Going concern

The financial statements have been prepared on a going concern basis.

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 current and 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.

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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.

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 statement of financial position 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 and machinery

10 years straight line

Fixtures and fittings

10 years straight line

Motor vans

3 years straight line

Motor cars

4 years straight line

Office equipment

5 years straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

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.

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

2

Accounting policies (continued)

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.

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 14).

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2022

92,944

92,944

At 30 September 2023

92,944

92,944

Amortisation

At 1 October 2022

92,944

92,944

At 30 September 2023

92,944

92,944

Carrying amount

At 30 September 2023

-

-

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

95,189

115,585

83,549

332,480

626,803

Additions

4,231

13,226

4,408

101,896

123,761

At 30 September 2023

99,420

128,811

87,957

434,376

750,564

Depreciation

At 1 October 2022

86,240

56,905

63,337

199,460

405,942

Charge for the year

2,737

9,445

7,700

70,428

90,310

At 30 September 2023

88,977

66,350

71,037

269,888

496,252

Carrying amount

At 30 September 2023

10,443

62,461

16,920

164,488

254,312

At 30 September 2022

8,949

58,680

20,211

133,020

220,860

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

6

Investments

2023
£

2022
£

Investments in subsidiaries

60,000

60,000

Subsidiaries

£

Cost or valuation

At 1 October 2022

60,000

Provision

Carrying amount

At 30 September 2023

60,000

At 30 September 2022

60,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2023

2022

Subsidiary undertakings

A & LC Redditch Ltd

Unit 52 Padgets Lane
South Moons
Moat Ind Est
Redditch
Worcestershire
B98 0RD

England

Ordinary shares

100%

100%

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

7

Stocks

2023
£

2022
£

Raw materials and consumables

118,947

118,234

8

Debtors

Current

2023
£

2022
£

Trade debtors

563,567

578,756

Prepayments

45,613

28,927

Other debtors

88,477

101,476

 

697,657

709,159

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

188,762

185,975

Trade creditors

 

231,377

268,064

Taxation and social security

 

109,162

79,273

Accruals and deferred income

 

65,503

74,147

Other creditors

 

13,336

6,290

 

608,140

613,749

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

212,045

256,755

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

HP and finance lease liabilities

90,107

75,616

Other borrowings

121,938

181,139

212,045

256,755

Current loans and borrowings

2023
£

2022
£

Other loans

59,201

54,995

Directors current account

62,317

58,073

Hire purchase liabilities

67,244

72,907

188,762

185,975

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

11

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £2.80 (2022 - £2.70) per each ordinary share

84,000

81,000

 

 

12

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,946

25,600

Contributions paid to money purchase schemes

12,000

32,000

37,946

57,600

Summary of transactions with entities with joint control or significant interest


A & LC Redditch Ltd, ALC Wolverhampton Ltd & ALC Telford Ltd

 
Expresspartner Ltd currently has outstanding loans due from A & LC Redditch Ltd of £39,727 (2022: £39,727) and ALC Telford of £48,750 (2022: 61,750). They have traded with one another during the year under normal market conditions. The directors and shareholders of Expresspartner Ltd are also the directors and shareholders of A & LC Redditch Ltd, ALC Wolverhampton Ltd and ALC Telford.
 

Summary of transactions with other related parties


A & LC Partnership

 A & LC Partnership invoices Expresspartner Ltd for monthly rent during the year. The directors of Expresspartner Ltd are also the partners in A & LC Partnership.
 

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

12

Related party transactions (continued)

Loans to related parties

2023

Entities with joint control or significant influence
£

Total
£

At start of period

101,476

101,476

Repaid

(12,999)

(12,999)

At end of period

88,477

88,477

2022

Entities with joint control or significant influence
£

Total
£

At start of period

59,728

59,728

Advanced

61,750

61,750

Repaid

(20,002)

(20,002)

At end of period

101,476

101,476

Terms of loans to related parties

There are no terms of repayment or interest charged on loans to entities with joint control or significant influence.
 

 

Expresspartner Limited

trading as Pirtek Birmingham

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023 (continued)

12

Related party transactions (continued)

Loans from related parties

2023

Key management
£

Total
£

At start of period

58,073

58,073

Advanced

4,244

4,244

At end of period

62,317

62,317

2022

Key management
£

Total
£

At start of period

54,194

54,194

Advanced

3,879

3,879

At end of period

58,073

58,073

Terms of loans from related parties

There are no terms of repayment or interest charged on the loans from key management