Company Registration No. SC292831 (Scotland)
Eagle Couriers (Holdings) Limited
Unaudited financial statements
for the year ended 31 May 2019
Pages for filing with Registrar
Eagle Couriers (Holdings) Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Eagle Couriers (Holdings) Limited
Balance sheet
as at 31 May 2019
31 May 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investments
3
1,890,136
1,470,136
Current assets
-
-
Creditors: amounts falling due within one year
4
(1,200,362)
(669,957)
Net current liabilities
(1,200,362)
(669,957)
Total assets less current liabilities
689,774
800,179
Capital and reserves
Called up share capital
5
107,893
107,893
Capital redemption reserve
57,893
57,893
Profit and loss reserves
523,988
634,393
Total equity
689,774
800,179
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 May 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he 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 by the board and authorised for issue on 29 January 2020 and are signed on its behalf by:
Ms F Deas
Director
Company Registration No. SC292831
Eagle Couriers (Holdings) Limited
Notes to the financial statements
for the year ended 31 May 2019
- 2 -
1
Accounting policies
Company information
Eagle Couriers (Holdings) Limited is a
private
company
limited by shares
incorporated in Scotland.
The registered office is
Dentons, Quarter Mile One, 15 Lauriston Place, Edinburgh, EH3 9EP.
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 a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
The company has net current liabilities of £1,142,342, including £1,072,342 due to a subsidiary. The directors of the subsidiary have confirmed that they will continue to provide financial support to the company and will not seek repayment of this debt to the detriment of the company to continue as a going concern. Therefore the directors consider the going concern basis to be appropriate.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
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.
Eagle Couriers (Holdings) Limited
Notes to the financial statements (continued)
for the year ended 31 May 2019
1
Accounting policies (continued)
- 3 -
1.5
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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Eagle Couriers (Holdings) Limited
Notes to the financial statements (continued)
for the year ended 31 May 2019
1
Accounting policies (continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.8
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.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2018 - 0).
3
Fixed asset investments
2019
2018
£
£
Investments
1,890,136
1,470,136
Eagle Couriers (Holdings) Limited
Notes to the financial statements (continued)
for the year ended 31 May 2019
3
Fixed asset investments (continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2018
1,470,136
Additions
420,000
At 31 May 2019
1,890,136
Carrying amount
At 31 May 2019
1,890,136
At 31 May 2018
1,470,136
4
Creditors: amounts falling due within one year
2019
2018
£
£
Amounts owed to group undertakings
1,100,362
543,078
Corporation tax
-
26,879
Other creditors
100,000
100,000
1,200,362
669,957
5
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
107,893 Ordinary shares of £1 each
107,893
107,893
6
Events after the reporting date
On the 21 June 2019 the company purchased 25,500 of its shares and Fiona Deas became the ultimate controlling party.
7
Directors' transactions
Dividends totalling £99,917 (2018 - £109,000) were paid in the year in respect of shares held by the company's directors.