Accounts



















	ABC COURIERS LTD



	UNAUDITED FINANCIAL STATEMENTS


	FOR THE YEAR ENDED 31 JANUARY 2017

	ABC COURIERS LTD
	FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 31 JANUARY 2017


	DIRECTOR

	S J Barrett


	SECRETARY

	A Horsfield

	REGISTERED OFFICE

	AIMS, Bridge House, Riverside North, Bewdley DY12 1AB


	COMPANY REGISTERED NUMBER

	03303731


	ACCOUNTANTS

	AIMS
	Chartered Accountants
	AIMS, Bridge House, Riverside North, Bewdley, DY12 1AB


	CONTENTS

	Pages


	2-3	Statement of Financial Position


	4-8	Notes to the Financial Statements

	page 1

ABC COURIERS LTD
Company registered number: 03303731
STATEMENT OF FINANCIAL POSITION AT 31 January 2017

	Note	2017		2016
		£	£	£
FIXED ASSETS
Property, plant and equipment	3		13,106	10,046
CURRENT ASSETS
Debtors	4	58,986		48,905
Cash at bank and in hand		-		400
		58,986		49,305
CREDITORS: Amounts falling due within one year	5	52,609		46,889
NET CURRENT ASSETS			6,377	2,416
NET ASSETS			£19,483	£12,462

CAPITAL AND RESERVES
Called up share capital			2	2
Retained earnings			19,481	12,460
SHAREHOLDERS' FUNDS			£19,483	£12,462

	The notes on pages 4-8 form part of these financial statements

	page 2

ABC COURIERS LTD
Company registered number: 03303731
STATEMENT OF FINANCIAL POSITION AT 31 January 2017 (CONT.)

	Note	2017		2016
		£	£	£



	In approving these financial statements as director of the company I hereby confirm the following:

	For the year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

	The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2017 in accordance with section 476 of the Companies Act 2006.

	The directors acknowledge their responsibilities for: 1) ensuring that the company keeps accounting records which comply with Sections 386 and 386 of the Companies Act 2006, and 2) preparing financial statements that give a true and fair view of the state of affairs of the company at at the end of each financial year and of its profit or loss for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to the financial statements, so far as they are applicable to the company.


	These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies

	In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

	The financial statements were approved and authorised for issue by the board of directors on 25 July 2017

	Signed on behalf of the board of directors



	S J Barrett, Director

	The notes on pages 4-8 form part of these financial statements

	page 3

	ABC COURIERS LTD
	NOTES TO THE ACCOUNTS
	FOR THE YEAR ENDED 31 JANUARY 2017



1.	SIGNIFICANT ACCOUNTING POLICIES


1a.	Statement of compliance

	ABC Couriers Ltd is a private limited company incorporated in England and Wales.

	Registered office:
	AIMS, Bridge House, Riverside North, Bewdley DY12 1AB
	These financial statements are the first financial statements that comply with FRS 102. The date of transition is 1 February 2016.

	The transition to FRS 102 has resulted in a small number of changes in accounting policies to those used previously. The nature of these changes and their impact on opening equity and profit for the comparative period are explained in notes and below. These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

	Basis of accounting


	The financial statements have been prepared under the historical cost convention. The presentation currency is £ sterling.


1c.	Revenue recognition

	Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.


1d.	Borrowing costs

	Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.


1e.	Taxation


	Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

	The notes on pages 4-8 form part of these financial statements

	page 4

	ABC COURIERS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 JANUARY 2017



1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)


1f.	Property, plant and equipment

	Depreciation is provided, after taking account of any grants receivable, at the following annual rates in order to write off each asset over its estimated useful life.

	Plant and machinery	Reducing balance 25%
	Vehicles	Reducing balance 25%
	Fixtures and fittings	Reducing balance 15%
	Equipment	Reducing balance 20%


1g.	Inventories

	Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition.


1h.	Short term debtors and creditors

	Debtors and creditors receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in profit and loss.


1i.	Cash and cash equivalents

	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. For the purpose of statement of cash flows, bank overdrafts which are repayable on demand form an integral part of the Company's cash management are included as a component of cash and cash equivalents.


1j.	Interest bearing borrowings

	All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the present value of cash payable to the bank (including interest). After initial recognition they are measured at amortised cost using the effective interest rate method, less impairment. Any difference between the amount initially recognised and redemption value is recognised in profit and loss together with any interest and fees payable.

	The notes on pages 4-8 form part of these financial statements

	page 5

	ABC COURIERS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 JANUARY 2017



1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)


1k.	Leased assets

	Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the Company are capitalised in the balance sheet and are depreciated over the shorter of the lease term and the asset's useful life. A corresponding liability is recognised for the lower of the fair value of the leased asset and the present value of the minimum lease payments in the balance sheet. Lease payments are apportioned between the reduction of the lease liability and finance charges in the income statement so as to achieve a constant rate of interest on the remaining balance of the liability. Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term. Lease incentives are recognised over the lease term on a straight line basis.


1l.	Foreign currencies

	Transactions in foreign currencies are initially recorded in the entity’s functional currency by applying the spot exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account.


1m.	Employee benefits

	The obligations for contributions to defined contribution scheme are recognised as an expense as incurred. The assets of the scheme are held separately from those of the Company in an independent administered fund.


1n.	Discontinued operations

	A discontinued operation is a component of the Company's business, the operations and cash flows of which can be clearly distinguished from the rest of the Company and which represents a separate major line of business or geographical area of operations, or is part of a signal coordinated disposal of a separate major line of business or geographical area of operations, or is a subsidiary acquired exclusively with a review to resale.


1o.	Provisions

	Provisions are recognised when the Company has a present legal or constructive obligation arising as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense.

	The notes on pages 4-8 form part of these financial statements

	page 6

	ABC COURIERS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 JANUARY 2017



1.	SIGNIFICANT ACCOUNTING POLICIES (CONT.)


1p.	Judgements and key sources of estimation uncertainty

	In the application of the Company's accounting policies, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:



2.	DIRECTORS AND EMPLOYEES

	The average weekly number of employees during the year were as follows:
		2017	2016
		No.	No.

	The notes on pages 4-8 form part of these financial statements

	page 7

	ABC COURIERS LTD
	NOTES TO THE ACCOUNTS (CONT.)
	FOR THE YEAR ENDED 31 JANUARY 2017


3.	PROPERTY, PLANT AND EQUIPMENT
		Plant &	Fixtures &
		Machinery	Equipment	Total
		£	£	£
	Cost

	At 1 February 2016	3,891	45,140	49,031
	Additions other than through business combinations	-	6,667	6,667

	At 31 January 2017	3,891	51,807	55,698

	Depreciation

	At 1 February 2016	3,702	35,283	38,985
	For the year	29	3,578	3,607
	At 31 January 2017	3,731	38,861	42,592

	Net Book Amounts

	At 31 January 2017	160	12,946	13,106
	At 31 January 2016	189	9,857	10,046



4.	DEBTORS	2017	2016
		£	£
	Trade debtors	41,763	40,522
	Other debtors	17,223	8,383
		£58,986	£48,905



5.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		2017	2016
		£	£
	Bank loans and overdrafts	27,626	19,506
	Trade creditors	10,594	11,636
	Corporation tax	6,809	7,263
	Other taxes and social security	3,675	4,579
	Accruals and deferred income	3,905	3,905
		£52,609	£46,889

	The company has granted a floating charge on all its assets to secure bank overdrafts of £100,000 (2016 -£75,000).

	The notes on pages 4-8 form part of these financial statements

	page 8