Registered number
05764264
The London Chauffeur Company Limited
Filleted Accounts
31 March 2023
MAT & CO
ACCOUNTANCY SERVICES LTD
Chartered Certified Accountants
Registered Auditors
264 High Street
Beckenham
Kent
BR3 1DZ
The London Chauffeur Company Limited
Report and accounts
Contents
Page
Balance sheet 2
Notes to the accounts 3 to 6
The London Chauffeur Company Limited
Registered number: 05764264
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 379,499 282,589
Current assets
Debtors 5 250,426 131,457
Cash at bank and in hand 84,364 104,498
334,790 235,955
Creditors: amounts falling due within one year 6 (200,040) (130,587)
Net current assets 134,750 105,368
Total assets less current liabilities 514,249 387,957
Creditors: amounts falling due after more than one year 7 (170,964) (169,695)
Provisions for liabilities (79,875) (53,692)
Net assets 263,410 164,570
Capital and reserves
Called up share capital 100 100
Profit and loss account 263,310 164,470
Shareholders' funds 263,410 164,570
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.
_______________________________________
Mr. Jonathan Porter
Director
Approved by the board on 21 August 2023
The London Chauffeur Company Limited
Notes to the Accounts
for the year ended 31 March 2023
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 (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery 25% Reducing balance
Fixtures, fittings, tools and equipment 15% Reducing balance
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.
Page continued
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 36,500
At 31 March 2023 36,500
Amortisation
At 1 April 2022 36,500
At 31 March 2023 36,500
Net book value
At 31 March 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2022 14,084 411,694 425,778
Additions 592 272,597 273,189
Disposals - (176,792) (176,792)
At 31 March 2023 14,676 507,499 522,175
Depreciation
At 1 April 2022 10,176 133,013 143,189
Charge for the year 675 82,242 82,917
On disposals - (83,430) (83,430)
At 31 March 2023 10,851 131,825 142,676
Net book value
At 31 March 2023 3,825 375,674 379,499
At 31 March 2022 3,908 278,681 282,589
5 Debtors 2023 2022
£ £
Trade debtors 158,923 72,805
Other debtors 91,503 58,652
250,426 131,457
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Obligations under finance lease and hire purchase contracts 40,822 37,854
Trade creditors 91,859 36,960
Taxation and social security costs 46,288 40,629
Other creditors 11,071 5,144
200,040 130,587
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 22,362 32,068
Obligations under finance lease and hire purchase contracts 148,602 137,627
170,964 169,695
8 Related party transactions
Included in other debtors is a directors' loan account £9,573 balance (2022 - £9,393).
During the year , an amount of £2,880 [2022 - £2,760] was paid to the director for use of home.
9 Controlling party
The ultimate controlling party is Mr. Jonathan Porter by virtue of his majority shareholding in connection with his spouse.
10 Other information
The London Chauffeur Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
264 High Street
Beckenham
Kent
BR3 1DZ
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