Company registration number 04968565 (England and Wales)
STEEDMAN TAXIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
PAGES FOR FILING WITH REGISTRAR
STEEDMAN TAXIS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
STEEDMAN TAXIS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF STEEDMAN TAXIS LIMITED FOR THE YEAR ENDED 30 NOVEMBER 2022
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Steedman Taxis Limited for the year ended 30 November 2022 which comprise, the balance sheet and the related notes 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 https://www.icaew.com/regulation.

This report is made solely to the board of directors of Steedman Taxis Limited, as a body, in accordance with the terms of our engagement letter dated 19 February 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Steedman Taxis Limited and state those matters that we have agreed to state to the board of directors of Steedman Taxis Limited, 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 Steedman Taxis Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Steedman Taxis Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Steedman Taxis Limited. You consider that Steedman Taxis Limited 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 financial statements of Steedman Taxis Limited. 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 financial statements.

Waters & Atkinson
7 September 2023
Chartered Accountants
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
STEEDMAN TAXIS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2022
30 November 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
3,235
3,909
Current assets
Debtors
1,583
2,356
Cash at bank and in hand
3,468
3,518
5,051
5,874
Creditors: amounts falling due within one year
(3,298)
(5,709)
Net current assets
1,753
165
Net assets
4,988
4,074
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
4,987
4,073
Total equity
4,988
4,074

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 7 September 2023 and are signed on its behalf by:
Mr S M Steedman
Director
Company Registration No. 04968565
STEEDMAN TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 3 -
1
Accounting policies
Company information

Steedman Taxis Limited is a private company limited by shares incorporated in England and Wales. The registered office is 17 Ullswater Road, Fulwood, Preston, Lancashire, PR2 8AT.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.

 

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
33% straight line
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
STEEDMAN TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.9
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

STEEDMAN TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2022
- 5 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
1
1
3
Tangible fixed assets
Total
£
Cost
At 1 December 2021
9,265
Additions
455
At 30 November 2022
9,720
Depreciation and impairment
At 1 December 2021
5,356
Depreciation charged in the year
1,129
At 30 November 2022
6,485
Carrying amount
At 30 November 2022
3,235
At 30 November 2021
3,909
4
Director's advances, credits and guarantees

J M Steedman's directors loan account was overdrawn at the start of the year by £468. By the end of the year it was £nil.

2022-11-302021-12-01false07 September 2023CCH SoftwareCCH Accounts Production 2023.100Taxi Firm
Mr J M SteedmanMr S M SteedmanMr S M Steedman
049685652021-12-012022-11-30049685652022-11-30049685652021-11-3004968565core:CurrentFinancialInstrumentscore:WithinOneYear2022-11-3004968565core:CurrentFinancialInstrumentscore:WithinOneYear2021-11-3004968565core:ShareCapital2022-11-3004968565core:ShareCapital2021-11-3004968565core:RetainedEarningsAccumulatedLosses2022-11-3004968565core:RetainedEarningsAccumulatedLosses2021-11-3004968565bus:CompanySecretaryDirector12021-12-012022-11-3004968565core:PlantMachinery2021-12-012022-11-3004968565core:MotorVehicles2021-12-012022-11-30049685652020-12-012021-11-30049685652021-11-3004968565bus:PrivateLimitedCompanyLtd2021-12-012022-11-3004968565bus:SmallCompaniesRegimeForAccounts2021-12-012022-11-3004968565bus:FRS1022021-12-012022-11-3004968565bus:AuditExemptWithAccountantsReport2021-12-012022-11-3004968565bus:Director12021-12-012022-11-3004968565bus:Director22021-12-012022-11-3004968565bus:CompanySecretary12021-12-012022-11-3004968565bus:FullAccounts2021-12-012022-11-30xbrli:purexbrli:sharesiso4217:GBP