20 22 Taxi Services (Plymouth) Limited 07851476 false 2023-12-01 2024-11-30 2024-11-30 The principal activity of the company is is that of the provision of taxi services. Digita Accounts Production Advanced 6.30.9574.0 true 07851476 2023-12-01 2024-11-30 07851476 2024-11-30 07851476 core:CurrentFinancialInstruments 2024-11-30 07851476 core:CurrentFinancialInstruments core:WithinOneYear 2024-11-30 07851476 core:Non-currentFinancialInstruments core:AfterOneYear 2024-11-30 07851476 core:Goodwill 2024-11-30 07851476 core:LandBuildings core:OwnedOrFreeholdAssets 2024-11-30 07851476 core:MotorVehicles 2024-11-30 07851476 core:PlantMachinery 2024-11-30 07851476 1 2024-11-30 07851476 bus:SmallEntities 2023-12-01 2024-11-30 07851476 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 07851476 bus:FilletedAccounts 2023-12-01 2024-11-30 07851476 bus:SmallCompaniesRegimeForAccounts 2023-12-01 2024-11-30 07851476 bus:RegisteredOffice 2023-12-01 2024-11-30 07851476 bus:Director1 2023-12-01 2024-11-30 07851476 bus:Director2 2023-12-01 2024-11-30 07851476 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 07851476 core:Goodwill 2023-12-01 2024-11-30 07851476 core:LandBuildings core:OwnedOrFreeholdAssets 2023-12-01 2024-11-30 07851476 core:MotorVehicles 2023-12-01 2024-11-30 07851476 core:PlantMachinery 2023-12-01 2024-11-30 07851476 countries:EnglandWales 2023-12-01 2024-11-30 07851476 1 2023-12-01 2024-11-30 07851476 2023-11-30 07851476 core:Goodwill 2023-11-30 07851476 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 07851476 core:MotorVehicles 2023-11-30 07851476 core:PlantMachinery 2023-11-30 07851476 1 2023-11-30 07851476 2022-12-01 2023-11-30 07851476 2023-11-30 07851476 core:CurrentFinancialInstruments 2023-11-30 07851476 core:CurrentFinancialInstruments core:WithinOneYear 2023-11-30 07851476 core:Non-currentFinancialInstruments core:AfterOneYear 2023-11-30 07851476 core:Goodwill 2023-11-30 07851476 core:LandBuildings core:OwnedOrFreeholdAssets 2023-11-30 07851476 core:MotorVehicles 2023-11-30 07851476 core:PlantMachinery 2023-11-30 07851476 1 2023-11-30 07851476 1 2022-12-01 2023-11-30 07851476 1 2022-11-30 xbrli:pure iso4217:GBP

Registration number: 07851476

Taxi Services (Plymouth) Limited

Unaudited Filleted Financial Statements

30 November 2024
 

 

Taxi Services (Plymouth) Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Taxi Services (Plymouth) Limited

(Registration number: 07851476)
Statement of Financial Position as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

222,196

289,394

Tangible assets

5

844,732

724,157

 

1,066,928

1,013,551

Current assets

 

Debtors

6

255,269

263,533

Cash at bank and in hand

 

234,555

194,322

 

489,824

457,855

Creditors: Amounts falling due within one year

7

(501,009)

(549,017)

Net current liabilities

 

(11,185)

(91,162)

Total assets less current liabilities

 

1,055,743

922,389

Creditors: Amounts falling due after more than one year

7

(601,386)

(651,989)

Net assets

 

454,357

270,400

Capital and reserves

 

Called up share capital

20

20

Profit and loss account

454,337

270,380

Shareholders' funds

 

454,357

270,400

 

Taxi Services (Plymouth) Limited

(Registration number: 07851476)
Statement of Financial Position as at 30 November 2024 (continued)

For the financial year ending 30 November 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 and 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 11 March 2025 and signed on its behalf by:
 


Mr D H McIntosh
Director


Mr H D Isaac
Director

 

Taxi Services (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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 Needacab247,44a Devonport Rd, Stoke, Plymouth, Devon, PL3 4DH.

Principal activity

The principal activity of the company is is that of the provision of taxi services.

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 compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

 

Taxi Services (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to
the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value,
over the useful economic life of that asset as follows:

Plant and machinery - 25% reducing balance
Motor vehicles - 25% straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

 

Taxi Services (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

2

Accounting policies (continued)

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Goodwill - 10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new
estimates.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 20 (2023 - 22).

 

Taxi Services (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2023

671,978

671,978

At 30 November 2024

671,978

671,978

Amortisation

At 1 December 2023

382,584

382,584

Amortisation charge

67,198

67,198

At 30 November 2024

449,782

449,782

Carrying amount

At 30 November 2024

222,196

222,196

At 30 November 2023

289,394

289,394

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2023

199,622

107,712

650,625

957,959

Additions

-

5,323

278,454

283,777

At 30 November 2024

199,622

113,035

929,079

1,241,736

Depreciation

At 1 December 2023

-

76,474

157,330

233,804

Charge for the year

-

8,311

154,889

163,200

At 30 November 2024

-

84,785

312,219

397,004

Carrying amount

At 30 November 2024

199,622

28,250

616,860

844,732

At 30 November 2023

199,622

31,239

493,296

724,157

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases £602,955 (2023: £467,887)

 

Taxi Services (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

219,532

253,822

Prepayments

 

2,597

3,549

Deferred tax assets

33,140

6,162

 

255,269

263,533

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

68,315

123,582

Taxation and social security

 

149,397

135,276

Accruals and deferred income

 

3,992

5,334

Other creditors

 

279,305

284,825

 

501,009

549,017


The bank loans are secured. Other creditors contain hire purchase liabilities of £162,307 (2023: £124,099) which are secured over the assets to which they relate. The CBILS loan benefits from a government guarantee.

The amount owed in respect of factored receivables was £80,921 (2023: £114,068).

 

Taxi Services (Plymouth) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024 (continued)

7

Creditors (continued)

Creditors: amounts falling due after more than one year

2024
£

2023
£

Due after one year

Bank borrowings

126,567

298,437

HP and finance lease liabilities

474,819

353,552

601,386

651,989


The bank loans are secured. The HP and finance lease liabilities of £474,819 (2023: £353,552) which are secured over the assets to which they relate. The CBILS loan benefits from a government guarantee.

The bank loans are secured and are charged interest at 4.5%. The loan is due to be paid within 8 years.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

9

Directors advances, credits and guarantees

Directors' loans are repayable on demand and subject to interest on overdrawn balances at the official rate.

2024

At 1 December 2023
£

Advances to director
£

Repayments by director
£

At 30 November 2024
£

(41,916)

15,000

(1,152)

(28,068)

         
       

 

2023

At 1 December 2022
£

At 30 November 2023
£

(41,916)

(41,916)