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Registered number: 02549900









TEAM AIR EXPRESS LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TEAM AIR EXPRESS LIMITED
REGISTERED NUMBER: 02549900

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,237
16,348

Investments
 5 
-
-

  
18,237
16,348

Current assets
  

Debtors: amounts falling due within one year
 6 
282,932
473,113

Cash at bank and in hand
 7 
223,565
328,440

  
506,497
801,553

Creditors: amounts falling due within one year
 8 
(206,146)
(447,396)

Net current assets
  
 
 
300,351
 
 
354,157

Total assets less current liabilities
  
318,588
370,505

Provisions for liabilities
  

Deferred tax
 9 
(4,536)
(4,087)

Net assets
  
314,052
366,418


Capital and reserves
  

Called up share capital 
 10 
1,688
1,688

Share premium account
  
10
10

Profit and loss account
  
312,354
364,720

  
314,052
366,418


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 9 September 2024.


R James
Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Team Air Express Limited, is a limited company incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
The principal activity of the company continues to be that of couriers and freight forwarding agent.

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.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

 
2.4

Interest income

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

Page 2

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

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.

Page 3

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets
-
10% - 25% straight line

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.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

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.

 
2.10

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.

 
2.11

Creditors

Short-term 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.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 14).

Page 4

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 January 2023
110,208


Additions
8,091


Disposals
(38,603)



At 31 December 2023

79,696



Depreciation


At 1 January 2023
93,860


Charge for the year
6,202


Disposals
(38,603)



At 31 December 2023

61,459



Net book value



At 31 December 2023
18,237



At 31 December 2022
16,348

Page 5

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Fixed asset investments





Unlisted investments

£



Cost


At 1 January 2023
658


Disposals
(658)



At 31 December 2023

-



Impairment


At 1 January 2023
658


Impairment on disposals
(658)



At 31 December 2023

-



Net book value



At 31 December 2023
-



At 31 December 2022
-

Unlisted investment represent and the 100% interest in the issued share capital of Duty & Logistics Management Limited, which was dissolved on 31 January 2023.


6.


Debtors

2023
2022
£
£


Trade debtors
235,954
429,194

Amounts owed by group undertakings
12,461
-

Other debtors
2,638
4,403

Prepayments and accrued income
31,879
39,516

282,932
473,113


Page 6

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
223,565
328,440

223,565
328,440



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
142,661
279,317

Amounts owed to group undertakings
-
46,355

Corporation tax
32,140
70,650

Other taxation and social security
14,302
15,449

Accruals and deferred income
17,043
35,625

206,146
447,396



9.


Deferred taxation




2023


£






At beginning of year
4,087


Charged to the Statement of comprehensive income
449



At end of year
4,536

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
4,536
4,087

4,536
4,087

Page 7

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



467 'A' Ordinary shares of £1 each
467
467
200 'B' Ordinary shares of £1 each
200
200
467 'C' Ordinary shares of £1 each
467
467
200 'D' Ordinary shares of £1 each
200
200
10 'E' Ordinary shares of £1 each
10
10
10 'G' Ordinary shares of £1 each
10
10
334 'H' Ordinary shares of £1 each
334
334

1,688

1,688

The 'A', 'B', 'C', 'D' and 'H' Ordinary shares all hold full voting rights. The 'E' and 'G' Ordinary shares do not hold voting rights. All shares allow dividends at different rates to be declared on each class of share separately. The rights per class of share on capital distribution arising from winding up or sale of the Company are as specified in the Company's Articles of Association. All shares rank pari passu in all other respects. 



11.


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 £6,106 (2022 - £10,221).  There were no contributions outstanding at the year end.


12.


Commitments under operating leases

At 31 December 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
53,666
53,666

Later than 1 year and not later than 5 years
214,664
214,664

Later than 5 years
-
53,666

268,330
321,996

Page 8

 
TEAM AIR EXPRESS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Related party transactions

The company has taken advantage allowed by Financial Reporting Standard 102 not to disclose any transactions with the parent company or any other wholly owned subsidiary undertakings of the group.
 
During the year, the company made purchases of £28,935 (2022 - £Nil) from related companies. At the year-end, £3,858 (2022 - £Nil) was owed to related companies and is included with creditors.


14.


Ultimate parent undertaking and controlling party

The immediate parent undertaking is Elmex Sales Corporation Limited. The ultimate parent undertaking is Chartis Holdings Limited. The smallest and largest group accounts in which this company is included are those of Chartis Holdings Limited. Copies of those consolidated financial statements can be obtained from Companies House or the registered office address: 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX.
 
The ultimate controlling parties are the directors, by virtue of their majority shareholding in Chartis Holdings Limited.


15.


Auditors' information

The auditor's report was unqualified and made no reference to any matters to which the auditor drew attention by way of emphasis. The Senior statutory auditor was Mark Hancock, for and on behalf of Barnes Roffe LLP.
10/09/2024
 
Page 9