Company registration number 05035515 (England and Wales)
KLM TAXIS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
KLM TAXIS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
KLM TAXIS LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2024
28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
4,000
4,500
Tangible assets
5
31,672
101,318
35,672
105,818
Current assets
Debtors
6
324,910
177,508
Cash at bank and in hand
2,053
76,511
326,963
254,019
Creditors: amounts falling due within one year
7
(149,641)
(115,771)
Net current assets
177,322
138,248
Total assets less current liabilities
212,994
244,066
Creditors: amounts falling due after more than one year
8
(47,141)
(60,333)
Provisions for liabilities
(575)
(5,831)
Net assets
165,278
177,902
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
165,178
177,802
Total equity
165,278
177,902
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
KLM TAXIS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2024
28 February 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 November 2024
M A Deely
Director
Company Registration No. 05035515
KLM TAXIS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 28 FEBRUARY 2024
28 February 2024
- 3 -
1
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
2
Accounting policies
Company information
KLM Taxis Limited is a private company limited by shares incorporated in England and Wales. The registered office is Office 8, 53 Lower Street, Kettering, Northamptonshire, United Kingdom, NN16 8BH.
2.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
2.2
Turnover
Turnover represents net invoiced services, excluding value added tax.
2.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business, having been subject to impairment reviews is being amortised evenly over its estimated useful life of ten years.
2.4
Tangible fixed assets
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
15% on reducing balance
Fixtures and fittings
15% on reducing balance
Computer equipment
25% on reducing balance
Motor vehicles
No depreciation charged in the year of aquisition
Property and improvements
at varying rates on cost
2.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
KLM TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2024
2
Accounting policies
(Continued)
- 4 -
Current tax
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
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.
2.6
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.
2.7
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
2.8
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
9
11
KLM TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2023 and 28 February 2024
835,500
Amortisation and impairment
At 1 March 2023
831,000
Amortisation charged for the year
500
At 28 February 2024
831,500
Carrying amount
At 28 February 2024
4,000
At 28 February 2023
4,500
5
Tangible fixed assets
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Property and improvements
Total
£
£
£
£
£
£
Cost
At 1 March 2023
169,811
20,137
22,514
82,435
25,001
319,898
Additions
27,619
27,619
Disposals
(93,001)
(93,001)
At 28 February 2024
169,811
20,137
22,514
17,053
25,001
254,516
Depreciation and impairment
At 1 March 2023
155,199
17,814
20,566
25,001
218,580
Depreciation charged in the year
2,192
348
487
1,237
4,264
At 28 February 2024
157,391
18,162
21,053
1,237
25,001
222,844
Carrying amount
At 28 February 2024
12,420
1,975
1,461
15,816
31,672
At 28 February 2023
14,612
2,323
1,948
82,435
101,318
KLM TAXIS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2024
- 6 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
126,388
70,231
Other debtors
185,022
75,777
Prepayments and accrued income
13,500
31,500
324,910
177,508
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,155
9,680
Other borrowings
9,403
12,000
Trade creditors
32,047
46,438
Corporation tax
49,162
40,761
Other taxation and social security
2,874
3,892
Other creditors
24,000
(2,000)
Accruals and deferred income
5,000
5,000
149,641
115,771
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12,054
23,533
Other borrowings
35,087
36,800
47,141
60,333
9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Loan
2.50
24,917
46,851
937
(24,917)
47,788
24,917
46,851
937
(24,917)
47,788