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Registered number: 12465055
Top Cabs Torbay Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 12465055
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 2,400 4,800
Tangible Assets 5 3,106 3,061
5,506 7,861
CURRENT ASSETS
Debtors 6 3,298 5,872
Cash at bank and in hand 2,044 2,470
5,342 8,342
Creditors: Amounts Falling Due Within One Year 7 (28,014 ) (26,862 )
NET CURRENT ASSETS (LIABILITIES) (22,672 ) (18,520 )
TOTAL ASSETS LESS CURRENT LIABILITIES (17,166 ) (10,659 )
NET LIABILITIES (17,166 ) (10,659 )
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (17,266 ) (10,759 )
SHAREHOLDERS' FUNDS (17,166) (10,659)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr David McMahon
Director
20 November 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Top Cabs Torbay Limited is a private company, limited by shares, incorporated in England & Wales, registered number 12465055 . The registered office is 13 Hyde Road, Paignton, Devon, TQ4 5BW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.4. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 20% reducing balance
Computer Equipment 20% straight line
3. Average Number of Employees
Average number of employees, including directors, during the year was 2 (2023: 2)
2 2
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 12,000
As at 31 March 2024 12,000
Amortisation
As at 1 April 2023 7,200
Provided during the period 2,400
As at 31 March 2024 9,600
Net Book Value
As at 31 March 2024 2,400
As at 1 April 2023 4,800
5. Tangible Assets
Motor Vehicles Computer Equipment Total
£ £ £
Cost
As at 1 April 2023 4,500 374 4,874
Additions - 877 877
As at 31 March 2024 4,500 1,251 5,751
Depreciation
As at 1 April 2023 1,588 225 1,813
Provided during the period 582 250 832
As at 31 March 2024 2,170 475 2,645
Net Book Value
As at 31 March 2024 2,330 776 3,106
As at 1 April 2023 2,912 149 3,061
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,559 5,497
Prepayments and accrued income 1,739 375
3,298 5,872
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 227 168
Bank loans and overdrafts 4,748 1,367
Accruals and deferred income 648 648
Directors' loan accounts 22,391 24,679
28,014 26,862
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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