Green Tomato Cars Limited Company accounts
Green Tomato Cars Limited Company accounts
COMPANY REGISTRATION NUMBER:
05276431
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Financial Statements |
Year ended 31 December 2021
Contents |
Page |
Strategic report |
1 |
Directors' report |
2 |
Independent auditor's report to the members |
5 |
Statement of income and retained earnings |
10 |
Statement of financial position |
11 |
Notes to the financial statements |
12 |
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Strategic Report |
Year ended 31 December 2021
The Directors present their Strategic Report for
Green Tomato Cars Limited
for the period ended 31 December 2021. Review and analysis of the business during the current period The company is wholly owned subsidiary of Intercede 2052 Limited. The principal activity of the Company during the period under review was that of private hire transport services. The Directors are not aware, at the date of this report, of any other major changes in the Company's activities in the next period.
Key performance indicators The Company manages its operations in a single geographical region for both B2B and B2C customers. For this reason, the Company's Directors believe that, other than turnover and profit, further key performance indicators for the Company are not necessary for an appropriate understanding of the development, performance or position of the business. Development and financial performance during the period As shown in the company statement of Income and Retained Earning on page 11, the company's turnover has increased by 3%. The Company is showing a profit before tax of £2,567,339 compared to £1,759,954 in the prior year.
Financial position at the reporting date The balance sheet shows that the Company's net asset position at the period end has increased from £1,909,879 to £4,581,667. Principal risks and uncertainties The Directors have established a continuing process of risk management within the Company to evaluate, monitor and manage any potential risks and uncertainties that could have an impact upon the Company's long term performance. The Directors have also established a strong culture of safety and security both for our staff and our passengers. The principal risks facing the Company are the loss of customer and driver satisfaction and competitive pressures.
This report was approved by the board of directors on 28 February 2023 and signed on behalf of the board by:
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Director |
Registered office: |
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England |
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Directors' Report |
Year ended 31 December 2021
The directors present their report and the financial statements of the company for the year ended
31 December 2021
.
Directors
The directors who served the company during the year were as follows:
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Dividends
Particulars of recommended dividends are detailed in note 12 to the financial statements.
Future developments
The specific principal risks facing the Company are increasing subcontractor and competitive pressures.
By far the largest element of the Company's operating costs relates to the cost of subcontracted drivers. The Directors have established a process of monitoring all aspects of recruitment, training, personal development and remuneration to ensure the Company remains competitive and retains and recruits the best contractors.
Future developments
The Directors will continue to focus on developing the business through investment in quality and productivity improvements and are confident that the business has potential for significant further growth. The macroeconomic outlook is generally positive, though fragile, and the Directors are cautiously optimistic that this will lead to increased demand for private hire services provided by the Company. Actions have been put in place to improve the Company's speed of reaction to market changes.
Based on cashflow forecast, management believe the Company will continue as a going concern for the forseeable future and the going concern basis of accouting has been adopted.
Environment
The Company recognises the importance of its environmental responsibilities, monitors its impact on the environment, and designs and implements policies to reduce any damage that might be caused by the Company's activities.
Financial instruments
The Company's activities expose it to certain financial risks. The management review financial risks regularly. The Company does not currently use financial instruments to hedge financial risks but will continue to keep this under review.
Employment of disabled persons
Employee involvement
Disclosure of information in the strategic report
Directors' responsibilities statement
Each of the persons who is a director at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
28 February 2023
and signed on behalf of the board by:
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Director |
Registered office: |
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England |
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Independent Auditor's Report to the Members of
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Year ended 31 December 2021
Opinion
Basis for opinion
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Responsibilities of directors
Auditor's responsibilities for the audit of the financial statements
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Suite 1, First floor |
1 Duchess Street |
London |
W1W 6AN |
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Statement of Income and Retained Earnings |
Year ended 31 December 2021
2021 |
2020 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------ |
------------ |
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Gross profit |
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Administrative expenses |
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Other operating income |
5 |
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------------ |
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Operating profit |
6 |
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Interest payable and similar expenses |
10 |
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– |
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Profit before taxation |
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Tax on profit |
11 |
(
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Profit for the financial year and total comprehensive income |
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Dividends paid and payable |
12 |
– |
(
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Retained earnings at the start of the year |
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------------ |
------------ |
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Retained earnings at the end of the year |
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------------ |
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All the activities of the company are from continuing operations.
