Company registration number 03023599 (England and Wales)
STREETWISE COURIERS SURREY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
STREETWISE COURIERS SURREY LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
STREETWISE COURIERS SURREY LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,911
Current assets
Debtors
4
544,382
771,205
Cash at bank and in hand
64,209
38,378
608,591
809,583
Creditors: amounts falling due within one year
5
(926,556)
(1,260,075)
Net current liabilities
(317,965)
(450,492)
Net liabilities
(317,965)
(448,581)
Capital and reserves
Called up share capital
7
180,002
180,002
Profit and loss reserves
(497,967)
(628,583)
Total equity
(317,965)
(448,581)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 2 July 2025
Mr M J Russell
Director
Company registration number 03023599 (England and Wales)
STREETWISE COURIERS SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information
Streetwise Couriers Surrey Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Hook Rise Business Centre, 225 Hook Rise South, Surbiton, Surrey, KT6 7LD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The validity of this assumption depends upon the financial support of the director of the business, and the company's bankers. If the company was unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet values of assets to their recoverable amounts, to provide for further liabilities which might arise and reclassify fixed assets and long term liabilities as current assets and liabilities.
The director has provided guarantees for the company's debts to allow it to continue in operational existence for the foreseeable future. Therefore the director believes that it is appropriate for the financial statements to be prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold
10 years straight line
Fixtures and fittings
25% straight line
Furniture and equipment
25% straight line
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
STREETWISE COURIERS SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
STREETWISE COURIERS SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
12
15
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
18,087
58,011
76,098
Depreciation and impairment
At 1 January 2024
16,468
57,719
74,187
Depreciation charged in the year
1,619
292
1,911
At 31 December 2024
18,087
58,011
76,098
Carrying amount
At 31 December 2024
At 31 December 2023
1,619
292
1,911
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
391,065
601,478
Other debtors
81,380
95,353
Prepayments and accrued income
71,937
74,374
544,382
771,205
STREETWISE COURIERS SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
330,211
263,227
Taxation and social security
95,103
102,518
Other creditors
486,043
671,133
Accruals and deferred income
15,199
223,197
926,556
1,260,075
6
Secured debts
The company's bankers hold a debenture over the company's assets and a cross guarantee with Streetwise Couriers Limited.
The bank holds a personal guarantee from the director.
Included in other creditors is an invoice discounting balance of £221,407 (2023: £410,734), which is secured on the relevant trade debtors.
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
180,002
180,002
180,002
180,002
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
152,827
236,180
9
Related party transactions
At the year end, included in the balance sheet are the following intercompany balances with companies which are under common control:
Streetwise Couriers Sussex Limited:
Included in other creditors is a balance £156,848 (2023: £nil) due to Streetwise Couriers Sussex Limited.
Streetwise Couriers Limited
Included in other creditors is a balance £36,533 (2023: £153,304) due to Streetwise Couriers Limited.
STREETWISE COURIERS SURREY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
10
Directors' transactions
In other creditors an amount of £40,340 (2023: £104,479) due to the director of the company.