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Registration number: 07878964

Independent Taxis Torbay Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

Independent Taxis Torbay Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Independent Taxis Torbay Limited

Company Information

Director

Mr Jamie Pike

Company secretary

Mrs Vikki Pike

Registered office

9 Helmdon Rise,
Shiphay
Torquay
Devon
TQ2 7SA

Accountants

Neil Wilson & Co Chartered Accountants
Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

Independent Taxis Torbay Limited

(Registration number: 07878964)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

7,846

10,461

Current assets

 

Debtors

5

1,684

-

Cash at bank and in hand

 

6,351

9,885

 

8,035

9,885

Creditors: Amounts falling due within one year

6

(15,697)

(15,714)

Net current liabilities

 

(7,662)

(5,829)

Total assets less current liabilities

 

184

4,632

Creditors: Amounts falling due after more than one year

6

250

250

Net assets

 

434

4,882

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

432

4,880

Shareholders' funds

 

434

4,882

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.

Director's 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 director acknowledges his 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 February 2024
 

.........................................
Mr Jamie Pike
Director

 

Independent Taxis Torbay 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:
9 Helmdon Rise,
Shiphay
Torquay
Devon
TQ2 7SA
United Kingdom

These financial statements were authorised for issue by the director on 5 February 2024.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change 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.

 

Independent Taxis Torbay Limited

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

Tangible assets

Tangible assets are stated in the balance sheet 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

Office equipment

25% reducing balance basis

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.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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 subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Independent Taxis Torbay Limited

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

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

 

Independent Taxis Torbay Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2022

240

16,990

17,230

At 31 May 2023

240

16,990

17,230

Depreciation

At 1 June 2022

228

6,541

6,769

Charge for the year

3

2,612

2,615

At 31 May 2023

231

9,153

9,384

Carrying amount

At 31 May 2023

9

7,837

7,846

At 31 May 2022

12

10,449

10,461

5

Debtors

Current

2023
£

2022
£

Trade debtors

1,684

-

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

14,152

19,658

Taxation and social security

 

1,207

3,097

Accruals and deferred income

 

825

790

Other creditors

 

(487)

(7,831)

 

15,697

15,714

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

(250)

(250)

 

Independent Taxis Torbay Limited

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

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

(250)

(250)

2023
£

2022
£

Current loans and borrowings

Bank borrowings

14,152

19,658

9

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £2,000.00 (2022 - £2,000.00) per ordinary share

 

4,000

 

4,000

         

10

Related party transactions

 

Independent Taxis Torbay Limited

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

Transactions with the director

2023

At 1 June 2022
£

Repayments by director
£

At 31 May 2023
£

Mr Jamie Pike

Director loan

7,831

(7,344)

487

       
     

 

2022

At 1 June 2021
£

Advances to director
£

At 31 May 2022
£

Mr Jamie Pike

Director loan

(15,643)

23,474

7,831

       
     

 

 

Independent Taxis Torbay Limited

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

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

19,530

17,055

Dividends paid to the director

   

2023
£

 

2022
£

Mr Jamie Pike

       

Mr Jamie Pike

 

2,000

 

2,000