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Registration number: 10377573

Ivantaxis.com Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2023

 

Ivantaxis.com Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Financial Statements

9 to 16

 

Ivantaxis.com Ltd

Company Information

Directors

Mr Ivan Jones-Parry

Mrs Janet Jones Parry

Company secretary

Mr Ivan Jones-Parry

Registered office

14 Hen Lon
Penygroes
Caernarfon
Gwynedd
LL54 6RG

Accountants

Seren Accountancy Services Ltd
Cae Llan
Penrallt
Pwllheli
Gwynedd
LL53 5UA

 

Ivantaxis.com Ltd

Directors' Report for the Year Ended 31 July 2023

The directors present their report and the financial statements for the year ended 31 July 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr Ivan Jones-Parry - Company secretary and director

Mrs Janet Jones Parry

Principal activity

The principal activity of the company is Taxi

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 22 April 2024 and signed on its behalf by:
 

.........................................
Mr Ivan Jones-Parry
Company secretary and director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Ivantaxis.com Ltd
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ivantaxis.com Ltd for the year ended 31 July 2023 as set out on pages 4 to 16 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Chartered Institute of Management Accountants (CIMA), we are subject to its ethical and other professional requirements. These are based on the principals approved by IFAC.

This report is made solely to the Board of Directors of Ivantaxis.com Ltd, as a body, in accordance with the terms of our engagement letter dated 12 October 2020. Our work has been undertaken solely to prepare for your approval the accounts of Ivantaxis.com Ltd and state those matters that we have agreed to state to the Board of Directors of Ivantaxis.com Ltd, as a body, in this report in accordance with the rules as laid down by CIMA. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ivantaxis.com Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Ivantaxis.com Ltd 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 Ivantaxis.com Ltd. You consider that Ivantaxis.com Ltd 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 Ivantaxis.com Ltd. 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.

......................................

Seren Accountancy Services Ltd
Cae Llan
Penrallt
Pwllheli
Gwynedd
LL53 5UA

16 April 2024

 

Ivantaxis.com Ltd

Profit and Loss Account for the Year Ended 31 July 2023

Note

2023
£

2022
£

Turnover

 

212,296

222,232

Cost of sales

 

(161,258)

(148,948)

Gross profit

 

51,038

73,284

Administrative expenses

 

(54,644)

(63,240)

Other operating income

 

-

985

Operating (loss)/profit

 

(3,606)

11,029

Interest payable and similar expenses

 

-

(1,877)

(Loss)/profit before tax

4

(3,606)

9,152

Tax on (loss)/profit

 

(1,595)

(5,642)

(Loss)/profit for the financial year

 

(5,201)

3,510

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Ivantaxis.com Ltd

Statement of Comprehensive Income for the Year Ended 31 July 2023

2023
£

2022
£

(Loss)/profit for the year

(5,201)

3,510

Total comprehensive income for the year

(5,201)

3,510

 

Ivantaxis.com Ltd

(Registration number: 10377573)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

11,500

11,500

Tangible assets

5

130,320

115,910

 

141,820

127,410

Current assets

 

Debtors

6

6,702

6,121

Cash at bank and in hand

 

36,347

55,698

 

43,049

61,819

Creditors: Amounts falling due within one year

7

(73,408)

(79,222)

Net current liabilities

 

(30,359)

(17,403)

Total assets less current liabilities

 

111,461

110,007

Creditors: Amounts falling due after more than one year

7

(37,981)

(28,543)

Provisions for liabilities

(2,281)

(5,064)

Net assets

 

71,199

76,400

Capital and reserves

 

Called up share capital

8

2

2

Retained earnings

71,197

76,398

Shareholders' funds

 

71,199

76,400

For the financial year ending 31 July 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.

Approved and authorised by the Board on 22 April 2024 and signed on its behalf by:
 

 

Ivantaxis.com Ltd

(Registration number: 10377573)
Balance Sheet as at 31 July 2023

.........................................
Mr Ivan Jones-Parry
Company secretary and director

 

Ivantaxis.com Ltd

Statement of Changes in Equity for the Year Ended 31 July 2023

Share capital
£

Retained earnings
£

Total
£

At 1 August 2022

2

76,398

76,400

Loss for the year

-

(5,201)

(5,201)

At 31 July 2023

2

71,197

71,199

Share capital
£

Retained earnings
£

Total
£

At 1 August 2021

2

72,888

72,890

Profit for the year

-

3,510

3,510

At 31 July 2022

2

76,398

76,400

 

Ivantaxis.com Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
14 Hen Lon
Penygroes
Caernarfon
Gwynedd
LL54 6RG
United Kingdom

These financial statements were authorised for issue by the Board on 22 April 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.

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.

 

Ivantaxis.com Ltd

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

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.

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

Plant & Machinery

20% Reducing Balance

Office Equipment

20% Reducing Balance

Motor Vehicles

20% Reducing Balance

Fixtures & Fittings

20% Reducing Balance

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

Intangible

0%

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.

 

Ivantaxis.com Ltd

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

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.

Leases

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.

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.

 

Ivantaxis.com Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 6).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

18,192

28,727

 

Ivantaxis.com Ltd

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

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2022

13,083

25,573

1,475

175,147

215,278

Additions

-

-

-

57,549

57,549

Disposals

-

-

-

(46,437)

(46,437)

At 31 July 2023

13,083

25,573

1,475

186,259

226,390

Depreciation

At 1 August 2022

3,897

17,193

818

77,460

99,368

Charge for the year

1,837

1,676

131

14,548

18,192

Eliminated on disposal

-

-

-

(21,490)

(21,490)

At 31 July 2023

5,734

18,869

949

70,518

96,070

Carrying amount

At 31 July 2023

7,349

6,704

526

115,741

130,320

At 31 July 2022

9,186

8,380

657

97,687

115,910

6

Debtors

Current

2023
£

2022
£

Trade debtors

5,504

6,121

Other debtors

1,198

-

 

6,702

6,121

7

Creditors

Creditors: amounts falling due within one year

 

Ivantaxis.com Ltd

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

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

13,188

8,150

Trade creditors

 

3,085

13,559

Taxation and social security

 

6,208

12,908

Other creditors

 

50,927

44,605

 

73,408

79,222

 

Ivantaxis.com Ltd

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

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

37,981

28,543

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

2

2

2

2

       

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Hire purchase contracts

37,981

28,543

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

1,252

399

Hire purchase contracts

11,936

7,751

13,188

8,150

10

Dividends

2023

2022

£

£

 

 

11

Related party transactions

 

Ivantaxis.com Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

10,577

15,068