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Registration number: 01867707

Radio Taxis (Southampton) Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Radio Taxis (Southampton) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Statement of Changes in Equity

5

Notes to the Unaudited Financial Statements

6 to 13

 

Radio Taxis (Southampton) Limited

Company Information




 

Directors

Anthony Lee Ireland

Barry Doyle

Paul Smith

Kevin James Leggett

Timothy Odell

Jacqueline Anne Tomaszewski



 

Company secretary

Christine Anne Fry

Registered office

158 Millbrook Road East
Millbrook
Southampton
SO15 1JR

 

Accountants

Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ

 

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Radio Taxis (Southampton) Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Radio Taxis (Southampton) Limited for the year ended 30 November 2023 as set out on pages 3 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Radio Taxis (Southampton) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Radio Taxis (Southampton) Limited and state those matters that we have agreed to state to the Board of Directors of Radio Taxis (Southampton) Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Radio Taxis (Southampton) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Radio Taxis (Southampton) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Radio Taxis (Southampton) Limited. You consider that Radio Taxis (Southampton) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Radio Taxis (Southampton) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.




Magenta Accounts Limited
2a Poles Copse, Poles Lane
Otterbourne
Winchester
Hampshire
SO21 2DZ


 

17 April 2024

 

Radio Taxis (Southampton) Limited

(Registration number: 01867707)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

           

Fixed assets

   

 

Intangible assets

4

 

1,025

 

1,139

Tangible assets

5

 

601,141

 

660,561

Investments

6

 

2

 

2

   

602,168

 

661,702

Current assets

   

 

Debtors

7

985,608

 

1,012,116

 

Cash at bank and in hand

 

193,917

 

166,985

 

 

1,179,525

 

1,179,101

 

Creditors: Amounts falling due within one year

8

(916,893)

 

(888,569)

 

Net current assets

   

262,632

 

290,532

Total assets less current liabilities

   

864,800

 

952,234

Creditors: Amounts falling due after more than one year

8

 

(208,414)

 

(260,729)

Net assets

   

656,386

 

691,505

Capital and reserves

   

 

Called up share capital

9

8,600

 

8,600

 

Share premium reserve

208,500

 

165,600

 

Capital redemption reserve

6,349

 

5,749

 

Revaluation reserve

101,910

 

101,910

 

Retained earnings

331,027

 

409,646

 

Shareholders' funds

   

656,386

 

691,505

 

Radio Taxis (Southampton) Limited

(Registration number: 01867707)
Balance Sheet as at 30 November 2023

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 April 2024 and signed on its behalf by:
 

.........................................
Anthony Lee Ireland
Director

 

Radio Taxis (Southampton) Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 December 2022

8,600

165,600

5,749

101,910

409,646

691,505

Loss for the year

-

-

-

-

(35,119)

(35,119)

New share capital subscribed

600

42,900

-

-

-

43,500

Purchase of own share capital

(600)

-

-

-

(43,500)

(44,100)

Other capital redemption reserve movements

-

-

600

-

-

600

At 30 November 2023

8,600

208,500

6,349

101,910

331,027

656,386

Share capital
£

Share premium
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 December 2021

9,000

165,600

5,749

101,910

341,516

623,775

Profit for the year

-

-

-

-

96,730

96,730

Purchase of own share capital

(400)

-

-

-

(28,600)

(29,000)

At 30 November 2022

8,600

165,600

5,749

101,910

409,646

691,505

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
158 Millbrook Road East
Millbrook
Southampton
SO15 1JR

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.

The presentation currency of the financial statements is the Pound Sterling (£).

Group accounts not prepared

The financial statements contain information about Radio Taxis (Southampton) Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Going concern

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

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax, and other sales taxes.

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

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

Fixtures & Fittings

25% on reducing balance

Computer Equipment

25% on cost

Motor Vehicles

25% on cost

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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

Computer software

10% on cost

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 53 (2022 - 46).

4

Intangible assets

Other intangible assets
 £

Cost or valuation

At 1 December 2022

1,843

At 30 November 2023

1,843

Amortisation

At 1 December 2022

704

Amortisation charge

114

At 30 November 2023

818

Carrying amount

At 30 November 2023

1,025

At 30 November 2022

1,139

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

430,000

359,384

275,024

1,064,408

Additions

-

7,946

-

7,946

Disposals

-

-

(34,525)

(34,525)

At 30 November 2023

430,000

367,330

240,499

1,037,829

Depreciation

At 1 December 2022

-

289,215

114,632

403,847

Charge for the year

-

16,639

39,674

56,313

Eliminated on disposal

-

-

(23,472)

(23,472)

At 30 November 2023

-

305,854

130,834

436,688

Carrying amount

At 30 November 2023

430,000

61,476

109,665

601,141

At 30 November 2022

430,000

70,169

160,392

660,561

Included within the net book value of land and buildings above is £430,000 (2022 - £430,000) in respect of freehold land and buildings.
 

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Revaluation

The fair value of the company's freehold property was revalued on 29 July 2019 by an independent valuer. The name and qualification of the independent valuer are Primmer Olds, Chartered Surveyors.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £328,090 (2022 - £328,090).

6

Investments

2023
£

2022
£

Investments in subsidiaries

2

2

Subsidiaries

£

Cost or valuation

At 1 December 2022

2

Carrying amount

At 30 November 2023

2

At 30 November 2022

2

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Taxi Shack Limited

158 Millbrook Road East
Southampton
SO15 1JR

Ordinary shares

100%

100%

Radio Taxis Limited

158 Millbrook Road East
Southampton
SO15 1JR

Ordinary shares

100%

100%

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

744,795

861,334

Amounts owed by related parties

-

3,999

Prepayments

 

198,763

105,577

Other debtors

 

42,050

41,206

   

985,608

1,012,116

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

104,869

141,888

Trade creditors

 

201,539

220,608

Taxation and social security

 

410,009

322,077

Accruals and deferred income

 

121,637

123,196

Other creditors

 

78,839

80,800

 

916,893

888,569

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £94,647 (2022 - £131,666). The bank loan is secured on the freehold property, and the hire purchase contracts are secured on the assets to which they relate.

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

208,414

260,729

2023
£

2022
£

Due after more than five years

After more than five years by instalments

49,715

70,853

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £186,170 (2022 - £229,250).

Creditors include bank loans repayable by instalments of £49,715 (2022 - £70,853) due after more than five years.

 

Radio Taxis (Southampton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

6,000

6,000

6,600

6,600

Ordinary B of £1 each

2,600

2,600

2,000

2,000

 

8,600

8,600

8,600

8,600

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

188,402

208,002

Hire purchase contracts

20,012

52,727

208,414

260,729

2023
£

2022
£

Current loans and borrowings

Bank borrowings

65,791

95,574

Hire purchase contracts

39,078

46,314

104,869

141,888