Company Registration No. 02504413 (England and Wales)
City Air Express (N.I.) Ltd
Unaudited financial statements
for the year ended 31 December 2023
Pages for filing with the registrar
City Air Express (N.I.) Ltd
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
City Air Express (N.I.) Ltd
Statement of financial position
As at 31 December 2023
1
2023
2022
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
3
565,021
228,615
Current assets
Trade and other receivables
4
1,345,000
1,346,974
Cash and cash equivalents
24,147
36,448
1,369,147
1,383,422
Current liabilities
5
(1,091,221)
(722,758)
Net current assets
277,926
660,664
Total assets less current liabilities
842,947
889,279
Provisions for liabilities
(78,438)
(16,172)
Net assets
764,509
873,107
Equity
Called up share capital
100
100
Retained earnings
6
764,409
873,007
Total equity
764,509
873,107

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 21 August 2024 and are signed on its behalf by:
Jamie Knapper
Director
Company Registration No. 02504413
City Air Express (N.I.) Ltd
Notes to the financial statements
For the year ended 31 December 2023
2
1
Accounting policies
Company information

City Air Express (N.I.) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1 Ordinal Street, Trafford Park, Manchester, M17 1GB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue is recognised at the point when the service is completed.

1.4
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
12.5% straight line
Equipment
12.5% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of non-current assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

City Air Express (N.I.) Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
3
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and loans from fellow group companies that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

City Air Express (N.I.) Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
1
Accounting policies (continued)
4
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.14

Invoice discounting

Amounts due in respect of invoice discounting are separately disclosed as current liabilities. The company can use these facilities to draw down on a percentage of the value of certain sales invoices. The management and collection of trade debtors remains with the company.

City Air Express (N.I.) Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
5
2
Employees

The average monthly number of persons (excluding non-rumunerated directors) employed by the company during the year was:

2023
2022
Number
Number
Total
26
24
3
Property, plant and equipment
Fixtures and fittings
Equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
125,978
70,221
93,016
289,215
Additions
113,199
13,985
277,305
404,489
Disposals
-
0
-
0
(33,183)
(33,183)
At 31 December 2023
239,177
84,206
337,138
660,521
Depreciation and impairment
At 1 January 2023
6,186
6,878
47,536
60,600
Depreciation charged in the year
24,380
8,969
27,129
60,478
Eliminated in respect of disposals
-
0
-
0
(25,578)
(25,578)
At 31 December 2023
30,566
15,847
49,087
95,500
Carrying amount
At 31 December 2023
208,611
68,359
288,051
565,021
At 31 December 2022
119,792
63,343
45,480
228,615
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Trade receivables
725,235
1,153,035
Corporation tax recoverable
30,974
111,114
Other receivables
588,791
82,825
1,345,000
1,346,974
City Air Express (N.I.) Ltd
Notes to the financial statements (continued)
For the year ended 31 December 2023
6
5
Current liabilities
2023
2022
£
£
Trade payables
557,182
461,445
Taxation and social security
47,797
11,927
Other payables
486,242
249,386
1,091,221
722,758

A balance is included within trade creditors at the year end of £704 (2022: £3,064) which is a related party balance due to Bespoke Couriers Limited.

 

Included in other payables is a balance of £471,334 (2022: £243,346) which is secured against the trade debtors of the company.

6
Retained earnings

Retained earnings represents accumulated profits.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
300,711
386,602
8
Directors' transactions

During the year expenses were recharged to the company by the directors which amounted to £4,500 (2022: £31,800).

 

9
Parent company

Jamie Knapper and Jason Knapper are the ultimate controlling parties.

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