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Registration number: 7825356

City Cabs, Buses & Coaches Ltd

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2023

 

City Cabs, Buses & Coaches Ltd

Contents

Abridged Balance Sheet

1 to 2

Notes to the Unaudited Abridged Financial Statements

3 to 9

 

City Cabs, Buses & Coaches Ltd

(Registration number: 7825356)
Abridged Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

3

45,500

45,500

Tangible assets

4

40,219

53,717

 

85,719

99,217

Current assets

 

Debtors

5

199,875

173,655

Cash at bank and in hand

 

22,231

53,411

 

222,106

227,066

Prepayments and accrued income

 

659

2,225

Creditors: Amounts falling due within one year

(108,271)

(80,503)

Net current assets

 

114,494

148,788

Total assets less current liabilities

 

200,213

248,005

Creditors: Amounts falling due after more than one year

(35,833)

(45,833)

Accruals and deferred income

 

(1,097)

(959)

Net assets

 

163,283

201,213

Capital and reserves

 

Called up share capital

6

10

10

Retained earnings

163,273

201,203

Shareholders' funds

 

163,283

201,213

For the financial year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

 

City Cabs, Buses & Coaches Ltd

(Registration number: 7825356)
Abridged Balance Sheet as at 31 August 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr Parvez Akhtar Khan
Director

 

City Cabs, Buses & Coaches Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

 

City Cabs, Buses & Coaches Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Asset class

Depreciation method and rate

Plant and machinery

20% Reducing balance method

Motor vehicles

20% Reducing balance method

Office equipment

33% Straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Held at cost

Telephone number

Held at cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

City Cabs, Buses & Coaches Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2022 - 12).

 

City Cabs, Buses & Coaches Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

3

Intangible assets

Total
£

Cost or valuation

At 1 September 2022

45,500

At 31 August 2023

45,500

Amortisation

Carrying amount

At 31 August 2023

45,500

At 31 August 2022

45,500

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2022

11,410

155,656

56,423

223,489

Additions

847

-

692

1,539

At 31 August 2023

12,257

155,656

57,115

225,028

Depreciation

At 1 September 2022

9,234

106,839

53,699

169,772

Charge for the year

1,830

12,204

1,003

15,037

At 31 August 2023

11,064

119,043

54,702

184,809

Carrying amount

At 31 August 2023

1,193

36,613

2,413

40,219

At 31 August 2022

2,176

48,817

2,724

53,717

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

 

City Cabs, Buses & Coaches Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

10

10

10

10

       

7

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £333.336 (2022 - £1,000.00) per each Ordinary Shares

2,000

8,000

 

 

Interim dividends paid

2023
£

2022
£

Interim dividend of £333 (2022 - £1,000) per each Ordinary Shares

2,000

8,000

 

 

8

Related party transactions

 

City Cabs, Buses & Coaches Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Transactions with the director

2023

At 1 September 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 August 2023
£

Mr Parvez Akhtar Khan

Loan account joint with J Khan

(31,513)

32,645

(70,102)

(68,970)

2022

At 1 September 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 August 2022
£

Mr Parvez Akhtar Khan

Loan account joint with J Khan

(40,950)

43,667

(34,230)

(31,513)

 

City Cabs, Buses & Coaches Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 August 2023

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

25,000

25,000

In respect of the highest paid director:

2023
£

2022
£

Remuneration

12,500

12,500