Registered number
05573981
iChauffeur Limited
Report and Accounts
31 December 2022
iChauffeur Limited
Registered number: 05573981
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 37,792 37,082
Current assets
Debtors 4 163,201 104,523
Cash at bank and in hand 199,121 171,953
362,322 276,476
Creditors: amounts falling due within one year 5 (292,886) (227,566)
Net current assets 69,436 48,910
Total assets less current liabilities 107,228 85,992
Creditors: amounts falling due after more than one year 6 (39,546) (82,700)
Provisions for liabilities (206) (1,962)
Net assets 67,476 1,330
Capital and reserves
Called up share capital 70 70
Share premium 30 30
Profit and loss account 67,376 1,230
Shareholders' funds 67,476 1,330
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
W Senior
Director
Approved by the board on 29 September 2023
iChauffeur Limited
Notes to the Accounts
for the year ended 31 December 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Going concern
We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak and the directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the forseeable future.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold property improvements over the lease term
Motor vehicles over 3 years
Fixtures, fittings and equipment 25% p.a. Reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 6 6
3 Tangible fixed assets
Leasehold property Fixtures, fittings & equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2022 13,244 81,462 48,075 142,781
Additions - 7,414 - 7,414
At 31 December 2022 13,244 88,876 48,075 150,195
Depreciation
At 1 January 2022 13,244 69,152 23,303 105,699
Charge for the year - 4,931 1,773 6,704
At 31 December 2022 13,244 74,083 25,076 112,403
Net book value
At 31 December 2022 - 14,793 22,999 37,792
At 31 December 2021 - 12,310 24,772 37,082
[For revalued assets, state the years in which the assets were valued and their values. For assets revalued during the reporting period, state the names of the persons who revalued them or particulars of their qualifications for doing so and the bases of valuation used by them.]
4 Debtors 2022 2021
£ £
Trade debtors 152,054 81,230
Amounts due from related parties 5,304 5,304
Other debtors 5,843 17,989
163,201 104,523
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 16,363 16,363
Obligations under finance lease and hire purchase contracts - 4,893
Trade creditors 67,027 101,334
Payments received on account 45,197 11,278
Corporation tax 37,100 14,250
Other taxes and social security costs 97,592 58,231
Other creditors 29,607 21,217
292,886 227,566
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 39,546 55,910
Obligations under finance lease and hire purchase contracts - 26,790
39,546 82,700
7 Other information
iChauffeur Limited is a private company limited by shares and incorporated in England. Its registered office is:
137 Station Road
Hampton
Middlesex
TW12 2AL
iChauffeur Limited 05573981 false 2022-01-01 2022-12-31 2022-12-31 VT Final Accounts April 2022 W Senior No description of principal activity 05573981 2021-01-01 2021-12-31 05573981 core:WithinOneYear 2021-12-31 05573981 core:AfterOneYear 2021-12-31 05573981 core:ShareCapital 2021-12-31 05573981 core:SharePremium 2021-12-31 05573981 core:RetainedEarningsAccumulatedLosses 2021-12-31 05573981 2022-01-01 2022-12-31 05573981 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 05573981 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 05573981 bus:Director40 2022-01-01 2022-12-31 05573981 1 2022-01-01 2022-12-31 05573981 2 2022-01-01 2022-12-31 05573981 core:LandBuildings 2022-01-01 2022-12-31 05573981 core:PlantMachinery 2022-01-01 2022-12-31 05573981 core:Vehicles 2022-01-01 2022-12-31 05573981 countries:England 2022-01-01 2022-12-31 05573981 bus:FRS102 2022-01-01 2022-12-31 05573981 bus:FullAccounts 2022-01-01 2022-12-31 05573981 2022-12-31 05573981 core:WithinOneYear 2022-12-31 05573981 core:AfterOneYear 2022-12-31 05573981 core:ShareCapital 2022-12-31 05573981 core:SharePremium 2022-12-31 05573981 core:RetainedEarningsAccumulatedLosses 2022-12-31 05573981 core:LandBuildings 2022-12-31 05573981 core:PlantMachinery 2022-12-31 05573981 core:Vehicles 2022-12-31 05573981 2021-12-31 05573981 core:LandBuildings 2021-12-31 05573981 core:PlantMachinery 2021-12-31 05573981 core:Vehicles 2021-12-31 iso4217:GBP xbrli:pure