Company registration number 05035515 (England and Wales)
KLM TAXIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
KLM TAXIS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KLM TAXIS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,500
-
0
Tangible assets
5
101,318
22,520
105,818
22,520
Current assets
Debtors
6
177,508
104,044
Cash at bank and in hand
76,511
133,489
254,019
237,533
Creditors: amounts falling due within one year
7
(115,771)
(198,213)
Net current assets
138,248
39,320
Total assets less current liabilities
244,066
61,840
Creditors: amounts falling due after more than one year
8
(60,333)
(33,206)
Provisions for liabilities
(5,831)
(3,576)
Net assets
177,902
25,058
Capital and reserves
Called up share capital
100
40
Profit and loss reserves
177,802
25,018
Total equity
177,902
25,058

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 28 February 2023 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.

KLM TAXIS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 10 November 2023
M A Deely
Director
Company Registration No. 05035515
KLM TAXIS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2023
28 February 2023
- 3 -
1
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Company information

KLM Taxis Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 8, 53 Lower Street, Kettering, Northamptonshire, United Kingdom, NN16 8BH.

2.1
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 £.

The financial statements have been prepared under the historical cost convention.

2.2
Turnover

Turnover represents net invoiced services, excluding value added tax.

2.3
Intangible fixed assets - goodwill

Goodwill, being the amount paid in connection with the acquisition of a business, having been subject to impairment reviews is being amortised evenly over its estimated useful life of ten years.

2.4
Tangible fixed assets

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 machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
No depreciation charged in the year of aquisition
Property and improvements
at varying rates on cost
2.5
Taxation

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

KLM TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
2
Accounting policies
(Continued)
- 4 -
Current tax

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.

2.6
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.

2.7
Leases

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2.8
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.

3
Employees

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

2023
2022
Number
Number
Total
11
8
KLM TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2022
830,500
Additions
5,000
At 28 February 2023
835,500
Amortisation and impairment
At 1 March 2022
830,500
Amortisation charged for the year
500
At 28 February 2023
831,000
Carrying amount
At 28 February 2023
4,500
At 28 February 2022
-
0
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Property and improvements
Total
£
£
£
£
£
£
Cost
At 1 March 2022
169,811
20,137
22,514
-
0
25,001
237,463
Additions
-
0
-
0
-
0
82,435
-
0
82,435
At 28 February 2023
169,811
20,137
22,514
82,435
25,001
319,898
Depreciation and impairment
At 1 March 2022
152,621
17,405
19,916
-
0
25,001
214,943
Depreciation charged in the year
2,578
409
650
-
0
-
0
3,637
At 28 February 2023
155,199
17,814
20,566
-
0
25,001
218,580
Carrying amount
At 28 February 2023
14,612
2,323
1,948
82,435
-
0
101,318
At 28 February 2022
17,190
2,732
2,598
-
0
-
0
22,520
KLM TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
70,231
90,059
Other debtors
75,777
13,985
Prepayments and accrued income
31,500
-
0
177,508
104,044
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,680
9,687
Other borrowings
12,000
-
0
Trade creditors
46,438
9,223
Corporation tax
40,761
19,106
Other taxation and social security
3,892
67,606
Other creditors
(2,000)
86,591
Accruals and deferred income
5,000
6,000
115,771
198,213
8
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Bank loans and overdrafts
23,533
33,206
Other borrowings
36,800
-
0
60,333
33,206
9
Directors' transactions

 

Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
2.00
-
24,671
246
24,917
-
24,671
246
24,917
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