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Registration number: 06166008

ASE Courier Services Ltd

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

ASE Courier Services Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

ASE Courier Services Ltd

Company Information

Director

T P Smart

Registered office

The Old Horticulturual Works
Green Ore
Wells
Somerset
BA5 3EU

Accountants

Burton Sweet Limited
Chartered Accountants and Business Advisers
Cooper House
Lower Charlton Estate
Shepton Mallet
Somerset
BA4 5QE

 

ASE Courier Services Ltd

(Registration number: 06166008)
Balance Sheet
31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

482,149

368,598

Current assets

 

Debtors

5

307,437

275,603

Creditors: Amounts falling due within one year

6

(481,962)

(459,871)

Net current liabilities

 

(174,525)

(184,268)

Total assets less current liabilities

 

307,624

184,330

Creditors: Amounts falling due after more than one year

6

(195,552)

(106,652)

Provisions for liabilities

(56,390)

(56,390)

Net assets

 

55,682

21,288

Capital and reserves

 

Called up share capital

3

3

Retained earnings

55,679

21,285

Shareholders' funds

 

55,682

21,288

 

ASE Courier Services Ltd

(Registration number: 06166008)
Balance Sheet
31 May 2024

For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 February 2025
 

.........................................
T P Smart
Director

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
The Old Horticulturual Works
Green Ore
Wells
Somerset
BA5 3EU

These financial statements were authorised for issue by the director on 27 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% on the reducing balance

Commercial motor vehicles

25% on the reducing balance

Furniture & fittings

3 years straight line

Amortisation

Asset class

Amortisation method and rate

Goodwill

Over 10 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 17 (2023 - 17).

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

12,151

1,548

1,080,798

1,094,497

Additions

-

-

335,989

335,989

Disposals

-

(1,548)

(130,890)

(132,438)

At 31 May 2024

12,151

-

1,285,897

1,298,048

Depreciation

At 1 June 2023

10,637

1,547

713,715

725,899

Charge for the year

377

-

184,357

184,734

Eliminated on disposal

-

(1,547)

(93,187)

(94,734)

At 31 May 2024

11,014

-

804,885

815,899

Carrying amount

At 31 May 2024

1,137

-

481,012

482,149

At 31 May 2023

1,514

1

367,083

368,598

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

5

Debtors

2024
£

2023
£

Trade debtors

305,308

244,590

Other debtors

-

31,013

Prepayments

2,129

-

307,437

275,603

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

173,623

168,606

Trade creditors

 

114,585

185,905

Taxation and social security

 

107,127

46,959

Accruals and deferred income

 

7,276

4,000

Other creditors

 

79,351

54,401

 

481,962

459,871

7

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

6,219

10,833

Hire purchase contracts

189,333

95,819

195,552

106,652

Current loans and borrowings

 

ASE Courier Services Ltd

Notes to the Unaudited Financial Statements
Year Ended 31 May 2024

2024
£

2023
£

Bank borrowings

5,001

5,000

Bank overdrafts

24,493

13,095

Hire purchase contracts

122,446

109,677

Other borrowings

21,683

40,834

173,623

168,606