Vokes Taxis Limited 31/03/2022 iXBRL

Vokes Taxis Limited 31/03/2022 iXBRL

VOKES TAXIS LIMITED - Company Information

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27 31/03/2022 2022-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2021-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 06188668 2021-04-01 2022-03-31 06188668 2022-03-31 06188668 2021-03-31 06188668 2020-04-01 2021-03-31 06188668 2021-03-31 06188668 2020-03-31 06188668 core:PlantMachinery 2021-04-01 2022-03-31 06188668 core:FurnitureFittingsToolsEquipment 2021-04-01 2022-03-31 06188668 core:MotorVehicles 2021-04-01 2022-03-31 06188668 core:NetGoodwill 2021-04-01 2022-03-31 06188668 bus:RegisteredOffice 2021-04-01 2022-03-31 06188668 bus:LeadAgentIfApplicable 2021-04-01 2022-03-31 06188668 bus:Director1 2021-04-01 2022-03-31 06188668 bus:Director2 2021-04-01 2022-03-31 06188668 bus:CompanySecretary1 2021-04-01 2022-03-31 06188668 core:NetGoodwill 2022-03-31 06188668 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 06188668 core:FurnitureFittingsToolsEquipment 2021-03-31 06188668 core:MotorVehicles 2021-03-31 06188668 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 06188668 core:FurnitureFittingsToolsEquipment 2022-03-31 06188668 core:MotorVehicles 2022-03-31 06188668 core:WithinOneYear 2022-03-31 06188668 core:WithinOneYear 2021-03-31 06188668 core:AfterOneYear 2022-03-31 06188668 core:AfterOneYear 2021-03-31 06188668 core:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 06188668 core:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 06188668 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 06188668 core:ShareCapital 2022-03-31 06188668 core:ShareCapital 2021-03-31 06188668 core:RetainedEarningsAccumulatedLosses 2022-03-31 06188668 core:RetainedEarningsAccumulatedLosses 2021-03-31 06188668 core:ShareCapital 2020-03-31 06188668 core:RetainedEarningsAccumulatedLosses 2020-03-31 06188668 core:NetGoodwill 2021-03-31 06188668 core:NetGoodwill 2021-03-31 06188668 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 06188668 core:FurnitureFittingsToolsEquipment 2021-03-31 06188668 core:MotorVehicles 2021-03-31 06188668 bus:Director1 2021-03-31 06188668 bus:Director1 2022-03-31 06188668 bus:Director2 2021-03-31 06188668 bus:Director1 2020-03-31 06188668 bus:Director1 2021-03-31 06188668 bus:Director2 2020-03-31 06188668 bus:Director2 2021-03-31 06188668 bus:Director1 2020-04-01 2021-03-31 06188668 bus:Director2 2020-04-01 2021-03-31 06188668 bus:SmallEntities 2021-04-01 2022-03-31 06188668 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 06188668 bus:FullAccounts 2021-04-01 2022-03-31 06188668 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 06188668 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31
Company registration number: 06188668
Vokes Taxis Limited
Trading as Vokes Taxis
Unaudited filleted financial statements
31 March 2022
Vokes Taxis Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Vokes Taxis Limited
Directors and other information
Directors Mr Lance Ridden
Mr Mark Robinson
Secretary Mark Robinson
Company number 06188668
Registered office Bank Chambers
Canterbury Road
Lyminge
Nr Folkestone
CT18 8HU
Business address 3 Old Road
Chatham
Kent
ME4 6BJ
Accountants Norman Brisk & Company Limited
Bank Chambers
Cantebrury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
Vokes Taxis Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Vokes Taxis Limited
Year ended 31 March 2022
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2022 which comprise the statement of financial position, statement of changes in equity and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
Norman Brisk & Company Limited
Business Advisers and Taxation Consultants
Bank Chambers
Cantebrury Road
Lyminge Nr Folkestone
Kent
CT18 8HU
13 March 2023
Vokes Taxis Limited
Statement of financial position
31 March 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 471,715 463,715
Tangible assets 6 227,868 220,048
_______ _______
699,583 683,763
Current assets
Debtors 7 275,724 182,070
Cash at bank and in hand 739 28,442
_______ _______
276,463 210,512
Creditors: amounts falling due
within one year 8 ( 733,355) ( 535,120)
_______ _______
Net current liabilities ( 456,892) ( 324,608)
_______ _______
Total assets less current liabilities 242,691 359,155
Creditors: amounts falling due
