Express Taxis Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC298680 (Scotland)

Unaudited Financial Statements for the Year Ended 30 September 2019

for

Express Taxis Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

192,000

224,000

Tangible assets

5

614,801

550,155

806,801

774,155

CURRENT ASSETS

Debtors

6

322,663

186,826

Cash at bank

825,323

710,638

1,147,986

897,464

CREDITORS

Amounts falling due within one year

7

(293,665

)

(246,744

)

NET CURRENT ASSETS

854,321

650,720

TOTAL ASSETS LESS CURRENT LIABILITIES

1,661,122

1,424,875

CREDITORS

Amounts falling due after more than one year

8

(269,650

)

(267,108

)

NET ASSETS

1,391,472

1,157,767

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,391,372

1,157,667

SHAREHOLDERS' FUNDS

1,391,472

1,157,767

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 June 2020 and were signed on its behalf by:

James Wilson Buchanan - Director

Belinda Jane White - Director

1.	STATUTORY INFORMATION

Express Taxis Limited is a private company, limited by shares, domiciled in Scotland, registration number SC298680. The

registered office is 74 Russel Street, Falkirk, Central, FK2 7HP.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services in respect of taxi hire, excluding value added tax. Sales are recognised at

the point at which the service is complete.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, net of anticipated disposal proceeds, over the estimated

useful economic life of that asset as follows:

Goodwill - 6.4% Straight Line

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on reducing balance and 2% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of

acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed

assets are depreciated to nil value.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent

that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted

or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be

recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset

have passed to the company, and hire purchase contracts, are capitalised in the balance sheet at their fair value and are

depreciated over their useful lives. The capital elements of future obligations under the leases and hire purchase contracts

are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged to the profit and loss account over the periods of the leases and

hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are

charged to profit or loss in the period to which they relate.

Provisions

Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable

that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions

are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined

by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with

respect to any one item included in the same class of obligations may be small.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2018 - 21 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2018

and 30 September 2019

500,000

AMORTISATION

At 1 October 2018

276,000

Charge for year

32,000

At 30 September 2019

308,000

NET BOOK VALUE

At 30 September 2019

192,000

At 30 September 2018

224,000

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 October 2018

110,824

59,024

1,539,360

1,709,208

Additions

-

-

361,035

361,035

Disposals

-

-

(207,171

)

(207,171

)

At 30 September 2019

110,824

59,024

1,693,224

1,863,072

DEPRECIATION

At 1 October 2018

73,658

59,024

1,026,371

1,159,053

Charge for year

7,433

-

234,425

241,858

Eliminated on disposal

-

-

(152,640

)

(152,640

)

At 30 September 2019

81,091

59,024

1,108,156

1,248,271

NET BOOK VALUE

At 30 September 2019

29,733

-

585,068

614,801

At 30 September 2018

37,166

-

512,989

550,155

Included within the net book value of £595,619 is £0 (2018: £22,799) relating to assets held under hire purchase/finance

lease agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £0

(2018: £5,700).

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Trade debtors

322,663

186,826

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

30.9.18

£

£

Hire purchase contracts

-

9,583

Trade creditors

64,723

68,460

Taxation and social security

221,535

161,978

Other creditors

7,407

6,723

293,665

246,744

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

30.9.18

£

£

Amounts owed to associates

255,000

255,000

Other creditors

14,650

12,108

269,650

267,108

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.19

30.9.18

£

£

Hire purchase contracts

-

9,583

Balances due in relation to hire purchase/finance lease agreements are secured upon the assets to which they relate.