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REGISTERED NUMBER: SC255129 (Scotland)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

TAXI CENTRAL LTD

TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)






CONTENTS OF THE FINANCIAL STATEMENTS
for the year ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


TAXI CENTRAL LTD

COMPANY INFORMATION
for the year ended 31 August 2023







DIRECTORS: M H Brown
G Crisp





SECRETARY: M H Brown





REGISTERED OFFICE: 86-88 Links Street
Kirkcaldy
Fife
KY1 1QL





REGISTERED NUMBER: SC255129 (Scotland)





ACCOUNTANTS: Haines Watts
Business Advisors and Accountants
Viewforth House
189 Nicol Street
Kirkcaldy
Fife
KY1 1PF

TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 168,707 199,185
168,707 199,185

CURRENT ASSETS
Debtors 6 34,963 17,523
Cash at bank 15,009 35,639
49,972 53,162
CREDITORS
Amounts falling due within one year 7 112,570 134,791
NET CURRENT LIABILITIES (62,598 ) (81,629 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

106,109

117,556

CREDITORS
Amounts falling due after more than one
year

8

104,918

88,376
NET ASSETS 1,191 29,180

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 1,190 29,179
SHAREHOLDERS' FUNDS 1,191 29,180

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

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

TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)

BALANCE SHEET - continued
31 August 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:





M H Brown - Director


TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)

NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 August 2023

1. STATUTORY INFORMATION

Taxi Central Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

As at 31 August 2023 the company's current liabilities exceed current assets by £62,598 (2022 - £81,629). The company relies on the continued support of it's creditors and directors to finance it's working capital requirements. The directors consider it appropriate to prepare the financial statements on a going concern basis as they have confirmed that their support will continue for the foreseeable future.

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

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 the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% per annum reducing balance
Fixtures and fittings - 25% per annum reducing balance
Motor vehicles - 25% per annum reducing balance

The carrying values of tangible fixed assets are reviewed for impairment on an annual basis.

TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

Short-term debt instruments, including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

HIRE PURCHASE AND LEASING COMMITMENTS
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

PENSION COSTS AND OTHER POST-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.

TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 11 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 10,000
AMORTISATION
At 1 September 2022
and 31 August 2023 10,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2022 185,430 69,459 326,576 581,465
Additions - - 94,345 94,345
Disposals - - (159,854 ) (159,854 )
At 31 August 2023 185,430 69,459 261,067 515,956
DEPRECIATION
At 1 September 2022 165,697 62,687 153,896 382,280
Charge for year 4,933 1,694 39,395 46,022
Eliminated on disposal - - (81,053 ) (81,053 )
At 31 August 2023 170,630 64,381 112,238 347,249
NET BOOK VALUE
At 31 August 2023 14,800 5,078 148,829 168,707
At 31 August 2022 19,733 6,772 172,680 199,185

TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 September 2022 186,912
Additions 94,345
Disposals (71,125 )
Transfer to ownership (24,400 )
At 31 August 2023 185,732
DEPRECIATION
At 1 September 2022 68,375
Charge for year 30,861
Eliminated on disposal (20,047 )
Transfer to ownership (16,680 )
At 31 August 2023 62,509
NET BOOK VALUE
At 31 August 2023 123,223
At 31 August 2022 118,537

The lender holds a standard security over the vehicles held under finance lease.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 13,101 14,216
Other debtors 21,862 3,307
34,963 17,523

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 57,896 59,250
Trade creditors 8,544 8,681
Taxation and social security 28,823 41,910
Other creditors 7,307 14,950
112,570 134,791

TAXI CENTRAL LTD (REGISTERED NUMBER: SC255129)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the year ended 31 August 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 19,790 29,167
Hire purchase contracts 78,543 50,428
Other creditors 6,585 8,781
104,918 88,376

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
M H Brown
Balance outstanding at start of year (2,528 ) (733 )
Amounts advanced 75,022 119,988
Amounts repaid (62,763 ) (121,783 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 9,731 (2,528 )

The loan attracts interest of 2% on overdrawn balances over £10,000 for the period from 1 September 2022 to 5 April 2022 and 2.25% for the period 6 April 2023 to 31 August 2023. The loan is repayable on demand.