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Registration number: 02389345

PTI Express Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

PTI Express Limited

(Registration number: 02389345)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

628,719

431,692

Current assets

 

Debtors

5

944,568

879,666

Cash at bank and in hand

 

538,892

608,247

 

1,483,460

1,487,913

Creditors: Amounts falling due within one year

6

(878,660)

(929,011)

Net current assets

 

604,800

558,902

Total assets less current liabilities

 

1,233,519

990,594

Creditors: Amounts falling due after more than one year

6

(240,986)

(116,189)

Provisions for liabilities

(147,040)

(69,516)

Net assets

 

845,493

804,889

Capital and reserves

 

Called up share capital

7

36,500

36,500

Retained earnings

808,993

768,389

Shareholders' funds

 

845,493

804,889

 

PTI Express Limited

(Registration number: 02389345)
Balance Sheet as at 31 December 2023

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.

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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 9 September 2024
 

.........................................
N L Putt
Company secretary and director

 

PTI Express 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 & Wales.

The address of its registered office is:
140 Wood Street
Rugby
Warwickshire
CV21 2SP

These financial statements were authorised for issue by the director on 9 September 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

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 corporation 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.

The corporation 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.

 

PTI Express Limited

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

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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

Leasehold property improvements

10% pa on a straight line basis.

Plant and equipment

10% - 100% pa on a straight line basis.

Motor vehicles

15% - 67% pa on a straight line basis.

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.

 

PTI Express Limited

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

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 the director) during the year, was 37 (2022 - 36).

 

PTI Express Limited

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

4

Tangible assets

Long leasehold land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

79,917

266,635

954,431

1,300,983

Additions

-

36,933

413,629

450,562

Disposals

-

(52,045)

(125,282)

(177,327)

At 31 December 2023

79,917

251,523

1,242,778

1,574,218

Depreciation

At 1 January 2023

68,728

222,704

577,859

869,291

Charge for the year

7,993

31,394

204,981

244,368

Eliminated on disposal

-

(52,045)

(116,115)

(168,160)

At 31 December 2023

76,721

202,053

666,725

945,499

Carrying amount

At 31 December 2023

3,196

49,470

576,053

628,719

At 31 December 2022

11,189

43,931

376,572

431,692

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

551,966

535,606

Amounts owed by related parties

10

257,599

215,067

Prepayments

 

135,003

128,993

   

944,568

879,666

 

PTI Express Limited

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

172,425

99,613

Trade creditors

 

520,559

602,399

Taxation and social security

 

104,559

175,387

Accruals and deferred income

 

14,128

10,312

Other creditors

 

66,989

41,300

 

878,660

929,011

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

240,986

116,189

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

36,500

36,500

36,500

36,500

       
 

PTI Express Limited

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

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

45,000

65,000

Hire purchase contracts

195,986

51,189

240,986

116,189

Current loans and borrowings

2023
£

2022
£

Bank borrowings

20,000

20,000

Hire purchase contracts

152,425

79,613

172,425

99,613

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £452,483 (2022 - £570,871).

10

Related party transactions

Summary of transactions with parent

Panic Transport Limited (Holding company).

Dividends paid to Panic Transport Limited totalled £162,220 (2022 - £162,220). Rent paid to Panic Transport Limited was £93,141 (2022 - £92,500). At the balance sheet date the amount due from Panic Transport Limited was £11,275 (2022 - £7,923).

Goldrun Limited (Subsidiary of ulimate holding company)
At the balance sheet date £235,080 (2022 - £195,900) was due from this company.

Streetwood Limited (Ultimate holding company).
At the balance sheet date £11,244 (2022 - £11,244) was due from this company

 

11

Parent and ultimate parent undertaking

The company's immediate parent is Panic Transport Limited, a company incorporated in England & Wales.

 The ultimate controlling party is Streetwood Limited.