Silverfin false false 30/04/2024 01/05/2023 30/04/2024 Mrs A P Filby 31/10/1997 Mr P Filby Deceased 06/12/2023 31/10/1997 Mr P D Le Huray 17/08/2011 Mrs V E Le Huray 17/08/2011 Mrs L M Weir 17/08/2011 26 September 2024 The principal activity of the company is that of taxi operators. 02798978 2024-04-30 02798978 bus:Director1 2024-04-30 02798978 bus:Director2 2024-04-30 02798978 bus:Director3 2024-04-30 02798978 bus:Director4 2024-04-30 02798978 bus:Director5 2024-04-30 02798978 2023-04-30 02798978 core:CurrentFinancialInstruments 2024-04-30 02798978 core:CurrentFinancialInstruments 2023-04-30 02798978 core:Non-currentFinancialInstruments 2024-04-30 02798978 core:Non-currentFinancialInstruments 2023-04-30 02798978 core:ShareCapital 2024-04-30 02798978 core:ShareCapital 2023-04-30 02798978 core:RetainedEarningsAccumulatedLosses 2024-04-30 02798978 core:RetainedEarningsAccumulatedLosses 2023-04-30 02798978 core:Goodwill 2023-04-30 02798978 core:Goodwill 2024-04-30 02798978 core:LandBuildings 2023-04-30 02798978 core:Vehicles 2023-04-30 02798978 core:FurnitureFittings 2023-04-30 02798978 core:OfficeEquipment 2023-04-30 02798978 core:LandBuildings 2024-04-30 02798978 core:Vehicles 2024-04-30 02798978 core:FurnitureFittings 2024-04-30 02798978 core:OfficeEquipment 2024-04-30 02798978 core:CurrentFinancialInstruments core:Secured 2024-04-30 02798978 bus:OrdinaryShareClass1 2024-04-30 02798978 bus:OrdinaryShareClass2 2024-04-30 02798978 2023-05-01 2024-04-30 02798978 bus:FilletedAccounts 2023-05-01 2024-04-30 02798978 bus:SmallEntities 2023-05-01 2024-04-30 02798978 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 02798978 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 02798978 bus:Director1 2023-05-01 2024-04-30 02798978 bus:Director2 2023-05-01 2024-04-30 02798978 bus:Director3 2023-05-01 2024-04-30 02798978 bus:Director4 2023-05-01 2024-04-30 02798978 bus:Director5 2023-05-01 2024-04-30 02798978 core:Goodwill core:TopRangeValue 2023-05-01 2024-04-30 02798978 core:Vehicles 2023-05-01 2024-04-30 02798978 core:FurnitureFittings core:TopRangeValue 2023-05-01 2024-04-30 02798978 core:OfficeEquipment core:TopRangeValue 2023-05-01 2024-04-30 02798978 2022-05-01 2023-04-30 02798978 core:LandBuildings 2023-05-01 2024-04-30 02798978 core:FurnitureFittings 2023-05-01 2024-04-30 02798978 core:OfficeEquipment 2023-05-01 2024-04-30 02798978 core:CurrentFinancialInstruments 2023-05-01 2024-04-30 02798978 core:Non-currentFinancialInstruments 2023-05-01 2024-04-30 02798978 bus:OrdinaryShareClass1 2023-05-01 2024-04-30 02798978 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 02798978 bus:OrdinaryShareClass2 2023-05-01 2024-04-30 02798978 bus:OrdinaryShareClass2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 02798978 (England and Wales)

TORBAY TAXIS LIMITED

Unaudited Financial Statements
For the financial year ended 30 April 2024
Pages for filing with the registrar

TORBAY TAXIS LIMITED

Unaudited Financial Statements

For the financial year ended 30 April 2024

Contents

TORBAY TAXIS LIMITED

BALANCE SHEET

As at 30 April 2024
TORBAY TAXIS LIMITED

BALANCE SHEET (continued)

As at 30 April 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 168,163 38,597
168,163 38,597
Current assets
Debtors 5 101,194 144,689
Cash at bank and in hand 315,675 171,108
416,869 315,797
Creditors: amounts falling due within one year 6 ( 210,578) ( 140,436)
Net current assets 206,291 175,361
Total assets less current liabilities 374,454 213,958
Creditors: amounts falling due after more than one year 7 ( 93,379) ( 37,898)
Net assets 281,075 176,060
Capital and reserves
Called-up share capital 8 50,002 50,002
Profit and loss account 231,073 126,058
Total shareholders' funds 281,075 176,060

For the financial year ending 30 April 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Torbay Taxis Limited (registered number: 02798978) were approved and authorised for issue by the Board of Directors on 26 September 2024. They were signed on its behalf by:

Mr P D Le Huray
Director
Mrs L M Weir
Director
TORBAY TAXIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
TORBAY TAXIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 April 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Torbay Taxis Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 55 Belgrave Road, Torquay, TQ2 5HZ, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Vehicles 25 % reducing balance
Fixtures and fittings 6.67 years straight line
Office equipment 5 years straight line
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 21 21

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 May 2023 200,653 200,653
At 30 April 2024 200,653 200,653
Accumulated amortisation
At 01 May 2023 200,653 200,653
At 30 April 2024 200,653 200,653
Net book value
At 30 April 2024 0 0
At 30 April 2023 0 0

4. Tangible assets

Land and buildings Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 May 2023 29,121 5,500 97,985 544,707 677,313
Additions 132,655 0 0 0 132,655
At 30 April 2024 161,776 5,500 97,985 544,707 809,968
Accumulated depreciation
At 01 May 2023 0 4,766 96,983 536,967 638,716
Charge for the financial year 0 184 598 2,307 3,089
At 30 April 2024 0 4,950 97,581 539,274 641,805
Net book value
At 30 April 2024 161,776 550 404 5,433 168,163
At 30 April 2023 29,121 734 1,002 7,740 38,597

5. Debtors

2024 2023
£ £
Trade debtors 97,922 141,033
Amounts owed by directors 1,000 1,500
Prepayments 2,272 2,156
101,194 144,689

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 30,076 18,182
Trade creditors 3,136 5,511
Taxation and social security 130,384 74,755
Other creditors 46,982 41,988
210,578 140,436

Bank loans are secured upon assets owned by the company and as recognised within Fixed assets.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 93,379 37,898

The directors took advantage of the CBILS loan scheme available to support businesses during the COVID-19 pandemic. The CBILS Loan is denominated in Sterling with a nominal interest rate of 2.99%, and the final instalment is due on 1 May 2027. The total carrying amount at the accounting date is £35,897 (2023-£56,080).

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
40,002 Ordinary A shares of £ 1.00 each 40,002 40,002
10,000 Ordinary B shares of £ 1.00 each 10,000 10,000
50,002 50,002

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 11,611 18,578

10. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Advances to directors 1,000 1,500

Directors loans are repayable on demand.