Company Registration No. 07395202 (England and Wales)
Minicabit Limited
Unaudited accounts
for the year ended 31 December 2020
Minicabit Limited
Company Information
for the year ended 31 December 2020
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 2020
Intangible assets
549,163
747,475
Cash at bank and in hand
44,008
28,951
Creditors: amounts falling due within one year
(541,046)
(912,187)
Net current liabilities
(433,390)
(659,220)
Total assets less current liabilities
115,773
88,255
Creditors: amounts falling due after more than one year
(300,000)
(220,000)
Net liabilities
(184,227)
(131,745)
Called up share capital
3,950
3,834
Share premium
2,160,082
2,010,254
Profit and loss account
(2,348,259)
(2,145,833)
Shareholders' funds
(184,227)
(131,745)
For the year ending 31 December 2020 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 3 March 2021 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 2020
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 2020
4
Intangible fixed assets
Other
At 1 January 2020
1,985,630
At 31 December 2020
2,122,033
At 1 January 2020
1,238,155
Charge for the year
334,715
At 31 December 2020
1,572,870
At 31 December 2020
549,163
At 31 December 2019
747,475
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
2020
2019
Accrued income and prepayments
12,052
34,627
Other debtors
51,596
189,389
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
4,393
46,704
Trade creditors
181,182
252,591
Taxes and social security
78,283
54,246
Other creditors
161,299
498,432
7
Creditors: amounts falling due after more than one year
2020
2019
Other creditors
-
220,000
Minicabit Limited
Notes to the Accounts
for the year ended 31 December 2020
8
Share capital
2020
2019
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
964.35
42 Ordinary D shares of £0.01 each
0.42
0.42
62,084 Ordinary E shares of £0.01 each
620.84
590.32
Shares issued during the period:
8,394 Ordinary C shares of £0.01 each
83.94
3,052 Ordinary E shares of £0.01 each
30.52
9
Transactions with related parties
At the period end an amount of £20,000 (2019: £40,000) 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 (2019: 6).