Year Ended
Registration number:
Torbay Taxis Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Torbay Taxis Limited
Company Information
Directors |
Mr P Filby Mrs A P Filby Mrs L M Weir Mr P D Le Huray Mrs V E Le Huray |
Company secretary |
Mrs L M Weir |
Registered office |
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Accountants |
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Torbay Taxis Limited
Balance Sheet
30 April 2022
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2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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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 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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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Torbay Taxis Limited
Balance Sheet
30 April 2022
For the financial year ending 30 April 2022 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 02798978
Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', including Section 1A, and the Companies Act 2006.
There is no material departure from FRS 102.
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
In the opinion of the directors, the company has sufficient working capital within existing facilities to continue to trade for foreseeable future, and therefore the financial statements have prepared on a going concern basis.
Revenue recognition
Turnover represents amounts chargeable, net of value added tax, in respect of the services to customers.
Government grants
Grant income is accounted for using the accruals method. Revenue grants are recognised on a systematic basis over the periods to which the costs to which the grants relate are recognised. Capital grants are recognised over the useful life of the related asset on the same basis as depreciation is charged.
Goodwill
Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.
Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
Amortisation
Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
10% straight line |
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 provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% reducing balance |
Fixtures and fittings |
15% straight line |
Computer equipment |
20% straight line |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Government grants |
During the year the company received the following government grants:-
- £30,526 Coronavirus Job Retention Scheme
- £912 Coronavirus General Support
The amount of grants recognised in the financial statements was £31,438 (2021 - £124,638).
Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2021 |
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At 30 April 2022 |
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Amortisation |
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At 1 May 2021 |
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Amortisation charge |
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At 30 April 2022 |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
Tangible assets |
Land and buildings |
Fixtures and fittings |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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Depreciation |
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At 1 May 2021 |
- |
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Charge for the year |
- |
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At 30 April 2022 |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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Included within the net book value of land and buildings above is £Nil (2021 - £Nil) in respect of freehold land and buildings and £29,121 (2021 - £29,121) in respect of long leasehold land and buildings.
Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
Debtors |
2022 |
2021 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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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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Other creditors |
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Accruals and deferred income |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Bank borrowings
The directors took advantage of the CBILS loan Scheme available to support businesses during the COVID-19 pandemic. |
Torbay Taxis Limited
Notes to the Financial Statements
Year Ended 30 April 2022
Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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40,002 |
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40,002 |
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10,000 |
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10,000 |
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Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
2022 |
2021 |
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Not later than one year |
2,630 |
3,904 |
Later than one year and not later than five years |
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2,928 |
2,630 |
6,832 |
The amount of non-cancellable operating lease payments recognised as an expense during the year was £4,202 (2021 - £3,561).