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REGISTRAR OF COMPANIES

Registration number: 03310445

Cumbria X-Press Limited

Unaudited Financial Statements

30 June 2024

image-name

 

Cumbria X-Press Limited

Contents

Accountants' Report

1

Balance Sheet

2

Notes to the Financial Statements

4

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Cumbria X-Press Limited
for the Year Ended 30 June 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Cumbria X-Press Limited for the year ended 30 June 2024 as set out on pages 2 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Cumbria X-Press Limited, as a body, in accordance with the terms of our engagement letter dated 20 January 2023. Our work has been undertaken solely to prepare for your approval the accounts of Cumbria X-Press Limited and state those matters that we have agreed to state to the Board of Directors of Cumbria X-Press Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cumbria X-Press Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Cumbria X-Press Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Cumbria X-Press Limited. You consider that Cumbria X-Press Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Cumbria X-Press Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.



Dodd & Co Limited
Chartered Accountants
FIFTEEN Rosehill
Montgomery Way
Rosehill Estate
CARLISLE
CA1 2RW

20 March 2025

 

Cumbria X-Press Limited

(Registration number: 03310445)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

386,466

327,376

Current assets

 

Debtors

5

908,463

908,706

Cash at bank and in hand

 

7,774

22,559

 

916,237

931,265

Creditors: Amounts falling due within one year

6

(1,094,851)

(956,477)

Net current liabilities

 

(178,614)

(25,212)

Total assets less current liabilities

 

207,852

302,164

Creditors: Amounts falling due after more than one year

6

(174,825)

(216,569)

Net assets

 

33,027

85,595

Capital and reserves

 

Allotted, called up and fully paid share capital

100,000

100,000

Profit and loss account

(66,973)

(14,405)

Total equity

 

33,027

85,595

 

Cumbria X-Press Limited

(Registration number: 03310445)
Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................

R W Dixon

Director

.........................................

M S Luck

Director

 

Cumbria X-Press Limited

Notes to the Financial Statements for the Year Ended 30 June 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:
Unit J East Lakes Business Park
Gilwilly Industrial Estate
PENRITH
CA11 9BN

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

The company has net current liabilities at 30 June 2024 and meets its day to day working capital requirements through its bank borrowing facility. In addition the directors have provided financial support by way of short term loans. On the basis of this support, the directors consider it appropriate to prepare the financial statements on the going concern basis.

However, should the company not have the support of its bankers, and therefore be unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for any further liabilities which might arise, and to reclassify fixed assets and long term liabilities as current assets and current liabilities.

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.


Government grants
Grants relating to revenue are recognised in the profit and loss account on a systematic basis over the periods in which the related costs are recognised for which the grant is intended to compensate.

Grants for the purpose of giving immediate financial support with no future related costs to be incurred are recognised in the profit and loss account when the grant proceeds become receivable.

 

Cumbria X-Press Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

Tangible assets

Tangible assets, excluding Land and buildings, 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 as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis and finance leases over the life of the lease

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 the sale of goods 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. Trade creditors 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 where due after more than one year.

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.

 

Cumbria X-Press Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2023 - 20).

 

Cumbria X-Press Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Plant and equipment
 £

Total
£

Cost or valuation

At 1 July 2023

623,446

623,446

Additions

174,648

174,648

Disposals

(78,367)

(78,367)

At 30 June 2024

719,727

719,727

Depreciation

At 1 July 2023

296,070

296,070

Charge for the year

99,475

99,475

Eliminated on disposal

(62,284)

(62,284)

At 30 June 2024

333,261

333,261

Carrying amount

At 30 June 2024

386,466

386,466

At 30 June 2023

327,376

327,376

5

Debtors

2024
£

2023
£

Trade debtors

508,076

530,637

Amounts owed by group undertakings and undertakings in which the company has a participating interest

296,466

295,716

Other debtors

103,921

82,353

908,463

908,706

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

7

596,239

549,624

Trade creditors

 

339,821

221,053

Taxation and social security

 

95,628

126,177

Other creditors

 

63,163

59,623

 

1,094,851

956,477

Due after one year

 

Loans and borrowings

7

174,825

216,569

 

Cumbria X-Press Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

7

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Bank borrowings

5,714

5,714

Bank overdrafts

64,553

1,236

Finance lease liabilities

144,123

115,494

Other borrowings

381,849

427,180

596,239

549,624

Current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

144,123

115,494

Other borrowings

335,546

348,320

479,669

463,814

Finance lease liabilities are secured on the assets to which they relate. Other borrowings relate to a factoring facility which is secured by fixed and floating charges over the company's assets.

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

29,048

34,762

Finance lease liabilities

114,777

126,807

Other borrowings

31,000

55,000

174,825

216,569

Non-current loans and borrowings includes the following liabilities, on which security has been given by the company:

2024
£

2023
£

Finance lease liabilities

114,777

126,807

Finance lease liabilities are secured on the assets to which they relate.

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £266,600 (2023 - £251,050). The financial commitment includes obligations under a property lease agreement expiring in 2032 with a break clause in 2027.

 

Cumbria X-Press Limited

Notes to the Financial Statements for the Year Ended 30 June 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 1 July 2023
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 June 2024
£

M S Luck

Loan

34,041

61,153

(45,923)

-

-

1,222

50,493

               
         

 

2023

At 1 July 2022
£

Advances
£

Repayments
£

Other payments
£

Dividends credited
£

Interest
£

At 30 June 2023
£

M S Luck

Loan

15,245

44,232

(25,965)

-

-

529

34,041

               
         

 

Directors' advances are repayable on demand.

Interest has been charged at a rate of 2.25% (2023 - 2% until April, 2.25% thereafter) on advances to directors.