Registered number
04284711
Swallownest & Airport Taxis Limited
Unaudited Filleted Accounts
31 March 2024
Swallownest & Airport Taxis Limited
Registered number: 04284711
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 87,462 80,553
Current assets
Debtors 4 36,542 72,525
Cash at bank and in hand 257,621 165,067
294,163 237,592
Creditors: amounts falling due within one year 5 (108,836) (90,405)
Net current assets 185,327 147,187
Total assets less current liabilities 272,789 227,740
Creditors: amounts falling due after more than one year 6 (43,267) (55,660)
Net assets 229,522 172,080
Capital and reserves
Called up share capital 10 10
Profit and loss account 229,512 172,070
Shareholders' funds 229,522 172,080
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.
Mr N Struggles
Director
Approved by the board on 19 April 2024
Swallownest & Airport Taxis Limited
Notes to the Accounts
for the year ended 31 March 2024
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 15% 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. 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.
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 4,445 145,352 149,797
Additions - 41,344 41,344
Disposals - (19,772) (19,772)
At 31 March 2024 4,445 166,924 171,369
Depreciation
At 1 April 2023 3,897 65,347 69,244
Charge for the year 82 24,548 24,630
On disposals - (9,967) (9,967)
At 31 March 2024 3,979 79,928 83,907
Net book value
At 31 March 2024 466 86,996 87,462
At 31 March 2023 548 80,005 80,553
4 Debtors 2024 2023
£ £
Trade debtors 34,465 70,962
Other debtors 2,077 1,563
36,542 72,525
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,203 9,951
Obligations under finance lease and hire purchase contracts 22,931 23,742
Trade creditors 4,936 5,727
Taxation and social security costs 64,997 49,256
Other creditors 5,769 1,729
108,836 90,405
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,234 22,437
Obligations under finance lease and hire purchase contracts 31,033 33,223
43,267 55,660
7 Related party transactions
Included within other creditors is an amount owing to Mr & Mrs Struggles of £4,919 (2023: £854) for their Directors' loan account.
8 Controlling party
Mr N Struggles and Mrs T Struggles own the company equally with each having a 50% shareholding.
9 Other information
Swallownest & Airport Taxis Limited is a private company limited by shares and incorporated in England. Its registered office is:
109 Worksop Road
Swallownest
Sheffield
South Yorkshire
S26 4WB
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