Registered number
11811112
Kaif Cabs Ltd
Filleted Accounts
29 February 2024
Kaif Cabs Ltd
Registered number: 11811112
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 46,947 44,447
Current assets
Cash at bank and in hand 258 8,410
Creditors: amounts falling due within one year 4 (15,776) (23,683)
Net current liabilities (15,518) (15,273)
Total assets less current liabilities 31,429 29,174
Creditors: amounts falling due after more than one year 5 (16,260) (19,590)
Net assets 15,169 9,584
Capital and reserves
Called up share capital 2 2
Profit and loss account 15,167 9,582
Shareholder's funds 15,169 9,584
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 his 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.
Muhammad Kaif Shaukat
Director
Approved by the board on 28 November 2024
Kaif Cabs Ltd
Notes to the Accounts
for the year ended 29 February 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 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 6% reducing balance method
Fixtures, fittings, tools and equipment 18% reducing balance method
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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 391 44,056 44,447
Additions - 11,000 11,000
Disposals - (5,000) (5,000)
At 29 February 2024 391 50,056 50,447
Depreciation
Charge for the year 70 3,430 3,500
At 29 February 2024 70 3,430 3,500
Net book value
At 29 February 2024 321 46,626 46,947
At 28 February 2023 391 44,056 44,447
4 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 750 550
Taxation and social security costs 6,002 3,890
Other creditors 9,024 19,243
15,776 23,683
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 5,553 7,845
Obligations under finance lease and hire purchase contracts 4,707 11,745
Other creditors 6,000 -
16,260 19,590
6 Other information
Kaif Cabs Ltd is a private company limited by shares and incorporated in England. Its registered office is:
90 Abbeydale Road
Sheffield
S7 1FF
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