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Statement of Financial Position |
2021 |
2020 |
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Note |
£ |
£ |
Fixed assets
Tangible assets |
14 |
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Current assets
Debtors |
15 |
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Cash at bank and in hand |
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------------ |
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Creditors: amounts falling due within one year |
16 |
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Net current assets |
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------------ |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
17 |
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Provisions |
18 |
– |
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------------ |
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Net assets |
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------------ |
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Capital and reserves
Called up share capital |
21 |
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Share premium account |
22 |
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Profit and loss account |
22 |
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------------ |
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Shareholders funds |
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------------ |
------------ |
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These financial statements were approved by the
board of directors
and authorised for issue on
28 February 2023
, and are signed on behalf of the board by:
|
Director |
Company registration number:
05276431
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Notes to the Financial Statements |
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 3 Fleming Way, Isleworth, TW7 6EU, England.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Intercede 2052 Limited which can be obtained from Companies House. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented. (c) No disclosure has been given for the aggregate remuneration of key management personnel.
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. Material estimates and assumptions are made in particular with regard to calculating the provision for the recoverability of debts. The Company has entered into commercial property and vehicle leases as a lessee. The classification of such leases as operating or finance leases requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.
Revenue recognition
Income tax
Operating leases
The Company has entered into commercial property and vehicle leases as a lessee. The classification of such leases as operating or finance leases requires the Company to determine, based on an evaluation of the terms and conditions of the arrangements, whether it retains or acquires the significant risks and rewards of ownership of these assets and accordingly whether the lease requires an asset and liability to be recognised in the balance sheet.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Intangible assets consist of computer software and the associated implementation costs of that software. None of the costs are internally generated.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Computer software & implementation costs |
- |
Over 4 - 10 years |
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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.
Tangible assets
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:
Leasehold improvements |
- |
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Motor vehicle accessories |
- |
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Fixtures, fittings & equipment |
- |
Over 4 - 10 years |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Finance leases and hire purchase contracts
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. The Company's financial assets include cash, trade and other debtors. The Company's financial liabilities include trade and other creditors.
Defined contribution plans
4.
Turnover
Turnover arises from:
2021 |
2020 |
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£ |
£ |
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Road passenger transport, service charges and booking fees |
9,293,598 |
9,048,809 |
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The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Other operating income
Other operating income represents former group loans written back as part of the transfer of ownership.
6.
Operating profit
Operating profit or loss is stated after charging/crediting:
2021 |
2020 |
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£ |
£ |
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Depreciation of tangible assets |
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Impairment of trade debtors |
(59,846) |
15,826 |
Operating lease rentals |
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--------- |
--------- |
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7.
Auditor's remuneration
2021 |
2020 |
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£ |
£ |
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Fees payable for the audit of the financial statements |
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------- |
------- |
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8.
Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2021 |
2020 |
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No. |
No. |
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Office and management |
30 |
45 |
---- |
---- |
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The aggregate payroll costs incurred during the year, relating to the above, were:
2021 |
2020 |
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£ |
£ |
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Wages and salaries |
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Social security costs |
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Other pension costs |
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--------- |
------------ |
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9.
Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:
2021 |
2020 |
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£ |
£ |
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Remuneration |
|
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Company contributions to defined contribution pension plans |
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--------- |
-------- |
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--------- |
-------- |
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The number of directors who accrued benefits under company pension plans was as follows:
2021 |
2020 |
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No. |
No. |
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Defined contribution plans |
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---- |
---- |
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10.
Interest payable and similar expenses
2021 |
2020 |
|
£ |
£ |
|
Interest on banks loans and overdrafts |
|
– |
Interest on obligations under finance leases and hire purchase contracts |
|
– |
--------- |
---- |
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– |
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--------- |
---- |
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11.
Tax on profit
Major components of tax (income)/expense
2021 |
2020 |
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£ |
£ |
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Deferred tax:
Origination and reversal of timing differences |
(
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--------- |
--------- |
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Tax on profit |
(
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--------- |
--------- |
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Reconciliation of tax (income)/expense
The tax assessed on the profit on ordinary activities for the year is lower than (2020: lower than) the
standard rate of corporation tax in the UK
of
19
% (2020:
19
%).
