Express Taxis Limited - Accounts to registrar (filleted) - small 18.2
Express Taxis Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2020 |
for |
Express Taxis Limited |
Express Taxis Limited (Registered number: SC298680) |
Contents of the Financial Statements |
for the Year Ended 30 September 2020 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Express Taxis Limited (Registered number: SC298680) |
Balance Sheet |
30 September 2020 |
30.9.20 | 30.9.19 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
Express Taxis Limited (Registered number: SC298680) |
Balance Sheet - continued |
30 September 2020 |
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. |
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 |
Express Taxis Limited (Registered number: SC298680) |
Notes to the Financial Statements |
for the Year Ended 30 September 2020 |
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 |
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 |
Tangible fixed assets and depreciation |
Plant and machinery etc | - |
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. |
Express Taxis Limited (Registered number: SC298680) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2019 |
and 30 September 2020 |
AMORTISATION |
At 1 October 2019 |
Charge for year |
At 30 September 2020 |
NET BOOK VALUE |
At 30 September 2020 |
At 30 September 2019 |
Express Taxis Limited (Registered number: SC298680) |
Notes to the Financial Statements - continued |
for the Year Ended 30 September 2020 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 October 2019 |
Additions |
Disposals | ( |
) |
At 30 September 2020 |
DEPRECIATION |
At 1 October 2019 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2020 |
NET BOOK VALUE |
At 30 September 2020 |
At 30 September 2019 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.20 | 30.9.19 |
£ | £ |
Trade creditors |
Amounts owed to related parties | 255,000 | 255,000 |
Taxation and social security |
Other creditors |
8. | RELATED PARTY DISCLOSURES |
Munro Cars Limited is a company with common directors and shareholders. As at 30th September 2020, Express Taxis Limited owed £255,000 (2019: £255,000) to Munro Cars Limited. |