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COMPANY REGISTRATION NUMBER: 06097979
Taxi Auctions Ltd
Filleted Unaudited Financial Statements
29 February 2024
Taxi Auctions Ltd
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
6
734,785
697,182
Current assets
Debtors
7
46,682
29,711
Cash at bank and in hand
1
11,521
--------
--------
46,683
41,232
Creditors: amounts falling due within one year
8
433,210
339,143
---------
---------
Net current liabilities
386,527
297,911
---------
---------
Total assets less current liabilities
348,258
399,271
Creditors: amounts falling due after more than one year
9
558,193
365,322
---------
---------
Net (liabilities)/assets
( 209,935)
33,949
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
160,000
160,000
Profit and loss account
( 370,035)
( 126,151)
---------
---------
Shareholders (deficit)/funds
( 209,935)
33,949
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Taxi Auctions Ltd
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 25 November 2024 , and are signed on behalf of the board by:
Mr L M D Mooney
Director
Company registration number: 06097979
Taxi Auctions Ltd
Notes to the Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Dell, Clayton Road, Chessington, Surrey, KT9 1NN, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The company accounts have been prepared on a going concern basis assuming continued support from the company's directors.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & machinery
-
25% straight line
Fixtures & fittings
-
25% straight line
Motor vehicles
-
15% straight line
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).
5. Intangible assets
Goodwill
£
Cost
At 1 March 2023 and 29 February 2024
5,000
-------
Amortisation
At 1 March 2023 and 29 February 2024
5,000
-------
Carrying amount
At 29 February 2024
-------
At 28 February 2023
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 March 2023
2,743
11,294
867,405
1,709
883,151
Additions
377,500
377,500
Disposals
( 399,165)
( 399,165)
-------
--------
---------
-------
---------
At 29 February 2024
2,743
11,294
845,740
1,709
861,486
-------
--------
---------
-------
---------
Depreciation
At 1 March 2023
2,743
8,913
172,604
1,709
185,969
Charge for the year
794
59,283
60,077
Disposals
( 119,345)
( 119,345)
-------
--------
---------
-------
---------
At 29 February 2024
2,743
9,707
112,542
1,709
126,701
-------
--------
---------
-------
---------
Carrying amount
At 29 February 2024
1,587
733,198
734,785
-------
--------
---------
-------
---------
At 28 February 2023
2,381
694,801
697,182
-------
--------
---------
-------
---------
7. Debtors
2024
2023
£
£
Other debtors
46,682
29,711
--------
--------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
91,158
72,870
Trade creditors
71,769
78,265
Social security and other taxes
3,458
31,930
Other creditors - J Boulton
10,000
10,000
Other creditors - Intercompany
3,133
3,133
Other creditors
253,692
142,945
---------
---------
433,210
339,143
---------
---------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
65,160
93,225
Other creditors
493,033
272,097
---------
---------
558,193
365,322
---------
---------
10. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr L M D Mooney
( 78,902)
52,222
( 116,819)
( 143,499)
--------
--------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr L M D Mooney
( 127,393)
48,491
( 78,902)
----
---------
--------
--------
11. Related party transactions
The company was under the control of Mr L Mooney throughout the current and previous year. Mr L Mooney is the managing director and majority shareholder. At 28th February 2024 Taxi Auctions Ltd owed £3,133 (2023 - £3,133) to London Taxi Cam Ltd.