Registered number
11359105
Initial Express Ltd
Filleted Accounts
31 March 2024
Initial Express Ltd
Registered number: 11359105
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 5,581 8,502
5,581 8,502
Current assets
Debtors 4 15,226 18,896
Cash at bank and in hand 24,145 18,693
39,371 37,589
Creditors: amounts falling due within one year 5 (16,320) (17,246)
Net current assets 23,051 20,343
Total assets less current liabilities 28,632 28,845
Creditors: amounts falling due after more than one year 6 (36,361) (40,933)
Net liabilities (7,729) (12,088)
Capital and reserves
Called up share capital 100 100
Profit and loss account (7,829) (12,188)
Shareholder's funds (7,729) (12,088)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A Hegarty
Director
Approved by the board on 15 November 2024
Initial Express Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Office Equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 - 347 14,450 14,797
Additions - - - -
Disposals - - - -
At 31 March 2024 - 347 14,450 14,797
Depreciation
At 1 April 2023 - 274 6,021 6,295
Charge for the year - 31 2,890 2,921
On disposals - - - -
At 31 March 2024 - 305 8,911 9,216
Net book value
At 31 March 2024 - 42 5,539 5,581
At 31 March 2023 - 73 8,429 8,502
4 Debtors 2024 2023
£ £
Trade debtors 14,613 17,833
Other debtors 613 1,063
15,226 18,896
Amounts due after more than one year included above - -
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,755 4,500
Obligations under finance lease and hire purchase contracts - -
Trade creditors 14,478 12,798
Taxation and social security costs (289) (427)
Other creditors 376 375
16,320 17,246
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,895 14,431
Other creditors 21,466 26,502
36,361 40,933
7 Controlling party
The company is under the control of it's Director.
8 Other information
Initial Express Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Rushall
Bishops Road
Tutts Clump
West Berkshire
RG7 6JZ
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