Registered number
SC475883
1932 Taxi Ltd
Filleted Accounts
31 March 2024
1932 Taxi Ltd
Registered number: SC475883
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 70,000 60,000
Tangible assets 4 44,546 19,265
114,546 79,265
Current assets
Debtors 5 25,000 25,000
Cash at bank and in hand 17,544 21,982
42,544 46,982
Creditors: amounts falling due within one year 6 (21,725) (11,858)
Net current assets 20,819 35,124
Net assets 135,365 114,389
Capital and reserves
Called up share capital 10 10
Profit and loss account 135,355 114,379
Shareholders' funds 135,365 114,389
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 Dhillon
Director
Approved by the board on 12 November 2024
1932 Taxi Ltd
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 at the following annual rates on all tangible fixed assets, other than freehold land, as follows:
Motor Vehicles 25% on a Reducing Balance basis
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2023 60,000
Additions 10,000
At 31 March 2024 70,000
Amortisation
At 31 March 2024 -
Net book value
At 31 March 2024 70,000
At 31 March 2023 60,000
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 April 2023 - 40,000 40,000
Additions 833 35,166 35,999
At 31 March 2024 833 75,166 75,999
Depreciation
At 1 April 2023 - 20,735 20,735
Charge for the year 69 10,649 10,718
At 31 March 2024 69 31,384 31,453
Net book value
At 31 March 2024 764 43,782 44,546
At 31 March 2023 - 19,265 19,265
5 Debtors 2024 2023
£ £
Trade debtors 25,000 25,000
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors - 183
Corporation tax 19,352 6,296
Other taxes and social security costs 826 4,002
Other creditors 1,547 1,377
21,725 11,858
7 Other information
1932 Taxi Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
7 Cairngorm Drive
Glenrothes
Fife
KY6 3NT
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