Company Registration No. 08474111 (England and Wales)
Parcelhero Group Limited
Audited accounts
for the year ended 31 December 2023
Parcelhero Group Limited
Audited accounts
Contents
Parcelhero Group Limited
Company Information
for the year ended 31 December 2023
Directors
Roger Sumner Rivers
Charles Astwood
Company Number
08474111 (England and Wales)
Registered Office
128 City Road
London
EC1V 2NX
Parcelhero Group Limited
Statement of financial position
as at 31 December 2023
Intangible assets
57,949
81,188
Tangible assets
33,332
80,367
Debtors
1,111,648
1,297,347
Cash at bank and in hand
349,610
230,529
Creditors: amounts falling due within one year
(5,405,569)
(4,299,554)
Net current liabilities
(3,944,311)
(2,771,678)
Total assets less current liabilities
(3,833,029)
(2,590,122)
Creditors: amounts falling due after more than one year
(2,312,665)
(2,271,881)
Net liabilities
(6,145,694)
(4,862,003)
Called up share capital
98
98
Share premium
669,974
669,974
Capital redemption reserve
101
101
Profit and loss account
(6,815,867)
(5,532,176)
Shareholders' funds
(6,145,694)
(4,862,003)
For the 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. 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 30 September 2024 and were signed on its behalf by
Roger Sumner Rivers
Director
Company Registration No. 08474111
Parcelhero Group Limited
Notes to the Accounts
for the year ended 31 December 2023
Parcelhero Group Limited is a private company, limited by shares, registered in England and Wales, registration number 08474111. The registered office is 128 City Road, London, EC1V 2NX.
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 year, 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.
"In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill."
Parcelhero Group Limited
Notes to the Accounts
for the year ended 31 December 2023
"The consolidated group financial statements consist of the financial statements of the parent company Parcelhero Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
All financial statements are made up to 31 December 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
Subsidiaries are consolidated in the group's financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates."
"Investments in joint ventures and associates are carried in the group at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity."
At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of Value Added Tax. Revenue from the sale of services is recognised when services are rendered; 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.
Judgements and key sources of estimation uncertainty
"In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods."
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Parcelhero Group Limited
Notes to the Accounts
for the year ended 31 December 2023
Goodwill and intangible assets
The directors assess and estimate the useful life of goodwill and intangible assets when making a business acquisition. These estimates are based on the expected use of the acquired business and the expected usual life of the cash generating elements to which goodwill is attributed.
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation, and any impairment losses.
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.
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:
Motor vehicles
20% straight-line basis
Fixtures & fittings
20% straight-line basis
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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.
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.
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.
Parcelhero Group Limited
Notes to the Accounts
for the year ended 31 December 2023
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 Parcelhero Group tax relief.
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 providing termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
MCP Opportunities UK Ltd holds a fixed and floating charge over the assets of the Company.
Parcelhero Group Limited
Notes to the Accounts
for the year ended 31 December 2023
Goodwill is tested for impairment whenever events or changes in circumstances indicate that the carrying amount has been impaired. The directors have considered the current and future business plans and have concluded that there are no indicators of impairment.
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Intangible fixed assets
Other
At 31 December 2023
111,165
Charge for the year
23,239
At 31 December 2023
53,216
At 31 December 2023
57,949
At 31 December 2022
81,188
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 January 2023
98,260
130,159
228,419
At 31 December 2023
98,260
132,157
230,417
At 1 January 2023
50,814
97,238
148,052
Charge for the year
25,896
23,137
49,033
At 31 December 2023
76,710
120,375
197,085
At 31 December 2023
21,550
11,782
33,332
At 31 December 2022
47,446
32,921
80,367
6
Investments
Subsidiary undertakings
Other investments
Total
Valuation at 1 January 2023
11,700
8,301
20,001
Valuation at 31 December 2023
11,700
8,301
20,001
Parcelhero Group Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
740,247
563,855
Accrued income and prepayments
354,585
731,891
Other debtors
16,816
1,601
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Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
26,127
46,158
Trade creditors
2,589,527
2,725,824
Taxes and social security
744,206
538,871
Other creditors
1,583,042
736,573
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Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
26,126
Other creditors
2,312,665
2,245,755
Allotted, called up and fully paid:
98 Ordinary shares of £1 each
98
98
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Transactions with related parties
Parcelhero Group Limited is the parent company of Hero Logistics Group Limited and Parcelvision Limited.
Hero Logistics Group Limited is a wholly owned subsidiary of Parcelhero Group Limited and the 100% parent company of Parcelhero.com Limited, Parcelcompare Limited, Deliver Plus Limited and FDS Worldwide Express (UK) Limited.
The Director has been paid £112,726 (FY2022 - £70,259) as Director’s Remuneration from Parcelvision Limited.
An amount of £39,781 (FY2021 - £74,543) was paid as salary to the family members of the director from Parcelvision Limited.
An amount of £86,302 (2022: £35,841) was paid as salary to the family members of the Director from Parcelhero.com Limited.
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Average number of employees
During the year the average number of employees was 19 (2022: 19).