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REGISTERED NUMBER: 01680003 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

PRESTIGE COURIER SERVICES LIMITED

PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTIGE COURIER SERVICES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: R J Bender
D Isles
D Brown





REGISTERED OFFICE: 1st Floor
80 Coombe Road
New Malden
Surrey
KT3 4QS





REGISTERED NUMBER: 01680003 (England and Wales)





ACCOUNTANTS: Liles Morris Limited
1st Floor
80 Coombe Road
New Malden
Surrey
KT3 4QS

PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 5 241,771 238,627
Tangible assets 6 652,496 538,996
894,267 777,623

CURRENT ASSETS
Debtors 7 727,948 618,248
Cash in hand 219,787 428,423
947,735 1,046,671
CREDITORS
Amounts falling due within one year 8 (774,728 ) (697,076 )
NET CURRENT ASSETS 173,007 349,595
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,067,274

1,127,218

CREDITORS
Amounts falling due after more than one
year

9

(190,709

)

(221,391

)

PROVISIONS FOR LIABILITIES (58,470 ) (51,707 )
NET ASSETS 818,095 854,120

CAPITAL AND RESERVES
Called up share capital 118 118
Retained earnings 817,977 854,002
SHAREHOLDERS' FUNDS 818,095 854,120

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

BALANCE SHEET - continued
31 MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 November 2024 and were signed on its behalf by:





D Isles - Director


PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Prestige Courier Services Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents amounts due for services rendered to clients during the year, net of any sales tax.Income is recognised when services have been provided.

Goodwill
Goodwill is recognised at cost less accumulated amortisation and accumulated impairment losses. Goodwill represents the amount paid in connection with acquisition of businesses in 2016, 2021 and 2023 and is being amortized over its estimated useful life of 10 years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - Straight line over 5 years
Fixtures and fittings - Straight line over 7 years
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023 422,596
Additions 100,000
Impairments (50,000 )
At 31 March 2024 472,596
AMORTISATION
At 1 April 2023 183,969
Charge for year 51,439
Impairments (4,583 )
At 31 March 2024 230,825
NET BOOK VALUE
At 31 March 2024 241,771
At 31 March 2023 238,627

PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 11,828 22,401 928,835 50,137 1,013,201
Additions - 5,765 369,399 5,083 380,247
Disposals - - (43,006 ) (4,533 ) (47,539 )
At 31 March 2024 11,828 28,166 1,255,228 50,687 1,345,909
DEPRECIATION
At 1 April 2023 11,828 17,567 410,280 34,530 474,205
Charge for year - 2,231 256,984 3,976 263,191
Eliminated on disposal - - (39,450 ) (4,533 ) (43,983 )
At 31 March 2024 11,828 19,798 627,814 33,973 693,413
NET BOOK VALUE
At 31 March 2024 - 8,368 627,414 16,714 652,496
At 31 March 2023 - 4,834 518,555 15,607 538,996

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2023 395,277
Additions 85,390
Disposals (27,006 )
Transfer to ownership (75,467 )
At 31 March 2024 378,194
DEPRECIATION
At 1 April 2023 176,082
Charge for year 81,768
Eliminated on disposal (27,006 )
Transfer to ownership (75,467 )
At 31 March 2024 155,377
NET BOOK VALUE
At 31 March 2024 222,817
At 31 March 2023 219,195

PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 579,162 489,333
Other debtors 148,786 128,915
727,948 618,248

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 10) 6,209 6,209
Hire purchase contracts 90,991 71,179
Trade creditors 183,372 120,635
Taxation and social security 308,221 350,016
Other creditors 185,935 149,037
774,728 697,076

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 10) 28,513 34,069
Hire purchase contracts 131,355 136,714
Other creditors 30,841 50,608
190,709 221,391

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 9,230

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 6,209 6,209
Pension Fund Loan 22,923 22,922
29,132 29,131

PRESTIGE COURIER SERVICES LIMITED (REGISTERED NUMBER: 01680003)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. LOANS - continued
2024 2023
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 6,210 6,210
Pension Fund Loan 30,841 50,608
37,051 56,818

Amounts falling due between two and five years:
Bank loans - 2-5 years 22,303 18,629

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 9,230

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Pension fund loan 53,764 73,530

The Prestige Courier Services Directors Pension Fund has a fixed and floating charge over the company's property, assets and rights with reference to funds due from the company to the pension fund.

12. OTHER FINANCIAL COMMITMENTS

The company has total future minimum lease payments under non-cancellable leasing arrangements with reference to the lease of their premises of £135,000 (2023: £180,000) These payments are due as follows:-
Due within 1 year - £45,000 (2023 : £45,000)
Due within 1 to 5 years - £90,000 (2023: £135,000)

The company has total future minimum lease payments under non-cancellable leasing arrangements with reference to the lease of motor vehicles of £25,975 (2023: £59,132) These payments are due as follows:-
Due within 1 year - £20,043 (2023: £36,661)
Due within 1 to 5 years - £5,932 (2023: £22,471)

13. POST BALANCE SHEET EVENTS

In the period between balance sheet date and signing of the financial statements the company has purchased motor vehicles totalling £67,500.