after more than one year 9 ( 249,921) ( 356,495)
_______ _______
Net (liabilities)/assets ( 7,230) 2,660
_______ _______
Capital and reserves
Called up share capital 2 2
Profit and loss account ( 7,232) 2,658
_______ _______
Shareholders (deficit)/funds ( 7,230) 2,660
_______ _______
For the year ending 31 March 2022 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 March 2023 , and are signed on behalf of the board by:
Mr Lance Ridden
Director
Company registration number: 06188668
Vokes Taxis Limited
Statement of changes in equity
Year ended 31 March 2022
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2020 2 54,244 54,246
Profit/(loss) for the year ( 4,386) ( 4,386)
_______ _______ _______
Total comprehensive income for the year - ( 4,386) ( 4,386)
Dividends paid and payable ( 47,200) ( 47,200)
_______ _______ _______
Total investments by and distributions to owners - ( 47,200) ( 47,200)
_______ _______ _______
At 31 March 2021 and 1 April 2021 2 2,658 2,660
Profit/(loss) for the year 54,710 54,710
_______ _______ _______
Total comprehensive income for the year - 54,710 54,710
Dividends paid and payable ( 64,600) ( 64,600)
_______ _______ _______
Total investments by and distributions to owners - ( 64,600) ( 64,600)
_______ _______ _______
At 31 March 2022 2 ( 7,232) ( 7,230)
_______ _______ _______
Vokes Taxis Limited
Notes to the financial statements
Year ended 31 March 2022
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Bank Chambers, Canterbury Road, Lyminge, Nr Folkestone, CT18 8HU.
2. 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'.
3. Accounting policies
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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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. 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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.
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:
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
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 - 10 % reducing balance
Fittings fixtures and equipment - 10 % reducing balance
Motor vehicles - 10 % reducing balance
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.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. 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.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2021: 27 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2021 463,715 463,715
Additions 8,000 8,000
_______ _______
At 31 March 2022 471,715 471,715
_______ _______
Amortisation
At 1 April 2021 and 31 March 2022 - -
_______ _______
Carrying amount
At 31 March 2022 471,715 471,715
_______ _______
At 31 March 2021 463,715 463,715
_______ _______
6. Tangible assets
Freehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2021 86,289 59,550 365,075 510,914
Additions 2,887 - 52,965 55,852
Disposals - - ( 101,052) ( 101,052)
_______ _______ _______ _______
At 31 March 2022 89,176 59,550 316,988 465,714
_______ _______ _______ _______
Depreciation
At 1 April 2021 - 25,237 265,269 290,506
Charge for the year - - 44,517 44,517
Disposals - - ( 97,177) ( 97,177)
_______ _______ _______ _______
At 31 March 2022 - 25,237 212,609 237,846
_______ _______ _______ _______
Carrying amount
At 31 March 2022 89,176 34,313 104,379 227,868
_______ _______ _______ _______
At 31 March 2021 86,289 34,313 99,806 220,408
_______ _______ _______ _______
7. Debtors
2022 2021
£ £
Trade debtors 273,105 171,835
Other debtors 2,619 10,235
_______ _______
275,724 182,070
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 214,768 126,035
Trade creditors 199,050 180,004
Corporation tax 7,827 -
Social security and other taxes 134,511 166,585
Other creditors 177,199 62,496
_______ _______
733,355 535,120
_______ _______
9. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 175,758 255,875
Other creditors 74,163 100,620
_______ _______
249,921 356,495
_______ _______
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Lance Ridden ( 19,497) ( 40,252) ( 59,749)
Mr Mark Robinson ( 45,323) 45,323 -
_______ _______ _______
( 64,820) 5,071 ( 59,749)
_______ _______ _______
2021
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Lance Ridden ( 22,817) 3,320 ( 19,497)
Mr Mark Robinson ( 48,012) 2,689 ( 45,323)
_______ _______ _______
( 70,829) 6,009 ( 64,820)
_______ _______ _______