Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-31Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.30142022-01-01falseHiring of taxi cabs11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02632774 2022-01-01 2022-12-31 02632774 2021-01-01 2021-12-31 02632774 2022-12-31 02632774 2021-12-31 02632774 c:Director1 2022-01-01 2022-12-31 02632774 d:Buildings d:ShortLeaseholdAssets 2022-01-01 2022-12-31 02632774 d:Buildings d:ShortLeaseholdAssets 2022-12-31 02632774 d:Buildings d:ShortLeaseholdAssets 2021-12-31 02632774 d:MotorVehicles 2022-01-01 2022-12-31 02632774 d:MotorVehicles 2022-12-31 02632774 d:MotorVehicles 2021-12-31 02632774 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02632774 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 02632774 d:FurnitureFittings 2022-01-01 2022-12-31 02632774 d:FurnitureFittings 2022-12-31 02632774 d:FurnitureFittings 2021-12-31 02632774 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02632774 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 02632774 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02632774 d:LeasedAssetsHeldAsLessee 2022-01-01 2022-12-31 02632774 d:CurrentFinancialInstruments 2022-12-31 02632774 d:CurrentFinancialInstruments 2021-12-31 02632774 d:Non-currentFinancialInstruments 2022-12-31 02632774 d:Non-currentFinancialInstruments 2021-12-31 02632774 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02632774 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02632774 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 02632774 d:Non-currentFinancialInstruments d:AfterOneYear 2021-12-31 02632774 d:ShareCapital 2022-12-31 02632774 d:ShareCapital 2021-12-31 02632774 d:CapitalRedemptionReserve 2022-12-31 02632774 d:CapitalRedemptionReserve 2021-12-31 02632774 d:RetainedEarningsAccumulatedLosses 2022-12-31 02632774 d:RetainedEarningsAccumulatedLosses 2021-12-31 02632774 c:OrdinaryShareClass1 2022-01-01 2022-12-31 02632774 c:OrdinaryShareClass1 2022-12-31 02632774 c:OrdinaryShareClass1 2021-12-31 02632774 c:FRS102 2022-01-01 2022-12-31 02632774 c:AuditExempt-NoAccountantsReport 2022-01-01 2022-12-31 02632774 c:FullAccounts 2022-01-01 2022-12-31 02632774 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 02632774 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02632774 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 02632774 d:TaxLossesCarry-forwardsDeferredTax 2022-12-31 02632774 d:TaxLossesCarry-forwardsDeferredTax 2021-12-31 02632774 6 2022-01-01 2022-12-31 02632774 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 02632774 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2021-12-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 02632774














COLTS CABS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2022

 
COLTS CABS LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 8


 
COLTS CABS LIMITED
REGISTERED NUMBER:02632774

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
18,149,305
18,492,488

Investments
 5 
753,753
753,750

  
18,903,058
19,246,238

Current assets
  

Debtors
 6 
5,094,214
4,052,653

Cash at bank and in hand
  
251,858
438,398

  
5,346,072
4,491,051

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(4,461,322)
(5,242,376)

Net current assets/(liabilities)
  
 
 
884,750
 
 
(751,325)

Total assets less current liabilities
  
19,787,808
18,494,913

Creditors: amounts falling due after more than one year
 8 
(10,324,891)
(11,043,737)

Provisions for liabilities
  

Deferred tax
 9 
(1,042,814)
(751,075)

Net assets
  
8,420,103
6,700,101


Capital and reserves
  

Called up share capital 
 10 
950,000
950,000

Capital redemption reserve
  
950,000
950,000

Profit and loss account
  
6,520,103
4,800,101

  
8,420,103
6,700,101


Page 1

 
COLTS CABS LIMITED
REGISTERED NUMBER:02632774
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 October 2023.




M Glassman
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
COLTS CABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Colts Cabs Limited is a private limited liability company incorporated in England and Wales, with its principal place of business at 100 Dunbridge Street, London, E3 6JG and registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the Company continued to be that of hiring of taxi cabs.
The Company's functional and presentational currency is £ Sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Turnover

Turnover comprises amounts receivable for taxi cab hire and advertising revenue during the year, exclusive of Value Added Tax and trade discounts.
Turnover is recognised in the period to which it relates.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful live on the following basis:


S/Term Leasehold Property
-
10% straight line
Motor vehicles
-
10% - 15% reducing balance
Fixtures & fittings
-
20% straight line

Page 3

 
COLTS CABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.6

Debtors

Short term debtors are measured at the transaction price, less any impairment

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions. 

 
2.8

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.11

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid

Page 4

 
COLTS CABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.13

Leasing

Assets obtained under hire purchase contract and finance leases are capitalised as tangible fixed assets and depreciated in the same manner as other tangible fixed assets. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. 
The finance element of the rental payment is charged to the Statement of Comprehensive Income on a straight line basis over the period of the lease.

 
2.14

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the year in which they are incurred.

 
2.15

Current and deferred taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The director was the only employee of the Company during the current and preceding year.


Page 5

 
COLTS CABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Tangible fixed assets





S/Term Leasehold Property
Motor vehicles
Fixtures & fittings
Total

£
£
£
£



Cost


At 1 January 2022
30,136
35,959,797
30,008
36,019,941


Additions
-
3,343,873
3,462
3,347,335


Disposals
-
(3,663,657)
-
(3,663,657)



At 31 December 2022

30,136
35,640,013
33,470
35,703,619



Depreciation


At 1 January 2022
4,334
17,502,065
21,054
17,527,453


Charge for the year on owned assets
3,014
122,140
3,680
128,834


Charge for the year on financed assets
-
2,557,309
-
2,557,309


Disposals
-
(2,659,282)
-
(2,659,282)



At 31 December 2022

7,348
17,522,232
24,734
17,554,314



Net book value



At 31 December 2022
22,788
18,117,781
8,736
18,149,305



At 31 December 2021
25,802
18,457,732
8,954
18,492,488

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2022
2021
£
£



Motor vehicles
17,444,176
17,415,947

Page 6

 
COLTS CABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 January 2022
753,750


Additions
3



At 31 December 2022
753,753





6.


Debtors

2022
2021
£
£

Trade debtors
185,662
193,092

Amounts owed by group undertakings
667,633
-

Other debtors
4,240,919
3,859,561

5,094,214
4,052,653



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank loans
353,210
422,706

Trade creditors
180,977
225,517

Amounts owed to group undertakings
377,669
597,506

Obligations under finance lease and hire purchase contracts
3,372,354
3,686,168

Other creditors
77
85,225

Accruals and deferred income
177,035
225,254

4,461,322
5,242,376


Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.

Page 7

 
COLTS CABS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
120,834
374,045

Net obligations under finance leases and hire purchase contracts
10,204,057
10,669,692

10,324,891
11,043,737


Net obligations under finance leases and hire purchase contracts are secured by fixed charges on the assets concerned.


9.


Deferred taxation




2022


£






At beginning of year
(751,075)


Released to profit or loss
(291,739)



At end of year
(1,042,814)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
(3,867,650)
(3,690,608)

Tax losses carried forward
2,824,836
2,939,533

(1,042,814)
(751,075)


10.


Share capital

2022
2021
£
£
Allotted, called up and fully paid



950,000 (2021 - 950,000) Ordinary shares of £1 each
950,000
950,000



11.


Related party transactions

The company has taken advantage of the exemptions available under section 33.1A of FRS102 not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is wholly owned by a member of that group.

 
Page 8