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REGISTERED NUMBER: 06067866 (England and Wales)










LEEDS TAXI OWNERS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2023






LEEDS TAXI OWNERS LIMITED (REGISTERED NUMBER: 06067866)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023










Page

Balance Sheet 1 to 2

Notes to the Financial Statements 3 to 6


LEEDS TAXI OWNERS LIMITED (REGISTERED NUMBER: 06067866)

BALANCE SHEET
31ST MAY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 26,570 38,172
Investments 6 10 10
26,580 38,182

CURRENT ASSETS
Debtors 7 273,930 193,990
Cash at bank and in hand 321,028 290,279
594,958 484,269
CREDITORS
Amounts falling due within one year 8 447,541 366,876
NET CURRENT ASSETS 147,417 117,393
TOTAL ASSETS LESS CURRENT LIABILITIES 173,997 155,575

CREDITORS
Amounts falling due after more than one year 9 20,833 30,833
NET ASSETS 153,164 124,742

CAPITAL AND RESERVES
Called up share capital 10 158,000 158,000
Retained earnings (4,836 ) (33,258 )
SHAREHOLDERS' FUNDS 153,164 124,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2023 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.

LEEDS TAXI OWNERS LIMITED (REGISTERED NUMBER: 06067866)

BALANCE SHEET - continued
31ST MAY 2023


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

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 3rd October 2023 and were signed on its behalf by:




A P Howard - Director M J Utting - Director




R Clarkson - Director Q J Cooper - Director




M I Hussain - Director


LEEDS TAXI OWNERS LIMITED (REGISTERED NUMBER: 06067866)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MAY 2023


1. STATUTORY INFORMATION

Leeds Taxi Owners Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 06067866

Registered office: Unit 15 Ashbrooke Park
Parkside Lane
Leeds
LS11 5SF

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

When the outcome of a transaction can be estimated reliably, turnover from taxi services, rent income and driver subscriptions, is recognised by reference to the number of fares completed at the balance sheet date.

Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable.

Goodwill
Goodwill, being amount paid in connection with the acquisition of a business in 2008, has been amortised over its estimated useful life of 10 years, previously 20 years.The directors have chosen to reduce the useful life of goodwill as they believe this provides more reliable and relevant information due to the asset no longer expected to generate future cash flow. Therefore, goodwill was fully amortised at 31st May 2017.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the unexpired period of the lease
Fixtures and fittings - 15% on reducing balance
Telecoms equipment - 15% on reducing balance and 3 years

Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.


LEEDS TAXI OWNERS LIMITED (REGISTERED NUMBER: 06067866)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


2. ACCOUNTING POLICIES - continued
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.

Debtors and creditors receivable / payable within 1 year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st June 2022
and 31st May 2023 4,340
AMORTISATION
At 1st June 2022
and 31st May 2023 4,340
NET BOOK VALUE
At 31st May 2023 -
At 31st May 2022 -

LEEDS TAXI OWNERS LIMITED (REGISTERED NUMBER: 06067866)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


5. TANGIBLE FIXED ASSETS
Fixtures
Short and Telecoms
leasehold fittings equipment Totals
£    £    £    £   
COST
At 1st June 2022
and 31st May 2023 16,575 45,761 193,942 256,278
DEPRECIATION
At 1st June 2022 16,575 32,770 168,761 218,106
Charge for year - 1,949 9,653 11,602
At 31st May 2023 16,575 34,719 178,414 229,708
NET BOOK VALUE
At 31st May 2023 - 11,042 15,528 26,570
At 31st May 2022 - 12,991 25,181 38,172

6. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1st June 2022
and 31st May 2023 10 35,606 35,616
PROVISIONS
At 1st June 2022
and 31st May 2023 - 35,606 35,606
NET BOOK VALUE
At 31st May 2023 10 - 10
At 31st May 2022 10 - 10

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 264,942 184,489
Other debtors 8,988 9,501
273,930 193,990

LEEDS TAXI OWNERS LIMITED (REGISTERED NUMBER: 06067866)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MAY 2023


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 47,763 10,000
Trade creditors 333,192 319,099
Taxation and social security 36,711 25,140
Other creditors 29,875 12,637
447,541 366,876

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 20,833 30,833

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
158,000 Ordinary 1.00 158,000 158,000