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Registered number: 07934592 SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED UNAUDITED FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 28 FEBRUARY 2025
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED REGISTERED NUMBER: 07934592 STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2025
|  | 2025 |  | 2024
Note | £ | £ | £ | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 18,819 |  | 25,092
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 5 | 146,928 |  | 143,156 |
Cash at bank and in hand | 6 | 58,815 |  | 52,603 |
|  | 205,743 |  | 195,759 |
Creditors: amounts falling due within one year | 7 | (173,712) |  | (142,885) |
Net current assets |  |  | 32,031 |  | 52,874
Total assets less current liabilities |  |  | 50,850 |  | 77,966
Creditors: amounts falling due after more than one year | 8 |  | (5,190) |  | (9,613)
Provisions for liabilities |  |  |  |  |
Deferred Taxation | 10 |  | - |  | (6,300)
Net assets |  |  | 45,660 |  | 62,053
Capital and reserves |  |  |  |  |
Called up share capital | 11 |  | 100 |  | 100
Profit and loss account |  |  | 45,560 |  | 61,953
|  |  | 45,660 |  | 62,053
Page 1
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED REGISTERED NUMBER: 07934592 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 28 FEBRUARY 2025 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 December 2025.
N L A Stone-Duvenage
Director
The notes on pages 3 to 10 form part of these financial statements. Page 2
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
1. | General information
Send & Receive Worldwide Express UK Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is 3 Brook Business Centre, Cowley Mill Road, Uxbridge, Middlesex, UB8 2FX. The company specialises in mail and freight forwarding services. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
| 2.2 | Going concern
The directors have taken consideration of the impact of inflationary pressures in the economy and the withdrawal of the United Kingdom from the Europe on the business. The directors note that the company is trading adequately and has sufficient working capital and other finance available to continue trading for a period of not less than 12 months from the date of signing the financial statements. As such, the directors believe that there are no significant uncertainties in their assessment of whether the business is a going concern and therefore have prepared the accounts on a going concern basis.
| 2.3 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'other operating income'. Page 3
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.5 | Operating leases: the Company as lessee
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.
| 2.6 | Interest income
Interest income is recognised in the Statement of comprehensive income using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 4
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.9 | Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis. Depreciation is provided on the following bases:
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Office equipment | - | 25% reducing balance
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.
| 2.11 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.12 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.13 | Creditors
Creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 5
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 2.Accounting policies (continued)
| 2.14 | Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
3. | Employees
| The average monthly number of employees, including directors, during the year was 5 (2024 - 5).
4. | Tangible fixed assets
|  | Motor vehicles | Office equipment | Total
|  | £ | £ | £
| Cost |  |  |
| At 1 March 2024 | 67,142 | 16,450 | 83,592
| At 28 February 2025 | 67,142 | 16,450 | 83,592
| Depreciation |  |  |
| At 1 March 2024 | 44,890 | 13,610 | 58,500
| Charge for the year | 5,563 | 710 | 6,273
| At 28 February 2025 | 50,453 | 14,320 | 64,773
| Net book value |  |  |
| At 28 February 2025 | 16,689 | 2,130 | 18,819
| At 29 February 2024 | 22,252 | 2,840 | 25,092
Page 6
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025 4.Tangible fixed assets (continued)
| The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Motor vehicles | 7,627 | 20,294
|  | 7,627 | 20,294
| The depreciation charge for the year on the above assets was £2,542 (2024 - £6,765).
5. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 120,881 | 112,256
| Other debtors | 6,770 | 11,320
| Prepayments and accrued income | 19,277 | 19,580
|  | 146,928 | 143,156
| Included within other debtors is an amount of £4,873 (2024 - £4,873) which is secured against the company's deferment account.
6. | Cash and cash equivalents
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 58,815 | 52,603
|  | 58,815 | 52,603
Page 7
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 111,348 | 86,117
| Other taxation and social security | 766 | 692
| Obligations under finance lease and hire purchase contracts | 4,423 | 8,532
| Other creditors | 53,675 | 44,044
| Accruals and deferred income | 3,500 | 3,500
|  | 173,712 | 142,885
| Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
8. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net obligations under finance leases and hire purchase contracts | 5,190 | 9,613
|  | 5,190 | 9,613
| Obligations under finance leases and hire purchase contracts are secured against the assets to which they relate.
9. | Hire purchase and finance leases
| Minimum lease payments under hire purchase fall due as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 4,423 | 8,532
| Between 1-5 years | 5,264 | 9,613
|  | 9,687 | 18,145
Page 8
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
10. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | 6,300
| Credited to the Statement of comprehensive income | (6,300)
| At end of year | -
| The deferred taxation balance is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | - | 6,300
|  | - | 6,300
11. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 Ordinary shares of £1 each | 100 | 100
12. | Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,096 (2024 - £5,167). The total contributions payable at the year end were £1,111 (2024 - £1,151). Page 9
SEND & RECEIVE WORLDWIDE EXPRESS UK LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2025
13. | Commitments under operating leases
| At 28 February 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 52,600 | 39,450
| Later than 1 year and not later than 5 years | 131,500 | 184,100
|  | 184,100 | 223,550
14. | Related party transactions
| During the year, the company made purchases of £23,894 (2024 - £49,786) from Send & Receive Couriers, a company incorporated in South Africa and under common control. At the year end, the amount owed to Send & Receive Couriers, included in trade creditors, was £4,069 (2024 - £3,216). During the year, the company made sales of £36,252 (2024 - £51,906) to Send & Receive Couriers. At the year end, the amount owed by Send & Receive Couriers was £13,622 (2024 - £16,610), and is included in trade debtors. Included within other creditors are amounts owed to the directors of £50,000 (2024 - £40,000).
15. | Controlling party
The ultimate controlling party are the directors, D C Duvenage and N L A Stone-Duvenage, by virtue of their majority shareholding.
Page 10