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Registration number: 09271441

Convenient Collect Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Convenient Collect Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Convenient Collect Limited

Company Information

Directors

Mr S C Jarvis

Mr G J Beszant

Mrs C L Jarvis

Company secretary

Mrs C L Jarvis

Registered office

50 Liverpool Street
London
EC2M 7PY

 

Convenient Collect Limited

(Registration number: 09271441)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

12,956

10,410

Investments

5

8

8

 

12,964

10,418

Current assets

 

Debtors

6

2,392,209

172,322

Cash at bank and in hand

 

806,801

1,839,675

 

3,199,010

2,011,997

Creditors: Amounts falling due within one year

7

(2,749,828)

(222,859)

Net current assets

 

449,182

1,789,138

Total assets less current liabilities

 

462,146

1,799,556

Creditors: Amounts falling due after more than one year

7

(15,000)

(44,934)

Net assets

 

447,146

1,754,622

Capital and reserves

 

Called up share capital

308

308

Share premium reserve

6,314,000

6,312,918

Retained earnings

(5,867,162)

(4,558,604)

Shareholders' funds

 

447,146

1,754,622

For the financial year ending 31 December 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 July 2024 and signed on its behalf by:
 

.........................................

Mr S C Jarvis
Director

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
50 Liverpool Street
London
EC2M 7PY
England

These financial statements were authorised for issue by the Board on 26 July 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.

Going concern

Whilst the Company has been loss making throughout the period, due to the Company having Net Current Assets, the Board is confident that the Company will be able to meet its liabilities as they fall due for a period of not less than 12 months from the signing of the Balance Sheet.

On this understanding, 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.

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Office equipment

25% 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.

Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Loans and 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.

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.

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 17 (2022 - 13).

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2023

31,828

31,828

Additions

7,073

7,073

At 31 December 2023

38,901

38,901

Depreciation

At 1 January 2023

21,418

21,418

Charge for the year

4,527

4,527

At 31 December 2023

25,945

25,945

Carrying amount

At 31 December 2023

12,956

12,956

At 31 December 2022

10,410

10,410

Assets held under finance lease or hire purchase

Total assets held under finance lease or hire purchase was £nil (2022: £nil).

5

Investments

2023
£

2022
£

Investments in subsidiaries

8

8

Subsidiaries

£

Cost or valuation

At 1 January 2023

8

Provision

Carrying amount

At 31 December 2023

8

At 31 December 2022

8

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

HubBox Inc.

50 Liverpool street
London
EC2M 7PY

England

1,000 ordinary shares

100%

100%

Subsidiary undertakings

HubBox Inc.

The principal activity of HubBox Inc. is a services company that employs US staff and rents the US office space.

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

2,330,332

135,592

Amounts owed by related parties

17,114

-

Prepayments

 

19,259

22,330

Other debtors

 

21,037

14,400

Accrued income

 

4,467

-

   

2,392,209

172,322

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10,354

10,000

Trade creditors

 

19,786

35,577

Taxation and social security

 

79,707

32,754

Accruals

 

23,197

10,340

Deferred income

 

2,616,784

134,188

 

2,749,828

222,859

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

15,000

25,000

Other non-current financial liabilities

 

-

19,934

 

15,000

44,934

Bank borrowings

Bank borrowings is a loan taken out under the Government backed Bounce Back loan scheme. Interest is not payable for the first 12 months, but charged at 2.5% for the remainder of the loan. The carrying amount at the year end is £25,000 (2022: £35,000).

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

36,000

72,000

Later than one year and not later than five years

-

36,000

36,000

108,000

The amount of non-cancellable operating lease payments recognised as an expense during the year was £Nil (2022 - £Nil).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.0001 each

3,079,801

307.98

3,079,801

307.98