Express Taxis Limited - Abbreviated accounts 16.3

REGISTERED NUMBER: SC298680 (Scotland)

Abbreviated Unaudited Accounts for the Year Ended 30 September 2016

for

Express Taxis Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Intangible assets

2

288,000

320,000

Tangible assets

3

615,091

558,059

903,091

878,059

CURRENT ASSETS

Debtors

213,990

195,369

Cash at bank

407,036

387,247

621,026

582,616

CREDITORS

Amounts falling due within one year

4

(346,036

)

(280,711

)

NET CURRENT ASSETS

274,990

301,905

TOTAL ASSETS LESS CURRENT
LIABILITIES

1,178,081

1,179,964

CREDITORS

Amounts falling due after more than one year

4

(366,673

)

(409,584

)

NET ASSETS

811,408

770,380

CAPITAL AND RESERVES

Called up share capital

5

100

Profit and loss account

811,308

770,280

SHAREHOLDERS' FUNDS

811,408

770,380

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 29 March 2017 and were signed on its behalf by:

James Wilson Buchanan - Director

Belinda Jane White - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the Financial

Reporting Standard for Smaller Entities (effective January 2015).

Cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

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.

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.

Deferred tax

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

where transactions or events that result in an obligation to pay more or a right to pay less tax in the future have occurred by

the balance sheet date with certain limited exceptions.

Deferred tax is calculated on an undiscounted basis at the tax rates that are expected to apply in the periods in which the

timing differences are expected to reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet

date.

No deferred tax asset has been recognised in these financial statements as its recoverability is fairly uncertain.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account 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 the profit and loss account in the period to which they relate.

2.	INTANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

and 30 September 2016

500,000

AMORTISATION

At 1 October 2015

180,000

Amortisation for year

32,000

At 30 September 2016

212,000

NET BOOK VALUE

At 30 September 2016

288,000

At 30 September 2015

320,000

3.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 October 2015

1,377,729

Additions

352,037

Disposals

(181,523

)

At 30 September 2016

1,548,243

DEPRECIATION

At 1 October 2015

819,670

Charge for year

240,082

Eliminated on disposal

(126,600

)

At 30 September 2016

933,152

NET BOOK VALUE

At 30 September 2016

615,091

At 30 September 2015

558,059

Included within the net book value of £615,091 is £218,672 (2015: £140,630) 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 £105,945 (2015: £65,877).

4.

CREDITORS

Creditors include an amount of £ 141,837 (30.9.15 - £ 104,538 ) for which security has been given.

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.16

30.9.15

value:

£

60

Ordinary A

£1

60

40

Ordinary B

£1

40

100