Registered number
10016817
P & H Taxis Limited
Filleted Accounts
31 March 2024
P & H Taxis Limited
Registered number: 10016817
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 122,629 74,975
Current assets
Cash at bank and in hand 182 8,331
Creditors: amounts falling due within one year 4 (48,705) (51,200)
Net current liabilities (48,523) (42,869)
Total assets less current liabilities 74,106 32,106
Creditors: amounts falling due after more than one year 5 (49,313) (33,097)
Net assets/(liabilities) 24,793 (991)
Capital and reserves
Called up share capital 1 1
Profit and loss account 24,792 (992)
Shareholder's funds 24,793 (991)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her 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.
Ms Elvan Nihat Arinshan
Director
Approved by the board on 19 November 2024
P & H Taxis Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
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 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Motor vehicles
£
Cost
At 1 April 2023 200,028
Additions 55,000
At 31 March 2024 255,028
Depreciation
At 1 April 2023 125,053
Charge for the year 7,346
At 31 March 2024 132,399
Net book value
At 31 March 2024 122,629
At 31 March 2023 74,975
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 3,797 1,987
Trade creditors 11,238 12,695
Renaissance - LR65 EAX 2,887 7,837
Other creditors 30,783 28,681
48,705 51,200
5 Creditors: amounts falling due after one year 2024 2023
£ £
Haydock Finance Ltd - LL15 UJH 7,581 -
Close Brothers - LN17 MWO 7,813 -
Close Brothers - LN17 MWC 13,333 -
Renaisssance - LP17 DWA 9,892 16,906
Renaissance - LR66 GYU 10,694 16,191
49,313 33,097
6 Other information
P & H Taxis Limited is a private company limited by shares and incorporated in England. Its registered office is:
136 Brookhowse Road
Bellingham
London
SE6 3TW
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