ACCOUNTS - Final Accounts preparation

NORWICH AIRPORT TAXIS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-30false2022-05-01No description of principal activity33truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10711977 2022-05-01 2023-04-30 10711977 2021-05-01 2022-04-30 10711977 2023-04-30 10711977 2022-04-30 10711977 c:Director1 2022-05-01 2023-04-30 10711977 d:OfficeEquipment 2022-05-01 2023-04-30 10711977 d:OfficeEquipment 2023-04-30 10711977 d:OfficeEquipment 2022-04-30 10711977 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-05-01 2023-04-30 10711977 d:CurrentFinancialInstruments 2023-04-30 10711977 d:CurrentFinancialInstruments 2022-04-30 10711977 d:Non-currentFinancialInstruments 2023-04-30 10711977 d:Non-currentFinancialInstruments 2022-04-30 10711977 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 10711977 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 10711977 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 10711977 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 10711977 d:ShareCapital 2023-04-30 10711977 d:ShareCapital 2022-04-30 10711977 d:RetainedEarningsAccumulatedLosses 2023-04-30 10711977 d:RetainedEarningsAccumulatedLosses 2022-04-30 10711977 c:FRS102 2022-05-01 2023-04-30 10711977 c:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 10711977 c:FullAccounts 2022-05-01 2023-04-30 10711977 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 10711977 d:EntityControlledByKeyManagementPersonnel1 2022-05-01 2023-04-30 10711977 d:EntityControlledByKeyManagementPersonnel1 2023-04-30 10711977 d:EntityControlledByKeyManagementPersonnel1 2022-04-30 10711977 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-05-01 2023-04-30 10711977 2 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 10711977

NORWICH AIRPORT TAXIS LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

NORWICH AIRPORT TAXIS LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF NORWICH AIRPORT TAXIS LIMITED
FOR THE YEAR ENDED 30 APRIL 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Norwich Airport Taxis Limited for the year ended 30 April 2023 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the director of Norwich Airport Taxis Limited in accordance with the terms of our engagement letter dated 4 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Norwich Airport Taxis Limited and state those matters that we have agreed to state to the director of Norwich Airport Taxis Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Norwich Airport Taxis Limited and its director for our work or for this report.

It is your duty to ensure that Norwich Airport Taxis Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Norwich Airport Taxis Limited. You consider that Norwich Airport Taxis Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Norwich Airport Taxis Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

7 The Close

Norwich

Norfolk

NR1 4DJ

29 January 2024

Page 1

NORWICH AIRPORT TAXIS LIMITED

REGISTERED NUMBER: 10711977

BALANCE SHEET

AS AT 30 APRIL 2023

		2023		2022
Note		£		£

Fixed assets
Tangible assets	4		532		-
			532		-
Current assets
Debtors: amounts falling due within one year	5	147,786		94,137
Cash at bank and in hand		28,790		58,646
		176,576		152,783
Creditors: amounts falling due within one year	6	(134,558)		(87,377)
Net current assets			42,018		65,406
Total assets less current liabilities			42,550		65,406
Creditors: amounts falling due after more than one year	7		(37,116)		(36,501)

Net assets			5,434		28,905

Capital and reserves
Called up share capital	100	100
Profit and loss account	5,334	28,805
	5,434	28,905

Page 2

NORWICH AIRPORT TAXIS LIMITED

REGISTERED NUMBER: 10711977

BALANCE SHEET (CONTINUED)

AS AT 30 APRIL 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 January 2024.

Mr C Mcaulay

Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

NORWICH AIRPORT TAXIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

1.	General information

The Company is a private company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is Terminal Building, Amsterdam Way, Norwich, Norfolk, NR6 6JA.
The Company's principal activity is that of supplies to the taxi industry.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover 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 turnover 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.

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

NORWICH AIRPORT TAXIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

NORWICH AIRPORT TAXIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in 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 or other consideration expected to be paid or received.

2.13

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 6

NORWICH AIRPORT TAXIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	Additions	798
	At 30 April 2023	798
	Depreciation
	Charge for the year on owned assets	266
	At 30 April 2023	266
	Net book value
	At 30 April 2023	532
	At 30 April 2022	-

Page 7

NORWICH AIRPORT TAXIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

Debtors

					2023	2022
					£	£


Trade debtors	108,421	72,700
Other debtors	39,365	21,437
	147,786	94,137

6.	Creditors: Amounts falling due within one year
		2023	2022
		£	£

Bank loans	5,581	9,655
Trade creditors	4,967	3,806
Other taxation and social security	102,822	56,281
Other creditors	14,021	10,839
Accruals and deferred income	7,167	6,796
	134,558	87,377

7.	Creditors: Amounts falling due after more than one year
		2023	2022
		£	£

Bank loans	37,116	36,501
	37,116	36,501

8.	Transactions with directors

As at 1 May 2022 the balance owed by the director was £9,581. During the year the company paid personal expenses of £99,360 on behalf of the director who reimbursed the company with £86,625. Interest amounting to £399 was charged in the year and there is no set date for repayment.
As a result the balance owed by the director was £22,715 at the year end.

Page 8