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Registration number: 09271441

Convenient Collect Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Convenient Collect Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Convenient Collect Limited

Company Information

Directors

Mr S C Jarvis

Mr G J Beszant

Mrs C L Jarvis

Mr A Mendoza

Company secretary

Mrs C L Jarvis

Registered office

50 Liverpool Street
London
EC2M 7PY

 

Convenient Collect Limited

(Registration number: 09271441)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,460

-

Tangible assets

5

24,128

12,956

Investments

6

8

8

 

28,596

12,964

Current assets

 

Debtors

7

1,338,488

2,392,209

Cash at bank and in hand

 

1,353,079

806,801

 

2,691,567

3,199,010

Creditors: Amounts falling due within one year

8

(2,918,183)

(2,749,828)

Net current (liabilities)/assets

 

(226,616)

449,182

Total assets less current liabilities

 

(198,020)

462,146

Creditors: Amounts falling due after more than one year

8

(56,610)

(15,000)

Net (liabilities)/assets

 

(254,630)

447,146

Capital and reserves

 

Called up share capital

11

308

308

Share premium reserve

6,310,198

6,310,198

Other reserves

13

3,245

3,802

Retained earnings

(6,568,381)

(5,867,162)

Shareholders' (deficit)/funds

 

(254,630)

447,146

For the financial year ending 31 December 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 1 April 2025 and signed on its behalf by:
 

 

Convenient Collect Limited

(Registration number: 09271441)
Balance Sheet as at 31 December 2024

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

Mr S C Jarvis
Director

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

1

General information

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

The address of its registered office is:
50 Liverpool Street
London
EC2M 7PY
England

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. At 31 December 2024, the Company was loss making and had net liabilities. The directors have confirmed that in their opinion, given the strong cash position, the Company will be able to meet its liabilities as they fall due for the foreseeable future (being a period not less than twelve months).

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.

Revenue from the sale of goods is recognised when all the following conditions are met:
- The amount can be reliably measured;
- It is probable that the Company will receive the consideration due under the transaction; and
-All revenue from contracts to provide services are recognised over the period in which the services are provided.

This is to be recognised in line with the stage of completion as at the balance sheet date.

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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

Office equipment

25% straight line

Intangible assets

Separately acquired licences are shown at historical costs. Licences (including software) and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation, and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Domain name

10% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

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.

Debtors receivable within one year
Debtors with no stated interest rate and receivable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Creditors payable within one year
Creditors with no stated interest rate and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

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.

Share based payments

The cost and corresponding increase in equity in respect of equity-settled share-based payment transactions with employees are measured by reference to the fair value of equity instruments issued at the date of grant. Amounts are expensed on a straight line basis over the vesting period based on the estimate of shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. The cost and fair value of the liability incurred in respect of cash-settled transactions is measured using an appropriate option pricing model with changes in fair value recognised in profit or loss for the period.
 

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 17).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

Additions acquired separately

4,910

4,910

At 31 December 2024

4,910

4,910

Amortisation

Amortisation charge

450

450

At 31 December 2024

450

450

Carrying amount

At 31 December 2024

4,460

4,460

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2024

38,901

38,901

Additions

19,066

19,066

Disposals

(19,981)

(19,981)

At 31 December 2024

37,986

37,986

Depreciation

At 1 January 2024

25,945

25,945

Charge for the year

7,893

7,893

Eliminated on disposal

(19,980)

(19,980)

At 31 December 2024

13,858

13,858

Carrying amount

At 31 December 2024

24,128

24,128

At 31 December 2023

12,956

12,956

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

Assets held under finance lease or hire purchase

Total assets held under finance lease or hire purchase was £nil (2023: £nil).

6

Investments

2024
£

2023
£

Investments in subsidiaries

8

8

Subsidiaries

£

Cost or valuation

At 1 January 2024

8

Provision

Carrying amount

At 31 December 2024

8

At 31 December 2023

8

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

HubBox Inc.

50 Liverpool Street
London
EC2M 7PY
United Kingdom

1,000 ordinary shares

100%

100%

Subsidiary undertakings

HubBox Inc.

The principal activity of HubBox Inc. is a services company that employs US staff and rents the US office space.

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,232,578

2,330,332

Amounts owed by related parties

-

17,114

Prepayments

 

57,817

19,259

Other debtors

 

34,093

21,037

Accrued income

 

14,000

4,467

   

1,338,488

2,392,209

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

10,354

Trade creditors

 

23,537

19,786

Taxation and social security

 

144,890

79,935

Accruals

 

59,182

23,197

Deferred income

 

2,675,884

2,616,784

Other creditors

 

4,690

(228)

 

2,918,183

2,749,828

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

5,000

15,000

Other non-current financial liabilities

 

51,610

-

 

56,610

15,000

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

5,000

15,000

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Bank overdrafts

-

354

10,000

10,354

Bank borrowings consists of a loan taken out under the Government backed Bounce Back loan scheme. Interest is not payable for the first 12 months, but charged at 2.5% for the remainder of the loan. The carrying amount at the year end is £15,000 (2023: £25,000).

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

113,640

36,000

Later than one year and not later than five years

23,039

-

136,679

36,000

11

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £0.0001 each

3,079,801

307.98

3,079,801

307.98

         

12

Share-based payments

The Company has a share option scheme for certain employees. As at 31 December 2024, the total number of employees of the Company that share options have been granted to is 5 (2023: 5), and the total number of options granted available for exercise is 97,857 (2023: 97,857). In certain circumstances the options may lapse if the relevant individual ceases to be an employee of the Company.

Options are generally exercisable at a price equal to the estimated fair value of the Company's shares on the date of grant.

The fair value of the share options at the grant date was calculated using the Black-Scholes model, which is considered to be the most appropriate generally accepted valuation method of measuring fair value.

 

Convenient Collect Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024

13

Other reserves

Other reserves represents the cumulative amounts charged to profit in respect of employee share option arrangements that have not yet been settled by awarding shares to individuals, and its purpose is to ensure that the financial statements accurately reflect the impact of share-based compensation on the company's equity. Once employee share option arrangements are settled via the allotment of shares, the cumulative amounts charged to profit in respect of these shares is transferred to retained earnings.

14

Control

There is no controlling party.