Taxi Studio Limited 04448684 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is provision of specialised design activities Digita Accounts Production Advanced 6.30.9574.0 true 04448684 2023-06-01 2024-05-31 04448684 2024-05-31 04448684 core:AcceleratedTaxDepreciationDeferredTax 2024-05-31 04448684 core:ProvisionsDeferredTax 2024-05-31 04448684 core:CurrentFinancialInstruments 2024-05-31 04448684 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 04448684 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 04448684 core:CostValuation 2024-05-31 04448684 core:FurnitureFittingsToolsEquipment 2024-05-31 04448684 core:LandBuildings 2024-05-31 04448684 core:OtherPropertyPlantEquipment 2024-05-31 04448684 bus:SmallEntities 2023-06-01 2024-05-31 04448684 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 04448684 bus:FilletedAccounts 2023-06-01 2024-05-31 04448684 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 04448684 bus:RegisteredOffice 2023-06-01 2024-05-31 04448684 bus:Director4 2023-06-01 2024-05-31 04448684 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 04448684 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 04448684 core:ComputerEquipment 2023-06-01 2024-05-31 04448684 core:FurnitureFittings 2023-06-01 2024-05-31 04448684 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 04448684 core:LandBuildings 2023-06-01 2024-05-31 04448684 core:OfficeEquipment 2023-06-01 2024-05-31 04448684 core:OtherPropertyPlantEquipment 2023-06-01 2024-05-31 04448684 countries:EnglandWales 2023-06-01 2024-05-31 04448684 2023-05-31 04448684 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 04448684 core:CostValuation 2023-05-31 04448684 core:FurnitureFittingsToolsEquipment 2023-05-31 04448684 core:LandBuildings 2023-05-31 04448684 core:OtherPropertyPlantEquipment 2023-05-31 04448684 2022-06-01 2023-05-31 04448684 2023-05-31 04448684 core:AcceleratedTaxDepreciationDeferredTax 2023-05-31 04448684 core:ProvisionsDeferredTax 2023-05-31 04448684 core:CurrentFinancialInstruments 2023-05-31 04448684 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 04448684 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 04448684 core:FurnitureFittingsToolsEquipment 2023-05-31 04448684 core:LandBuildings 2023-05-31 04448684 core:OtherPropertyPlantEquipment 2023-05-31 iso4217:GBP xbrli:pure

Registration number: 04448684

Prepared for the registrar

Taxi Studio Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2024

 

Taxi Studio Limited

(Registration number: 04448684)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

29,436

3,842

Tangible assets

5

53,019

54,054

Investments

6

35,000

35,000

 

117,455

92,896

Current assets

 

Debtors

7

2,014,382

1,451,403

Cash at bank and in hand

 

1,445,711

1,453,090

 

3,460,093

2,904,493

Creditors: Amounts falling due within one year

8

(1,397,775)

(885,179)

Net current assets

 

2,062,318

2,019,314

Total assets less current liabilities

 

2,179,773

2,112,210

Deferred tax liabilities

9

(1,165)

1,654

Net assets

 

2,178,608

2,113,864

Capital and reserves

 

Called up share capital

1,200

1,200

Retained earnings

2,177,408

2,112,664

Shareholders' funds

 

2,178,608

2,113,864

For the financial year ending 31 May 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.

Approved and authorised by the Board on 20 February 2025 and signed on its behalf by:
 


R B Wills
Director

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

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:
3 Portwall Lane
Bristol
BS1 6NB

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Long leasehold land and buildings

Lease term - 5 years

Computer equipment

33.3% Straight line

Office equipment

33.3% Straight line

Fixtures and fittings

25% Straight line

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.

Intangible assets

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

Website development costs

50% straight line

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.

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

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. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. 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 debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

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.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.


Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2023 - 39).

 

4

Intangible assets

Website development costs
 £

Total
£

Cost

At 1 June 2023

8,387

8,387

Additions acquired separately

28,582

28,582

At 31 May 2024

36,969

36,969

Amortisation

At 1 June 2023

4,545

4,545

Amortisation charge

2,988

2,988

At 31 May 2024

7,533

7,533

Carrying amount

At 31 May 2024

29,436

29,436

At 31 May 2023

3,842

3,842

 

5

Tangible assets

Long leasehold land and buildings
£

Furniture, fittings and equipment
 £

Other property, plant and equipment
 £

Total
£

Cost

At 1 June 2023

198,038

78,083

222,588

498,709

Additions

-

2,053

31,660

33,713

Disposals

-

-

(1,814)

(1,814)

At 31 May 2024

198,038

80,136

252,434

530,608

Depreciation

At 1 June 2023

197,448

75,477

171,730

444,655

Charge for the year

590

1,733

31,115

33,438

Eliminated on disposal

-

-

(504)

(504)

At 31 May 2024

198,038

77,210

202,341

477,589

Carrying amount

At 31 May 2024

-

2,926

50,093

53,019

At 31 May 2023

590

2,606

50,858

54,054

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

6

Investments

2024
£

2023
£

Investments in associates

35,000

35,000

Associates

£

Cost

At 1 June 2023

35,000

At 31 May 2024

35,000

Provision

Carrying amount

At 31 May 2024

35,000

At 31 May 2023

35,000

 

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

1,045,798

643,085

Receivables from related parties

11

65,272

35,272

Prepayments

 

83,635

68,433

Other debtors

 

819,677

704,613

 

2,014,382

1,451,403

 

8

Creditors

2024
£

2023
£

Due within one year

Trade creditors

157,403

54,793

Taxation and social security

211,940

182,847

Accruals and deferred income

1,009,534

631,140

Other creditors

18,898

16,399

1,397,775

885,179

 

Taxi Studio Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

 

9

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

18,413

Short term timing differences

(17,248)

1,165

2023

Asset
£

Fixed asset timing differences

(12,126)

Short term timing differences

13,780

1,654

 

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £161,492 (2023 - £217,663).

 

11

Related party transactions

At 31 May 2024, the director A Bane owed the company £15,936 (2023: £15,936), the director S Buck owed the company £42,785 (2023: £12,785) and the director R Wills owed the company £6,551 (2023: £6,551) in the form of directors' loan accounts. The loans are interest free, unsecured and repayable on demand.