Express Taxis Limited - Accounts to registrar (filleted) - small 23.1.2

Express Taxis Limited - Accounts to registrar (filleted) - small 23.1.2

EXPRESS TAXIS LIMITED - Company Information

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IRIS Accounts Production v23.1.5.20 SC298680 Board of Directors 1.10.21 30.9.22 30.9.22 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC2986802021-09-30SC2986802022-09-30SC2986802021-10-012022-09-30SC2986802020-09-30SC2986802020-10-012021-09-30SC2986802021-09-30SC298680ns16:Scotland2021-10-012022-09-30SC298680ns15:PoundSterling2021-10-012022-09-30SC298680ns11:Director12021-10-012022-09-30SC298680ns11:PrivateLimitedCompanyLtd2021-10-012022-09-30SC298680ns11:SmallEntities2021-10-012022-09-30SC298680ns11:AuditExempt-NoAccountantsReport2021-10-012022-09-30SC298680ns11:SmallCompaniesRegimeForDirectorsReport2021-10-012022-09-30SC298680ns11:SmallCompaniesRegimeForAccounts2021-10-012022-09-30SC298680ns11:FullAccounts2021-10-012022-09-30SC29868012021-10-012022-09-30SC298680ns6:CurrentFinancialInstruments2022-09-30SC298680ns6:CurrentFinancialInstruments2021-09-30SC298680ns6:Non-currentFinancialInstruments2022-09-30SC298680ns6:Non-currentFinancialInstruments2021-09-30SC298680ns6:ShareCapital2022-09-30SC298680ns6:ShareCapital2021-09-30SC298680ns6:RetainedEarningsAccumulatedLosses2022-09-30SC298680ns6:RetainedEarningsAccumulatedLosses2021-09-30SC298680ns6:NetGoodwill2021-10-012022-09-30SC298680ns6:PlantMachinery2021-10-012022-09-30SC298680ns6:NetGoodwill2021-09-30SC298680ns6:NetGoodwill2022-09-30SC298680ns6:NetGoodwill2021-09-30SC298680ns6:PlantMachinery2021-09-30SC298680ns6:PlantMachinery2022-09-30SC298680ns6:PlantMachinery2021-09-30SC298680ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2021-10-012022-09-30SC298680ns6:PlantMachineryns6:LeasedAssetsHeldAsLessee2022-09-30SC298680ns6:WithinOneYearns6:CurrentFinancialInstruments2022-09-30SC298680ns6:WithinOneYearns6:CurrentFinancialInstruments2021-09-30
REGISTERED NUMBER: SC298680 (Scotland)















Unaudited Financial Statements for the Year Ended 30 September 2022

for

Express Taxis Limited
Express Taxis Limited (Registered number: SC298680)






Contents of the Financial Statements
for the Year Ended 30 September 2022




Page

Balance Sheet 1

Notes to the Financial Statements 3


Express Taxis Limited (Registered number: SC298680)

Balance Sheet
30 September 2022

30.9.22 30.9.21
Notes £    £   
FIXED ASSETS
Intangible assets 4 96,000 128,000
Tangible assets 5 597,443 451,347
693,443 579,347

CURRENT ASSETS
Debtors 6 271,398 268,749
Cash at bank 1,408,272 1,354,089
1,679,670 1,622,838
CREDITORS
Amounts falling due within one year 7 (547,617 ) (633,202 )
NET CURRENT ASSETS 1,132,053 989,636
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,825,496
1,568,983

CREDITORS
Amounts falling due after more than one
year
8
(62,644
)
-
NET ASSETS 1,762,852 1,568,983

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,762,752 1,568,883
SHAREHOLDERS' FUNDS 1,762,852 1,568,983

The notes form part of these financial statements

Page 1 continued...
Express Taxis Limited (Registered number: SC298680)

Balance Sheet - continued
30 September 2022


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

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

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 27 June 2023 and were signed on its behalf by:





Mr J W Buchanan - Director


The notes form part of these financial statements

Page 2
Express Taxis Limited (Registered number: SC298680)

Notes to the Financial Statements
for the Year Ended 30 September 2022

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

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 20% on reducing balance, 20% on cost 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.

Page 3 continued...
Express Taxis Limited (Registered number: SC298680)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

2. ACCOUNTING POLICIES - continued

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.

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 16 (2021 - 17 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2021
and 30 September 2022 500,000
AMORTISATION
At 1 October 2021 372,000
Charge for year 32,000
At 30 September 2022 404,000
NET BOOK VALUE
At 30 September 2022 96,000
At 30 September 2021 128,000

Page 4 continued...
Express Taxis Limited (Registered number: SC298680)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 October 2021 1,851,367
Additions 314,123
Disposals (334,129 )
At 30 September 2022 1,831,361
DEPRECIATION
At 1 October 2021 1,400,020
Charge for year 100,666
Eliminated on disposal (266,768 )
At 30 September 2022 1,233,918
NET BOOK VALUE
At 30 September 2022 597,443
At 30 September 2021 451,347

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

Plant and
machinery
etc
£   
COST
Additions 239,437
At 30 September 2022 239,437
DEPRECIATION
Charge for year 12,589
At 30 September 2022 12,589
NET BOOK VALUE
At 30 September 2022 226,848

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.22 30.9.21
£    £   
Trade debtors 255,672 268,749
Other debtors 15,726 -
271,398 268,749

Page 5 continued...
Express Taxis Limited (Registered number: SC298680)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.22 30.9.21
£    £   
Hire purchase contracts 69,475 -
Trade creditors 43,177 35,063
Amounts owed to related parties 255,000 255,000
Taxation and social security 127,526 171,445
Other creditors 52,439 171,694
547,617 633,202

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.22 30.9.21
£    £   
Hire purchase contracts 62,644 -

9. SECURED DEBTS

The following secured debts are included within creditors:

30.9.22 30.9.21
£    £   
Hire purchase contracts 132,119 -

Balances due under HP agreements are secured upon the assets they relate to.

10. RELATED PARTY DISCLOSURES

Munro Cars Limited is a company with common directors and shareholders. As at 30th September 2022, Express Taxis Limited owed £255,000 (2021: £255,000) to Munro Cars Limited.

Page 6