Company Registration No. 04873379 (England and Wales)
Taxability Limited
Unaudited accounts
for the year ended 31 March 2025
Taxability Limited
Unaudited accounts
Contents
Taxability Limited
Company Information
for the year ended 31 March 2025
Directors
Sheila Walsh
David Sims
Company Number
04873379 (England and Wales)
Registered Office
1st Floor, 85 Great Portland Street
London
W1W 7LT
UNITED KINGDOM
Taxability Limited
Statement of financial position
as at 31 March 2025
Tangible assets
9,276
11,386
Cash at bank and in hand
71,489
39,623
Creditors: amounts falling due within one year
(78,589)
(45,588)
Net current assets
52,719
67,949
Total assets less current liabilities
61,995
79,335
Provisions for liabilities
Deferred tax
(1,769)
(2,163)
Called up share capital
1
1
Profit and loss account
60,225
77,171
Shareholders' funds
60,226
77,172
For the year ending 31 March 2025 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by
David Sims
Director
Company Registration No. 04873379
Taxability Limited
Notes to the Accounts
for the year ended 31 March 2025
Taxability Limited is a private company, limited by shares, registered in England and Wales, registration number 04873379. The registered office is 1st Floor, 85 Great Portland Street, London, W1W 7LT, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are presented in Pound Sterling (£).
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, including services provided to clients which at the reporting date have not been billed, and excluding value added tax. The following criteria must be also be met before revenue is recognised:
Rendering of services:
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.
Tangible fixed assets policy
Depreciation has been provided on a reducing balancing basis at the following rates in order to write off the assets over their estimated useful lives:
Taxability Limited
Notes to the Accounts
for the year ended 31 March 2025
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, cash at bank, director loans and non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash and other consideration expected to be paid or received.
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
4
Tangible fixed assets
Plant & machinery
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2024
14,091
25,852
39,943
At 31 March 2025
14,270
26,654
40,924
At 1 April 2024
9,653
18,904
28,557
Charge for the year
1,154
1,937
3,091
At 31 March 2025
10,807
20,841
31,648
At 31 March 2025
3,463
5,813
9,276
At 31 March 2024
4,438
6,948
11,386
Amounts falling due within one year
Trade debtors
16,355
42,815
Accrued income and prepayments
40,188
28,552
Taxability Limited
Notes to the Accounts
for the year ended 31 March 2025
6
Creditors: amounts falling due within one year
2025
2024
Taxes and social security
(1,773)
7
Other creditors
50,752
34,064
Loans from directors
23,204
9,865
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1
1
8
Average number of employees
During the year the average number of employees was 2 (2024: 2).
9
Reconciliations on adoption of FRS 102