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Registration number: 04448684

Prepared for the registrar

Taxi Studio Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

Taxi Studio Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Taxi Studio Limited

Company Information

Directors

A M Bane

S W Buck

R B Wills

Registered office

Zone 7
470 Bath Road
Bristol
BS4 3HG

Accountants

Hazlewoods LLP
Chartered Accountants
Windsor House
Bayshill Road
Cheltenham
Gloucestershire
GL50 3AT

 

Taxi Studio Limited

(Registration number: 04448684)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

3,842

5,320

Tangible assets

5

54,054

38,130

Investments

6

35,000

35,000

 

92,896

78,450

Current assets

 

Debtors

7

1,451,403

1,288,567

Cash at bank and in hand

 

1,453,090

1,457,039

 

2,904,493

2,745,606

Creditors: Amounts falling due within one year

8

(885,179)

(757,456)

Net current assets

 

2,019,314

1,988,150

Total assets less current liabilities

 

2,112,210

2,066,600

Deferred tax liabilities

 

1,654

-

Net assets

 

2,113,864

2,066,600

Capital and reserves

 

Called up share capital

1,200

1,200

Profit and loss account

2,112,664

2,065,400

Shareholders' funds

 

2,113,864

2,066,600

For the financial year ending 31 May 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 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 6 February 2024 and signed on its behalf by:
 


R B Wills
Director

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

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:
Zone 7
470 Bath Road
Bristol
BS4 3HG

 

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 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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 charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold land and buildings

Lease term - 5 years

Computer equipment

33.3% Straight line

Office equipment

33.3% Straight line

Fixtures and fittings

25% Straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquiisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development costs

50% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 39 (2022 - 35).

 

4

Intangible assets

Website development costs
 £

Total
£

Cost

At 1 June 2022

6,525

6,525

Additions acquired separately

1,862

1,862

At 31 May 2023

8,387

8,387

Amortisation

At 1 June 2022

1,205

1,205

Amortisation charge

3,340

3,340

At 31 May 2023

4,545

4,545

Carrying amount

At 31 May 2023

3,842

3,842

At 31 May 2022

5,320

5,320

 

5

Tangible assets

Long leasehold land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost

At 1 June 2022

198,038

76,928

249,844

524,810

Additions

-

1,155

40,274

41,429

Disposals

-

-

(67,530)

(67,530)

At 31 May 2023

198,038

78,083

222,588

498,709

Depreciation

At 1 June 2022

195,732

73,561

217,387

486,680

Charge for the year

1,716

1,916

21,873

25,505

Eliminated on disposal

-

-

(67,530)

(67,530)

At 31 May 2023

197,448

75,477

171,730

444,655

Carrying amount

At 31 May 2023

590

2,606

50,858

54,054

At 31 May 2022

2,306

3,367

32,457

38,130

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

6

Investments

2023
£

2022
£

Investments in associates

35,000

35,000

Associates

£

Cost

At 1 June 2022

35,000

At 31 May 2023

35,000

Provision

Carrying amount

At 31 May 2023

35,000

At 31 May 2022

35,000

 

7

Debtors

Note

2023
 £

2022
 £

Trade debtors

 

643,085

441,011

Amounts owed by related parties

11

35,272

35,272

Other debtors

 

704,613

712,076

Prepayments

 

68,433

100,208

   

1,451,403

1,288,567

 

8

Creditors

2023
 £

2022
 £

Due within one year

Trade creditors

54,793

150,420

Social security and other taxes

69,387

54,238

Outstanding defined contribution pension costs

16,399

12,496

Accrued expenses

244,235

237,144

Corporation tax liability

113,460

99,784

Deferred income

386,905

203,374

885,179

757,456

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023

 

9

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Fixed asset timing differences

(12,126)

Short term timing differences

13,780

1,654

2022

There were no deferred tax assets or liabilities recognised in respect of the year ended 31 May 2022.

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £217,663 (2022 - £241,687).

 

11

Related party transactions

At 31 May 2023, the director A Bane owed the company £15,936 (2022: £15,936), the director S Buck owed the company £12,785 (2022: £12,785) and the director R Wills owed the company £6,551 (2022: £6,551) in the form of directors' loan accounts. The loans are interest free, unsecured and repayable on demand.