City Cabs, Buses & Coaches Ltd - Period Ending 2016-08-31

Registration number: 7825356

City Cabs, Buses & Coaches Ltd

Unaudited Abbreviated Accounts
 
for the Year Ended 31 August 2016

RL Accountancy
Chartered Accountants
5 Woodside
Church Lawton
Stoke on Trent
Staffordshire
ST7 3BU

City Cabs, Buses & Coaches Ltd

Contents

Accountants' Report	1
Abbreviated Balance Sheet	2
Notes to the Abbreviated Accounts	3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
City Cabs, Buses & Coaches Ltd
for the Year Ended 31 August 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of City Cabs, Buses & Coaches Ltd for the year ended 31 August 2016 set out on pages 2 to 5 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of City Cabs, Buses & Coaches Ltd, as a body, in accordance with the terms of our engagement letter dated 9 July 2012. Our work has been undertaken solely to prepare for your approval the accounts of City Cabs, Buses & Coaches Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than City Cabs, Buses & Coaches Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that City Cabs, Buses & Coaches Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of City Cabs, Buses & Coaches Ltd. You consider that City Cabs, Buses & Coaches Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of City Cabs, Buses & Coaches Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

RL Accountancy
Chartered Accountants
5 Woodside
Church Lawton
Stoke on Trent
Staffordshire
ST7 3BU

12 May 2017

Page 1

City Cabs, Buses & Coaches Ltd

(Registration number: 7825356)
Abbreviated Balance Sheet as at 31 August 2016

	Note	2016  £	2015  £
Fixed assets
Intangible assets		35,500	35,500
Tangible assets		81,725	105,912
		117,225	141,412
Current assets
Debtors		33,229	41,376
Cash at bank and in hand		25,057	(19,114)
		58,286	22,262
Creditors: Amounts falling due within one year		(146,525)	(295,614)
Net current liabilities		(88,239)	(273,352)
Total assets less current liabilities		28,986	(131,940)
Provisions for liabilities		(1,004)	7,021
Net assets/(liabilities)		27,982	(124,919)
Capital and reserves
Called up share capital	3	10	10
Profit and loss account		27,972	(124,929)
Shareholders' funds/(deficit)		27,982	(124,919)

For the year ending 31 August 2016 the company was entitled to exemption 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 in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 12 May 2017 and signed on its behalf by:

.........................................
Mr Parvez Akhtar Khan
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

City Cabs, Buses & Coaches Ltd

Notes to the Abbreviated Accounts

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Revenue recognition

Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates, VAT and other sales tax or duty.

Intangible assets

Intangible assets are stated in the balance sheet at cost less accumulated amortisation and impairment. They are amortised on a straight line basis over their estimated useful lives.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life.

Asset class	Amortisation method and rate
Telephone number	Held at cost

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Plant and machinery	20% Reducing balance method
Motor vehicles	20% Reducing balance method
Office equipment	33% Straight line basis

Research and development

Development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.

Provisions

A provision is recognised when there is a legal or constructive obligation as a result of a past event and it is probable that an outflow of economic benefits will be required to settle the obligation.

Page 3

City Cabs, Buses & Coaches Ltd

Notes to the Abbreviated Accounts

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

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, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

2	Fixed assets

	Intangible assets £	Tangible assets £	Total £
Cost
At 1 September 2015	35,500	173,011	208,511
Additions	-	5,250	5,250
At 31 August 2016	35,500	178,261	213,761
Depreciation
At 1 September 2015	-	67,099	67,099
Charge for the year	-	29,437	29,437
At 31 August 2016	-	96,536	96,536
Net book value
At 31 August 2016	35,500	81,725	117,225
At 31 August 2015	35,500	105,912	141,412

Page 4

City Cabs, Buses & Coaches Ltd

Notes to the Abbreviated Accounts

3	Share capital

Allotted, called up and fully paid shares

	2016		2015
	No.	£	No.	£
Ordinary shares of £1 each	10	10	10	10

4	Related party transactions

5

Control

The directors are the controlling party by virtue of their controlling shareholding in the company.

Page 5