Registration number:
Convenient Collect Limited
for the Year Ended 31 December 2024
Convenient Collect Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
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 |
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Convenient Collect Limited
(Registration number: 09271441)
Balance Sheet as at 31 December 2024
Note |
2024 |
2023 |
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Fixed assets |
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Intangible assets |
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- |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
308 |
308 |
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Share premium reserve |
6,310,198 |
6,310,198 |
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Other reserves |
3,245 |
3,802 |
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Retained earnings |
(6,568,381) |
(5,867,162) |
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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:
• |
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• |
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
Convenient Collect Limited
(Registration number: 09271441)
Balance Sheet as at 31 December 2024
.........................................
Director
Convenient Collect Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office is:
England
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
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
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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Additions acquired separately |
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At 31 December 2024 |
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Amortisation |
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Amortisation charge |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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Tangible assets |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2024 |
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Additions |
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Disposals |
( |
( |
At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
( |
( |
At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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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).
Investments |
2024 |
2023 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2024 |
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Provision |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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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 |
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2024 |
2023 |
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Subsidiary undertakings |
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50 Liverpool Street
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Subsidiary undertakings |
HubBox Inc. The principal activity of HubBox Inc. is |
Convenient Collect Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
Debtors |
Current |
Note |
2024 |
2023 |
Trade debtors |
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Amounts owed by related parties |
- |
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Prepayments |
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Other debtors |
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Accrued income |
14,000 |
4,467 |
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Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals |
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Deferred income |
2,675,884 |
2,616,784 |
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Other creditors |
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( |
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Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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- |
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Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Convenient Collect Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2024
2024 |
2023 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
- |
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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).
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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- |
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Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
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No. |
£ |
No. |
£ |
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307.98 |
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307.98 |
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
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.
Control |
There is no controlling party.