REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
FYLDE COAST REPLACEMENT TAXIS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 |
FOR |
FYLDE COAST REPLACEMENT TAXIS LTD |
FYLDE COAST REPLACEMENT TAXIS LTD (REGISTERED NUMBER: 07394826) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
FYLDE COAST REPLACEMENT TAXIS LTD |
COMPANY INFORMATION |
for the year ended 31 March 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
FYLDE COAST REPLACEMENT TAXIS LTD (REGISTERED NUMBER: 07394826) |
BALANCE SHEET |
31 March 2022 |
2022 | 2021 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
FYLDE COAST REPLACEMENT TAXIS LTD (REGISTERED NUMBER: 07394826) |
BALANCE SHEET - continued |
31 March 2022 |
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 |
FYLDE COAST REPLACEMENT TAXIS LTD (REGISTERED NUMBER: 07394826) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2022 |
1. | STATUTORY INFORMATION |
Fylde Coast Replacement Taxis Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
During the reporting period, management decided to review the estimated useful lives of its assets, paying particular attention to motor vehicles. This has resulted in a reduction of motor vehicle depreciation of £39,020 when compared to the previous estimate. |
Turnover |
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total expected consideration at completion. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year. |
Tangible fixed assets |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Government grants |
During the year the company received government support in the form of the Coronavirus Job Retention Scheme. This has been recognised under the accruals model and included within the Income statement. |
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. |
FYLDE COAST REPLACEMENT TAXIS LTD (REGISTERED NUMBER: 07394826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 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. |
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. |
Going concern |
The directors have considered the risks of Covid-19 and the potential impact on the financial position of the company. The directors are satisfied at the time of approving the financial statements that the company has adequate resources to continue to operate for the foreseeable future and as such, continues to adopt the going concern basis in preparing the financial statements. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
FYLDE COAST REPLACEMENT TAXIS LTD (REGISTERED NUMBER: 07394826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
4. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2021 |
Additions |
Disposals | ( |
) |
At 31 March 2022 |
DEPRECIATION |
At 1 April 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 March 2022 |
NET BOOK VALUE |
At 31 March 2022 |
At 31 March 2021 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Other debtors |
Tax |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 16,720 | 23,037 |
Accruals and deferred income |
FYLDE COAST REPLACEMENT TAXIS LTD (REGISTERED NUMBER: 07394826) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2022 |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
Bank loans outstanding at the year end amounted to £270,524 (2021- £276,000) and include instalments due after more than five years of £21,333 (2021 - £44,087). |
8. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Hire purchase contracts | 305,620 | 186,572 |
The hire purchase is secured over the assets to which it relates. |