2021 |
2020 |
|
£ |
£ |
|
Profit on ordinary activities before taxation |
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------------ |
------------ |
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Profit on ordinary activities by rate of tax |
|
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Effect of expenses not deductible for tax purposes |
(
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Effect of capital allowances and depreciation |
(
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(
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Unused tax losses |
(
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(
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Other adjustments |
(104,449) |
125,511 |
------------ |
------------ |
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Tax on profit |
(
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------------ |
------------ |
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12.
Dividends
2021 |
2020 |
|
£ |
£ |
|
Dividends proposed before the year end and recognised as a liability |
– |
750,000 |
---- |
--------- |
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13.
Intangible assets
Booking system |
|
£ |
|
Cost |
|
At 1 January 2021 and 31 December 2021 |
|
------------ |
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Amortisation |
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At 1 January 2021 and 31 December 2021 |
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------------ |
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Carrying amount |
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At 31 December 2021 |
– |
------------ |
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At 31 December 2020 |
– |
------------ |
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14.
Tangible assets
Short leasehold property |
Motor vehicles |
Equipment |
Total |
|
£ |
£ |
£ |
£ |
|
Cost |
||||
At 1 January 2021 |
|
|
1,738,099 |
|
Additions |
– |
|
1,307 |
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--------- |
------------ |
------------ |
------------ |
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At 31 December 2021 |
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1,739,406 |
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--------- |
------------ |
------------ |
------------ |
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Depreciation |
||||
At 1 January 2021 |
|
|
1,721,018 |
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Charge for the year |
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10,974 |
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--------- |
------------ |
------------ |
------------ |
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At 31 December 2021 |
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1,731,992 |
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--------- |
------------ |
------------ |
------------ |
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Carrying amount |
||||
At 31 December 2021 |
|
|
7,414 |
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--------- |
------------ |
------------ |
------------ |
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At 31 December 2020 |
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|
17,081 |
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--------- |
------------ |
------------ |
------------ |
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15.
Debtors
2021 |
2020 |
|
£ |
£ |
|
Trade debtors |
|
|
Amounts owed by group undertakings |
|
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Deferred tax asset |
|
– |
Prepayments and accrued income |
|
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Other debtors |
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------------ |
------------ |
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------------ |
------------ |
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16.
Creditors:
amounts falling due within one year
2021 |
2020 |
|
£ |
£ |
|
Trade creditors |
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Accruals and deferred income |
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Social security and other taxes |
|
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Other creditors |
|
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------------ |
------------ |
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------------ |
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17.
Creditors:
amounts falling due after more than one year
2021 |
2020 |
|
£ |
£ |
|
Bank loans and overdrafts |
|
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Trade creditors |
|
– |
------------ |
--------- |
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------------ |
--------- |
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18.
Provisions
Deferred tax (note 19) |
|
£ |
|
At 1 January 2021 |
|
Additions |
(
|
-------- |
|
At 31 December 2021 |
– |
-------- |
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19.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
2021 |
2020 |
|
£ |
£ |
|
Included in debtors (note 15) |
|
– |
Included in provisions (note 18) |
– |
(
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-------- |
-------- |
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(
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-------- |
-------- |
|
The deferred tax account consists of the tax effect of timing differences in respect of:
2021 |
2020 |
|
£ |
£ |
|
Decelerated capital allowances |
(60,360) |
44,089 |
-------- |
-------- |
|
20.
Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £
24,608
(2020: £
28,661
).
21.
Called up share capital
Issued, called up and fully paid
2021 |
2020 |
|||
No. |
£ |
No. |
£ |
|
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|
100,000 |
|
100,000 |
--------- |
--------- |
--------- |
--------- |
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22.
Reserves
Share premium account - This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account - This reserve records retained earnings and accumulated losses.
23.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2021 |
2020 |
|
£ |
£ |
|
Not later than 1 year |
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|
Later than 1 year and not later than 5 years |
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--------- |
------------ |
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--------- |
------------ |
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24.
Related party transactions
The company has taken advantage of the exemption granted by paragraph 33.1(a) of FRS102, Related Party Disclosures, not to disclose transactions with group companies which are wholly owned subsidiaries of the group.
25.
Controlling party
Intercede 2052 Limited is the parent of the company and J L Bitran is the ultimate controlling party of the company.