Company Registration No. 05906604 (England and Wales)
Parcelvision Limited
Unaudited accounts
for the period from 1 June 2023 to 31 December 2023
Parcelvision Limited
Unaudited accounts
Contents
Parcelvision Limited
Company Information
for the period from 1 June 2023 to 31 December 2023
Directors
Roger Sumner Rivers
Charles Astwood
Company Number
05906604 (England and Wales)
Registered Office
128 City Road
London
EC1V 2NX
United Kingdom
Parcelvision Limited
Statement of financial position
as at 31 December 2023
Intangible assets
45,510
45,510
Cash at bank and in hand
1,317
43
Creditors: amounts falling due within one year
(10,414,655)
(8,879,679)
Net current liabilities
(10,122,566)
(8,645,338)
Net liabilities
(10,065,356)
(8,588,128)
Called up share capital
75
75
Capital redemption reserve
25
25
Profit and loss account
(10,065,456)
(8,588,228)
Shareholders' funds
(10,065,356)
(8,588,128)
For the period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2024 and were signed on its behalf by
Roger Sumner Rivers
Director
Company Registration No. 05906604
Parcelvision Limited
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
Parcelvision Limited is a private company, limited by shares, registered in England and Wales, registration number 05906604. The registered office is 128 City Road, London, EC1V 2NX, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
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.
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Parcelvision Limited
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans and loans from fellow group companies are recognised at transaction price.
Trade creditors 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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.
The tax expense represents the sum of the tax currently payable and deferred tax net of an accrual for R&D Tax Credits.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.
The accrual for R&D tax credits is included as a reduction to Corporation Tax in the Income Statement and as a receivable in Debtors on the Balance Sheet.
The costs of short-term employee benefits are recognised as a liability and an expense.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Parcelvision Limited
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
MCP Opportunities UK Ltd holds a fixed and floating charge over the assets of the Company.
4
Intangible fixed assets
Other
At 31 December 2023
45,510
At 31 December 2023
45,510
5
Investments
Subsidiary undertakings
Valuation at 1 June 2023
11,700
Valuation at 31 December 2023
11,700
Investment in Ennovate Software PVT Ltd
6
Debtors
31/12/2023
31/05/2023
Amounts falling due within one year
Accrued income and prepayments
14,831
6,333
Other debtors
275,941
227,965
7
Creditors: amounts falling due within one year
31/12/2023
31/05/2023
Trade creditors
89,317
90,880
Amounts owed to group undertakings and other participating interests
9,686,494
8,299,179
Taxes and social security
304,566
238,061
Other creditors
334,278
251,559
8
Share capital
31/12/2023
31/05/2023
Allotted, called up and fully paid:
75 Ordinary shares of £1 each
75
75
Parcelvision Limited
Notes to the Accounts
for the period from 1 June 2023 to 31 December 2023
9
Transactions with related parties
Parcelvision Limited is a subsidiary of Parcelhero Group Limited.
Parcelhero Group Limited is the parent company of Parcelvision Limited and Hero Logistics Group Limited.
Per FRS102, 33.1A & 33.9, Parcelvision Limited’s InterCompany balances are:
* Parcelhero Group Ltd (£1,581,674)
* Hero Logistics Group Limited (£8,104,820)
The Director has been paid £70,259 (FY2023 ending May-23 - £46,343) as Director’s Remuneration.
An amount of £0.00 (FY2023 ending May-23 - £52,535) was paid as salary to the family members of the Director.
The company regards R Sumner Rivers as the controlling party.
11
Average number of employees
During the period the average number of employees was 13 (31/05/2023: 14).