A1 Taxis of Ilford Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 01199191 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2022

FOR

A1 TAXIS OF ILFORD LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr I F Kovler

Mrs A R Kovler

Mr H C Kovler

SECRETARY:

Mrs A R Kovler

REGISTERED OFFICE:

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

REGISTERED NUMBER:

01199191 (England and Wales)

ACCOUNTANTS:

Raffingers LLP

Chartered Certified Accountants

19-20 Bourne Court

Southend Road

Woodford Green

Essex

IG8 8HD

FIXED ASSETS

Tangible assets

4

783,536

781,997

CURRENT ASSETS

Stocks

15,225

10,226

Debtors

139,773

230,122

Cash at bank

10,070

21,118

165,068

261,466

CREDITORS

Amounts falling due within one year

416,084

461,142

NET CURRENT LIABILITIES

(251,016

)

(199,676

)

TOTAL ASSETS LESS CURRENT LIABILITIES

532,520

582,321

CREDITORS

Amounts falling due after more than one year

592,665

432,365

NET (LIABILITIES)/ASSETS

(60,145

)

149,956

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(60,146

)

149,955

(60,145

)

149,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 30 June 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 21 June 2023 and were signed on its behalf by:

Mr H C Kovler - Director

1.	STATUTORY INFORMATION

A1 Taxis of Ilford Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The accounts have been prepared on the going concern basis as the directors are of the opinion that the company will meet its liabilities as and when due, due to the continued support of the directors.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

15% on reducing balance

Taxi cabs

-

10% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Short term debtors and creditors

Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transactions costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 8 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 July 2021

1,595,786

Additions

180,419

Disposals

(696,845

)

At 30 June 2022

1,079,360

DEPRECIATION

At 1 July 2021

813,789

Charge for year

86,890

Eliminated on disposal

(390,693

)

Charge written back

(214,162

)

At 30 June 2022

295,824

NET BOOK VALUE

At 30 June 2022

783,536

At 30 June 2021

781,997

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals

£

COST

At 1 July 2021

981,381

Additions

178,066

Disposals

(149,917

)

At 30 June 2022

1,009,530

DEPRECIATION

At 1 July 2021

453,473

Charge for year

84,529

Eliminated on disposal

(79,941

)

Charge written back

(214,162

)

At 30 June 2022

243,899

NET BOOK VALUE

At 30 June 2022

765,631

At 30 June 2021

527,908

5.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Hire purchase contracts

797,812

591,902

Bank overdrafts and assets acquired under hire purchase are secured by way of a fixed and floating charge over the assets held by the company.

6.	RELATED PARTY DISCLOSURES

At the balance sheet date, the company owed the directors £47,638 (2021 - £91,878).