60 false false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 462,300 151,575 41,730 193,305 268,995 310,725 461,220 461,220 461,220 xbrli:pure xbrli:shares iso4217:GBP NI031651 2022-07-01 2023-06-30 NI031651 2023-06-30 NI031651 2022-06-30 NI031651 2021-07-01 2022-06-30 NI031651 2022-06-30 NI031651 2021-06-30 NI031651 core:NetGoodwill 2022-07-01 2023-06-30 NI031651 core:PlantMachinery 2022-07-01 2023-06-30 NI031651 core:FurnitureFittings 2022-07-01 2023-06-30 NI031651 core:MotorVehicles 2022-07-01 2023-06-30 NI031651 bus:Director1 2022-07-01 2023-06-30 NI031651 core:NetGoodwill 2022-06-30 NI031651 core:NetGoodwill 2023-06-30 NI031651 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 NI031651 core:PlantMachinery 2022-06-30 NI031651 core:FurnitureFittings 2022-06-30 NI031651 core:MotorVehicles 2022-06-30 NI031651 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 NI031651 core:PlantMachinery 2023-06-30 NI031651 core:FurnitureFittings 2023-06-30 NI031651 core:MotorVehicles 2023-06-30 NI031651 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 NI031651 core:WithinOneYear 2023-06-30 NI031651 core:WithinOneYear 2022-06-30 NI031651 core:AfterOneYear 2023-06-30 NI031651 core:AfterOneYear 2022-06-30 NI031651 core:ShareCapital 2023-06-30 NI031651 core:ShareCapital 2022-06-30 NI031651 core:RetainedEarningsAccumulatedLosses 2023-06-30 NI031651 core:RetainedEarningsAccumulatedLosses 2022-06-30 NI031651 core:NetGoodwill 2022-06-30 NI031651 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 NI031651 core:Non-currentFinancialInstruments 2023-06-30 NI031651 core:Non-currentFinancialInstruments 2022-06-30 NI031651 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 NI031651 core:PlantMachinery 2022-06-30 NI031651 core:FurnitureFittings 2022-06-30 NI031651 core:MotorVehicles 2022-06-30 NI031651 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-06-30 NI031651 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2022-06-30 NI031651 bus:SmallEntities 2022-07-01 2023-06-30 NI031651 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 NI031651 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 NI031651 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 NI031651 bus:FullAccounts 2022-07-01 2023-06-30
COMPANY REGISTRATION NUMBER: NI031651
Value Cabs Limited
Filleted Unaudited Financial Statements
30 June 2023
Value Cabs Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Value Cabs Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
268,995
310,725
Tangible assets
6
2,095,015
2,204,364
Investments
7
461,220
461,220
------------
------------
2,825,230
2,976,309
Current assets
Stocks
15,611
12,927
Debtors
8
1,795,660
1,119,442
Cash at bank and in hand
223
313,817
------------
------------
1,811,494
1,446,186
Creditors: amounts falling due within one year
9
1,062,486
898,497
------------
------------
Net current assets
749,008
547,689
------------
------------
Total assets less current liabilities
3,574,238
3,523,998
Creditors: amounts falling due after more than one year
10
1,212,014
1,689,420
Provisions
Taxation including deferred tax
20,734
20,734
------------
------------
Net assets
2,341,490
1,813,844
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,341,390
1,813,744
------------
------------
Shareholders funds
2,341,490
1,813,844
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Value Cabs Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 4 September 2023 , and are signed on behalf of the board by:
Mr C P McCausland
Director
Value Cabs Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 33 - 35 Grosvenor Road, Belfast, BT12 4GR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
25% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
Nil
Plant & Machinery
-
20% reducing balance
Fixtures & Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 60 (2022: 53 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
462,300
---------
Amortisation
At 1 July 2022
151,575
Charge for the year
41,730
---------
At 30 June 2023
193,305
---------
Carrying amount
At 30 June 2023
268,995
---------
At 30 June 2022
310,725
---------
6. Tangible assets
Freehold property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2022
1,550,137
2,852,856
746,039
304,168
5,453,200
Additions
8,958
57,649
47,664
114,271
------------
------------
---------
---------
------------
At 30 June 2023
1,559,095
2,910,505
793,703
304,168
5,567,471
------------
------------
---------
---------
------------
Depreciation
At 1 July 2022
7,606
2,628,660
585,245
27,325
3,248,836
Charge for the year
3,162
127,425
47,675
45,358
223,620
------------
------------
---------
---------
------------
At 30 June 2023
10,768
2,756,085
632,920
72,683
3,472,456
------------
------------
---------
---------
------------
Carrying amount
At 30 June 2023
1,548,327
154,420
160,783
231,485
2,095,015
------------
------------
---------
---------
------------
At 30 June 2022
1,542,531
224,196
160,794
276,843
2,204,364
------------
------------
---------
---------
------------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 June 2023
230,937
---------
At 30 June 2022
275,635
---------
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2022 and 30 June 2023
461,220
---------
Impairment
At 1 July 2022 and 30 June 2023
---------
Carrying amount
At 30 June 2023
461,220
---------
At 30 June 2022
461,220
---------
The company holds a 50% shareholding in Mara Developments Limited at the cost of £1. Mara Developments Limited showed a deficit for year ended 30 June 2023 of (£250,967) (2022: £90,074) and net assets of £(71,335) at 30 June 2023 (2022: £179,615). Value Cabs Limited has confirmed its ongoing financial support for the company.
The company owns 100% of the share capital of Value Car Parking Limited and Value Parking Group Limited, all dormant companies with net assets of £1 at 30 June 2023.
8. Debtors
2023
2022
£
£
Trade debtors
645,481
729,606
Other debtors
1,150,179
389,836
------------
------------
1,795,660
1,119,442
------------
------------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
459,661
186,426
Trade creditors
12,524
82,846
Corporation tax
142,213
47,081
Social security and other taxes
127,863
130,080
Other creditors
320,225
452,064
------------
---------
1,062,486
898,497
------------
---------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,129,514
1,558,614
Other creditors
82,500
130,806
------------
------------
1,212,014
1,689,420
------------
------------