Registered number
05944349
A2B Taxis and Contracts (Redditch) Ltd
Unaudited Filleted Accounts
30 September 2023
A2B Taxis and Contracts (Redditch) Ltd
Registered number: 05944349
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 358,239 717,776
Current assets
Debtors 4 1,329,888 1,070,990
Cash at bank and in hand 1,333,547 329,642
2,663,435 1,400,632
Creditors: amounts falling due within one year 5 (482,452) (328,183)
Net current assets 2,180,983 1,072,449
Net assets 2,539,222 1,790,225
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,539,122 1,790,125
Shareholders' funds 2,539,222 1,790,225
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.
S Khan
Director
Approved by the board on 22 January 2024
A2B Taxis and Contracts (Redditch) Ltd
Notes to the Accounts
for the year ended 30 September 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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:
Plant and machinery 25% reducing balance
Motor vehicles 25% 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. 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. 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 liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 48 46
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 October 2022 553,688 16,669 267,037 837,394
Additions 10,224 5,773 116,050 132,047
Disposals (425,358) - (21,480) (446,838)
At 30 September 2023 138,554 22,442 361,607 522,603
Depreciation
At 1 October 2022 8,812 13,657 97,149 119,618
Charge for the year 1,389 1,715 55,558 58,662
On disposals - - (13,916) (13,916)
At 30 September 2023 10,201 15,372 138,791 164,364
Net book value
At 30 September 2023 128,353 7,070 222,816 358,239
At 30 September 2022 544,876 3,012 169,888 717,776
4 Debtors 2023 2022
£ £
Trade debtors 204,733 153,017
Other debtors 1,095,328 896,071
Prepayments 29,827 21,902
1,329,888 1,070,990
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 12,520 18,090
Corporation tax 236,559 81,994
Taxation and social security costs 99,087 77,186
Other creditors 134,286 150,913
482,452 328,183
6 Capital commitments 2023 2022
£ £
Amounts contracted for but not provided in the accounts - 1,000
7 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 5,360 4,352
8 Other information
A2B Taxis and Contracts (Redditch) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
11 Kingfisher Business Park
Arthur Street
Redditch
Worcestershire
B98 8LG
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