Marvo's Taxis Ltd 11536113 false 2022-09-01 2023-08-31 2023-08-31 The principal activity of the company is Taxi operation Digita Accounts Production Advanced 6.30.9574.0 Software true true 11536113 2022-09-01 2023-08-31 11536113 2023-08-31 11536113 bus:Director1 1 2023-08-31 11536113 bus:OrdinaryShareClass1 2023-08-31 11536113 core:RetainedEarningsAccumulatedLosses 2023-08-31 11536113 core:ShareCapital 2023-08-31 11536113 core:CurrentFinancialInstruments 2023-08-31 11536113 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 11536113 core:Non-currentFinancialInstruments 2023-08-31 11536113 core:Non-currentFinancialInstruments core:AfterOneYear 2023-08-31 11536113 core:MotorVehicles 2023-08-31 11536113 core:PlantMachinery 2023-08-31 11536113 bus:SmallEntities 2022-09-01 2023-08-31 11536113 bus:AuditExemptWithAccountantsReport 2022-09-01 2023-08-31 11536113 bus:FullAccounts 2022-09-01 2023-08-31 11536113 bus:RegisteredOffice 2022-09-01 2023-08-31 11536113 bus:Director1 2022-09-01 2023-08-31 11536113 bus:Director1 1 2022-09-01 2023-08-31 11536113 bus:OrdinaryShareClass1 2022-09-01 2023-08-31 11536113 bus:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 11536113 core:MotorVehicles 2022-09-01 2023-08-31 11536113 core:PlantMachinery 2022-09-01 2023-08-31 11536113 core:Vehicles 2022-09-01 2023-08-31 11536113 countries:AllCountries 2022-09-01 2023-08-31 11536113 2022-08-31 11536113 bus:Director1 1 2022-08-31 11536113 core:MotorVehicles 2022-08-31 11536113 core:PlantMachinery 2022-08-31 11536113 2022-01-01 2022-08-31 11536113 2022-08-31 11536113 bus:Director1 1 2022-08-31 11536113 bus:OrdinaryShareClass1 2022-08-31 11536113 core:RetainedEarningsAccumulatedLosses 2022-08-31 11536113 core:ShareCapital 2022-08-31 11536113 core:CurrentFinancialInstruments 2022-08-31 11536113 core:CurrentFinancialInstruments core:WithinOneYear 2022-08-31 11536113 core:Non-currentFinancialInstruments 2022-08-31 11536113 core:Non-currentFinancialInstruments core:AfterOneYear 2022-08-31 11536113 core:MotorVehicles 2022-08-31 11536113 core:PlantMachinery 2022-08-31 11536113 bus:Director1 1 2022-01-01 2022-08-31 11536113 bus:Director1 1 2021-12-31 iso4217:GBP xbrli:pure xbrli:shares

Filleted

Registration number: 11536113

Marvo's Taxis Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Marvo's Taxis Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Marvo's Taxis Ltd

Company Information

Director

Mr J M Davies

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Marvo's Taxis Ltd

(Registration number: 11536113)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

55,036

51,593

Current assets

 

Debtors

6

2,650

6,846

Cash at bank and in hand

 

4,010

14,331

 

6,660

21,177

Creditors: Amounts falling due within one year

7

(37,069)

(32,152)

Net current liabilities

 

(30,409)

(10,975)

Total assets less current liabilities

 

24,627

40,618

Creditors: Amounts falling due after more than one year

7

(37,783)

(42,891)

Net liabilities

 

(13,156)

(2,273)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(13,157)

(2,274)

Total equity

 

(13,156)

(2,273)

For the financial year ending 31 August 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 and the option not to file the Profit and Loss Account has been taken.

 

Marvo's Taxis Ltd

(Registration number: 11536113)
Balance Sheet as at 31 August 2023

Approved and authorised by the director on 30 April 2024
 

.........................................
Mr J M Davies
Director

   
     
 

Marvo's Taxis Ltd

Notes to the Financial Statements for the Year Ended 31 August 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:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 30 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.

Going concern

The financial statements have been prepared on a going concern basis. The directors will support the company for the foreseeable future and pay debts as they fall due.

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.

 

Marvo's Taxis Ltd

Notes to the Financial Statements for the Year Ended 31 August 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

Plant and machinery

20% Reducing balance

Motor vehicles

20% Reducing balance

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.

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.

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.

 

Marvo's Taxis Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

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.

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 the director) during the year, was 6 (2022 - 4).

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

10,552

6,523

 

Marvo's Taxis Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

5

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

375

57,741

58,116

Additions

-

13,995

13,995

At 31 August 2023

375

71,736

72,111

Depreciation

At 1 September 2022

56

6,467

6,523

Charge for the year

64

10,488

10,552

At 31 August 2023

120

16,955

17,075

Carrying amount

At 31 August 2023

255

54,781

55,036

At 31 August 2022

319

51,274

51,593

6

Debtors

2023
£

2022
£

Trade debtors

2,000

2,970

Other debtors

650

3,876

2,650

6,846

 

Marvo's Taxis Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

18,640

18,241

Trade creditors

 

2,773

3,172

Taxation and social security

 

7,471

8,191

Other related parties

 

5,163

-

Outstanding defined contribution pension costs

 

38

-

Corporation tax liability

 

-

650

Other creditors

 

2,984

1,898

 

37,069

32,152

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

37,783

42,891

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

Marvo's Taxis Ltd

Notes to the Financial Statements for the Year Ended 31 August 2023

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,167

21,469

HP and finance lease liabilities

22,616

21,422

37,783

42,891

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,999

7,698

HP and finance lease liabilities

11,641

10,543

18,640

18,241

10

Related party transactions

Transactions with directors

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Mr J M Davies

Interest free loan repayable on demand

3,877

31,085

(40,125)

(5,163)

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2022
£

Mr J M Davies

Interest free loan repayable on demand

-

20,038

(16,161)

3,877