Registered number
SC185578
TOA Taxis (North Ayrshire) Limited
Filleted Accounts
31 May 2023
TOA Taxis (North Ayrshire) Limited
Registered number: SC185578
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 52,205 13,894
Current assets
Debtors 4 1,361 2,476
Cash at bank and in hand 7,872 4,906
9,233 7,382
Creditors: amounts falling due within one year 5 (20,770) (33,374)
Net current liabilities (11,537) (25,992)
Net assets/(liabilities) 40,668 (12,098)
Capital and reserves
Called up share capital 59,800 2,400
Profit and loss account (19,132) (14,498)
Shareholders' funds 40,668 (12,098)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J McKerrell
Director
Approved by the board on 5 February 2024
TOA Taxis (North Ayrshire) Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Equipment 20% Reducing Balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 9 9
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 - 77,078 77,078
Additions 37,640 4,312 41,952
At 31 May 2023 37,640 81,390 119,030
Depreciation
At 1 June 2022 - 63,184 63,184
Charge for the year - 3,641 3,641
At 31 May 2023 - 66,825 66,825
Net book value
At 31 May 2023 37,640 14,565 52,205
At 31 May 2022 - 13,894 13,894
4 Debtors 2023 2022
£ £
Trade debtors 1,361 520
Other debtors & prepaid costs - 1,956
1,361 2,476
5 Creditors: amounts falling due within one year 2023 2022
£ £
Directors' loans - 11,600
Trade creditors 923 -
Taxation and social security costs 5,081 13,602
Other creditors & accruals 14,766 8,172
20,770 33,374
6 Other information
TOA Taxis (North Ayrshire) Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
5 Canal Street
Saltcoats
North Ayrshire
KA21 5HY
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