Registered number
04258472
CIRCLE TAXIS LIMITED
Filleted Accounts
31 January 2024
TEMPLETONS (UK) LTD
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
CIRCLE TAXIS LIMITED
Registered number: 04258472
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 3,693 4,728
Current assets
Debtors 4 222,253 129,840
Cash at bank and in hand 3,333 13,612
225,586 143,452
Creditors: amounts falling due within one year 5 (234,725) (93,091)
Net current (liabilities)/assets (9,139) 50,361
Total assets less current liabilities (5,446) 55,089
Creditors: amounts falling due after more than one year 6 (71,232) (85,360)
Provisions for liabilities (143) (143)
Net liabilities (76,821) (30,414)
Capital and reserves
Called up share capital 2 2
Profit and loss account (76,823) (30,416)
Shareholder's funds (76,821) (30,414)
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.
F Kayani
Director
Approved by the board on 17 January 2025
CIRCLE TAXIS LIMITED
Notes to the Accounts
for the year ended 31 January 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 rendering of services. 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:
Plant and machinery 25% reducing balance
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.
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.
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 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 February 2023 39,444
At 31 January 2024 39,444
Depreciation
At 1 February 2023 34,716
Charge for the year 1,035
At 31 January 2024 35,751
Net book value
At 31 January 2024 3,693
At 31 January 2023 4,728
4 Debtors 2024 2023
£ £
Trade debtors 222,253 129,840
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 12,585 21,599
Trade creditors 7,500 24,972
Taxation and social security costs 73,306 45,087
Other creditors 141,334 1,433
234,725 93,091
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 71,232 85,360
7 Controlling party
The company was under the control of Mr Faisal Kayani- a director of the company throughout the year.
8 Other information
CIRCLE TAXIS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
17 St. Nicholas Place
Leicester
LE1 4LD
CIRCLE TAXIS LIMITED 04258472 false 2023-02-01 2024-01-31 2024-01-31 VT Final Accounts July 2024 F Kayani No description of principal activity 04258472 2022-02-01 2023-01-31 04258472 core:WithinOneYear 2023-01-31 04258472 core:AfterOneYear 2023-01-31 04258472 core:ShareCapital 2023-01-31 04258472 core:RetainedEarningsAccumulatedLosses 2023-01-31 04258472 2023-02-01 2024-01-31 04258472 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 04258472 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 04258472 bus:Director40 2023-02-01 2024-01-31 04258472 1 2023-02-01 2024-01-31 04258472 2 2023-02-01 2024-01-31 04258472 core:PlantMachinery 2023-02-01 2024-01-31 04258472 countries:England 2023-02-01 2024-01-31 04258472 bus:FRS102 2023-02-01 2024-01-31 04258472 bus:FilletedAccounts 2023-02-01 2024-01-31 04258472 2024-01-31 04258472 core:WithinOneYear 2024-01-31 04258472 core:AfterOneYear 2024-01-31 04258472 core:ShareCapital 2024-01-31 04258472 core:RetainedEarningsAccumulatedLosses 2024-01-31 04258472 core:PlantMachinery 2024-01-31 04258472 2023-01-31 04258472 core:PlantMachinery 2023-01-31 iso4217:GBP xbrli:pure