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Registration number: NI031651

Value Cabs Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Value Cabs Limited

(Registration number: NI031651)
Balance Sheet as at 30 June 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Intangible assets

4

227,328

268,995

Tangible assets

5

552,049

2,095,015

Investments

6

455,420

461,220

 

1,234,797

2,825,230

Current assets

 

Stocks

7

11,637

15,611

Debtors

8

2,292,059

1,795,660

Cash at bank and in hand

 

-

223

 

2,303,696

1,811,494

Creditors: Amounts falling due within one year

9

(751,479)

(1,062,486)

Net current assets

 

1,552,217

749,008

Total assets less current liabilities

 

2,787,014

3,574,238

Creditors: Amounts falling due after more than one year

9

(605,878)

(1,212,014)

Provisions for liabilities

(20,734)

(20,734)

Net assets

 

2,160,402

2,341,490

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

2,160,302

2,341,390

Shareholders' funds

 

2,160,402

2,341,490

For the financial year ending 30 June 2024 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.

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.

 

Value Cabs Limited

(Registration number: NI031651)
Balance Sheet as at 30 June 2024

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
Christopher McCausland
Company secretary and director

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
33-35 Grosvenor Road
Belfast
BT12 4GR
Northern Ireland

The presentation currency is £ Sterling and the level of rounding is to the nearest £.

These financial statements were authorised for issue by the Board on 11 October 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.

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that
taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have
been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

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:

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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:

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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 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.

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 61 (2023 - 60).

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2023

462,300

462,300

At 30 June 2024

462,300

462,300

Amortisation

At 1 July 2023

193,305

193,305

Amortisation charge

41,667

41,667

At 30 June 2024

234,972

234,972

Carrying amount

At 30 June 2024

227,328

227,328

At 30 June 2023

268,995

268,995

The aggregate amount of research and development expenditure recognised as an expense during the period is £151,249 (2023 - £-).
 

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,559,095

793,703

2,910,505

304,168

5,567,471

Additions

-

4,037

77,305

308,333

389,675

Disposals

(1,547,842)

-

-

(297,982)

(1,845,824)

At 30 June 2024

11,253

797,740

2,987,810

314,519

4,111,322

Depreciation

At 1 July 2023

10,768

632,930

2,756,085

72,683

3,472,466

Charge for the year

-

49,058

83,279

45,929

178,266

Eliminated on disposal

(9,080)

-

-

(82,379)

(91,459)

At 30 June 2024

1,688

681,988

2,839,364

36,233

3,559,273

Carrying amount

At 30 June 2024

9,565

115,752

148,446

278,286

552,049

At 30 June 2023

1,548,327

160,783

154,420

231,485

2,095,015

Included within the net book value of land and buildings above is £9,565 (2023 - £1,548,327) in respect of freehold land and buildings.
 

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

6

Investments

2024
£

2023
£

Investments

455,420

461,220

Joint ventures

£

Cost

At 1 July 2023

455,420

Provision

Carrying amount

At 30 June 2024

455,420

At 30 June 2023

461,220

7

Stocks

2024
£

2023
£

Other inventories

11,637

15,611

8

Debtors

Current

2024
£

(As restated)

2023
£

Trade debtors

674,451

645,481

Prepayments

163,478

52,883

Other debtors

1,454,130

1,097,296

 

2,292,059

1,795,660

The comparatives for prepayments and other debtors were restated to show prepayments and other debtors separately in the prior period.

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

(As restated)

2023
£

Due within one year

 

Loans and borrowings

11

108,126

459,661

Trade creditors

 

7,513

12,524

Taxation and social security

 

369,665

270,076

Accruals and deferred income

 

30,286

66,170

Other creditors

 

235,889

254,055

 

751,479

1,062,486

The comparative for accruals & deferred income and other creditors was restated to show accruals and deferred income separately in the prior period.
 

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

606,106

1,129,514

Other non-current financial liabilities

 

(228)

82,500

 

605,878

1,212,014

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

606,106

1,129,514

Current loans and borrowings

2024
£

2023
£

Bank borrowings

-

459,661

Bank overdrafts

108,126

-

108,126

459,661

12

Related party transactions

The company holds a 50% shareholding in Mara Developments Limited.

Mara Developments Limited showed a profit for the year ended 30 June 2024 of £93,208 (2023: (250,968)) and net assets of £21,855 at 30 June 2024 (2023: £71,353).

 

Value Cabs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

270,020

230,450

13

Non adjusting events after the financial period

On 2 July 2024 the majority shareholder acquired all other shares held by others. As a result of the transaction, Christopher McCausland is now the sole shareholder of the company.