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Torbay Taxis Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 April 2022

Registration number: 02798978

 

Torbay Taxis Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

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

55 Belgrave Road
Torquay
Devon
TQ2 5HZ

Accountants

Francis Clark LLP
Sigma House
Oak View Close
Edginswell Park
Torquay
Devon
TQ2 7FF

 

Torbay Taxis Limited

Balance Sheet

30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

5

8,753

18,786

Tangible assets

6

41,904

44,651

 

50,657

63,437

Current assets

 

Debtors

7

84,305

54,193

Cash at bank and in hand

 

186,490

239,621

 

270,795

293,814

Creditors: Amounts falling due within one year

8

(121,659)

(106,189)

Net current assets

 

149,136

187,625

Total assets less current liabilities

 

199,793

251,062

Creditors: Amounts falling due after more than one year

8

(56,061)

(74,242)

Provisions for liabilities

(163)

(250)

Net assets

 

143,569

176,570

Capital and reserves

 

Called up share capital

10

50,002

50,002

Profit and loss account

93,567

126,568

Shareholders' funds

 

143,569

176,570

 

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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 Board on 14 September 2022 and signed on its behalf by:
 

.........................................
Mr P Filby
Director

   
     

Company Registration Number: 02798978

 

Torbay Taxis Limited

Notes to the Financial Statements

Year Ended 30 April 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
55 Belgrave Road
Torquay
Devon
TQ2 5HZ

These financial statements were authorised for issue by the Board on 14 September 2022.

2

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
The company holds the following financial instruments:

• 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
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2021 - 25).

4

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2021

200,653

200,653

At 30 April 2022

200,653

200,653

Amortisation

At 1 May 2021

181,867

181,867

Amortisation charge

10,033

10,033

At 30 April 2022

191,900

191,900

Carrying amount

At 30 April 2022

8,753

8,753

At 30 April 2021

18,786

18,786

 

Torbay Taxis Limited

Notes to the Financial Statements

Year Ended 30 April 2022

6

Tangible assets

Land and buildings
£

Fixtures and fittings
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2021

29,121

97,985

5,500

539,562

672,168

Additions

-

-

-

5,145

5,145

At 30 April 2022

29,121

97,985

5,500

544,707

677,313

Depreciation

At 1 May 2021

-

95,787

4,195

527,535

627,517

Charge for the year

-

598

326

6,968

7,892

At 30 April 2022

-

96,385

4,521

534,503

635,409

Carrying amount

At 30 April 2022

29,121

1,600

979

10,204

41,904

At 30 April 2021

29,121

2,198

1,305

12,027

44,651

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

7

Debtors

2022
£

2021
£

Trade debtors

82,307

50,994

Prepayments

1,797

1,582

Other debtors

201

1,617

84,305

54,193

 

Torbay Taxis Limited

Notes to the Financial Statements

Year Ended 30 April 2022

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

9

18,182

18,182

Trade creditors

 

5,973

5,211

Taxation and social security

 

54,122

37,689

Other creditors

 

37,082

39,657

Accruals and deferred income

 

6,300

5,450

 

121,659

106,189

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

9

56,061

74,242

9

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

18,182

18,182

2022
£

2021
£

Loans and borrowings due after one year

Bank borrowings

56,061

74,242

Bank borrowings

CBILS Loan is denominated in Sterling with a nominal interest rate of 2.99%, and the final instalment is due on 1 May 2027. The carrying amount at year end is £74,243 (2021 - £92,424).

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

10

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary A shares of £1 each

40,002

40,002

40,002

40,002

Ordinary B shares of £1 each

10,000

10,000

10,000

10,000

 

50,002

50,002

50,002

50,002

11

Obligations under leases

Operating leases

The total of future minimum lease payments is as follows:

2022
 £

2021
 £

Not later than one year

2,630

3,904

Later than one year and not later than five years

-

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).