Company registration number 05634425 (England and Wales)
57 TAXIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
57 TAXIS LIMITED
BALANCE SHEET
AS AT 28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,774,673
1,986,154
Tangible assets
4
43,724
70,865
1,818,397
2,057,019
Current assets
Debtors
5
1,504,042
1,316,571
Cash at bank and in hand
1,309,438
205,773
2,813,480
1,522,344
Creditors: amounts falling due within one year
6
(2,166,395)
(1,115,842)
Net current assets
647,085
406,502
Total assets less current liabilities
2,465,482
2,463,521
Creditors: amounts falling due after more than one year
7
(1,305,807)
Provisions for liabilities
8
(10,931)
(24,815)
Net assets
2,454,551
1,132,899
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,454,451
1,132,799
Total equity
2,454,551
1,132,899
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
57 TAXIS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 16 November 2023 and are signed on its behalf by:
C D Hall
Director
Company Registration No. 05634425
57 TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 3 -
1
Accounting policies
Company information
57 Taxis Limited is a private company limited by shares incorporated in England and Wales registered number 05634425. The registered office is 10-12 Princes Avenue, Hull, East Yorkshire, HU5 3QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% Reducing balance
Motor vehicles
25% Straight line
Office equipment
25 - 33% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
57 TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
57 TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
In the prior year the UK government had offered a range of financial support packages to help companies, including government backed financing arrangements, furlough schemes, deferment of VAT payments and, for some sectors, business rates holidays.
In the prior year, the company used the furlough scheme and deferral of VAT payments. The income from the furlough scheme has been recognised within 'Other operating income'. Grants were recognised when the entity had reasonable assurance that they would comply with the conditions attaching the grant, and that the grant would be received.
57 TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
45
41
3
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022
2,695,717
Additions
256,061
At 28 February 2023
2,951,778
Amortisation and impairment
At 1 March 2022
709,563
Amortisation charged for the year
467,542
At 28 February 2023
1,177,105
Carrying amount
At 28 February 2023
1,774,673
At 28 February 2022
1,986,154
57 TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Office equipment
Total
£
£
£
£
Cost
At 1 March 2022
6,981
63,884
171,733
242,598
Additions
4,778
8,517
13,295
Disposals
(24,797)
(24,797)
At 28 February 2023
11,759
39,087
180,250
231,096
Depreciation and impairment
At 1 March 2022
1,474
9,316
160,943
171,733
Depreciation charged in the year
2,213
11,661
7,271
21,145
Eliminated in respect of disposals
(5,506)
(5,506)
At 28 February 2023
3,687
15,471
168,214
187,372
Carrying amount
At 28 February 2023
8,072
23,616
12,036
43,724
At 28 February 2022
5,507
54,568
10,790
70,865
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
418,113
344,433
Amounts owed by group undertakings
986,589
924,722
Other debtors
54,202
7,462
Prepayments and accrued income
45,138
39,954
1,504,042
1,316,571
57 TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
955,798
175,000
Trade creditors
29,041
27,405
Amounts owed to group undertakings
17,856
Corporation tax
504,122
160,647
Other taxation and social security
379,618
245,551
Other creditors
32,451
75,496
Accruals and deferred income
265,365
413,887
2,166,395
1,115,842
Other borrowings of £955,798 (2022:£175,000) relates to loans provided by directors, key management, and other interested entities. Interest on the loans are charged at a rate of 8% at the balance sheet date.
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other borrowings
1,305,807
Other borrowings of £Nil (2022:£1,305,807) relates to loans provided by directors, key management, and other interested entities. Interest on the loans are charged at a rate of 8% at the balance sheet date.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
10,931
24,815
2023
Movements in the year:
£
Liability at 1 March 2022
24,815
Credit to profit or loss
(13,884)
Liability at 28 February 2023
10,931
57 TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
Within one year
18,560
26,997
Between two and five years
50,360
56,000
68,920
82,997
10
Related party transactions
The Company is a wholly owned subsidiary of MACD Holdings Limited, and the ultimate parent company is GHP Ventures Limited, and as such has taken advantage of the exemption permitted by Section 33 'Related Party Disclosures' not to provide disclosures of transactions entered into with the parent company or other wholly owned subsidiaries within a group.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Amounts owed to group companies
17,856
Amounts due to other related parties
476,430
778,823
Directors
101,544
144,820
Key management personnel
235,371
423,807
2023
2022
Amounts due from related parties
£
£
Amounts due from group companies
986,590
924,722
11
Parent company
The ultimate parent company is GHP Ventures Limited, a company registered in England and Wales registered number 11815099.
GHP Ventures Limited is controlled by D Pennock, P Green and C Hall, who hold 100% of the issued share capital.