Company Registration No. 02276054 (England and Wales)
Parcel Compare Limited
Unaudited accounts
for the year ended 31 December 2023
Parcel Compare Limited
Unaudited accounts
Contents
Parcel Compare Limited
Company Information
for the year ended 31 December 2023
Directors
Roger Sumner Rivers
Charles Astwood
Company Number
02276054 (England and Wales)
Registered Office
128 City Road
London
EC1V 2NX
United Kingdom
Parcel Compare Limited
Statement of financial position
as at 31 December 2023
Cash at bank and in hand
43,298
29,804
Creditors: amounts falling due within one year
(870,321)
(1,171,140)
Net current liabilities
(599,821)
(1,023,605)
Net liabilities
(599,821)
(1,023,605)
Called up share capital
100
100
Profit and loss account
(599,921)
(1,023,705)
Shareholders' funds
(599,821)
(1,023,605)
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. 02276054
Parcel Compare Limited
Notes to the Accounts
for the year ended 31 December 2023
Parcel Compare Limited is a private company, limited by shares, registered in England and Wales, registration number 02276054. The registered office is 128 City Road, London, EC1V 2NX, United Kingdom.
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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.
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.
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.
Parcel Compare Limited
Notes to the Accounts
for the year ended 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 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 realized. 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.
MCP Opportunities UK Ltd holds a fixed and floating charge over the assets of the Company.
Parcel Compare Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Trade debtors
227,202
117,731
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Creditors: amounts falling due within one year
2023
2022
Trade creditors
210,020
79,900
Amounts owed to group undertakings and other participating interests
623,856
1,067,223
Taxes and social security
9,445
-
Other creditors
27,000
24,017
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
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Transactions with related parties
Parcel Compare Limited is a wholly owned subsidiary of Hero Logistics Group Limited, the 100% parent company of Parcelhero.com Limited, Parcelcompare Limited, Deliver Plus Limited and FDS Worldwide Express (UK) Limited.
Hero Logistics Group Limited is a wholly owned subsidiary of Parcelhero Group Limited.
Parcelhero Group Limited is the parent company of Hero Logistics Group Limited and Parcelvision Limited.
Per FRS102, 33.1A & 33.9, Parcel Compare Limited’s InterCompany (non-interest bearing & unsecured) balances are:
* Wholly owned Group Companies (£3,906,992)
* Parcelvision Limited £3,283,136
The company regards Roger Sumner Rivers as the controlling party
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Average number of employees
During the year the average number of employees was 1 (2022: 1).