Company Registration No. 07395202 (England and Wales)
Minicabit Limited
Unaudited accounts
for the year ended 31 December 2021
Minicabit Limited
Company Information
for the year ended 31 December 2021
Directors
Mr A S Hasan
Mr P S Lawton
Company Number
07395202 (England and Wales)
Registered Office
80-83 Long Lane
London
EC1A 9ET
Minicabit Limited
Statement of financial position
as at
31 December 2021
Intangible assets
488,003
549,163
Cash at bank and in hand
106,195
44,008
Creditors: amounts falling due within one year
(759,291)
(541,046)
Net current liabilities
(571,827)
(433,390)
Total assets less current liabilities
(83,824)
115,773
Creditors: amounts falling due after more than one year
(250,000)
(300,000)
Net liabilities
(333,824)
(184,227)
Called up share capital
3,950
3,950
Share premium
2,160,082
2,160,082
Profit and loss account
(2,497,856)
(2,348,259)
Shareholders' funds
(333,824)
(184,227)
For the year ending 31 December 2021 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 7 April 2022 and were signed on its behalf by
Mr A S Hasan
Director
Company Registration No. 07395202
Minicabit Limited
Notes to the Accounts
for the year ended 31 December 2021
Minicabit Limited is a private company, limited by shares, registered in England and Wales, registration number 07395202. The registered office is 80-83 Long Lane, London, EC1A 9ET.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
The company is in the process of obtaining an injection of funds for working capital and towards the continued growth of the business. The company has also been in discussions with institutional sources of finance in preparation of its next funding round.
Turnover represents receipts from customers, net of value added tax, where applicable. Turnover includes Commission, Booking Fees, Credit Card Fees and amounts received as Agents on behalf of Private Hire Operators.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rate ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Expenditure on research is written off in the year in which it is incurred.
Development expenditure is capitalised in accordance with management's judgement that technical and economic feasibility is confirmed. In determining the amounts to be capitalised management makes assumptions regarding the expected future cash generation of the assets, discount rates to be applied and the expected period of benefits.
Intangible fixed assets are included at cost less accumulated amortisation. The useful economic lives of intangible assets are as follows:
Development costs over 5 years, on a straight line basis
Minicabit Limited
Notes to the Accounts
for the year ended 31 December 2021
4
Intangible fixed assets
Other
At 1 January 2021
2,122,033
At 31 December 2021
2,302,083
At 1 January 2021
1,572,870
Charge for the year
241,210
At 31 December 2021
1,814,080
At 31 December 2021
488,003
At 31 December 2020
549,163
Development costs are amortised evenly over their useful lives of 5 years. Amortisation is included in administration expenses in the profit and loss account.
5
Debtors: amounts falling due within one year
2021
2020
Accrued income and prepayments
4,974
12,052
Other debtors
76,295
51,596
6
Creditors: amounts falling due within one year
2021
2020
Bank loans and overdrafts
106,817
4,393
Trade creditors
263,995
181,182
Taxes and social security
137,802
78,283
Other creditors
101,111
161,299
7
Creditors: amounts falling due after more than one year
2021
2020
Bank loans
250,000
300,000
Minicabit Limited
Notes to the Accounts
for the year ended 31 December 2021
8
Share capital
2021
2020
Allotted, called up and fully paid:
210,872 Ordinary A shares of £0.01 each
2,108.72
2,108.72
17,102 Ordinary B shares of £0.01 each
171.02
171.02
104,829 Ordinary C shares of £0.01 each
1,048.29
1,048.29
42 Ordinary D shares of £0.01 each
0.42
0.42
62,084 Ordinary E shares of £0.01 each
620.84
620.84
9
Transactions with related parties
At the period end an amount of £20,000 (2020: £20,000) was due to Mr P S Lawton, a director. This balance arose in respect of a loan provided to the company. Interest has been accrued and paid to Mr P S Lawton as the market rate as other loan providers.
The company's controlling party is Mr A S Hasan by virtue of his ownership of the majority of the issued share capital in the company.
11
Average number of employees
During the year the average number of employees was 5 (2020: 5).