Company registration number 05516324 (England and Wales)
COURIER EXCHANGE EUROPE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
COURIER EXCHANGE EUROPE LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
COURIER EXCHANGE EUROPE LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
954
Tangible assets
5
663
780
663
1,734
Current assets
Debtors
6
8,431
4,392
Creditors: amounts falling due within one year
7
(835,229)
(853,516)
Net current liabilities
(826,798)
(849,124)
Net liabilities
(826,135)
(847,390)
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
(826,136)
(847,391)
Total equity
(826,135)
(847,390)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 27 September 2024
Mr L R Cresswell
Director
Company registration number 05516324 (England and Wales)
COURIER EXCHANGE EUROPE LTD
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023
31 December 2023
- 2 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is 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.
2
Accounting policies
Company information
Courier Exchange Europe Ltd (formerly Compliance Registry Limited) is a private company limited by shares incorporated in England and Wales. The registered office is Newstead House, Pelham Road, Nottingham, NG5 1AP. The business address is Ground Floor, 20 Northdown Street, London, N1 9BG.
2.1
Accounting convention
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.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Courier Exchange Europe Ltd is a wholly owned subsidiary of Transport Exchange Group Limited. The parent company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which it is the parent qualifies as a small group.
2.2
Going concern
Atruet the time of approving the financial statements the company shows a negative balance sheet. However, the director has a reasonable expectation that the parent company has adequate resources to continue to support this company in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
2.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the provision of service subscriptions is recognised in full on commencement of the subscription period.
COURIER EXCHANGE EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 3 -
2.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
2.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Intangible assets comprise website development costs. Such assets are defined as having finite useful lives and the costs are amortised on a straight line basis over their estimated useful lives of three years. Intangible assets are stated at cost less amortisation and are reviewed for impairment whenever there is an indication that the carrying value may be impaired.
Amortisation 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:
Development costs
33.3% straight line basis
2.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Office equipment
15% reducing balance basis
Computers
33.3% straight line basis
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.
2.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
2.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The company has tax losses in both the current and preceding years and so ther eis no charge to taxation. The tax losses have been surrendered to the parent company.
COURIER EXCHANGE EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
2
Accounting policies
(Continued)
- 4 -
2.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
Intangible fixed assets
Development costs
£
Cost
At 1 January 2023 and 31 December 2023
70,524
Amortisation and impairment
At 1 January 2023
69,570
Amortisation charged for the year
954
At 31 December 2023
70,524
Carrying amount
At 31 December 2023
At 31 December 2022
954
COURIER EXCHANGE EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
5
Tangible fixed assets
Office equipment
Computers
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
2,197
1,851
4,048
Depreciation and impairment
At 1 January 2023
1,417
1,851
3,268
Depreciation charged in the year
117
117
At 31 December 2023
1,534
1,851
3,385
Carrying amount
At 31 December 2023
663
663
At 31 December 2022
780
780
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
8,377
4,339
Other debtors
54
53
8,431
4,392
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
41
Amounts owed to group undertakings
832,068
852,115
Other creditors
3,161
1,360
835,229
853,516
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1
1
1
1
9
Related party transactions
COURIER EXCHANGE EUROPE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Related party transactions
(Continued)
- 6 -
During the year the company has continued to receive financial support from its parent company, Transport Exchange Group Limited. At the year end the amount owing to Transport Exchange Group Limited was £832,048 (2022: £852,115). This loan is interest free. Transport Exchange Group Limited do not intend to request repayment of this loan in the foreseeable future.
10
Parent company
The parent company of Courier Exchange Europe Ltd is Transport Exchange Group Limited and its registered office is Newstead House, Pelham Road, Nottingham, NG5 1AP.